Big brother landlords

A report out today reveals the future of landlords as ‘Big Brother-esque’ types – who will go to great lengths to ensure the protection of their property.

At a time when the number of buy to let mortgages has surpassed the one million mark for the first time, Birmingham Midshires questioned people across the UK considering a property investment on how they would treat their tenants.

Hands-on approach

The report found that would-be landlords prefer a hands-on approach with 88 percent admitting they would frequently drive by the property to check up on the tenants.

Looks are everything when it comes to renting – 54 percent of future landlords admit they will choose their tenants based on their appearance – advising tenants to smarten up to secure the property of their choice.

Set against a backdrop where the High Court is investigating a leading estate agency’s allegedly unfair terms and conditions, the report also found that the majority (54%) of those considering a property investment would shy away from agency fees and instead keep an eye on their property themselves. More than one in three (35%) would prefer to fix any problems themselves rather than paying for the services of a professional.

Terror tenants

The report contrasted the behaviour of would-be landlords with the attitude of tenants in rented property and reveals the profile of an ideal tenant. When questioned on how they would treat a rented property, retired couples lead by example, with 93 percent claiming they would treat the property as their own and keep it clean and tidy.

At a time when the buy to let sector has grown by almost a third over the past six years and there are now around 2.5 million homes in England which are currently rented, the Birmingham Midshires research suggests that landlords should carefully consider the type of tenant they choose.

Tim Hague, Managing Director of mortgages at Birmingham Midshires, said: “We are aware that investing in a buy to let property can be a daunting experience - in terms of finding a decent tenant to pay the rent and learning how to oversee the property once you’ve found a lodger. Landlords can seek advice from industry bodies such as the National Landlords Association.

With landlords enjoying an average return of 16.3% in 2007, a buy to let remains a sound long term investment. We expect firm demand to continue throughout 2008 and beyond.”