While some areas of the market struggle, it seems that buy to let property purchases are holding steady with mortgage brokers confident that landlords will keep the business coming.
According to a survey by Nationwide, almost two thirds of mortgage brokers expect mortgage business from buy to let investors to increase in 2012 – despite the double dip. And confidence in the sector is also on the up, with the number of lenders predicting an increase in new landlords having risen by 20% on last year.
MD of group intermediary sale at the Nationwide and The Mortgage Works Ian Andrew explained that, while levels of buy to let business had not yet returned to their pre-credit crunch pinnacles, the market still accounted for loans in excess of £14bn last year – representing a two fifths increase on 2012 figures.
Buy to Let “Climbing Back Up”
He said: “We expect it to rise again in 2012. It suggests buy to let is climbing its way back up, which is welcome news for landlords and brokers.”
The news will be well received in property marketing circles, where the need for a strong driving force in the market is well recognised, although agents will now need to consider whether clients property marketing strategies should be re-evaluated to appeal to this distinct market sector.
Secure Landlord Leads – Property Marketing Ploys
Selling properties is all about careful targeting and agents will have to consider what it is landlords are looking for if they want to attract the buy to let bucks. Features that can add appeal for BTL buyers during the property marketing process, and which should therefore be highlighted, include:
- Existing rental properties in the immediate area – societal groups like to gather in areas, so a precedent for letting can reassure potential landlords.
- Increased sleeping spaces: Especially in student areas, additional living rooms can be converted into bedrooms in order to add more income.
- Low maintenance exterior spaces: Gardens that don’t need tending are perfect for tenants. Think decking, pots and even artificial turf.