Buy-to-let investors 'prefer to buy closer to home'

31-Jan-2007

First time buyer and more established landlords prefer to invest closer to home, research suggests.

According to a study for Landlord Mortgages, over 77 per cent of landlords remain committed to investing in their local area, although many landlords - including first time buyers - are now travelling further afield to find a property, reports Firstrung.

Although buy-to-let investors are increasingly willing to purchase a property up to 20 miles away from their main place of residence, last year 22 per cent purchased up to 122 miles from their home.

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"Traditionally, landlords have tried to live as close to their rental property as possible as this means that it is much easier to deal with any problems," said Lee Grandin, managing director of Landlord Mortgages.

"However, this research shows that high property prices are forcing investors to find their buy-to-let properties much further afield," he added.

In related news, Landlord Mortgages has confirmed that in 2006, rental yields were at a five-year low, according to Moneyextra.

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