Buy-to-let investors undeterred by rising prices
27 September 2003
Analysts state that buy-to-let investors are flooding the property market despite slowing house price rises.
The Council of Mortgage Lenders (CML) has released figures showing that the total money lent to landlords peaked at £7.7 billion in the first six months of the year, marking a 17 per cent increase since 2002.
The buy-to-let market was worth only £1.5 billion in 1999 and currently, the average mortgage value for landlords is £102,500.
Experts suggest the growing popularity of the property market is the result of an unconfident stock market.
'Although there has been a recent improvement in stock market performance, it is not surprising that many people still see property as a safer haven,' said CML director-general Michael Coogan, according to the Financial Times.