As confidence grows within the UK housing market we have seen property prices escalate at an incredible rate. A separate industry survey from the Royal Institution of Chartered Surveyors states that prices are rising at their fastest rate since November 2006. Contributing factors include an increase in consumer confidence, higher employment, as well as schemes like Funding for Lending and Help to Buy. It is said that an “Englishman’s home is his castle” unfortunately, many first time buyers struggle to find the necessary deposits to get their foot on the property ladder. This and the lack of affordable homes has mushroomed the demand for rental accommodation within the UK.
Buy-to-let lending in the UK recently reached the highest level for nearly five years. Data from The Council of Mortgage Lenders advised that 40,000 mortgages, worth £5.1bn, were advanced to buy-to-let investors in the second quarter of this year alone.