A survey led by Knight Knox, residential property experts, looked at the responses of 500 landlords in the UK and found that the majority of buy to let landlord with properties in Yorkshire and Humberside are feeling positive about the future of the rental market, with many thinking about buying more properties to rent in the future.
The respondents with properties in the Yorkshire and Humberside region said they intend to buy another buy to let property in the next five years (60%), compared to the national average of 40%.
“The results of our survey demonstrate that Yorkshire is fast becoming a hot spot for investment in the private rented sector, while the capital is in decline,” said Andy Phillips, commercial director at Knight Knox.
“The major cities in Yorkshire, such as Leeds and Sheffield, are growing rapidly, and with that come increased demand for rental properties in these areas – and savvy investors are capitalising on this in droves,” he continued.
In addition, the property specialist’s statistics reveal that almost half of Yorkshire landlords rely on renting out properties as their primary income, earning an average of £26,474 per year.
“The results show that landlords in Yorkshire evidently see their future lying with buy-to-let properties and the negative Brexit commentary clearly doesn’t seem to have deterred them,” Phillips concluded.
Knight Knox is an established property consultancy with a particular emphasis on city centre residential property markets. It focuses on many different parts of the property development process, all of which are vital when developing outstanding homes. With departments specialising in land acquisition, design, marketing, financing, lettings, property management and sales, Knight Knox is one of the few companies involved at all stages of the property lifecycle.