Buy-to-let landlords are finally in retreat in the
housing market, leaving young adults in a better position to buy a property,
according to the latest data from mortgage lenders. The Council of Mortgage
Lenders said lending in March was £21.4bn, down 19% on the year before, almost
entirely due to landlords withdrawing from the market. A double whammy of
tighter Bank of England lending rules, which have forced banks and building
societies to insist on greater rental cover and higher deposits, plus new taxes
on rental income, has made buy-to-let far less financially attractive. Lending
peaked in March 2016, as landlords rushed through purchases to avoid a 3% hike
in stamp duty. But since then, lending has gone into freefall. Read more on the
Guardian website.
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