Sector shrinks in value for first time in almost 30 years as higher costs drive out investors
The number of new UK buy-to-let mortgages granted by lenders has fallen by more than half in just over a year, while the value of the sector has shrunk for the first time in almost three decades.
New data issued by banking body UK Finance underlines how higher mortgage costs, on top of broader cost of living pressures, have taken their toll on many landlords, prompting a growing number to sell up. Meanwhile, some individuals who might previously have opted to become a landlord investor have turned their back on the sector because of tax changes that have made it less profitable.