The buy-to-let property market remains buoyant with the majority of landlords planning to increase or maintain the number of properties they own, a survey showed yesterday.
Around 83 per cent of landlords said they either planned to acquire more properties to rent out or hold on to all the ones they own during the coming six months, according to Bradford & Bingley.
At the same time 85 per cent of landlords said rent levels were the same or higher than they were a year ago, and more than half insisted they had not had any periods without tenants during the past six months.
Among those who experienced void periods, 30 per cent had been pre-arranged to enable them to carry out repairs and renovations, with a quarter of landlords investing more than £2,000 in maintaining their properties during the past year. The number of people experiencing rent arrears also fell, with just 19 per cent of landlords saying this was a problem, compared with 26 per cent during the previous quarter.
Just under half of landlords said their main reason for investing in property was capital growth, with 28 per cent claiming they deliberately looked for up and coming areas when buying new properties so that they would benefit from potential house price increases.
A further 28 per cent of landlords also said they looked to add value to their portfolios by finding properties that needed developing, while 39 per cent said a thriving rental market was the main driver behind a purchase.
The average value of a property owned by an investment landlord was between £100,001 and £150,000.