New research for Landlord Mortgages has revealed that just over 77% of buy-to-let investors still choose to invest in their local area.
Even in London, which boasts some of the highest house prices in the UK, over half of investors still choose to buy a property within five miles of their own residence.
Investors who were able to purchase properties in the regions they lived were forced to travel further afield to search out buy-to-let bargains. In 2006, landlords travelled on average 20 miles, or 33 minutes to find the property of their choice.
In 2006, the 22% of landlords who invested outside the region they lived in were forced to travel considerably further, up to 122 miles.
Lee Grandin, managing director of Landlord Mortgages, says: 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.
“However, this research shows that high property prices are forcing investors to find their buy-to-let properties much further afield.
Despite the fact that this data shows the decline of the local landlord, we would encourage our investors to consider purchasing their buy-to-let property as close to home as possible.
“Local knowledge and the ability to be a hands on landlord can often mean the difference between buy-to-let success and failure so spending extra time and even money finding a local investment will pay off in the long run.