Landlords with just a single property are playing an increasingly important role in the private rented sector.
Countrywide has released research based on its own database of 65,000-plus properties, and found that 93% of landlords own just one property, accounting for 81% of all private rental stock.
The data also shows there is very little variation throughout England, Scotland and Wales, with single-property landlords accounting for between 78% and 83% of all private rented stock.
While the Government is actively promoting institutional investment via Build to Rent, Countrywide says that large landlords remain small players in the sector.
Just 0.7% of landlords currently have portfolios of more than five properties, providing just 6.7% of privately rented housing stock in the UK.
However, Countrywide says that government investment into the sector may result in the size of portfolios expanding, and the introduction of innovation and the potential for economies of scale to be made, will benefit both the tenant and the landlord.
Average monthly rents in the UK increased 3% to the end of March, Countrywide also reported. Throughout much of the country, average monthly rents increased at or below the rate of inflation, as demand was transferred into the sale market.
Nick Dunning, group commercial director of Countrywide, said: “Landlords with small portfolios play a hugely important role in the UK’s private rented sector.
“While the Government is helping to support this growing sector through schemes such as Build to Rent, which is anticipated to increase the number of larger institutional landlords, the vast majority of landlords own just a single property.
“The doubling in size of the private rented sector between 2000 and 2013 was almost entirely driven by landlords either expanding their portfolios or buying investment property for the first time.
“So far, larger Build to Rent schemes have played a limited role in the growth of the sector.”
“The number of privately rented households is projected to continue growing as the number of home owners and social renters continues to shrink.
“Would-be home owners are buying later in life, and households which in the past might have been housed in the social rented sector now live in private rented accommodation. Build to Rent schemes will undoubtedly play an increasing role in meeting some of this new demand.
“However, while government backing for institutional investment in the private rented sector will increase the number of landlords with large portfolios, for the foreseeable future the UK will remain a nation of landlords with small portfolios.”
The latest deal to be announced under the Government’s £1bn Build to Rent scheme is the fourth and largest to date. Under the terms of the deal, Genesis Housing Association will receive £45.5m to build 485 homes for private rent on four sites in London and Chelmsford. It will include 244 homes at the former Anglia Ruskin University site in Chelmsford.
Comments (6)
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Those are incredibly high stats – much higher than the Department & Communities Private Landlord report in 2010 quoting 78% of private landlords owning only one property.
Perhaps not every Countrywide customer has all of their properties with Countrywide?