According to research from Countrywide Residential Lettings, around 56% of buy-to-let landlords live within a 10 mile radius of their rental properties.
In the North East and North West, this figure reaches to around two thirds of landlords living within 10 miles of their rental properties.
Letting agents are often asked where the best area for rental properties is. Although one particular area might be booming, it is always worth buying what you know, where you know. Having a good grasp of the local market is key to making sure your rental property is a perfect fit for the local audience, meaning a premium rent and reduced void periods.
Nick Dunning, Group Commercial Director at Countrywide said: “Location is key to buy-to-let investment and landlords tend to purchase in areas they are knowledgeable of in terms of property prices, monthly rents and the local amenities that attract tenants to an area. Given 94 per cent of UK landlords own a single rental property, many choose to take a hands on approach in regards to management, so favour being closer to their rental accommodation.”
The average rent in the UK in February this year was £861, up 3% compared to the same time last year.
With the rental market booming, many would-be landlords are taking advantage of the depressed housing market, buying cheaper than they would have back in 2005 or so, and a market place filled with prospective tenants.
If you live close to your rental property, and like to take a hands-on approach, it’s worth considering your advertising options. Online Letting Agents offer landlords the opportunity to find tenants for minimal cost, and keep control over the entire process.
For more information about how The Online Letting Agents can help you, call 03300 883973 now!