Buy-to-let mortgages at highest level since 2007, says CML
It seems increasingly strange to me that whilst the social rented sector continues to underperform in rural areas we’re ending up with lots of “amateur” landlords who don’t want to leave their savings in a bank account….This story tells us:
The number of buy-to-let mortgages taken out by landlords purchasing properties rose to its highest level in more than seven years in the summer, figures from banks and building societies show.
Between July and September, 33,600 new mortgages were taken out for property purchases, making it the busiest quarter since the end of 2007, according to data from the Council of Mortgage Lenders (CML).
Poor returns from savings accounts, coupled with rising prices and rents, have made property an increasingly appealing investment for savers. On Tuesday, research by the Office for National Statistics showed that while 25% of people thought paying into a workplace pension scheme was likely to prove the best way to save for retirement, 44% thought property was likely to make the most of their cash.