Letting landscape 'different for today's landlords'

News Category: Industry News

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Today's letting industry is very different from that which existed in September 2007, according to financial experts.

Finance website MoneyNet has claimed that the sector is "almost unrecognisable" from what it was 18 months ago.

Despite suggesting that letting bricks and mortar is still a lucrative business, the portal indicated that it is harder for buy-to-let landlords to find lenders.

Apparently, whereas in 2007 there were around 100 lenders willing to offer cash for property investment purposes, this number is now closer to 30.

Would-be landlords are advised that putting their money into houses can still be a "profitable medium to long-term form of investment".

"Unfortunately it was a decade of booming house prices and a 'me too' mentality to make a quick buck that has seen both borrowers and lenders get their fingers severely burnt," it said.

This comes a week after the British Bankers' Association said that mortgage lending was down by around 2,000 approvals in March, compared to the previous month.

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