Landlords 'focusing on semi-detached properties'
Buy-to-let investors are increasingly focusing on semi-detached properties, the latest research from Paragon Mortgages has revealed.
According to the organisation, the number of landlords looking to buy this type of house was 35 per cent during the first quarter of 2015, up from 23 per cent in the preceding period. Interest in terraced properties has fallen in the same period, dropping from 67 per cent to 35 per cent.
Some 30 per cent of landlords are interested in adding a flat to their portfolio, while 35 per cent are aiming to invest in a detached house. A further 22 per cent revealed they would like to purchase a more specialised unit such as a house in multiple occupation or a multi-unit block.
Paragon Mortgages director John Heron stated: "The growing proportion of landlords looking to purchase buy-to-let property sometime soon points to continued, steady growth in the private rented sector.
"Meanwhile, a closer look at interest levels for different property types suggests landlords are taking a broader perspective in order to cater for the wider range of households looking for a suitable home in the rental sector."
In terms of landlord confidence, some 27 per cent of the individuals feel optimistic about their future prospects. Furthermore, 18 per cent expect to add to their portfolio soon, up from 15 per cent in the last quarter of 2014.
The past week has seen landlords and letting agents warned to act on new government regulations, which will require smoke and carbon monoxide alarms to be fitted in all rental properties.
This law is expected to come into force in October and Michael Portman, managing director of LetRisks, has called on the rented sector to ensure it is prepared.
According to government figures, some 200 lives could be saved over the next ten years thanks to this legislation.
Find out more about letting agent software13-May-15General Lettings News