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Buy To Let Market Matures

6th May 2005 | back to article listings BACK    print this article PRINT

ESTABLISHED LANDLORDS ARE EXTENDING THEIR PORTFOLIOS WHILST FIRST TIME LANDLORDS DECLINE

Paragon Mortgages’ first quarter 2005 survey of mortgage advisers and brokers shows a rise in the number of landlords increasing the size of their portfolios, and a fall in the number of ‘novice’ first time buyer landlords – suggesting that the buy-to-let market is beginning to mature after a period of strong growth.

The proportion of landlords expanding their portfolios rose this quarter from 39% to 41%, while the number of people buying their first investment property declined from 27% to 24%.

John Heron comments:

“Remortgaging remains by far the most important reason for arranging a loan, but a large proportion of borrowers – almost four in ten – do so to reduce outgoings.  Those who do remortgage in order to fund expenditure are now more likely to put the money into a long-term property investment rather than using it for short-term consumer spending: 25% spend it on home improvements and 17% on a second property. This quarter has seen an increase in the number of borrowers remortgaging to purchase a second property, reflecting the fact that landlords are taking advantage of a weaker housing market in order to buy properties at lower prices.”

 

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