Our latest client survey provided a number of interesting insights into the mix of landlords we currently have in our portfolio. The property market continues to evolve, so we expect these stats to vary year on year. Understanding the landscape we represent allows us to tailor our advice and expertise to your portfolios and needs, as they present themselves.
The highlights of our findings are outlined below.
Of those surveyed, we learned that 59% of landlords are mortgage-free, while 27% hold an interest-only mortgage and 22% have a repayment mortgage.
Additional buy to lets
The majority of our landlords, 67% in total, currently hold just one buy to let property, while 11% have a property in another Scottish city, and 10% of landlords own another in the UK. 7% of our landlords have a property abroad too.
When it comes to buying another buy to let property, 3% of our landlords said they plan to do so within the next 12 months, another 13% of landlords said they would consider buying another property but weren’t sure when. The majority of landlords however, 63% in total do not plan to increase their property portfolios now or in the foreseeable future.
We asked what the most important factor in being a landlord was to our clients. 79% of those that answered said that generating a regular income was the priority. Capital growth was the driver for 16% of landlords – while 8% of landlords had other priorities, such as attracting ‘good’ and happy tenants.
When it comes to renovating their property 85% of (65) landlords said they were prepared to do this if it meant they could increase rental income. 6% of landlords said they wouldn’t consider renovations, while a total of 16% of landlords said their property was already in a brand-new condition and therefore renovation wasn’t in the short or long-term plans for their investments.
70% of landlords asked said that they plan on letting out their property indefinitely, which is comforting given the changing landscape for landlords – and the current press. While others may not see themselves as landlords forever, a solid 26% of landlords see themselves in the industry for another 3-10 years. Just 5% of our landlords are planning to ask for the property back in a year’s time.
The majority of our landlords haven’t been tempted to sell their buy to let following tighter regulation within the sector. In fact, it hasn’t made much difference at all to a whopping 79% of landlords. 4% of landlords said they’d had enough, and 3% cited tax changes for selling up. Just 1% of landlords asked were tempted to sell up due to the prospect of a second Scottish Referendum.
We’re particularly grateful for the resounding support for our work and services thus far, with these insights we’re able to continue to adapt to your interests and needs.
Many thanks to those that took part in our survey, and for the fantastic feedback.
We collected a number of testimonials from the responses:
“Compared with other agents I have worked with I really like the portal which gives total visibility/transparency and easily accessible records.”
“Experts in the letting market, who make you feel really special and valued, great service and communication, yet still retains a friendly family company ethos.”
“Clan Gordon are very efficient, always on top of issues, feels like they have your best interests at heart.”
“I already recommend you to everyone!! A reduction in my management fee for even more recommendations would be a nice bonus :-)”
“We recommend Clan Gordon due to the higher standard of service compared to other agencies making up for the higher prices. Particularly important when not living locally.”