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Yorkshire and the Humberside has been marked out as a buy to let property investment hotspot by property consultancy Knight Knox.
Property investors from Yorkshire and Humberside are set to purchase more buy to let properties than any other region over next five years.
Knight Knox conducted a survey of UK landlords and found that 60 per cent of property investors intend to purchase another buy to let property in the next five years. This is far above the national average of 40 per cent. Over a third of those located in Yorkshire are planning to buy as soon as possible within the next two years.
The statistics from Knight Knox latest survey also reveal that nearly half of Yorkshire landlords are relying on renting out properties as their primary income. This is a huge number compared to just a third of Londoners.
In contrast, almost half of the landlords located in London don’t intend to buy any more rental properties in the future. This comes in tandem with the 40 per cent of London landlords who believe that Brexit will have a negative impact on demand in the UK. Just 19 per cent of Yorkshire landlords feel the same.
Commercial director at Knight Knox, Andy Phillips, said: ‘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. The major cities in Yorkshire, such as Leeds and Sheffield, are growing rapidly, and with that comes increased demand for rental properties in these areas – and savvy investors are capitalising on this in droves.’
Andy continued: ‘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. Almost half of the landlords in Yorkshire rely on renting out property as their primary source of income, earning an average of £26,474 per annum. However, the result of Brexit does seem to have had an effect on the confidence of landlords in the capital. There’s noticeably still some uncertainty around how the buy to let market will fare post-Brexit, but whilst we may hit a period of economic turbulence, the nation’s housing needs will be no less.’