Number of Landlords re-mortgaging for home improvements reaches record high according to Countrywide

April 17, 2018

The latest Countrywide plc Monthly Lettings Index report – March 2018 reveals that the number of landlords re-mortgaging to release money for home improvements has reached a record high.

In the last 12 months 9,523 landlords who re-mortgaged their buy-to-let withdrew money for home improvements, that figure is more than triple the number recorded  in 2016 (2,967) according to Countrywide.

The average cost of a new let reached £951 pcm in Great Britain in March 2018, 1.7% up on the same period last year.

Commenting Johnny Morris, Research Director at Countrywide, said:

“A record number of landlords are re-mortgaging to release money to spend on their properties instead of trading up.  The additional transaction costs incurred from the stamp duty changes for second-homeowners means more landlords are choosing to invest in their properties, refurbishing and improving them and holding on to them for longer to maximise gains.

“Average rents grew in seven out of eight regions across Great Britain, with Scotland being the only region to see falls.  Rental growth during the first quarter of this year stands at 2.1%, 0.5% faster than the same period in 2017, as low stock levels continue to drive growth.”

Read the latest Countrywide plc Monthly Lettings Index report – March 2018 in full click here.

 

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

Breaking Property News 12/3/26

Daily bite-sized proptech and property news in partnership with Proptech-X.   ‘The actual work, making smart procurement decisions, protecting the owner’s budget was buried under a mountain of emails and calls’ Rihards Trops CEO of TenderPro   Every property manager knows the feeling. You need to find a contractor, get three comparable quotes, coordinate site visits,…
Read More →
Breaking News

Renters’ Rights Act already driving surge in tenant complaints

“Renters’ Rights effect” drives unprecedented demand dispute resolution Industry redress scheme flooded with enquiries ahead of Act going live in May   THE IMPENDING implementation of the Renters’ Rights Act has already led to unprecedented demand for The Property Ombudsman’s services, as more tenants seek support to resolve disputes fairly and independently. In the four…
Read More →
Breaking News

Rights Act: Key changes renters need to know — new rules start on 1 May 2026

The Renters’ Rights Act is a major overhaul of the rules that govern renting in England, the biggest in decades. Propertymark, the UK’s leading body for property professionals, wants renters to understand what’s coming and how it will affect them. The next wave of changes under the Act will take effect on 1 May 2026.…
Read More →
Breaking News

What Would Make Me Stay: How Tenants Are Redefining What Home Really Means

68% of tenants say the single biggest factor that would make them stay in their rental home long term is the relationship with their landlord or agent, above rent levels, location, or the quality of the property itself. That is the headline finding from LRG’s Winter 2025/26 Lettings Report, and it points to something the…
Read More →
Breaking News

Competition for rented homes falls to lowest level in six years

More homes for rent and a drop in demand eases the pressure on renters Competition for rental homes falls to six year low with 4.8 enquiries per property Increased supply sees the number of homes available for rent up 11% on last year Meanwhile demand for rental properties falls 14% year-on-year on lower migration and…
Read More →
Breaking News

Mortgage lending now supports 30% of housing stock

Mortgage lending now underpins 30% of England’s housing stock, rising to as high as 42% in the country’s most mortgage-reliant locations. At the same time, many areas of the market have seen a notable increase in the number of homes owned with a mortgage over the last three years, highlighting the continued strength and resilience…
Read More →