With rising rents and average costs at a record high, the UK rental market is enjoying a period of success.
With average rents up to £718 per month, and increases of 1% in England and Wales in September alone, landlords have found themselves in a fortunate position.
In addition to rising rental costs, interest rates are low, an enticing prospect for potential landlords, all of which has seen buy-to-let mortgages and remortgage buy-to-lets rise in popularity. Those who can supply a deposit worth at least 20% are finding the best deals.
This trend occurs in spite of current difficulties facing first-time buyers. The Association of Graduate Recruiters has found that average incomes for those holding their first job is around £25,000. Securing the high deposit required is becoming more challenging, which has led to the average age of first-time homebuyers increasing to 37 years old.
UK Rental Market Success Continues - Remortgage.com