The UK rental market has seen a boom in recent years with an increase of 2% in rental prices from January 2021 to January 2022, but what does this mean for landlords in the UK and is this still a viable way to make an income?
There are over 438,000 registered landlords in the UK, with more people looking to get a foot on the property ladder by investing in buy-to-let properties boosting their portfolios and providing a passive income to support their future plans. A survey by Ministries of Housing, Communities and Local Government found that most individual landlords owned between one and four properties, and 15% of those surveyed owned five or more properties.
If you want to join the growing number of landlords or expand your business potential, now is the time to get a foot in the door as there is currently a high demand for rental properties across the UK, except for London, and this is forecast to continue for the foreseeable future (spareroom.co.uk).
It is imperative that you stay abreast of changes and trends within the rental market so you can adapt your strategy to accommodate changes and behaviours by both landlords and tenants alike. This will help you make future plans and assess your options going forward – for example, making this your full-time career or sticking with one property for a passive income.
This infographic by The Landlord Works looks at critical details and figures from BVA BDRC that highlights key challenges being faced by landlords right now.
Infographic Created By The Landlord Works