The UK’s buy to let hotspots revealed

The UK’s buy to let hotspots revealed

0:02 AM, 26th January 2024, About 3 months ago

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The UK’s buy to let hotspot has been revealed after the city saw a 12% surge in the number of privately rented properties over the past year, a new report has revealed.

The findings from Simply Business, which analysed more than 100,000 landlord insurance policies, have identified which cities have experienced the biggest growth in BTL properties in the last 12 months.

In first place is Glasgow, followed by Nottingham and Leeds, with both registering an increase of more than 8% in their BTL markets.

Bristol came in fourth, with a 7.5% rise.

‘Heartening to see continued growth in the buy to let sector’

The firm’s chief executive, Alan Thomas, said: “It’s heartening to see continued growth in the buy to let sector, with our data demonstrating that Glasgow is becoming an attractive spot for landlords to invest.

“Landlords provide housing to over five million households nationwide, but a combination of economic uncertainty, changing regulations, and rising costs meant there was no shortage of challenges facing the nation’s landlords in 2023.”

He added: “Insuring more than 450,000 landlords allows us to gain first-hand insight into the integral role they play in the housing market, plus the challenges they’re facing.

“It’s important that landlords are given the time and information they need to prepare for significant upheaval in the coming years, so they can continue to provide much-needed housing for almost five million households nationwide.”

Growth in the number of buy to let properties

However, London saw the smallest growth in the number of buy to let properties, with just a 4% increase.

Despite the small rise, the capital, which is home to more than 40,000 privately let properties, accounts for 40% of the policies provided by the broker in 2023.

The report suggests that landlords could be looking away from the capital for their property investments, as London’s growth rate was significantly lower than the previous year, when it was 21%.

The top 10 BTL hotspots highlighted by Simply Business also include Leicester, Manchester, Birmingham, Liverpool, Edinburgh and London is in tenth place.

The report also found that despite the current climate, many landlords still consider rental property to be a worthwhile investment, with half (50%) saying that they would recommend investing in buy to let property.


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