BM News

 

25 March 2008

Big Brother landlords

A report out today reveals the future of landlords as 'Big Brother-esque' types - who will go to great lengths to ensure the protection of their property.

At a time when the number of buy to let mortgages has surpassed the one million mark for the first time*, Birmingham Midshires questioned people across the UK considering a property investment on how they would treat their tenants.

Hands-on approach
The report found that would-be landlords prefer a hands-on approach with 88 percent admitting they would frequently drive by the property to check up on the tenants.

Looks are everything when it comes to renting - 54 percent of future landlords admit they will choose their tenants based on their appearance - advising tenants to smarten up to secure the property of their choice.

Set against a backdrop where the High Court is investigating a leading estate agency's allegedly unfair terms and conditions, the report also found that the majority (54%) of those considering a property investment would shy away from agency fees and instead keep an eye on their property themselves. More than one in three (35%) would prefer to fix any problems themselves rather than paying for the services of a professional.

Terror tenants
The report contrasted the behaviour of would-be landlords with the attitude of tenants in rented property and reveals the profile of an ideal tenant. When questioned on how they would treat a rented property, retired couples lead by example, with 93 percent claiming they would treat the property as their own and keep it clean and tidy.

At a time when the buy to let sector has grown by almost a third over the past six years and there are now around 2.5 million homes in England which are currently rented**, the Birmingham Midshires research suggests that landlords should carefully consider the type of tenant they choose.

Tim Hague, Managing Director of mortgages at Birmingham Midshires, said:"We are aware that investing in a buy to let property can be a daunting experience - in terms of finding a decent tenant to pay the rent and learning how to oversee the property once you've found a lodger. Landlords can seek advice from industry bodies such as the National Landlords Association.

With landlords enjoying an average return of 16.3% in 2007, a buy to let remains a sound long term investment. We expect firm demand to continue throughout 2008 and beyond."

For further information contact:

Clare Mortimer
claremortimer@hbosplc.com
PR Manager

Emma Partridge
emmapartridge@hbosplc.com
Press Officer

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