Third of London landlords to buy properties in next 12 months
The current boom in tenant demand means that a third of landlords are planning on buying investment property in London over the coming year.
A survey by the Association of Residential Letting Agents (ARLA) and the National Landlords Association found that 33 per cent of landlords in Central London said they are likely to invest in more buy-to-let properties over the coming 12 months, reports MyIntroducer.com.
This was the highest percentage of any of the UK regions, closely followed by the 'Rest of London' and the Midlands at 30 per cent.
However, the data also suggested that the appetite for buy-to-let property investment is spreading outside the capital - which has traditionally led the way when it comes to rental demand.
The two regions with the highest number of landlords buying property in the last 12 months were found to be outside of London, with the North East (30 per cent) and the Midlands (26 per cent) topping the table.
Meanwhile, landlords in the north of England have bigger property portfolios, with an average 13 properties each in the North East and North West.
In comparison, landlords in Central London and the South East own an average six rental properties each
"Traditionally London has led the way with buy-to-let," said Ian Potter, operations manager at ARLA.
"But we are seeing signs that investors elsewhere in the country believe now is the time to buy - if you can arrange finance, it could be prudent to take advantage of lower property prices."
However, he added: "As the rental sector remains unregulated we would urge anyone considering becoming a landlord, or thinking of renting a property, to engage with a letting agent that is a member of an accredited body before making a commitment."
It follows the recent publication of the rental price index for the second quarter of 2011 from property portal findaproperty.com, which found that the average cost of renting a home in the UK has soared by two per cent to hit a new record of £867 a month.
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