Monthly Archives: February 2016
Further Increase In Amount Lent To Landlords
If you are a landlord then you may be interested to hear that according to some statistics released quite recently by the Council of Mortgage Lenders (CML) there has been a further increase in the amount lent by way of buy to let mortgages in 2015. We are sure you will agree that this is positive news for the investment property industry. In 2015, gross lending by way of buy to let mortgages for new purchases totaled £15.6 billion. In 2014, the amount lent in this way was £12.4 billion and in 2013 the figure was £9.3 billion. Buy to let gross remortgage business was £21.9 billion in 2015. In 2014, the figure was £14.5 billion and in 2013 the amount advanced in this way was £10.7 billion. You would have to go right back to 2007 to find the figures for 2015 being exceeded when £23.1 billion was lent by way of buy to let mortgages for new purchases on a gross basis and £20.64 billion was advanced for re-mortgages using buy to let mortgages. There are numerous lenders that provide buy to let mortgages to assist landlords purchase one or more investment properties to let out to tenants….
Landlords Are Concerned About Buy-to-Let Sector
Apparently, according to the National Landlords Association (NLA), a significant number of landlords are concerned about the future of the buy-to-let sector in which they operate. The confidence of many landlords is extremely low. In fact, so serious is the situation that matters are worse than how landlords were feeling when the last financial crisis took place a number of years ago. So much so that many are intending to sell their investment properties over the next year. The CEO of the above association informed those attending a meeting of the Building Societies Association (BSA) that based upon information contained in the most recent NLA Quarterly Panel survey in which a number of landlords participated that as many as half a million buy to let properties could be sold by landlords in the next 12 months. Furthermore, after that period, as many as 100,000 such properties could be sold off every year until 2021. So, in 5 years time there could be as many as 136,000 less buy to let properties available presumably when you take into account the likes of new landlords entering the lettings market and buying such properties for the first time. The announcements relevant to landlords…