Wednesday, 24 October 2007

One million buy-to-let properties by Christmas

The growth of buy-to-let mortgages since 1999 has been explosive. Just 8 short years ago, there were something like 50,000. In June 2007, that number was just fractionally below 1 million.

The numbers, which are from the Council of Mortgage Lenders, only record those properties that have officially taken out buy-to-let mortgages. However, there are many more buy-to-let investments hiding as residential mortgages. The total number of these dodgy mortgages is unknown.

However, here is a prediction that I will give away for free; within four years, we will know how many mortgages were taken out to finance buy-to-let investments. We will know because these investments will be turning up in the county court as repossessions.

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