The majority of buy-to-let landlords voted to remain in the EU in the June 2016 referendum, it has emerged, while many see Brexit as a threat to the industry.
A survey by Intus Lettings looking at how Landlords voted on Brexit found that 52% had voted to stay in the EU, while 43% were in the Leave camp and the remainder didn’t vote.
The poll also found that 27% see our exit from the European Union as a threat to the buy-to-let industry, which was reiterated in BuyAssociation’s recent investor survey where industry professionals cited Brexit as their top concern at the moment.
However, almost a quarter (22%) of respondents in the Intus survey said that they saw Brexit as an opportunity, while 12% think that it will lead to increased demand in the rental market and 41% believe demand will be unaffected by the outcome.
Where are landlords the most optimistic?
Regionally, more than half of north-west landlords (54%) voted to leave the EU, along with 53% of East Midlands landlords and 52% of those in the south-west. The north-east appears to be the most optimistic area, as 38% of landlords said they saw Brexit as an opportunity, while at the other end of the spectrum London landlords were the most pessimistic with 39% seeing it as a threat.
Hope McKendrick, letting manager at Intus Lettings, commented: “It’s fascinating to see that, were it up to landlords, we wouldn’t be leaving the EU.
“It’s likely that concerns around freedom of movement and the rights of EU nationals living in the UK influenced their decision, with such citizens making up a substantial proportion of renters in this country.”
With around 40% of existing landlords planning on expanding their property portfolios over the next five years according to Intus, it seems that overall the market is extremely positive about the future despite all the uncertainty and potential upheaval Brexit could cause.
McKendrick added: “As long as landlords do their research and choose the right type of property in the right area, they can still expect to generate substantial yields for years to come.”
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