Countrywide, who carried out the study, claimed that this showed a significant increase on 2008 and was at its highest level since 2005. They also found that sitting tenants were more likely to have lived in their rental property for much longer than the average tenancy period and the landlord’s decision to sell did not adversely affect their living arrangements.
In the article it was reported that indications for this type of sale had risen across all regions of the UK as landlords were actively looking for rental properties with sitting tenants to purchase. A quarter of all Landlord purchases in London in 2014 had a sitting tenant and the north east of England experienced the largest increase between 2008 and 2014.
One advantage for landlords is that they could receive rental income almost immediately and avoid lengthy periods of time when the property is empty before new tenants can be found and moved in.
Whether you buy an empty property or one with sitting tenants always make sure you have suitable property insurance in place. Click4quote.com can offer specialist landlord property insurance as well as insurance cover for unoccupied properties. If you need a quotation for either why not go online or call us on 03450 89 90 91 today.