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