Are you one of the 4.8 million Brits considering becoming a landlord in 2018?
According to new research from Sainsbury's Bank, almost 10% of the UK's population are considering joining the many who choose to invest their cash in to bricks and mortar.
It's no secret that we are facing a housing crises in the UK. With a growing population and a chronic under-supply of property, the UK buy-to-let investment market remains robust.
David Buxton, Head of Banking at Sainsbury's Bank said:
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.
It was only a matter of time before a growing number of people started to re-think how best they invest or save their cash. Let's face it, no one is going to get rich keeping their savings tied up in a current account earning them interest lower than 1%. The rate of inflation today is 2.5%, savers are actually losing money. Not to mention the temptation of dipping in to savings, we are all guilty of it!
When it comes to purchasing a property, over half (51%) of potential landlords have considered buying a house, with 46% having considered purchasing new builds prior to this year. 46% have also considered purchasing a flat, with 44% having considered buying new build flats.
Despite this surge in interest, the report also highlights that two in three UK adults don't know what consumer buy-to-let mortgages are. Very few individuals are in a position to purchase a property outright so more must be done in the property investment industry, to educate the public on borrowing options.
The research follows plans by Sainsbury's Bank to increase their buy-to-let product range, which is welcomed news.