According to the latest research from the National Landlords Association (NLA), the majority of private residential landlords prefer to purchase property in their local area. Three quarters (74%) of landlords said they were planning to buy their next property in or around the area they currently live in. Just 10% were willing to buy up to 100 miles away, and 9% further afield.
The survey of over one-thousand NLA landlords revealed the most important considerations for landlords when selecting a rental property to purchase. 86% of landlords reported personal knowledge of the area to be the top factor in their decision-making. Other important factors included tenant demand (68%) and local rent levels (63%).
The results of the survey come as a number of local councils across the country are considering selective landlord licensing schemes, a measure the NLA have denounced as “costly and ineffective.” It is feared such schemes could have a detrimental effect on local investment.
NLA chairman Carolyn Uphill said, “These findings are positive news and show that landlords can provide a vital lifeline for local councils who struggle with the ever growing demand for housing in their area. It means that councils considering introducing licensing schemes should take these findings on board as otherwise they will alienate a significant proportion of landlords and in doing so deter much needed investment.”
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