Landlords are Remainers and see Brexit as a Threat
According to a recent poll, landlords in the UK voted to remain in the EU and are more likely to see Brexit as a threat. LandlordNews.co.uk summarises the key findings below.
The survey of 500 landlords across the UK by Intus Lettings has revealed that over half (52%) of landlords voted to remain, compared to 43% who voted to leave. The remaining 5% of participants admitted to not voting.
The results also show that 27% of landlords consider Brexit to be a threat to the buy-to-let market, while a smaller group, 22%, see it as an opportunity. Over half (51%) of landlords aren’t sure what it could mean either way.
Impact of Brexit on demand for property:
When it comes to the impact of Brexit on the demand for rental property in the UK, the lettings expert found that 38% of landlords believe it will have an effect. One in ten landlords (12%) think demand will increase, while one in four (26%) think it will reduce. Also, 51% of landlords think demand will stay the same, while one in five (21%) are unsure.
Results of the study by region:
Looking regionally, three areas of the UK bucked the trend and voted in favour of leave. In the North West, 54% of landlords voted leave, while the same was true for 53% of landlords in the East Midlands and 52% of those in the South West.
The most optimistic landlords according to the poll are those in the North East, with 38% of landlords there viewing Brexit as an opportunity for the market, while London landlords are the least hopeful – 39% of landlords in the capital consider our withdrawal from the EU to be a threat.
Age of landords:
Age didn’t have an effect on overall outcome for landlords, with remain making up the majority vote for all age groups. This contrasts with the general result of the EU Referendum, which saw younger generations strongly favour remain and older ones lean towards leave.
Hope McKendrick, lettings manager at Intus Lettings, said: “It’s fascinating to see that, were it up to landlords, we wouldn’t be leaving the EU. It’s likely that concerns around freedom of movement and the rights of EU nationals living in the UK influenced their decision, with such citizens making up a substantial proportion of renters in this country.”
The survey also found that 40% of landlords intend on buying an additional property for the purpose of renting it out in the next five years.
Hope added: “It is still unclear how the buy-to-let market will fare post-Brexit, but one thing that is for certain is that it hasn’t shaken the industry quite as dramatically as expected. There is still a lot of appetite for buy-to-let properties among investors and the private rented sector continues to grow.
“As long as landlords do their research and choose the right type of property in the right area, they can still expect to generate substantial yields for years to come.”
Written by: Jess Goodridge – jess.goodridge@landlordnews.co.uk
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