Nigel Terrington, chief executive at Paragon Group, has released a statement today that indicates landlords are starting to expand their portfolios at quite a dramatic rate.
According to Mr Terrington landlords have been poised to purchase for quite some time and are now starting to swoop on available finance and properties. Confidence in the sector, he says, is sky high.
He is also very pleased that the growth in the market is mainly being driven by experienced professional landlords as these are the people we need at the helm of private rented property with a predicted housing crisis looming.
“The fact that nearly half of buy-to-let business during the period was for experienced landlords to expand their portfolios is encouraging because it is this group of landlords who will drive the growth of the market.”
If he is right then we have to think we are in a better position than the last time the rented sector boomed, when with no disrespect intended, many landlords were fairly clueless having been thrown into the role against their will.
Mr Terrington is sounding very optimistic about the prospects of private landlords and it is great to hear this level of positive thinking starting to seep into the sector. As he says:
“With the growth of tenant demand showing little sign of slowing, the UK needs more properties in the private rented sector to help keep pace.”
Let’s hope they get them and the sector can provide housing to the nation.
