Legal & General says it’s seeing signs of optimism in different parts of the buy to let sector.
Firstly it’s seen a 10 per cent growth in online searches for products appropriate to holiday let purchases.
Additionally, it’s seen searches for ‘regulated’ buy to let mortgages rocket by 59 per cent, with increasing numbers of borrowers renting out their properties to relatives - a sign of high house prices deterring some relatives from buying.
The lender’s figures - which are for the full month of November - also show a 57 per cent monthly climb in the number of searches by or on behalf of foreign buyers, typically investors. Additionally, last month saw a 38 per cent increase on behalf of borrowers using deposits from a foreign source.
Legal & General Mortgage Services managing director Kevin Roberts says: “With affordability coming under pressure in recent months, we would naturally expect activity to level off and the market to soften towards the end of the year. At the same time, it’s been reassuring to see certain areas of the market forge ahead and outperform averages.
“The ongoing cost-of-living crisis is notably influencing this demand, with increasing numbers of borrowers opting for interest-only mortgages and greener homes.”
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