(MoneyNewsWire.Net, May 06, 2016 ) The residential landlord market provides a mixed picture in terms of its current state and future outlook. While it has undergone significant growth over recent years, the market is ripe for change following government plans to raise taxes on secondary properties and increase stamp duty. Landlords may also be vulnerable to interest rate changes, which have caused some financial providers to revamp their lending criteria and introduce tougher restrictions. This is a concern for insurers that have previously enjoyed the buoyancy of the market. Insurance providers are primarily in the market for accidental landlords those acquiring properties by ways other than outright purchase. And as lending rules strengthen and it becomes increasingly difficult to attain a buy-to-let mortgage, this may become a principal route to market for insurers. However, although the number of those offering rented accommodation through a secondary home has declined from last year, providers are adamant the markets value will continue to grow, especially as investors rush to buy a second property and attempt to beat the tax hikes.
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On the commercial landlord side, the firms involved in the real estate and rental space are moving towards the expansion of investment in commercial property outside of London. This is becoming a preferred option due to the prospect of gaining a better return on the investment, including more financial gain or an improvement on the space acquired for rental purposes, such as a larger office area at a reduced cost than if the space was to be rented in the capital.
Key Findings
The proportion of consumers offering rented accommodation in the UK through a secondary property has fallen year-on-year from 60.3% in 2014 to 56.5% in 2015. Contacting the insurer directly is the main distribution platform for private landlords, with 43.0% of consumers opting to purchase insurance via this channel. Telephone is the most popular method of arranging cover in the real estate and renting space, with 46.9% of SMEs opting for this medium.
Synopsis
Verdict Financials UK Private and Commercial Landlord Insurance 2016 explores the buy-to-let and commercial property sectors, and the factors affecting those with investments in these markets. The report discusses how insurers will fare following the introduction of new regulations and the tightening of rules, which is set to impact landlords and in turn their need for insurance cover. New regulation is highlighted, as well as key issues insures will need to consider and address over the next few years.
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Reasons To Buy
Keep up-to-date with the latest developments occurring in the private and commercial landlord markets. Be informed of the latest issues affecting customers and the subsequent impact on insurers. Be prepared for how regulation will influence the landlord space over the next few years.
Table of Contents
EXECUTIVE SUMMARY The profitability of the market is in question amid changes to policies Key findings Critical success factors
PRIVATE LANDLORDS AND RESIDENTIAL PROPERTIES Introduction The landlord insurance market is worth an estimated 2.22bn GWP in the commercial property market has fluctuated in recent years The residential buy-to-let space is thriving but is facing several challenges Rising house prices are driving consumers into private rented accommodation Buy-to-let lending is thriving but has been a concern for policy makers Ownership of secondary properties is most prevalent in London and Southern England Government intervention will reduce buy-to-let lending Landlords are clamping down on illegal subletting Airbnb-style "host insurance" could fill gaps in the landlord and home markets The protection of tenants is now a priority amid the introduction of new safety measures New regulation for letting agents provides landlords and tenants with increased powers Ownership of secondary properties has increased but fewer are willing to let 13.4% of consumers own secondary residential properties in the UK 56.5% of consumers use second properties to provide rented accommodation for tenants Rental property ownership among the different age bands presents a mixed picture Consumers with larger incomes are most likely to afford second properties Purchasing is the most popular means of acquiring a second property Direct communication is favored by residential landlords purchasing insurance Insurers remain the top channel for individuals insuring their rental property Telephone is the outright winner in terms of arranging landlord cover Over one third of properties let by landlords in the UK are inadequately insured The residential landlord market going forward Buy-to-let market to grow as investors strive to beat tax rises The influx of foreign investors is driving the impact of buy-to-leave Increased competition would bring about a drop in rates The simplicity of landlord insurance could encourage use of the online channel
COMMERCIAL LANDLORDS, REAL ESTATE, AND RENTING The market is mainly comprised of micro businesses and is best served by Aviva The real estate and renting sector is most affiliated with micro businesses Aviva remains the top insurer serving SMEs in the real estate and renting sector E-commerce is driving uptake of large storage units London is increasingly becoming a competitive market for commercial landlords Increased demand for London office space puts downward pressure on vacancy rates Investors are turning to areas outside London for commercial property purchases Regional office markets are predicted to perform strongly in 2016 Brokers remain the first port of call for commercial landlords The broker channel continues to dominate the distribution landscape Price is the main reason for opting to use a broker Telephone is the most popular medium in the real estate and renting space Most real estate and renting sector SMEs spend between 1,000 and 1,999 on insurance Property cover is the main product purchased in the real estate and renting space
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