According to the Council of Mortgage Lenders (CML), the future for buy-to-let mortgages and property purchases is looking bright.
This year marks the tenth year since buy-to-let lending products first began to appear on the financial scene and the market has expanded dramatically since its early forays into the investment market.
Buyers with capital for property investment took out just 28,000 buy-to-let loans in 1998 but that figure had grown by over 2,400 per cent to 701,900 in 2005.
This phenomenal rise in popularity, analysts say, is partly down to the rapidly growing number of students and immigrants to the UK looking to rent property rather than buy for themselves.
The CML claims the future looks very positive for the market as the housing needs of the population change.
Additionally, as the average price of property in the UK continues to increase, many young workers will be forced to join the ranks of those looking to rent for longer periods as it becomes more difficult to scrape together the money needed for a first-time deposit.To read more about property, click here.
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