Belvoir, a nationwide letting agent, supports the expansion of the buy-to-let market and wants the government to have a more positive attitude to private rented property in their housing policies, says a February 2017 Nottingham Post article.
Lloyd Rumbold of Belvoir’s Nottingham office said that landlords face challenges, but he is optimistic about the future for private landlords. He said:
“We’re starting the new year with more optimism than we’ve had for some time. Although the market is likely to be slowed down by the threat of stricter ‘buy-to-let’ rules – including tougher affordability checks for buy to let mortgages and the withdrawal of tax relief on mortgage interest – we are still reporting an increase in demand for houses to rent.”
Rumbold said that investors can achieve high returns on buy-to-let properties. In 60% of UK locations, there has been an increase in private rented properties. Belvoir predicts that there will be a 15% increases in buy-to-let properties by 2020, and Rumbold sees this as a positive sign for both landlords and tenants.
Roughly six million people are renting, many because they are unable to afford the deposit to buy a house of their own. An inquiry backed by the Labour party found that around two out of three UK renters do not expect to be able to buy their own home for at least the next five years.
There are several commercial mortgage products available to help people purchase buy-to-let property and meet the demand for rental accommodation.