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Buy to let landlords look locally

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Local knowledge is key for property investors, as 86% of buy-to-let landlords seek to buy in areas they know well.

Research released by specialist buy-to-let lender Paragon in association with BDRC Continental reveals that strength of tenant demand in the local area is also a core factor for 68% of buy-to-let investors, while 63% cited local rent levels as a big consideration.

Other priorities landlords pinpointed were the prospect of capital growth (56%), proximity to local transport connections (55%) and future development plans in the area (37%).

Of those landlords planning to buy property, 74% said they would look close to home, while just 10% said that they would consider buying further afield, but only up to 100 miles away.

John Heron, managing director of Paragon Mortgages, said:

“Whilst the factors landlords have selected may not be entirely surprising, their feedback is important nonetheless. From time to time landlords get a bad press.

“What this research shows, and what we already know, is that the majority of landlords view the running of their portfolios as a business. They buy property only after careful consideration, and have a very strong preference for investing in their own local communities.

“The buy-to-let sector continues to perform well, with landlords feeling more confident. In fact, 25% of the landlords we surveyed are planning to buy further rental property in the next 12 months alone.”

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