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Changing Face of Britain’s Landlords

SimplyBusiness.co.uk report on the Changing Face of Britain’s Landlords

New analysis from SimplyBusiness.co.uk indicates a significant change in both the age and gender of private landlords in the UK. It seems as though the face of the archetypal British landlord is changing; and there is a younger breed of landlord entering the private rental market.

SimplyBusiness.co.uk have been offering landlord insurance since 2005; and their analysis is based on the 19,851 Landlord Insurance policies sold by SimplyBusiness.co.uk in 2010 versus the 6,234 policies sold in 2006.

When reviewing comparative data of landlord insurance policies sold by SimplyBusiness.co.uk in 2006 versus 2010, a marked increase in landlords aged 18-34 can be seen.

Lasndlords Age 18 to 34

Lasndlords Age 18 to 34

Whilst the majority of landlords are still male, the gender gap is beginning to close as 39% of
landlords insured via SimplyBusiness.co.uk in 2010 were female, versus 36% in 2006.
Female Landlords

Female Landlords

Perhaps surprisingly, the types of property being insured have not changed significantly since 2006, and terraced housing still accounts for the largest proportion of private rented accommodation.

So it seems that people still think that there’s money to be made in property.

Julian Watson, landlord insurance product manager for SimplyBusiness.co.uk said:

“There is a great opportunity within the rental market at the moment, as the ongoing financial instability sees first time buyers struggling to get a foot on the property ladder and remaining in rental properties for much longer than planned. However, landlords also need to be aware of the impending housing benefit cuts which may present a challenge, as well as an opportunity to the savvy property investor.”

Types of property

Types of property

If you are thinking about investing in a buy to let, SimplyBusiness.co.ukwould suggest thinking about the following:

1. Budget – Figure out what you can afford before you start viewing property. Before you make an offer make sure the figures stack up and that you can make money out of renting out your chosen property. Remember to consider all purchase costs including stamp duty, legal fees etc and any costs for renovation and decoration.

2. Save and/or Have a Contingency Fund -Remember you might need to fund the mortgage payments yourself if your property is unoccupied; and you’ll also need to cover maintenance costs etc.

3. Regulation – Keep up to date with the latest regulations and make sure you understand how future regulation may affect you as a landlord.

4. Finance – Make sure you’ve got the right mortgage for you and you can afford the repayments – you may have cover them yourself if your property is unoccupied for any reason.

5. Tenants – Think about what sort of tenants you’d like to attract and make sure your property, the internal decor etc will work for them. Always be sure to seek references.

posted by Zane in Guide,Property,Renting and have Comment (1)

One Response to “Changing Face of Britain’s Landlords”

  1. Kyero says:

    Does SimplyBusiness also offer UK based landlords similar facilities for their properties abroad?

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