Paragon sees strong regional demand for BTL and specialist rentals

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  • 07/04/2021
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Paragon sees strong regional demand for BTL and specialist rentals
Paragon has reported good levels of demand for rental properties with localised strength in student lets, holiday apartments and commuter towns.

 

The update draws on expertise from Neil Smith, head of surveying at Paragon, and his team of regional surveyors.

High demand was seen in many places, with the “stand-out example,” South Yorkshire, where agents have received multiple applications for all house types and from all age groups, Smith said.

Single residential units were said to be much in-demand according to Paragon’s surveyors in East Anglia and the North Midlands.

The lender reported continued strong demand for commuter-town properties with rail links into London. As well, it pointed to “a consensus among landlords and developers that London will continue to attract younger tenants.”

Investors have shown an appetite for good quality homes in multiple occupancy (HMOs) in the South West, including for student properties, in towns like Bristol, Bath, Exeter, Cheltenham and Gloucester.

The student market was singled out as performing well overall, with HMOs in Cardiff, Swansea and Manchester let for the academic year beginning in September.

The holiday lets market was reportedly strong too, covering coastal and rural areas and including “very high demand,” in the North East, Smith said.

 

Wider market buoyancy

Meanwhile, Knight Frank reported a record-breaking March for the wider housing market. The agency saw the highest number of exchanges for ten years in the month.

The figure was nine per cent higher than December 2020, which produced the second-highest monthly figure for a decade. And it was 12 per cent above March 2016, when the Stamp Duty surcharge was introduced.

Tom Bill, head of UK residential research at Knight Frank said: “The surge seen last month is likely to continue until the summer-time, at least.”

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