More UK landlords looking to let properties locally

 
More UK landlords looking to let properties locally

A larger majority of landlords now want to purchase properties close to where they live, which will be good news for people looking to rent homes.

The latest study released by the National Landlords Association (NLA) has shown that almost three-quarters of buy-to-let investors will purchase their next home in the area near where they already live.

Only ten per cent said they would be buying within a radius of up to 100 miles from their home, while another nine per cent would be happier to look further afield than this.

For tenants, it is always good to have a landlord who lives near to where their property is situated. Even if they are operating through a letting agent, as most do, it is still easier to get things done when issues arise if a landlord is close by.

If they need to pop round to check something for you, then it goes without saying that this is much easier when the landlord lives in the same area, while they are also more likely to be switched on and interested in your issues if they live nearby than they would be if they were hundreds of miles away and had little to no contact with you or the property.

However, it's not just when it comes to getting things done that this will be seen as good news for tenants. 

Carolyn Uphill, NLA chairman, says that when there are more landlords happy to invest in their local area, it makes a dent in the housing shortage, helping to address the supply and demand issue that still exists around the UK at the moment. 

"Local investment in housing is essential if towns and cities across the UK want to attract people and business to the area. The private rented sector is growing at a steady rate but we still need further investment in housing if tenant demand across the UK is to be met," she said. 

If there is a greater level of stock available in the rental sector, it means that demand is less intense. For tenants, this will be a positive, because it should help control rental price rises and stop them from spiralling out of control any time soon.