Hands-on landlords stay close to investment properties

  • Two thirds of landlords live within ten miles of their rented property
  • Most manage the property and tenant relationships themselves

 

Two-in-three landlords live within ten miles of their buy-to-let property and manage day-to-day maintenance of the property themselves, new research by Simple Landlords Insurance reveals.

Analysis of over 10,000 addresses shows a fifth of landlords live within a mile of the house or flat they rent out and a further 46% live between one and 10 miles away.

A further 13% live between 10 and 25 miles from the property they rent out.  Only 15% of landlords live more than 50 miles away from their buy-to-let investment.

The findings suggest that people prefer to invest in bricks and mortar in areas they know well, despite advice from some professionals that they could gain higher rent yields further afield.

Meanwhile a poll by Simple Landlords reveals that 65% of landlords made a conscious decision to invest in buy-to-let property, meanwhile 17% of people who rent out a property identify themselves as ‘accidental landlords’ who decided to rent out a property they inherited or were unable to sell their home.  Some 9% of landlords bought their property specifically for a family member to live in, such as for a child at university.

Half (45%) of those polled owned a single rental property, while 40% owned between 2-4 and 15% said they have a portfolio of over five homes.

The survey shows that most landlords (65%) play an active role in the maintenance of their property, dealing with any problems with tenants themselves rather than via a lettings agent. 24% use an agent to find tenants and then manage the property themselves, 41% do everything themselves, while 35% use an agent to do everything.

Alex Huntley from Simple Landlords Insurance says: “We are seeing an increasing trend of savvy landlords taking direct control of how their property is let and managed and becoming much more self-sufficient.

“While it can be easy to bash landlords as faceless investors, these results show they are more likely to be part of the community they invest in and take a personal interest in making sure their property is well maintained and tenancies are long-term.

“We are also seeing a growing demand from landlords to be able to manage their insurance policies online 24/7 and to buy flexible and scalable policies as their investments change and grow.”

Blog by: Elinor Zuke [email protected]

Christopher Walkey

Founder of Estate Agent Networking. Internationally invited speaker on how to build online target audiences using Social Media. Writes about UK property prices, housing, politics and affordable homes.

You May Also Enjoy

Estate Agent Talk

What Are The Factors To Appreciates The Real Estate Property Prices

Are you planning to sell your home? Are you buying a home? Whatever the scenario is, there are some things that you need to look after. In case you are selling your house, you have to set the price on the basis of those factors, or you need to ensure that all these things are…
Read More
Breaking News

WEEKLY NEWS ROUNDUP – 01/07/2022

A roundup of the week’s top property and proptech news stories in partnership with Proptech-X   Table of ContentsHide On The Market: Housing market starts to rebalance as remarkable buyer and seller confidence prevails Renting to Students: TDS Poll Confirms Common Issues and Reasons for Disputes in Student Lets LexisNexis and Coadjute partner speeding property market…
Read More
Estate Agent Talk

How can Cash House Buying Agencies thrive in 2022?

Like many other industries in the world, the UK property market is constantly evolving. Industry players therefore need to keep a keen eye on the key markers that define the state of the industry. As 2022 ushers in new changes and realities, industry players like cash house buying agencies need to arm themselves with current…
Read More
composite gates
Home and Living

Composite Garden Fencing / Gates – Pros & Cons

As much as many of us enjoy great relationships with our neighbours, we do also relish privacy between our properties / boundaries. Years ago I remember rows of gardens with no more that a wire fence with wooden posts separating each with some having missing sections and even those totally without. Many neighbours would have…
Read More
Breaking News

BREAKING PROPERTY NEWS – 30/06/2022

Daily bite-sized proptech and property news in partnership with Proptech-X.   Zoopla names new members of its Lettings Advisory Board, selected to support its goal to help inform how industry responds to a fast-evolving policy environment for agents, landlords and renters Zoopla, the UK’s most comprehensive property destination, is pleased to announce new members of…
Read More
Estate Agent Talk

Why Your Multifamily Building Needs An Access Control System

Being responsible for a multifamily building requires keeping safety a priority. Security can be a concern in a building with multiple people coming in and out, which is why your multifamily building needs an access control system. There are many reasons why an access control system can be of use to a dwelling with more…
Read More