Landlords seeking the peace of mind that comes with a suitably detailed, impartial and professional property inventory in central London may be further assured that they are in the right place by the latest list of buy-to-let hotspots issued by Barclays Mortgages.
The company analysed over 500 of its customers who bought a buy-to-let property in 2014 or 2015, from which it compiled its data. 500 owners of buy-to-let property were also surveyed, with 75% of them stating that they owned more than one property. Multiple properties were especially common among Bradford and Glasgow landlords.
Remaining in the same top spot that it occupied last year in Barclays Mortgages’ survey was London, with Birmingham in the runner-up position – up from seventh last year. Bristol was third – the same position that it held in 2014 – with Nottingham, Manchester, Reading, Leeds, Southampton, Peterborough and Slough rounding out the top 10.
The presence elsewhere in the top 20 of London commuter towns like Luton and Milton Keynes indicates the willingness of many landlords to look outside the capital for value. Such news comes on the backdrop of an uncertain time for buy-to-let, with Chancellor George Osborne’s recent Budget having seen the announcement of restrictions to longstanding landlord tax breaks.
Not only will there be limits to the tax relief that wealthier buy-to-let investors can presently claim before the next election, but in April next year, the current “wear and tear allowance” will be replaced. Whereas this arrangement enables landlords to minimise their amount of tax payable irrespective of whether furnishings in their property are replaced, the new system will only offer tax relief when new furnishings are brought in.
Nonetheless, the buy-to-let market remains in rude health, as indicated in part by the Council of Mortgage Lenders’ (CML) disclosure of a 22% increase in buy-to-let lending in the year to May. This suggests that there are plenty of prospective investors out there – whether in London or such other popular areas revealed by the aforementioned analysis as Ilford, Harrow, Edinburgh, Swindon or Plymouth – looking to expand their buy-to-let portfolios or become landlords for the first time.
For those in the capital, however, it remains as crucial as ever to request the right property inventory in central London from a company that is renowned for its professionalism and thorough approach – a firm like Yellow Oak Inventories LTD, with its friendly and capable staff who are awaiting your call.