Over half of mortgage brokers have reported that buy-to-let business is increasing. Of total business, buy to let mortgages account for around 22% with one in five mortgage brokers expecting a further 10% increase.
Paragon, the mortgage expert, conducted a recent survey with not one respondent expecting a decrease in buy to let business. The majority of intermediaries surveyed (81%) said they would describe the current level of landlord demand as strong or stable. Just 10% said that in their view demand was weak.
Mortgage intermediaries were also asked for their views on what factors they thought would be most important for the prospects of the private rented sector in the next 12 months.
Two-thirds (70%) said rental demand, 67% said interest rates and 66% said buy-to-let mortgage availability.
William Taylor, Director at Martin & Co Huddersfield (Huddersfield letting agent, Huddersfield Estate Agent and Huddersfield Property Management) said “this is all positive news for the market. Huddersfield is showing some great returns and you can see the market starting to flex again. Our local mortgage broker has confidence and backs up the findings of this report.”