A new survey of 500 landlords who were asked what regions they would look at if they were planning to buy another rental property, found that despite being able to choose multiple regions, London was the stand-out popular choice.
The research by yieldit shows that 54% of landlords would look at buying a new rental property in London for their next purchase. The next most popular regions were the northwest and north east, which each got 24% of the vote.
Wales secured the fewest votes, with just seven per cent of landlords saying they would seek to buy a rental property there.
Sophie Willis, head of aftersales from yieldit, said: “London has long been a hotspot for landlords and our latest insight shows that this isn’t changing any time soon. London’s young and transient population are keen to rent rather than buy and landlords can buy property in the capital safe in the knowledge that their investment is sound.
“The northern regions haven’t fared quite as well, but with around a quarter of landlords saying they’d buy in the north-west or northeast, 13% looking at Yorkshire and 14% keen on Scotland, there is still plenty of appetite for rental property investments in this part of the country.”
The statistics also indicate that landlords still broadly buy in the regions where they live, but that they are beginning to branch into other areas. For example, 98% of London based landlords looking to buy another property said they would look in London itself, but 18 per cent would explore the north-west and 27% would look at East Anglia.
30% of north western landlords would look to London for future investments and 60% of Eastern England residents would look at the north-west.
Sophie concludes: “Landlords are spotting rental opportunities all over the country and it’s encouraging to see so many landlords looking to branch into new regions. This is a modern way of approaching rental property purchases but one I predict will only grow in popularity as the rise of remote working drives more renters out of the big cities hunting for a more relaxed, suburban lifestyle.”