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Thursday, October 23, 2014

18 years of BTL growth set to cont...

Figures from Paragon say that private landlords now own 18% percent of the UK's housing stock. These five million rental properties are owned by two mullion landlords, which by my calculation makes it an average of two and a half properties each.

The Paragon report, titled "18 Years of Buy-to-Let" reflects on the period from the birth of BTL in 1996 to now. 

The report looks at the phenomenal trajectory of BTL lending, with the private rented sector now worth close to £1 trillion and only looking to increase. BTL mortgage lending continues to rise at a rate of 20 percent per year, and with a resurgent lending market now with more than 700 different BTL mortgage products on offer.

The Government's own study into the private rented sector predicts landlords will come to own more than a third of the UK's residential property by 2032.

Beyond that, who knows...

John Heron, Managing Director of Paragon Mortgages, said: “The buy-to-let market has been a force for good for the wider UK housing market. Before the development of buy-to-let landlords had few options when considering how best to finance a rented property. The finance that was available was expensive and poorly matched to the customer’s needs. It was particularly difficult for new landlords to start to build a portfolio.

Buy-to-let has changed all this. It enabled landlords to access finance that was better designed to meet the specific needs of the rental market at much more competitive interest rates and thus helped expand quality and choice in the PRS.

Whilst most people continue to aspire to home-ownership, and the mortgage industry plays a critical role in facilitating this, for many the PRS remains a housing choice out of both convenience and need. Mortgage lenders can and do work alongside landlords and the letting agency industry to make sure that renting privately provides safe, efficient and flexible housing for those that rely upon the sector for a home.”

IMPORTANT! Due to current market conditions, lenders are withdrawing and replacing products with little or no notice.  Please check our website regularly to see the most up-to-date products available.  

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