Property acquisition activity remained strong in the first quarter of 2012, according to independent research commissioned by Paragon Mortgages.
The report, produced by independent researchers BDRC Continental, showed that during the last three months landlords increased their portfolio size by 1.8 properties. In Q1 2012 the average portfolio size was 10.8 properties, accommodating 1.3 tenants per property.
Of those landlords that took part in the survey for the specialist buy-to-let lender, 20% said that they expect to purchase property in the next 12 months.
However, of those Paragon Mortgages customers who took part in the survey, 35% said that they expect to add to their portfolio in 2012. Terraced houses continued to be the most popular property choice for investment (64%), followed by flats (individual units) 57% and semi-detached houses 46%.
Tenant profiles remained largely unchanged in Q1 with young singles still the most prolific tenant type (53%), followed by young couples (51%) and families with children (51%). Attitudes around being a landlord remained positive and 89% of those surveyed said that they are satisfied with their current tenancies.
Landlords were also asked to comment on the level of communication they have with their tenants, the majority (39%) speak to their tenants every two – three months, and 27% once a month.
John Heron (pictured), director of Paragon Mortgages, said: “It has been a steady and progressive start to 2012. Whilst landlords are still benefitting from attractive market conditions, there is still a long way to go to meet the increasingly high level of tenant demand.
“More investment across the private rented sector is needed during the coming year to help to meet this demand.”