Buy to let mortgages reach a record 1.4 million

Landlord Expert
By Landlord Expert November 15, 2011 09:39

Britain is in the grip of a buy-to-let boom as landlords cash in on the fact that young people cannot afford to buy their own home.

 

The Council of Mortgage Lenders said the number of buy-to-let mortgages has hit 1.4million, the most since records began.

 

And the number of buy-to-let loans is rocketing, with 34,500 handed out between July and September, a jump of 16 per cent on the previous three months.


Many young people blame the buy-to-let boom for their inability to buy a home, saying that landlords are pushing up house prices to levels they cannot afford.

 

In a report, upmarket estate agent Savills predicts that rents, which have hit record levels, will continue to soar over the next five years. It expects rents will jump by 20.5 per cent, while house prices will rise by only 6 per cent.

 

Savills says much of the demand will be fuelled by people who are ‘unable to buy their own home’.


Read more: http://www.dailymail.co.uk/news/article-2059995/Buy-let-boom-number-loans-surges-16-months.html#ixzz1dlWDdVYp

Landlord Expert
By Landlord Expert November 15, 2011 09:39

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