If you have witnessed the change and development in Stockport in recent years, you wouldn’t be surprised at how many people are paying greater attention to the area. Of course, the whole of the North West area is gaining a lot of admiring glances from property buyers and investors. There is no denying Greater Manchester is on the rise, and it looks as though landlords are looking to buy in the North West.
A study undertaken by Precise Mortgages shows more than one in five landlords intend to buy property in the North West. 22% of respondents stated an intention to buy property in this part of the country. Given the better value for money on offer here, and the significant level of demand for rental property, landlords who research the rental market are finding a lot to like about the North West of England.
The next most commonly cited areas in the study are the South East and Yorkshire & The Humber, where 16% of respondents say they intend.
Most landlords plan on arranging a Buy-To-Let mortgage
The report also examined how these landlords intend to fund their property purchase. 68% of respondents say they intend to utilise a Buy-To-Let mortgage while 18% of respondents expect to release equity from their existing property portfolio.
Mortgage brokers have an integral role to play in the letting industry
An interesting aspect of the study suggests close to 73% of landlords used a mortgage broker or intermediary to arrange their most recent Buy-To-Let mortgage. Only 19% of landlords dealt with the lender directly.
Alan Cleary is the managing director of Precise Mortgages, and he said; “The increasing professionalisation of the buy-to-let market means landlords are becoming more focused and selective in where they buy properties and how they fund their purchases. Recent rate cuts across the buy-to-let market are highlighting the opportunities to increase portfolios and profitability as well as underlining the need for expert advice from brokers particularly among landlords with bigger portfolios.”
We know many landlords are looking to buy property in an area where they don’t know or live close to. This is where the role of an experienced agent makes all the difference. We are pleased to say we are Stockport market specialists, having helped many landlords, tenants, buyers and vendors make an informed decision.
With convenient transport links to the centre of Manchester, and significant developments taking place, Stockport is the ideal place to buy, live or invest. As Stockport property specialists, we want to ensure you stay in touch with the latest property news. If you are looking for assistance in this area, give Spencer Harvey a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation please visit: https://www.spencerharvey.co.uk/valuation-enquiry.html