22 Jun

More landlords to buy houses after 'increase in property market confidence'

More landlords to buy houses after 'increase in property market confidence'

A recent surge in the number of landlords looking to buy houses is the result of a profitable property market, it has been reported.

Today (June 22nd), Paragon Mortgages announced that plans among landlords to purchase residential houses have nearly doubled since last year.

Managing director of the firm John Heron suggested that these findings could be down to increased confidence.

He said: "There has been a significant jump in the percentage of landlords looking to purchase property, which reflects the increased level of confidence across the landlord community."

The figures showed that 21 per cent of landlords plan to buy property during the third quarter of 2010, while 11 per cent arranged to buy during the first three months of the year.

Mr Heron added that a rise in tenancy demand, which he predicted will continue to increase over the next few years, also contributed to the growth in landlords looking to invest in property.

Landlords have gained value on their properties over the last 12 months, as the Department of Communities and Local Government revealed last week that house prices in the UK have risen by ten per cent over the past year.

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