Number of Landlords Increases
It probably does not come as a surprise to read that the number of landlords in the UK has gone up in the last few years. This is based upon information emanating from HM Revenue and Customs that keeps a record of landlords declaring income from properties that they rent out to tenants.
In the year 2013 to 2014, the number of landlords that informed HMRC of their rental income amounted to 1.75 million. Back in the year 2012 to 2013, that figure was 1.63 million landlords. That is an increase of 7% that we are sure you will agree is a significant rise.
There has obviously been an attraction for people to enter the investment property sector as landlords in recent years as people look for a potentially better return than what they may achieve from the likes of bank and building society savings accounts and the stock market. As there are also an awful lot of lenders that will provide buy-to-let mortgages that is probably another reason why the number of landlords has increased in the last few years.
It is possible that, since 2013/2014, the number of landlords may have risen even further in the UK. However, it will be interesting to see if this upward trend in the number of people becoming landlords continues especially in view of the recent increase in stamp duty costs and the impending change in the availability of higher rate tax relief on buy-to-let mortgage repayments.
If you are a landlord you will be aware there is a significant shortage of quality housing in the UK for people to live in. Therefore, it is important that as many suitable properties as possible are made available to people that are in need of accommodation to rent for a period of time whether that is to a single person looking for a one bedroom flat, a retired couple seeking a two bedroom bungalow or a family looking for a three bedroom house.