Almost 72% of private property landlords were more confident about the UK buy to let market in April than in the previous month of March, research shows.
National online lettings agency Upad found that increased confidence in the market was attributed to factors such as rising tenant demand, increasing rents and the forthcoming Olympics.
This follows on from a recent report from the Royal Institution of Chartered Surveyors which found that rents increased further in the three months to April as tenant demand continued to outstrip supply.
With rents remaining on an upward course landlords are confident that they can grab a piece of the action highlighted by The Young Index, published by the Young Group who have discovered that nearly half of property investors questioned were considering buying additional properties across the UK in 2012 thanks to a buoyant rental market.
‘Our research allows us to gain great insight into the optimism of landlords in 2012 and our results further back up the positive view regarding the UK rental market, said James Davis,’ chief executive officer of Upad.
One landlord explained that continued tenant demand was a big factor for being confident stating.
‘Upon asking tenants how they’re finding things, the general response I receive is that they must make a quick decision or they will lose out on a property. They no longer have the luxury of viewing a number of different properties so ensuring my properties are well presented the first time round is very important,’ one landlord who took part in the research said.
Other landlords pointed towards the loyalty of tenants as reasons for their increased assurance.
‘I believe the rental market is strong in 2012. My tenants seem to want to stay put for longer. Many ask to stay another year sometimes more and they didn’t seem to mind a 3% rise in rent, they didn’t argue,’ said another landlord.
Confidence among others seems to have been boosted by the Olympic Games.
‘Being based in Islington and City borders, the rental market is strong, even at this time of year. While many people come to work and live in London anyway, the Games has really boosted rental demand this year,’ said one landlord with property in north London.