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19/01/2009
Landlords Plan To Tough It Out
A large majority of UK landlords refuse to be forced into selling properties as a result of the 'credit crunch'.
Some 89% are planning to hang onto their residential portfolio and only 10% anticipate a need to sell any of them. And 44% are actually planning to increase their rental properties over the next three years.
The results come in one of the most comprehensive surveys ever conducted, among the country's private rented sector landlords, by leading professional organisation the Residential Landlords Association (RLA) - whose members own over 100,000 properties throughout the UK.
"It paints a fairly optimistic picture," said RLA Director, Alan Ward. "But, for most self employed people, there is often little choice faced with long term investment and the credit-crunch.
"For nearly half our members, owning and renting property is a business and to more than a quarter it’s a main source of income. And that means we have to take the body blows, like everyone else, and hope things improve."
The survey shows that 40% of respondents first became landlords between 1999 and 2004 although 26% have been renting out property since before 1996.
Just over half of all portfolios are worth between £500,000 and £2 million and 34% are worth less than £500,000. But eight per cent are worth £2-5 million, three per cent from £5-10 million and two per cent are worth more than £10 million.
(CD/JM)
Some 89% are planning to hang onto their residential portfolio and only 10% anticipate a need to sell any of them. And 44% are actually planning to increase their rental properties over the next three years.
The results come in one of the most comprehensive surveys ever conducted, among the country's private rented sector landlords, by leading professional organisation the Residential Landlords Association (RLA) - whose members own over 100,000 properties throughout the UK.
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"It paints a fairly optimistic picture," said RLA Director, Alan Ward. "But, for most self employed people, there is often little choice faced with long term investment and the credit-crunch.
"For nearly half our members, owning and renting property is a business and to more than a quarter it’s a main source of income. And that means we have to take the body blows, like everyone else, and hope things improve."
The survey shows that 40% of respondents first became landlords between 1999 and 2004 although 26% have been renting out property since before 1996.
Just over half of all portfolios are worth between £500,000 and £2 million and 34% are worth less than £500,000. But eight per cent are worth £2-5 million, three per cent from £5-10 million and two per cent are worth more than £10 million.
(CD/JM)
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