Where are buy-to-let investments with a tenant already in situ most in-demand?

Buy-to-let investments with a tenant already in situ are most in-demand across Glasgow, according to Howsy. 

The letting management platform reports that Leeds and Bristol are also in high demand. 

Buying a property with a tenant in situ means there is already a tenant living in the property and depending on the terms of their letting agreement, they are legally allowed to see out their tenancy even if the property changes hands via a sale.

Providing the tenant is a good one, buying with a tenant in situ can bring a number of benefits.

Calum Brannan, founder and CEO of Howsy, commented: “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.”

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

Howsy’s research shows that across 23 major UK cities, 0.8% of all properties currently listed for sale come with a tenant in situ. This means the chances of finding the right property to invest in, and it coming complete with a tenant, are slim.  

Cardiff is home to the highest number of homes for sale with a tenant in situ, but they account for just 3.7% of all homes listed.  

Oxford (3.1%), Leeds (2.9%), Newport (2.3%) and Portsmouth (2.1%) are also home to more than two per cent of available property stock with a tenant in situ.

Brannan added: “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.”

We're excited to announce that we're working on building a shiny new website for readers of Landlord Today! As part of this process, commenting on articles will be temporarily disabled. We look forward to sharing our new and improved Landlord Today website with you shortly!