The number of Brits looking for a mortgage is likely to be fairly low at the moment, if recent comments from the National Landlords Association (NLA) are to be believed.
According to NLA policy manager Chris Norris, tough times always see a rise in the number of people looking to rent, rather than buy.
He said rental prospects are good for the buy-to-let market at the moment and noted that there is a difference between this and the standard landlord industry.
” Buy-to-let tends to refer to particular mortgage products, which is a slightly different issue. But rental demand is very high,” the expert said.
“Affordability [means it] is still difficult for people to get on the housing ladder, social housing isn’t exactly a growth market at the moment and rental is a very flexible, fluid option for people in lots of different circumstances.”
Mr Norris added that there is currently a diverse range of people looking at renting as opposed to buying.
This could mean those who do get a mortgage could find their competition for purchases limited.