High tenant demand reflected in mortgage activity |
27 2008 |
| Britain's buy-to-let property market continues to be in excellent shape due to the high demand for rental accommodation, new figures show. The number of private landlords taking out buy-to-let mortgages in 2007 grew by 23 per cent, statistics from the Council of Mortgage Lenders show, with this rate particularly strong over the second half of the year, a time when the economy in general was slowing down. Michael Coogan, the organisation's director general, cited steady demand for rental accommodation as a significant factor behind such growth. "Tenant demand for private rented property remains strong, and buy-to-let is fulfilling an important role in helping to deliver an increased flow of high-quality homes to rent," he said. In addition, Tim Hague from Birmingham Midshires has explained that socio-economic factors, such as rising immigration, will ensure that demand for rental property will continue to outstrip supply over 2008 and beyond. A growing student population and the affordability crisis facing prospective first-time buyers have also been put forward as reasons behind the high tenant demand.  |
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