Demand increased for buy to let landlords

09 June 2010

Written by David Whittaker

Buy to let landlords are seeing an increase in demand as more people turn to renting instead of trying to buy their own property, the National Landlords Association (NLA) has said.

The body was responding to a speech by housing minister Grant Shapps, in which he said he aimed for a Britain where everybody could be a homeowner.

"I believe that it is human nature to aspire to shelter and security - and for the many that means owning the roof over your own head....the age of aspiration is back," the MP had stated.

However, the NLA argued that the possibility of Mr Shapps' goal happening was a "myth", as house prices are still too high for most people, having risen 121 per cent over the last ten years.

The organisation stated that the country's desire for greater property ownership was one of the factors that led Britain into recession as loans were granted for expensive home purchases.

Today, there are less mortgages on the market, 75 per cent of people do not have enough money for one with an 80 per cent loan-to-value and a hike in interest rates could lead to difficulties for property owners.

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