UK Buy-To-Let Property Boom

UK buy to let newsSometimes you don’t need to look abroad in order to invest in property. Many UK property investors are snapping up property in their own country to cash in on the buy-to-let boom.

According to the UK’s Council of Mortgage Lenders (CML), a record 1.4 million ‘landlord loans’ are currently invested into property. With poor savings rates, many people are now looking at buy-to-let properties as a way of making money, particularly as rents are close to being at an all-time-high.

According to the CML, when the buy-to-let market was in its infancy in 2001 landlords had obtained around 185,000 loans for buy-to-let properties. There are now around 1.39 million loads worth about £160 billion with around 84,000 properties bought with specialist buy-to-let mortgages bought last year alone.

Critics say that these property investors are hurting people looking to buy their first properties and more should be done to stop this practice. With rents soaring and many cheaper properties being snapped up by investors, the number of first-time buyer mortgages has fallen dramatically over the past few years – down to around 200,000 a year from 500,000.

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