Private landlords in it for the long haul, report says
Published by Brian Church for 24dash.com in Housing
UK housing slump 'wipes £300 billion' off value of homes
More than a third (35%) of private landlords see buy to let as a long term investment option and over a quarter (27%) plan to keep their property portfolio beyond retirement, according to the latest report from Precise Mortgages, a mortgage lender.
Its Mortgage Voice report also said 18% plan to keep their portfolio until retirement.
"Clearly buy to let is a key element of personal financial and retirement planning," Precise Mortgages said. "This trend looks set to continue in the light of last month’s budget, which will revolutionise the pensions sector and has fueled speculation that access to greater lump sums at retirement could give rise to a new generation of 'silver landlords'. According to our survey, currently just one in ten (12%) of our sample of buy to let landlords was over 55.”
Mortgage Voice identifies factors which have contributed to the rapid growth in the number of 'opportunity landlords'. Three in 10 (28%) people inherited a property and chose to let it out, a fifth (21%) moved in with a partner who already owned a home, while one in seven (14%) let out a property they were unable to sell.