Over the past six months we have seen applications for buy-to-let mortgages increase. In total £87.2m of buy-to-let loans were advanced in the first half of the year, which demonstrates the appetite from landlords wanting to invest in their portfolios. Hopefully this will continue.
More pressure will be put on the private rental sector in the coming months and we need to incentivise landlords to invest in varying kinds of properties to help meet the increasing demand.
Several reports have been released recently and they have one main theme – the ever-increasing need for more housing.
This fact is not disputed but I would like to see more recognition of the essential contribution that private landlords and in turn the buy-to-let market make to supply.
Private landlords need to be commended for the homes they provide for millions of people. They are also motivated by policies which encourage them to make further investments in their buy-to-let portfolios rather than putting obstacles in their way.
However, the discussion about the private rental sector and buy-to-let has encouraged me. The market has made huge strides over the past 18 months to generate business and while we are not at 2007 levels, we are making progress.
It will be interesting to see what the next six months bring.