Landlords in Scotland and Buy To Let Mortgages
UNLESS they're living in Scotland, landlords at last enjoyed good news in the final quarter of 2004 - with a slight rise in rentals at last arresting the slow drift downwards perceived in the previous six months.
That's the conclusion of Landlord Mortgages, one of the UK's largest specialist buy-to-let brokers handling £400m of loans each year.
Based on data from over 20,000 landlords, Landlord Mortgages reckons overall rental yields in England rose from 5.87% in quarter three to 6.03% in quarter four, with London doing even better at 6.27%.
By contrast, yields in Scotland have fallen steadily for three years: from 7.94% at the start of 2003 to 6.53% by the end of last year.
However, the fall could be explained by rising prices, so even Scotland's landlords have something to smile about in the long term.
A survey from the Association of Residential Letting Agents (ARLA) says nearly two thirds of landlords questioned expect to expand portfolios in 2006 -and to hold properties for an average 15 years.
ARLA, which says five years is the shortest realistic period to hold an investment property, claims cash buyers of homes can expect annual returns from property of 11.3% over five years. Those who raise a 75% Buy to Let mortgage can expect an average return of 22.74% per year.
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