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.
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I notice the report says thirty per cent of landlords intend to sell a property. That will be devastating for tenants. This is what happens when the PRS has been brought to its knees by the government and lobbyists. Removal of Section 21 is the biggest problem facing the PRS.
Also constant vilification by the media hasn’t helped. Probably too late to fix PRS now as we all know a Labour government will make matters worse.
Thirty percent intend to sell? What happened to the one percent we were told about during the week? Have twenty nine percent suddenly woken up? As Margaret says, this will be devastating for tenants. Landlords will just invest elsewhere.
LLords sell up - house to rent shortage- rents go up. So what has all the bureaucracy achieved? F all part to make things WORSE -for the people who they are trying to HELP!
Seems the sxxt is beginning to hit the fan
We now have a Government created rental crisis as a result of the polices that are applied to only private landlord. Is this a case of discrimination. !!
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