Landlords boosted by Bank of England lending scheme
Landlords looking to expand their portfolio in the next 12 months are set for a boost thanks to a new lending scheme from the Bank of England.
The £80 billion Funding for Lending initiative is aimed at improved lending across the economy and it looks to be encouraging those operating within the buy-to-let sector purchase more properties.
Looser lending criteria has helped a number of landlords, with figures from the Association of Residential Letting Agents (ARLA) showing that the number of assets held by an individual landlords has grown from seven to eight.
Ian Potter, managing director of ARLA, said: “The latest data from ARLA suggests that landlords are carefully but concertedly increasing their portfolios; activity is returning to the buy-to-let market.”
2013 is set to be a busy year for landlords across England and Wales, with figures from the Private Rented Sector Trends study from Paragon Mortgages noting that there will be a surge in property purchases over the next 12 months.
Prepare for the challenges of becoming a landlord with Landlords Insurance from Discount Landlord.