Buy to let to grow 25% in 2014

News at Wright & Wright | 03/01/2014

The UK's buy to let sector is predicted to grow by 25 per cent in 2014.

New data published by Mortgages for Business has predicted a 25 per cent upturn in the UK's buy to let lending sector in 2014.

According to the organisation's report, buy to let lending is forecast to rise to £25 billion by the end of next year, as three out of five landlords stated they plan to expand their property portfolios in the new year.

Overall, 59 per cent of respondents stated they plan to refinance to fund their expansion, while just seven per cent of landlords plan to sell properties over the next six months.

Managing director of Mortgages for Business David Whittaker commented: "Despite easing conditions for owner occupiers and first time buyers, the prevailing conditions mean the private rental sector remains a vital element of the housing mix."

He added demand for rental accommodation shows little sign of waning and therefore now appears to be an excellent time for landlords to bolster their offerings.