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

AI in estate agency letting agency property
Breaking News

Can AI-powered search platform push out Rightmove for renters?

Boss of global architecture firm takes on Rightmove with AI-powered search platform where renters describe where they want to live An AI-powered start-up launched by the former boss of a major architecture business wants to disrupt the duopoly of Rightmove and Zoopla by enabling renters to find homes by using normal everyday language – as…
Read More →
Breaking News

Midlands sees largest property management fees increase

The latest research from Rushbrook & Rathbone has found that property management fees in the Midlands have increased by an estimated 53.9% over the past decade, the fastest rate of growth across England’s regions, highlighting a widening divide in costs between the North, Midlands, and South. The research analysed average rental values across England’s regions…
Read More →
Breaking News

Continued season momentum with applicant demand up for lettings

Foxtons Lettings Market Index – May 2026 Continued season momentum with applicant demand up month on month and supply increasing.   The season’s momentum carried on undeterred. Applicant demand climbed sharply month on month, supply held ahead of last year and the market stayed balanced through it all. Competition eased compared with last year, with…
Read More →
Breaking News

Breaking Property News 22/6/26

Daily bite-sized proptech and property news in partnership with Proptech-X.   Eco Approach Collaborate with Leading UK Buy-to-Let Lender The Mortgage Works to Deliver Free Energy Assessments for Landlords Ahead of 2030 Deadline. Eco Approach selected as the expert retrofit partner for a major new energy efficiency pilot. Initiative addresses critical knowledge gap, with 67% of UK…
Read More →
Breaking News

How to secure a rented home if you used to pay rent up front

One change that has come into effect under the Renters’ Rights Act (RRA) is that landlords may no longer accept more than one month’s rent in advance of a tenancy beginning. Previously, there was no limit to how much rent tenants could pay up front to secure a property, which was particularly helpful in certain…
Read More →
Kerb appeal
Breaking News

Whoever Leads Britain Next Must Focus on Growth, Housing and Opportunity

Neil Louth – Group Executive Director, LRG and CEO, Acorn Group From my perspective, the question is less about who occupies Number 10 and more about what they do once they get there. Whether it is Sir Keir Starmer continuing in office, Andy Burnham emerging as a future challenger, or someone else entirely, the next…
Read More →