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Number of first-time landlords on the up

Tuesday, October 29, 2013 Posted in: Landlords

There has been a great increase in the amount of first time landlords according to buy to let lender paragon.

Through a recent survey, it has been found that 27% of buy to let mortgage applications were coming from first time landlords- the highest percentage since the financial crisis.

Demand for buy to let mortgages remains extremely high. 91% of landlords and 43% of intermediaries reported landlord demand for buy-to-let finance as strong or very strong in the third quarter, rising steadily from 22% in the comparable period last year.

Nearly 6 out of 10 intermediaries believe that the availability of buy to let finance continues to improve.

John Heron, managing director at Paragon Mortgages, said:

“As demand for accommodation in the PRS continues to grow, we have seen a steady rise in the number of first-time landlords entering the sector, drawn by the potential for attractive yields relative to returns on cash and other investments and long-term capital growth.”

"First-time landlords have been an important source of growth at a time when more established landlords with larger portfolios have found themselves constrained by limited equity.” 

"Improved availability of finance is critical to the continued growth of the PRS and to meet the demands of renters. Lenders will need to continue to innovate to support further expansion of the PRS." 

This is great news for potential tenants. With such a rise in the number of new landlords taking advantage of buy to let mortgages, the number of properties becoming available to people who want to rent is also rising.

This is also a great opportunity if you are considering becoming a landlord. With such a vast variety of buy to let mortgages on the market, there is a great choice for you as an investor.

If you would like advice on becoming a landlord for the first time, or where is best to invest in Oxford please do pop in to College and County for fair, impartial advice.

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