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Landlords are looking to buy more property up North!

The number of landlords looking to buy more properties in parts of northern England in a bid to boost their profits, has increased.

The National Landlords Association (NLA) has found that, in contrast, landlords in London are acting more cautiously when it comes to adding to their portfolios. Only 5% of landlords in London planned to purchase more properties in the next three months, down from 15% who planned to do so last year.

Meanwhile, the proportion of landlords operating in the North East who plan to buy in the coming quarter has nearly doubled compared to a year ago - jumping from 10% to 19%

The number of landlords in Yorkshire looking to buy more properties in the coming months has also increased from 10% to 16% in the past year.

Landlords' potential profits have been squeezed by a recent stamp duty hike for this sector, as well as facing tax relief restrictions. An index from lettings network Countrywide recently found that rents in London have fallen by 2.9% over the past year, and in central London rents fell by 9.4% annually.

Johnny Morris, research director at Countrywide, said previously: "Squeezed yields, fewer tax breaks and higher stamp duty rates are likely to deter landlords from expanding their portfolios."

The NLA, who surveyed 900 landlords, said that landlords now appear to be looking in areas where the up-front cost of buying property is lower, and the potential yields to be had are higher. Research by Rightmove found that Bootle, Birkenhead and St Helens in Merseyside, along with Burnley and Accrington in Lancashire, currently offer particularly attractive yields for landlords.

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