Mortgage market could restrict renter options |
13 2008 |
| Britain's renters may be forced to shop around for the best deals after it was reported that the number of properties on the market may begin to slide. Over recent years, the booming tenant population of the UK has been spoilt for choice when it comes to houses and flats to rent, as property investors bought into the sector through readily-available buy-to-let loans. However, now new figures from MoneySupermarket.com show that the number of mortgages aimed at buy-to-let investors has fallen from a peak of 4,384 to the current level of just 300, meaning supply could become increasingly restricted, particularly as some investors leave the market. Louise Cuming, head of mortgages at the website, noted: "Those landlords wishing to remortgage buy-to-let properties will find it difficult, with lenders demanding sizeable deposits or charging higher rates. "This could force landlords to re-evaluate whether it is worthwhile staying in the sector in the current climate." The problem of falling supply could be particularly acute in the UK's more expensive cities, such as London and Manchester.  |
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