First time buyers hunt for buy to let mortgage deals
A recent survey has shown that first time buyers are searching for buy to let mortgage deals. In the 1990s when this sector was at its peak, it was difficult for homeowners to get into this type of investment.
Buy to let investments require large deposits, this is why many suffer to enter this market sector. After browsing the UK Housing Review for 2007/08, the Chartered Institute of Housing (CIH) and the Building Societies Association (BSA) show the positive growth throughout the private rented sector.
Professor of housing policy, Steve Wilcox and author of the review spoke further in relation to this: “The sector has grown by 21 per cent in the last five years across the UK and is fulfilling a significant role in the housing market. With the rates of population and household growth outstripping current and planned new house building we are likely to see continuing growth of the private rented sector.”
Director general of the BSA, Adrian Coles commented: “With first-time buyers finding it increasingly difficult to get a foot on the housing ladder, the private rented sector is providing accommodation to increasing numbers of people.”
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