15% of landlords 38% 27% 28% PRS Barometer. Issue 4: Autumn 2014 covering England & Wales. Average 2 bed flat pcm. Average 3 bed house pcm
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1 in Association with the NLA PRS Barometer Issue 4: Autumn 2014 covering England & Wales 28% anticipate rental growth over the next 6 months (no change) SOLD 15% purchased at least one rental property in the 3 months to September 6weeks was the average of time to complete a Buy- To-Let mortgage application and receive funds 5% have lowered rent across their portfolio in the last 12 months (down 1% from spring) for sale 27% intend to purchase at least one property in the next 12 months (up 2% from spring) 38% said lending criteria of Buy-To-Let is one of the biggest barriers to property investment Regional Snapshot Average 2 bed flat pcm Q2 Q annual change London (zones 1-2) 1, London (zones 3-6) 1, South East South West East England East Midlands West Midlands Wales North West North East Yorkshire & Humber Regional Snapshot Average 3 bed house pcm Q2 Q annual change London (zones 1-2) 1, London (zones 3-6) 1, South East South West East England 720 = West Midlands East Midlands North West Wales Yorkshire & Humber North East Rounded to the nearest 5 pcm 85% achieved at least their rental asking price (down by 3% from the spring) 42% stated that tenant demand has increased in the last 3 months 2 years and 6 months is the average tenancy length The Rent Check interviewed 2,046 landlords across England & Wales over the six months to September 2014.
2 introducing The Rent Check is a collaboration of expertise from BDRC Continental the UK s largest independent market research consultancy and Allsop LLP one of the leading property consultancy firms and advisors on the residential property market. The Rent Check is a unique measure of the rents being agreed by landlords for private rented sector tenancies across England and Wales. This research tracks the experience of a large sample (2,046 in the six months to September 2014) of members of the National Landlord Association (NLA), providing a statistically robust overview of the rental market - covering 15,345 properties. This data provides insight previously overlooked by rental indices tracking average prices for all properties marketed and reflects actual rents agreed; which, as the Rent Check finds, are different to the asking rent initially advertised for 24% of all lettings. The Rent Check is supplemented by the Tenant Panel in order for us to gain the perspective of the tenants. This provides us with an inclusive outlook of the private rental sector that other indices do not cover. These surveys will continue to track movements and evolutions in the private rented market each six months, analysing movement in agreed prices, regional variations and providing unique landlord and renter insight. The Rent Check is a survey forming part of the BDRC owned Landlords Panel which will provide supplementary analysis on future rental trends, tenant profile and landlord confidence in future survey releases. the integrity of The data included in the Rent Check has been analysed and scrutinised by BDRC Continental s research analysts and draws on their experience in the consumer research arena. BDRC Continental has a seven year history of conducting research with residential landlords and have carried out focused research on the buy-to-let market and private rental sector on behalf of a wide range of clients and interested parties. the methodology of BDRC Continental has a seven year history of conducting research with residential landlords and have carried out focused research on the buy-to-let market and private rental sector on behalf of a wide range of clients and interested parties. BDRC Continental s Landlords Panel is the only regular, commercially available study of the UK s private rental and buy-to-let sectors. Established in 2006 and run in partnership with the National Landlords Association, the subscription based study provides important insight into the market dynamics of this multibillion pound industry. Each quarter more than 1,000 online landlords across the UK are interviewed about the key aspects of their letting activity, as well as general economic indicators including optimism and market outlook. Results are independently analysed and published by BDRC Continental. The Tenants Panel will be carried out quarterly, with around 1,000 private tenants participating in the survey each wave. For sake of clarity, the tenants are randomly selected from commercial lists within which participants self-select by declaring that they are private tenants. They are not connected to NLA members, although we do not rule out that some may coincidentally rent from them.
3 Issue 4: Autumn 2014 Buy to Let driving or inhibiting the PRS Two thirds of private landlords rely on Buy To Let (BTL) mortgages to fund their letting portfolios. The continued health and growth of the PRS will be built on a foundation of continued access to competitive loans, offered with sensible lending criteria to both first time and established landlords. In the fourth edition of Rent Check, we thought it would be useful to examine the drivers and inhibitors to further expansion of the PRS, and the role played by mortgage lenders and their products within this dynamic. According to Department for Communities and Local Government (DCLG) 17% of households now reside in the Private Rental Sector and we are increasingly familiar with the societal and market drivers, which have resulted in the sustained growth of the PRS in the last decade or so. Underpinning PRS expansion has been access to Buy To Let (BTL) finance, a form of specialist mortgage lending, Growth of Private Rental Sector and Buy to Let market % m , , , , , ,000 80, ,000 40,000 40, Outstanding BTL Mortgage Stock (RHS) Private Rented Sector (%) (LHS) introduced in the mid-1990 s, which has offered private individuals a way of generating a rental income and capital gains through investment in property let to tenants. Best estimates suggest that there are around 1.4 million private landlords in the UK, around two thirds of whom borrow to fund their rental property investment activity. A fortunate 1 in 3 landlords do not have outstanding finance on their portfolios. The appetite for BTL lending peaked in the months leading up to the credit crunch, with around 11bn per quarter being lent to landlords in However, as many BTL lenders active at that time relied on access to the wholesale markets for their funds to lend, 85% of BTL products were withdrawn from the market in leaving landlords, wanting to expand their portfolios, with a severely restricted set of options and, indeed, none at all in some cases. With many specialist lenders forced to suspend trading or to leave the market completely during the downturn, gross BTL mortgage lending has been in gradual recovery since the dark days of 2007/8 with around 20bn lent to landlords in 2013 (down from over 45bn in 2007). Two lenders (The Mortgage Works and BM Solutions) were able to ride out the storm and continued lending to landlords throughout the recession, albeit on more stringent terms, and these two players now dominate the BTL landscape. So BTL finance is important to the growth of the PRS, but just how important? Let s put its contribution into some context. Landlords are in expansion mode Each quarter, BDRC interviews 1,000+ private landlords about their investment strategies and we seek to understand the extent to which they plan to grow or reduce their portfolios. Unsurprisingly the Q3 survey (September 14) found that the PRS is set for continued expansion:- In the 3 months to September, 15% had purchased at least one rental property, in fact the average was 1.8 properties Just 6% had sold a property, average of 1.2 sales Looking ahead, 27% plan to purchase at least one additional rental property in the next 12 months 9% plan to divest at least one property The findings above suggest further strong net growth in the PRS across Our analysis also indicates that it s going to be existing experienced landlords, already managing established portfolios, that will be most acquisitive (32% with 20+ properties will buy again in the next 12 months). In our research, those planning to purchase rental property in the next 12 months were asked how they planned to finance the next purchase. As the graph below shows, BTL finance will be the dominant source of funds. However, equity release and cash purchasers will form a significant contribution. Notwithstanding the fact that, according to Moneyfacts, there are now over 800 BTL products available, this reliance on BTL finance is not without challenges for landlords. Some lenders have imposed much tighter criteria around new lending in the post-downturn landscape. These include lower LTVS, reduced borrowing ceilings (number of properties and/ or value of borrowing), higher rental cover rates etc. All of which means that BTL related issues have risen to the top of the list of challenges now faced by landlords who are looking to acquire new investment opportunities. Source of funding for next property purchase (%) Using a Buy-To-Let mortgage 71% Release equity from existing property(ies) to generate purchase funds Purchase outright - using previously invested funds Borrow using a commercial loan from a bank or other organisation Purchase outright - using a lump sum (non-invested) Borrow using a permission to let arrangement on a standard mortgage 13% 11% 8% 5% 31%
4 Issue 4: Autumn 2014 Buy to Let driving or inhibiting the PRS (Continued) Biggest barriers to investment property acquisition (perceived): Accelerating house prices 42% Lending criteria of BTL lenders 38% Access to BTL funding 29% Competition from other landlords 27% Fees/taxes associated with property purchase 27% Slow processing of BTL lenders 25% Access to alternative sources of funding 24% Competition from first time buyers 10% Competition from established home owners 10% Interestingly, one in 4 landlords highlight the speed of application processing by BTL lenders as an issue when investing. Our latest wave of research suggests that one in 5 mortgage applicants have to wait at least 8 weeks between application and the release of funds, a typical application journey takes 6 weeks, not ideal if a landlord needs to act quickly to secure an investment opportunity. BTL lenders obviously need to balance the demands of landlords and their mortgage intermediaries with a need for responsible lending and a sensible risk profile. However, it s increasingly clear that, for many landlords, the default position of approaching their broker to arrange a BTL loan for their next investment property may be more of an issue than its been in the past. Other lending solutions may have more of a role to play in future. Can supply meet demand? With one in 4 landlords planning to purchase again in the next year, and the supply side still very tight in the SE of England and London, will landlords be frustrated when it comes to finding their next investment? Those in the market to expand their portfolios are quite clear on the types of property they are targeting and the underlying reasons for selecting them:- Preferred property type for next investment property: Terraced house 49% Semi-detached house 40% Individual flat in a block 26% (44% in Outer London) HMO 18% (27% in N. West & Yorks/Humber) Detached house 12% Bungalow 6% Block of individual flats 4% (13% in Yorks/Humber) Heartland second step property types dominate the shopping list for acquisitive landlords, and commercially, there is a reasonable correlation between the types of property and the rental yields being achieved by landlords. The exception being HMOs which currently deliver the highest yields but appear half way down the property type list ranked by purchase intent. What is it about this/these types of property that attracts you specifically? High demand for this type of property 38% Best return on investment 20% Balance of income and capital gains 17% Cheap / affordable 17% Ease of maintenance 11% Able to add value through development 7% Fewer issues with tenants in this type 6% Desirable area 3% Like this style of property 3% Option to convert to an HMO 2% Landlords clearly want to minimise voids, so strong tenant demand is highly important when selecting a future rental property as is the potential strength of return on income. Seeking stock As our research suggests, whilst many existing landlords are looking to expand their investment activities, they are struggling to access the type of property they are looking for; frustrated by rising prices, competition and funding. The prices of terraced housing and individual flats are pushing ahead of other property types nationally, a reflection of demand from the greatest range of purchasers. Frustrated landlords looking to expand their portfolios may, however, find themselves in a better position to compete in this post summer market, particularly in the regions. Outside of the South East there has been an identifiable slowdown in new buyer registrations, in many cases ahead of new property listings. With the heat now taken out of the market, investor purchasers may be able to better draw on the inherent advantage of not having anything to sell. Whilst this may be positive for those actively seeking stock, this reduction in buyer competition has yet to prevail in vendor expectations, with asking prices continuing to rise nationally (2.6% in October according to Rightmove). This waning of activity in the private treaty market has however not been echoed at auction, where the appetite of professional landlords is able to play out with only limited competition from owner occupiers. At Allsop s most recent residential auction, competition between investors saw 81% of lots offered sell under the hammer, with total sales receipts up 51% on the previous October. The uncertainty of an impending election and pressure for interest rate rises is muting the owner-occupier market, which may present an opportunity for landlords with access to finance and the ability to move quickly. In contrast, relative stability in rents being achieved nationally, as recorded by the Rent Check, may allow investors to take a more positive view.
5 To subscribe to please To join the Landlords Panel please contact the National Landlords Association on or at team: Paul Winstanley Beth Hill Vicky Bingham Partner Senior Surveyor Property Analyst Mark Long Bethan Cooke Director Research Manager @allsopllp Please contact Mark or Bethan at BDRC if you would like details of their proprietary or bespoke research services within the PRS. Disclaimer: This report is for general information purposes only. Whilst every effort has been made to ensure that all content is accurate, Allsop LLP and BDRC Continental do not accept responsibility whatsoever for any loss incurred directly or consequentially from the contents of this report. This report may not be published, reproduced or quoted (as a whole or in part), or used for any contract, prospectus, agreement or other document without prior consent. This report is copyright of Allsop LLP and BDRC Continental and may not be reproduced without written consent from both parties
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