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How do London landlords compare to those in other regions?
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
An interesting piece of data released by the Council of Mortgage Lenders has revealed how London landlords shape up to those in the rest of the UK.
According to the report, those in London are likely to have greater disposable income, work full-time and become landlords and a younger age.
London Landlords
In London, around 50% of landlords have at least £1,000 monthly disposable income. Outside of the capital, just one-third of landlords report this kind of cash.
London landlords are 27% more likely to be in full-time employment and 37% less likely to be retired than landlords in the rest of the country.
In addition, they are 25% less likely to start as an accidental landlord and 50% more likely to become a landlord after moving in with a partner who already owns a home.
The typical age of a first-time landlord in London is 42, in comparison to 47 outside of the capital.
How do London landlords compare to those in other regions?
Properties Owned
In terms of property types, landlords in the capital are more likely to let out flats, with 79% owning this type of dwelling. 47% have houses to let, in comparison to 84% in the rest of the country.
60% of capital landlords own a single investment property, while 20% own two-similar to the demographic in the rest of the UK. In addition, landlords in London are just as likely to offer tenancies of more than 12 months than in other areas.
The use of a letting agent is more common in London, but landlords in the capital are less likely to opt to obtain full management through their agent.
Using a limited company is still relatively uncommon, both in and out of London. Just 6.2% of landlords in London have incorporated, as opposed to 2.8% outside of the capital.
