Property investors opted for cheaper buy-to-let mortgages last month, according to latest figures.
The average amount that buy-to-let investors invested in properties fell last month, reveal statistics compiled by Paragon Mortgages, a specialist buy-to-let mortgage lender .
John Heron, managing director of the mortgage lender, said that the easing in prices paid for buy-to-let properties reflected the current trend in tenant demands for smaller homes . He put this down to the fact that an increasing number of single people and young couples are looking for simple small homes to rent .
Last month saw the average price fall by 1.5 per cent, with landlords paying out £161,039 for a buy-to-let property.
The knock-on effect of the increased sale of smaller properties has seen average rents fall slightly to £10,082. Yet, the acutual return on the investment made by the landlord remains strong at 6.26 per cent.
However, in spite of last month's decline, overall property prices are still 5.5 per cent higher than those recorded during the same time last year.
Buy-to-let investors snap up cheaper properties
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Buy-to-let investors snap up cheaper properties
Thu, 27 Apr 2006
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