Money comparison experts, Moneyfacts, have said that the selection of mortgage products on the market has increased and higher loan-to-value (LVT) average rates have reduced.
According to Moneyfacts, these changes are linked to lenders’ focusing on supporting existing borrowers and the valuation restrictions lifting. Moneyfacts’ analysis shows that there are currently 280 buy-to-let mortgage products available compared to the beginning of May 2020.
In addition to this, Paragon Bank announced a spike in buy-to-let mortgage intermediaries visiting their online portal since the property market reopened in May.
Visits to Paragon Bank’s portal, which first launched in September last year, jumped up by 65%, signalling a strong appetite for buy-to-let properties.
Moray Hulme, Mortgage Sales Director at Paragon Bank, said of the spike: “The data suggests that there was plenty of pent up demand in the market caused by the lockdown and that landlords can see new opportunities to buy. Demand for private rented property remains strong and we expect it to strengthen further as potential homebuyers wait to see how the next few months pan out and rent instead.”
Buy-to-let opportunities on the market
If you’re considering a buy-to-let investment, Manchester is an increasingly popular option amongst investors, with cheaper property prices and higher yields than London.
Due to extensive commercial investment and a rapidly growing popular, rental demand in Manchester is greater than ever. According to Manchester City Council, Manchester’s population is set to increase by 5,000 per year by 2025. As it stands, demand for housing in Manchester far outweighs supply. Recognising and addressing this demand is leading property developer Beech Holdings, who have a number of developments under construction in Manchester.
One of these developments available for investment is Ancoats Gardens. Located in the increasingly popular Ancoats neighbourhood, Ancoats Gardens will be Beech Holdings’ most luxurious residential development to date. With roof gardens, a private gym, coffee roastery and shared social space, Ancoats Gardens will be one of the most in-demand residences in Manchester city centre.
If you’re interested in finding out more about Ancoats Gardens, get in touch. Beech Holdings have a very limited number of apartments remaining for investment.
Thinking about investing in a buy to let property in the UK but not sure where to start? Property investment can be quite overwhelming if you’re a first time investor. To put your mind at ease we’ve broken down each step of the property investment process in our guide here.