The Bank of England’s Monetary Policy Committee yesterday voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%.
David Whittaker, managing director of Mortgages For Business, said:
The autumn rush for rental property is always a busy time for landlords but this year has been particularly bountiful for property investors. Stagnant house prices, plenty of BTL mortgage products and a boom in bridging lending has bolstered activity in residential property investment. And the relentless demand on the private rental sector from would be buyers frozen out of the market by record inflation and cautious lenders has kept upward pressure on rents. The continuing record low base rate will ensure these conditions last well into next year and with property prices unlikely to grow significantly in the short to medium term investors will be able to support demand by expanding their portfolios further.”