15 May

Number of first-time landlords is on the rise

Number of first-time landlords is on the rise

The number of people looking to get a slice of the strongest part of the property market at the moment is on the rise, with more first-time landlords currently active in the UK.

Buy-to-let purchasing has become far-more popular with those who see the chance to get a huge return thanks to high demand and increasing rental prices across the country.

According to the latest figures released by Paragon, the level of business to borrowers from first-time landlords is now rising for the first time since 2009. The buy-to-let market had fallen spectacularly in 2008 before rising post-crisis when there was a drop in the number of new owner-occupiers.

John Heron, director of mortgages at Paragon, said that it was becoming a little harder for professional investors to free up the funding they needed, but added that newcomers will keep the market strong.

"Private investor landlords – those with between one and five properties – will be the ones to pick up the slack. These landlords have access to more flexible finance and are able to agree deals much more quickly."ADNFCR-1222-ID-801585660-ADNFCR

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