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Portfolio landlords – those with four or more properties - are the backbone of the private rented sector. In our latest report, we examine who these landlords are, how they feel about their property business and their plans for expansion.
The report, based on a survey of nearly 400 portfolio landlords, finds that they enter 2024 in a bullish mood, with plans for expansion.
Key findings include:
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The report also found that despite the scrapping of planned changes to minimum EPC energy ratings for rental property, landlords are carrying on regardless. Nearly four in 10 are continuing to improve properties in their portfolio to a minimum standard of EPC C, whilst a third have already achieved that level.
It examines how landlords view their role, with 67% preferring the term ‘landlord’ over other titles, such as lettings business, SME or housing provider. It shows a strong correlation between landlordism and other property-focused careers, with 45% having some other property-focused income or business relationship.
Finally, it highlights some of the challenges associated with operating rental portfolios, including the most common issues landlords face, such as late payment (37%), arrears (30%), voids (26%) and damage to property (17%).
Richard Rowntree, Paragon Bank Managing Director of Mortgages, says: “Over the course of the past 30 years in which buy-to-let has been in existence, the rental sector has become increasingly professionalised, with larger, portfolio landlords providing the majority of the stock.
“Positively, they have entered the new year on the front foot, with a significantly higher number planning to expand their portfolios compared to those who are looking to reduce stock or exit the sector altogether.”
Head officeParagon51 Homer RoadSolihullWest MidlandsB91 3QJ
Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551