A comprehensive new survey gives the lowdown on buy to let in the UK.

The study, by Uswitch, is lengthy and covers buy to let landlord sentiment, mortgages and financial positions, plus short letting.

Some highlights include:

– In 2023, more than 83,000 buy-to-let mortgages were approved by UK lenders, and occupied 7.5% of total mortgage lending for the year;

– Consumer buy-to-let mortgages in 2023 are valued at approximately £24.4 billion;

– Buy-to-let mortgages were responsible for 7.5% of the total gross mortgage advances in Q3 2023;

– 500 buy-to-let mortgaged properties were taken into possession during Q2 2023 – a rise of 11% from the previous quarter;

– Buy-to-let mortgage advances were valued at  £4.7 billion for Q3 2023 – 10% more than the previous quarter but 57% less than the same time in 2022;

– Lloyds is the company with the largest share of the UK mortgage industry, occupying just under 17% of the market;

– Around a third (30%) of landlords claimed they intend to sell a property within the next 12 months in Q4 2023;

– The average loan value on a buy-to-let property purchase was just below £158,500 in March 2024 – a rise of 6% from the previous month; 

– London has the highest average buy-to-let loan value of any region in the UK. The average value of a buy-to-let loan for a new property purchase in the capital stood at £272,052 in March 2024 – almost a third (30%) more than any other region.

It’s a lengthy and detailed report and it’s been prepared by Claire Flynn of Uswitch.

You can see it in full here.