Buy-to-let mortgages have exceeded the expectations which the industry held for them ten years ago, according to an expert.
Rising tenant demand has led to investors viewing buy-to-let properties as an excellent opportunity, the analyst at Moneyfacts claims.
Alan Harper, the company's senior researcher, also states that a shortage of good quality affordable housing had meant that many UK residents had taken out a mortgage which they couldn't afford, which led to the success of buy-to-let rental accommodation.
Asserting that the idea of buy-to-let mortgages was created by the Association of Residential Letting Agents in 1996, Mr Harper claims that the original expectations have been "far exceeded" by the progress made so far.
"The Association of Residential Letting Agents' objectives in coming up with the buy-to-let identity were to bring good quality property back into the market and to bolster the notion that property investment was widely accessible to private individuals, rather than just specialist property businesses."
Recent research conducted by Paragon Mortgages stated that buy-to-let borrowing now accounted for 14 per cent of all mortgage activity, which represents strong growth.
Buy-to-let has exceeded expectations, expert states
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Buy-to-let has exceeded expectations, expert states
Tue, 08 Aug 2006
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