Moneyfacts has released figures highlighting some positive trends for the buy-to-let property market, with more mortgage products becoming available and average rates on higher loan-to-value deals falling.
Anyone with a stake in the UK property industry will have been keeping a keen eye on trends in recent weeks as the housing market has gradually reopened following the Covid-19 shutdown.
There have been clear signs of a release of pent-up demand from buyers and renters. Zoopla released figures showing an “unprecedented rebound” in new sales agreed four weeks on from the reopening of the sector in England, with demand for housing in June 54% higher than in March.
The firm noted that some of the most encouraging trends have emerged in regions like north-west England, with London “lagging behind as buyers look outside the capital”.
Recent research has also provided positive signs of recovery in the buy-to-let property market.
Moneyfacts data relating to mortgage activity in the segment suggested it is moving in the right direction, with the number of available products on the rise and average rates on some higher loan-to-value deals falling.
The company’s figures revealed there were 280 more buy-to-let products available at the start of June than a month earlier.
Discussing the latest trends, Eleanor Williams, finance expert at Moneyfacts, referred to a recent survey from Rightmove showing that demand from tenants for rental properties increased by 33% when the market reopened in May, compared to a year earlier.
She added: “As we begin to see indications that the buy-to-let market may be starting to recover, the full economic impact of the current crisis is still not yet clear for tenants and landlords alike.
“However, those who are in a position to consider capitalising on possible falls in house prices to expand their property portfolios, or indeed those looking to switch their current deal, may wish to move quickly.”
Regardless of whether you’re looking for a mortgage or planning a cash investment in the UK buy-to-let property sector, these are certainly encouraging signs that the market is progressing in its recovery from the recent economic shutdown.
If you’re seeking expert advice and guidance on current trends and opportunities in UK property investment, contact Experience Invest.