Demand for properties with tenants inside revealed

25 August 2020 | General

Buy-to-let investments with a tenant already in situ are most in-demand across Glasgow, Leeds and Bristol, research from lettings management company Howsy has found.

In Glasgow 62% of properties with a tenant in situ are under offer or sold.

Cardiff, Oxford and Leeds are home to the highest chance of buying a buy-to-let complete with a tenant.

In the Welsh capital there’s a 3.7% chance.

Calum Brannan, founder and chief executive of Howsy, said: “Providing the tenant is the sort of person you want to rent to in the first place, purchasing a buy-to-let with a tenant in situ is the modern-day equivalent of the golden fleece for UK landlords.

“It can take a whole lot of the headache out of the initial start-up phase of your investment, reducing the initial rental void period usually suffered while finding a tenant, as well as saving on agent finding fees.

“Of course, you may want to revamp your buy-to-let to appeal to a certain market segment and so having a tenant in situ may not seem like a great idea. However, on the contrary, it can also provide a perfect platform for this work.

“Not only do you have time to plan your property overhaul while the tenancy runs down, but you’re also earning additional income while you do, which will help towards the costs. Unfortunately, buy-to-let properties for sale with a tenant in situ are few and far between, although there are certain pockets where you have a better chance than others.”

Across 23 major UK cities, just 0.8% of all properties currently listed for sale come with a tenant in situ.

This post has originally been featured in Property Wire.