Existing landlords are looking to expand their current portfolio of rental properties
Paul Pearce is Let Alliance intermediary sales director
I’ve spoken to many advisers this year and its clear existing landlords are looking to expand their current portfolio of rental properties. Therefore having some factual information at your fingertips might assist you in those positive discussions.
Having read the February 2015 English Housing Survey Report prepared by the Department for Communities and Local Government, it really does provide some good insight to discuss with your buy to let clients.
Did you know in 2013-14, 19% of all households were rented privately? That’s 4.4 million households and an increase from 11% back in 2003. On top of this, there is a further 3.9 million (17%) households renting social housing.
Unsurprisingly in 2013-14 almost half of all households (48%) rented privately were from the age group of 25-34.
Over the last 10 years this figure has more than doubled, up from 21% in 2003-04. Whereas owner occupation in this age group dropped from 59% to 36%.
In London the proportion of households in the rented private sector increased from 14% to 30% between 2003-04 and 2013-14.
Outside of London the gap increased from 9% to 18% over this time.
When you add this to the Council of Mortgage Lenders report dated April 7th, which confirmed the UK buy-to-let gross advances in 2014 totalled 197,700 (up from 88,400 in 2009) you can see why so many landlords are looking to increase portfolio size.
With these positive discussions your landlord clients will also require your expert knowledge when it comes to providing specialist buildings and contents Insurance for their buy to let properties.
Portfolio discounts are also a big attraction and Let Alliance is at the forefront of these services.
