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London landlords 30% more likely to employ a letting agency than landlords in the rest of the UK

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According to a news story, landlords in the capital are more likely to employ a letting agent than those in the rest of the UK.

Citing a study of landlords carried out by the Council of Mortgage Lenders, the story reported that:

  • 70% of London landlords use a letting agent;
  • 40% of these contract the agent to manage all aspects of their business, including collecting rent, maintaining the property and finding tenants;
  • in the rest of the country, 60% of landlords use a letting agent;
  • around two-thirds of these opt for a full agency management package.

Investment property ownership

There were also some differences in the type of investment property owned:

  • in London, 79% of landlords own flats compared to 40% in the rest of the country;
  • 47% of landlords in the capital have houses, while in the rest of the country 84% let houses;
  • around 60% of London landlords own a single property and 20% have two properties – which is the same as the rest of the UK.

The survey also found that:

  • 13% of London landlords are planning to expand their property portfolio within the next five years compared to 8% outside the capital;
  • 9% of landlords in the capital said they would sell in the next five years compared to 15% in the rest of the country.

Compared to the rest of the UK, landlords with properties in London typically have higher disposable incomes, are more likely to be full-time workers, and tend to become landlords at a younger age.