Buy to let mortgage boom as more families are force to rent.
Britain is seeing the start of a mortgage buy to let boom as more families remain trapped in rental accommodation.
A new report from the property website Rightmove and the estate agency Savills reveals that the number of buy to let homes has double in the last 10 years. The property report goes on to say that many of those forced to rent feel trapped and would rather purchase their own home.
The report reveals that the number of UK families privately renting has significantly increased which has led to a buy to let mortgage boom. It is anticipated that rental demand will continue to rise in the coming years.
Official figures show that 1 in 6 families now rent which is the highest number recorded since the 1970s and Rightmove predicts levels will rise higher to 1 in 5 in around four to five years.
Rental Britain is apparently here to stay according to market forecasters. Trapped renters currently account for around 50 per cent of the UK rental market and it is estimated that around 25 per cent are aged 40 plus.
Overall the recent report claims that in Britain there are around 4.8 million privately rented homes which compares to 2.5 million 10 years ago.
More lenders are starting to offer competitive buy to let mortgage products for what they see as a new growth sector.
If you are considering investing in property contact Deal Direct and we will compare buy to let mortgage best buys on your behalf to come up with the most attractive deal on offer.
