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How landlords are tackling the biting tax changes

Landlord clients are tackling the tax and regulatory changes hitting their pockets by taking advantage of low mortgage rates, using limited company structures, opting for higher yielding properties and branching further afield, brokers have said.

The buy-to-let market grew rapidly after the financial crisis but has since taken a beating as a number of tax and regulatory changes have made the private rental sector a less lucrative option.

In fact more than a third of landlords are planning to sell at least part of their portfolio in 2020 as the changes continue to bite in a system “weighted against them”.

Accumulate Capital polled 750 investors in December and found 37 per cent of landlords were planning to sell one or more of their properties, with 61 per cent of them blaming increasing regulations and taxes.

How the rules changed:

An additional 3 per cent stamp duty surcharge, introduced in April 2016, was closely followed by the abolition of mortgage interest tax relief for landlords.

Landlords then took a further hit when a shake up of rules by the Prudential Regulation Authority meant buy-to-let borrowers were now subject to more stringent affordability testing.

The changes to mortgage relief have been phased into the system since April 2017, but by April 2020 landlords will be unable to deduct any of their mortgage expenses from taxable rental income.

Instead, they will receive a tax-credit based on 20 per cent (the current basic tax rate) of their mortgage interest payments.

Following the changes, landlords who were higher or additional-rate taxpayers would now only get refunds at the 20 per cent rate, rather than top rate of paid tax.

On top of this, landlords could also be forced into a higher tax bracket because they would need to declare the income that was used to pay the mortgage on their tax return.

The changes led many to predict the buy-to-let market would shrink in size leaving only ‘professional landlords’ able to make viable returns.

Of those keen to sell, 72 per cent thought the current tax and regulation measures were unfairly weight against them while 69 per cent said the costs of managing their portfolio had risen “considerably” over the past five years.

But brokers have said many of their landlord clients were sticking with the private rental sector and diversifying their portfolio or shaking up their own system to deal with changes.

David Hollingworth, associate director of communications at L&C Mortgages, said: “[The changes] will no doubt lead some to hold their position rather than add more properties, particularly the more amateur landlord whilst they review their approach.

“However, many are taking action in controlling their costs by taking advantage of low mortgage rates and the use of limited company lending to grow investments.”

Due to the tax shake up, limited company status is more attractive to landlords as changes would not affect them and they can offset mortgage interest against profits which are subject to corporation tax instead of income tax rates, which is cheaper.

Average mortgage rates have also been slashed over the past few years as lenders battle in a “race to the bottom” which has seen two-year fixed rates for buy-to-let properties fall below 1.3 per cent.

Mr Hollingworth added: “While some will be considering whether it might be the right time to sell certain properties in light of the tougher conditions, there’s little to suggest that landlords are offloading property in significant numbers.”

Rachel Lummis, mortgage and protection adviser at Xpress Mortgages, said although buy-to-let enquiries from new and smaller landlords had plummeted, the larger portfolios were still transacting.

She said: “Larger portfolio landlords are still transacting, just differently from a few years ago.

“Clients are remortgaging existing properties to not only secure decent long-term fixed rates but to also raise capital for further investment.”

Ms Lummis said the properties being added to portfolios had moved from standard flats and houses to more high-yielding houses of multiple occupancy or multi-unit blocks, as well as in locations around the country not previously considered.

Meanwhile Ruth Whitehead, director at Ruth Whitehead Associates, warned against the “relative flatlining” of property values over the next few years and urged anyone considering selling property to “think very carefully”.

She added: “In short, it’s something that needs more careful consideration than ever before and clients should only stay in this market for the long haul.”

By Imogen Tew

Source: FT Adviser

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Buy To Let Property Investors Planning To Exit Market

New research has suggested that over a quarter of UK buy to let property investors are planning to exit the private rental sector this year.

The survey of 800 landlords, carried out by landlord insurance provider Simply Business, revealed that with uncertain market conditions, fourth fifths (82 per cent) of landlords are not planning on buying any more properties in 2020. Just one tenth (13 per cent) said they would buy another property this year, while a third (35 per cent) also reported a decrease in their rental yield in 2019.

The top reasons buy to let property investors gave for wanting to sell are tax increases and government reform, such as shifting House in Multiple Occupation (HMO) licensing, which added new stipulations on the minimum size of rooms, as well as banning of admin fees. Well over a tenth cited these as their reasons.

Other reasons that buy to let property investors gave for planning to sell include rising rental costs (10 per cent), cashing in on their investment (9 per cent), economic instability (5 per cent) and slowing house price growth (4 per cent). This comes after a third (35 per cent) also reported a decrease in their rental yield in 2019, which adds to the desire to sell.

A fifth (20 per cent) reported a decrease of 0-5 per cent, just under one in 10 (9 per cent) reported a decrease of 5-10 per cent and 3 per cent of buy to let property investors reported a decrease of 10-15 per cent.

Looking ahead to this year, over a quarter (27 per cent) of landlords expect to see a further decrease in their rental yield in 2020. One in five (18 per cent) expect to see a decrease of 0-5 per cent, and a further 6 per cent of landlords expect to see a decrease of 5-10 per cent. Only 2 per cent of landlords expect to see a decrease of 10-15 per cent. However, over half (52 per cent) are still optimistic and expect their rental yield to increase in 2020.

Bea Montoya, Chief Operating Officer at Simply Business commented: ‘Landlords around the country are telling us that government reforms, tax increases, and rising rental costs are forcing them to put their investments up for sale. The tax increases imposed by the government are proving counter-productive for landlords, while ongoing political and economic uncertainty hasn’t been providing landlords with the confidence they need to stay in the market. But selling a buy to let is a big decision, especially if you’re selling more than one.

‘Any landlord looking to sell up should make sure they understand the complexities surrounding buy to let sales, particularly if the property is occupied. Any tenants should be made aware of plans to sell as early as possible and given reassurance their tenancy still stands. When it comes to selling, landlords need to understand any tax implications involved, such as capital gains tax. If the property is sold for more than it was paid for, there will be a capital gains tax liability.’

Source: Residential Landlord

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Buy-to-let alert! The best (and worst) locations for rent changes in 2019

It’s been another tough year for buy-to-let investors in 2019.

On top of swallowing more punitive changes from HM Revenue and Customs, like an additional reduction in mortgage interest relief, landlords have also had to suffer the Tenant Fees Act of June, a new law which has seen letting agents pass some of the admin fees traditionally footed by the tenant onto the property owner instead.

On the up

One silver lining for investors, however, is that the impact of these measures, in thinning landlord numbers, has worsened the supply crunch and thus forced rents higher. Data from Howsy shows that the average rent in England has risen 0.9% in the last 12 months, with rents rising most significantly in Yorkshire and the Humber (up 5.1%).

In 2019 average rents increased in eight out of nine major English regions, the property lettings platform says, with rental costs dropping only in the North East (down 1.1%).

Annual Rent Increase by Region

LocationChange in rent (2018–2019)
Yorkshire and the Humber5.10%
West Midlands3.00%
North West2.60%
South West2.50%
East Midlands1.90%
South East1.40%
East of England1.20%
London1.10%
North East-1.10%
England0.90%

Too much cost!

And some of the rent rises on a more local level have been quite blistering. In Exeter these have exploded by 28.7% on an average basis from 2018 levels, putting the Devon town at the top of the tree. Another nine locations saw rents rise by double-digit percentages.

It’s critical to stress, however, that conditions haven’t been sunny for all of England’s landlords. In the Northamptonshire town of Corby, for example, buy-to-let investors have seen the average rent plummet 10.5% over the past year, while those in Elmbridge in Surrey have also seen rents drop by more than 10%.

Even if you let out a property in one of those locations where rents are soaring skywards, I still don’t consider buy-to-let to be an attractive destination for your hard-earned cash. On a national basis, it’s quite possible that the 0.9% average rent rise in 2019 wasn’t enough to cover the increased tax, administrative, and running costs that many landlords have faced. And things threaten to get even tougher in 2020 as a raft of new changes come into force.

A better way to play property

In my opinion, a much better way to get rich from the UK property market is through share investing. Of course investors need to be careful – those investing in firms with high exposure to the physical retail sector are dicing with danger right now – though there’s a multitude of other ways to get rich from bricks and mortar.

One great way to get rich over the next decade, I believe, is to get some exposure to e-commerce. Even though broader retail conditions remain difficult right now, the amount of business being conducted by online sellers continues to thrive. Royal Mail said in its latest trading statement that parcel volumes were up a chunky 5% in the six months to September.

And so I think a good idea is to buy into firms that own logistics and distribution hubs that are integral to the business of internet retailing, like Tritax Big Box REIT and Urban Logistics REIT. The latter looks particularly attractive, too, as not only do City analysts expect earnings to swell by double-digit percentages over the next couple of years at least but current dividend projections leave it with mighty yields above 5% over the medium term. So forget about buy to let and put your hard-earned cash to work here instead, I say.

By Royston Wild

Source: Yahoo Finance UK

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Tax changes forcing landlords into more efficient structures for their business

The increase in portfolio and complex buy-to-let business seen over the past two years is set to continue in 2020, according to Paragon’s Director of Sales, Moray Hulme.

Recent tax changes have forced landlords to look for more efficient ways to structure their business, driving an increase in demand for mortgage products for incorporated and limited liability partnerships.

Research from BVA BDRC for Q3 2019 reveals landlords expecting to purchase property in a limited company structure has almost doubled in under two years. This, alongside the Prudential Regulation Authority’s (PRA) more detailed underwriting approach for portfolio landlords, has resulted in specialist lenders like Paragon tailoring products to match more complex requirements.

Paragon also predicts intermediaries will refocus on purchase business in the buy-to-let market, following a significant increase in the popularity of longer-term fixes since 2015 reducing remortgage opportunities.

It’s forecast those who do purchase are more likely to be larger-scale portfolio landlords, with non-portfolio landlords owning fewer than four properties far less likely to expand since the introduction of the Stamp Duty surcharge in April 2016 and subsequent tax changes. Recent research by Paragon found larger scale landlords are three times (11%) more likely to consider buying than smaller scale landlords (4%), within an overall much smaller buy-to-let market.

Despite this constrained buy-to-let market, the Private Rented Sector (PRS) continues to provide a home for one in five households, according to the 2017/18 English Housing Survey, and the demand for PRS property will continue to grow.

Following the ban on letting fees to the proposed abolition of ‘no-fault’ eviction, Paragon believes 2020 will see the introduction of more tenant-friendly regulation, as PRS landlords play an increasingly vital role in meeting the UK’s housing need.

Moray Hulme, Director of Mortgage Sales at Paragon, said:

“In recent years, landlords have had to be more strategic in their approach than ever before and the buy-to-let market has seen a significant increase in portfolio and complex business. Whilst mainstream lenders have limited their involvement to smaller-scale landlords, Paragon and other specialist lenders have been able to adapt and offer the right products to enable landlords to remain efficient – and this is a trend that we expect to continue in the long-term.”

“We also expect to see more tenant-friendly regulation in 2020, as the PRS continues to support a housing crisis caused by multiple factors, including population growth, limited investment in social housing, and tighter mortgage affordability. All of this increased complexity and growing professionalism is good news for Paragon, as we head into the new year as one of the few specialist lenders with the capability to support complex buy-to-let mortgage requirements.”

Source: Property118

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Buy To Let Property Sector Reacts To Conservative Election Victory

The landslide election victory by the Conservative party has met with positive reactions from figures in the buy to let property investment sector.

Founder and Managing Director of Sourced Capital, Stephen Moss, commented: ‘As the markets bounce around and then settle in the wake of the Conservative landslide, investor thoughts will be buoyed.

‘We’ve seen property stocks bounce up to 10 per cent this morning on the election news and this will cement a ‘property is safe as houses’ viewpoint which will stand the market in good stead going forward, both from an investment and residential point of view.’

Dilpreet Bhagrath, Mortgage Expert at online mortgage broker Trussle commented: ‘Political uncertainty has gripped the housing market for the past three years with many holding off buying and selling, and as a result, there’s been a recent fall in mortgage lending. The reassurance that comes with a five-year administration may encourage those prospective and current homeowners who had previously adopted a ‘wait and see’ approach. We’re hopeful that we’ll see activity in the housing market increase.’

Damien Siviter, Group Managing Director of SevenCapital, said: ‘Should Boris stay true to his plans for Brexit, the 3.5 years of being stuck in a limbo could finally have an outcome, which is a resounding wish amongst both business and the general public.

‘However, despite the uncertainty of the past few years, the UK has proven its ability to maintain its position as a top Global economic and financial centre and attractive, investable region. With Boris now able to move forward with his plans for Brexit, businesses should hopefully be able to begin to see some clarity over the next few years on how the UK will exit the EU, allowing those markets that have faltered to start to move again.’

However, some wanted to see further support for the buy to let sector following the Tory victory.

Bea Montoya, Chief Operating Officer at Simply Business, commented: ‘Buy to let landlords contribute a combined £16.1bn to the economy through pre-tax spending, and it’s vital that Boris Johnson and his party recognise their importance to Britain.

‘A lifetime deposit would bring about huge change, but with little detail published, it’s hard to see how this will work in practice, or the impact it could have on landlords.

‘We know a quarter of landlords already plan to cash in next year due to government reform, tax hikes, and uncertainty in the market. The current tax increases imposed by the government are proving counterproductive, but with no promises to prevent those looking to sell from leaving, we could see half a million homes put up for sale next year alone.’

Source: Residential Landlord

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Buy-to-let industry relieved at election result

Figures within the buy-to-let mortgage industry breathed a sigh of relief when the Conservatives won the General Election.

Michael Lawlor, business principal at Mortgage Advice Bureau, said: “From a buy-to-let perspective a lot of clients I deal with were putting any future purchases on hold at risk of a Labour government.

“They were worried about rent caps and talk of right to buy plans and that resurfacing at some stage.”

Bob Young, chief executive at Fleet Mortgages, added: “In my view, the Conservative majority is good news for the country and our sector.

“This is a strong – in a numerical sense – government that understands business drives revenue for all its spending on behalf of us, the taxpayer.

“It’s my view that, under the Labour Party’s plans for the private rental sector, it would have ceased to exist as we have come to know it, strangled by rules formulated on the belief that it is somehow a bad thing and that all buy-to-let landlords are simply in it for the money at the expense of their tenants.

“A Labour minority government or it leading a coalition may well have resulted in investment from outside the UK into buy-to-let lending being pulled or at least seriously slowed while a complete understanding of the ‘new world’ was digested.

“We feel invigorated by the result and are looking forward to developing our offering and ensuring we continue to support buy-to-let advisers and their landlord clients.”

Richard Hayes, chief executive and co-founder at Mojo Mortgages was pleased about the Tories’ plans for the buy-to-let sector.

He said: “Finally, they’re planning to bring in a ‘Better Deal for Renters’.

“This will include abolishing ‘no fault’ evictions and introducing a lifetime deposit which moves with the tenant, rather than having to put down a new deposit for each property a tenant moves to.

“Again, if this promise is kept, it will be good news for renters who undoubtably want to purchase their own home.”

However Payam Azadi, director of Niche Advice, was worried the new Conservative government might tax landlords more to fund their spending plans.

He added: “Let’s not forget that all of the fundamental changes that have happened in the buy-to-let sector have been implemented under a Tory government.

“Although I think Labour’s plans would have had a huge impact on the buy-to-let market, I’m still nervous that buy-to-let landlords may be used as scapegoats as the government starts searching for ways to pay for all their promises.

“If landlords get taxed further there won’t be marches on ‘save the landlords’.

“I’m worried we can still be seen as easy targets.

“The buy-to-let sector does a valuable job of helping the property sector and that should be helped out and there should be more support for it and the attack on landlords should stop.”

Bea Montoya, chief operating officer at Simply Business, warned the government needs to entice landlords to stay in the private rented sector.

Montoya said: “Buy-to-let landlords contribute a combined £16.1bn to the economy through pre-tax spending, and it’s vital that Boris Johnson and his party recognise their importance to Britain.

“A lifetime deposit would bring about huge change, but with little detail published, it’s hard to see how this will work in practice, or the impact it could have on landlords.

“We know a quarter of landlords already plan to cash in next year due to government reform, tax hikes, and uncertainty in the market.

“The current tax increases imposed by the government are proving counterproductive, but with no promises to prevent those looking to sell from leaving, we could see half a million homes put up for sale next year alone.”

Richard Donnell, research director at Zoopla, said that the rental market has faced a raft of policy changes since 2016.

He said these have stalled new investment, resulting in static rental supply, which is a primary factor behind rental growth reaching a three-year high at 2%.

Donnell added: “Further reforms appear likely and it is important the impact on rental supply is managed in order to avoid an acceleration in rental growth – also known as runaway rents.”

Franz Doerr, chief executive and founder, flatfair, said: “It is crucial that the new Conservative government recognises the power of technology to transform renting and real estate more widely.

“The new government needs to support and work with innovative companies harnessing technology to make the wider real estate market more transparent and modern for all parties involved.”

By Michael Lloyd

Source: Mortgage Introducer

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Jon Hall: Government should boost new build and BTL sectors

The new government should boost the new build sector and support the buy-to-let market, Jon Hall, chief commercial officer and deputy chief executive at Masthaven, has claimed.

Hall (pictured) said he would like to see the next government put efforts into fixing the challenges the housing market is facing.

Hall added: “Key issues around affordability and supply must remain a central part of the next government’s strategy.

“The new government has a great opportunity to boost the new build sector and deliver the number of homes the country requires.

“Over recent years, the buy-to-let sector has been buffeted by regulatory and tax changes.

“We should be supporting landlords who offer vital housing stock to those who are saving to get on the property a ladder or who need the flexibility renting can provide.

“By softening the tax treatment of buy-to-let landlords, we would provide more confidence to buy-to-let investors and reduce costs that may be passed on to renters.”

Hall also said that the government needs to give more incentives for local authorities to release more land for self-build and development.

He added: “SME housebuilders play a key role in our housing sector, deploying innovative solutions like modular, self-build and so on to address the UK’s housing crisis, one affordable home at a time.

“Finance continues to be one of the major barriers to SME expansion in the new build sector.

“Specialist lenders can help bridge this funding gap for SME housebuilders.

“If we’re to get anywhere near building a million new homes by 2022, we will need lenders like Masthaven that can provide a range of innovative and accessible bridging and development finance loans.

“Product ranges are diversifying, and the lending market is becoming more specialised.

“Broker expertise is more crucial than ever to help consumers find their way through the financing process for their property ventures.

“I’d like the next government to deliver surety and stability to the market, restoring borrower confidence.

“We hope to see a strong and resilient housing market as we move into 2020.”

By Michael Lloyd

Source: Mortgage Introducer

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Buy To Let Tenants Splash Out On Christmas Decorations

Tenants in the buy to let private rental sector splash out over £1 billion on Christmas decorations every year, equating to £77.90 per tenant on average.

Research carried out by HomeLet found that the majority of those surveyed (62 per cent) believe the festive season officially kick starts on the 29th of November. However, some super keen residents have already had their Christmas decorations up for over a month, as it’s revealed 2.2 per cent of respondents start decorating their house as early as October.

Though it appears that there’s still some Brits who like to do things a little last minute as 1 per cent admitted to usually starting their decorating on Christmas Eve.  

It’s no surprise that millennials maintain their reputation for splashing their cash, with 25-34-year olds spending the most on Christmas decorations, averaging £113.07 a year. In contrast, 55-64-year olds are perhaps the most economical with annual additions to their decorations, spending the least of all age demographics, averaging £52.97 each year to top up their collection of Christmas decorations.

The study also found that artificial Christmas trees are the staple of a British Christmas, with 62 per cent choosing these to decorate their homes. In comparison, less than a fifth of Brits (18 per cent) continue with the traditional real Christmas tree.

Despite the Christmas tree usually being the focal point for families on Christmas day, a fifth of tenants revealed they don’t even bother with one. Though the biggest spenders, residents of Bristol and Nottingham appear to be the most anti-tree, with over a half admitting to not including a tree as part of their Christmas decorations.

Biggest Spenders on Christmas Decorations by City

o          Bristol – £139.10

o          Nottingham – £118.98

o          Glasgow – £114.85

o          Norwich – £112.86

o          Leeds – £89.96

o          Liverpool – £80.51

o          London – £75.79

o          Edinburgh -£72.79

o          Cardiff – £67.62

o          Birmingham – £53.29

o          Belfast – £52.75

o          Southampton – £51.75

o          Manchester – £51.73

o          Newcastle – £51.60

o          Sheffield – £21.07

Although the vast majority of us do opt to dust off our decorations each year and transform our homes, the research found that this can sometimes come at a cost. A third of tenants (34 per cent) revealed that they’ve damaged their property as a result of putting up Christmas decorations.

Most Common Damages

  • Scuffing walls when bringing in a Christmas tree (36 per cent)
  • Damaging paint work when taking down decorations (31 per cent)
  • Damage to windows (fake snow spray etc) (16 per cent)
  • Exterior wall damage (10 per cent)

Rob Wishart, Group Data Manager at HomeLet, commented on the findings: ‘With the countdown to Christmas well and truly underway, as a nation it shows how much we love the festive period, with many of us starting to decorate their homes before even opening the first door of their advent calendar (and some even as early as October!).

‘With so many of us eager to deck out our homes in festive décor, it’s important to take care when putting up your decorations to avoid any Christmas related mishaps. Ensuring that you fully prepare the space you’re about to decorate is vital, as significant amounts of clutter can cause damage to your surroundings, or worse, yourself!’

Source: Residential Landlord

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Oxford best city for buy-to-let investment

Aldermore has named Oxford the best city for buy-to-let investment in the UK.

The city emerged top of 25 analysed in the bank’s Buy to Let City Tracker, with Manchester, Edinburgh, London and Norwich making up the rest of the top five.

Oxford’s biggest selling point for private landlords was that it was one of the largest private sector rental markets in the UK, with 28 per cent of all residents renting privately.

The city’s average monthly rent for a room was £596, it has low levels of vacancy and average property prices have grown at 4.8 per cent a year over the past decade.

The tracker analysed five measures of buy-to-let investment desirability. They were average total rent, best short-term returns through yield, long-term return through house price growth over the past decade, lowest number of vacancies as a proportion of total housing stock, and percentage of population renting.

The five cities ranked lowest on the list were Derby, Sheffield, Bradford, Newcastle and Wolverhampton.

Strong down south
Regionally, the south of England appeared strongest overall, with good long-term investment prospects. Bristol averaged annual house price rises of 4.8 per cent over the ten-year period, the same as Oxford.

The Midlands was revealed to be a mixed market, with Nottingham showing impressive short-term yield of 7.3 per cent.

Yorkshire was less strong overall, with lower average prices per room and below average yields.

“The number of people renting in the UK has grown rapidly, by 1.7 million in 10 years, and private landlords are increasingly a central part of the housing market,” said Damian Thompson, director of mortgages at Aldermore.

“The housing market is made up of multiple small markets with their own conditions and challenges.

“Regulatory changes and persistent economic uncertainty have affected regions differently and landlords need backing and advice from lenders,” Thompson added.

Written by: Liz Bury

Source: Your Money

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Southern cities dominate as buy-to-let hotspots for landlords are revealed

Northern cities may dominate the tables for house price growth but a different picture is emerging for the rental market.

New analysis claims to have uncovered the best UK cities for a landlord’s buy-to-let investment.

The research by Aldermore assesses and provides a score for the average rent per room per month, short-term yield for a new buy-to-let purchase, average property price rises over the past 10 years, proportion of vacant properties in a city and size of the private rental market across the UK.

Seven of the top 10 cities for landlords were in southern England while only three northern cities – Manchester, Liverpool and Newcastle – make the top 25.

Yorkshire has three cities in the bottom six while Nottingham was the only city from the Midlands in the top 10.

Despite having among the lowest short-term yields, Oxford comes out on top with the highest overall score in the index of 74.

Manchester and Edinburgh are just behind with 72, and London has 71.

The research shows London ranks first for total rents, while Liverpool has the best short-term rental yields.

Cambridge got the highest score for price growth while Cardiff and Oxford were the best areas for low vacant stock.

Damian Thompson, director of mortgages at Aldermore, said: “Aldermore’s Buy to Let City Tracker shows there are still great short- and long-term investment opportunities for landlords.

“The number of people renting in the UK has been rapidly growing, up 1.7m in ten years, so private landlords are an increasingly central part of the housing market as supporting a robust and strong private rented sector becomes more essential.

“The UK housing market has never been a singular thing, instead made up of multiple smaller markets with their own unique conditions and challenges.

“There have been numerous regulatory changes recently and persistent economic uncertainty but this affects every region differently. Going forward, landlords will need continual backing and advice from lenders and the wider industry so they can provide choice, diversity of tenure and quality properties for renters.”

RankingCityRegionOverall score
1OxfordSouth East74
2ManchesterNorth West72
3EdinburghScotland72
4LondonLondon71
5NorwichEastern66
6BristolSouth West64
7NottinghamEast Midlands63
8CambridgeEastern63
9BrightonSouth East60
10Milton KeynesSouth East55
11PlymouthSouth West54
12HullYorkshire49
13LeicesterEast Midlands49
14CoventryWest Midlands49
15SouthamptonSouth East48
16BirminghamWest Midlands47
17LiverpoolNorth West44
18CardiffWales39
19GlasgowScotland37
20LeedsYorkshire32
21DerbyEast Midlands31
22SheffieldYorkshire30
23BradfordYorkshire29
24NewcastleNorth East26
25WolverhamptonWest Midlands25

By MARC SHOFFMAN

Source: Property Industry Eye