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The buy to let property investment market is still an attractive prospect for UK adults, according to research from Sainsbury’s Bank Mortgage.
New research from Sainsbury’s Bank Mortgage has found that 9 per cent of UK adults are still showing an interest in taking out a buy to let mortgage during 2018. This percentage amounts to a sizeable 4.8 million people in the UK.
Of this group interested in the buy to let investment property market, 35 per cent of people were driven to consider investing due to a change in income. An additional 29 per cent were driven by the attraction of current opportunities in the buy to let investment market while 25 per cent were considering becoming private landlords in the buy to let sector following an inheritance.
However, despite the apparent enthusiasm in the buy to let market, 64 per cent of UK adults were found to still be unaware of the existence of consumer buy to let mortgages.
The interest in property types was relatively even accross the board, with just over half (51 per cent) of potential landlords and buy to let investors considering buying a house. Of these, 46 per cent are considering a new build rather than older property stock. 46 per cent of those looking to move into buy to let were considering a flat, with 44 per cent of this group considering a new build.
During May, Sainsbury’s launched its first range of buy to let mortgages. A number of these buy to let mortgages on offer from the bank saw interest rates cut earlier this week.
Sainsbury’s Bank head of banking David Buxton spoke out about the new research, saying: ‘With demand for rental properties showing no signs of slowing down, we’re delighted to be able to help landlords by offering competitive mortgages and advice to help them best manage their investments.’