HBOS has predicted that the buy-to-let market will be as big as the first-time buyer market by 2011.
Speaking at the Mortgage Strategy Packager’s Summit, Phil Jenks, head of mortgage strategy at HBOS, predicted that an increase in immigration from Eastern Europe, as much as 100,000 people per year until 2011, would mean the buy-to-let market will go from strength to strength.
He says: ‘We have looked at the statistics, and buy-to-let seems a pretty sure thing. We really do believe the specialist market will grow to cover as much as 30% of the entire market by 2011. This is why I believe packagers will survive, the economics says that they will be able to continue into the future as the specialist sector grows.’