Buy-to-lets could be making life difficult for FTBs
12-Feb-2010
The rising number of buy-to-let house purchases may be pushing
first-time buyers (FTBs) out of the market.
According to new figures released by the Council for Mortgage Lenders (CML) reveal that the number of buy-to-let mortgages granted in the final quarter of 2009 increased to 25,800 - up from 23,700 in the previous three months.
It is believed that the record-low interest rate of just 0.5 per cent is tempting buy-to-let buyers to snap up property and take advantage of the numerous interest-only mortgages on offer.
Those in arrears are also able to benefit from the low base rate, says the CML, with the current time particularly useful for catching up with repayments.
FTBs, by comparison, are left struggling to raise the sizeable deposits required for many home loans and a chance to reach the first rung of the property ladder.
Another problem facing
FTBs is the decline in UK house building - with the Department for Communities and Local Government this week stating construction is at its lowest level since 1991.
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FTBs warned not to view home purely as an investment Slowing construction rate could be slowing supply of houses for FTBs FTBs 'struggling to deal with house price rises'
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