The IRN Research Report Targeting Buy-to-Let Landlords 2021 found that gross BLT mortgage lending declined by almost 12% in 2020. Recent legislative and tax changes have had a negative impact on the BTL market from 2016 onwards and these negative forces were compounded in 2020 by the COVID-19 pandemic. However, the market is expected to see a recovery in 2021, driven by the ending of the Stamp Duty Holiday in the middle of the year and the recovery in the UK economy as COVID-19 restrictions were eased. Gross BTL mortgage lending is expected to rise by almost 10% in 2021 but will remain below the level seen in 2019. In contrast with recent years, in 2021 (and to a much lesser degree in 2020), the BTL mortgage market has shifted back towards home purchases rather than remortgaging, with the Stamp Duty Holiday helping this trend. Rising demand for BTL mortgages in 2021 was also driven by rising demand for rental properties from tenants. Rising tenancy demand has helped push up rental yields to around 6% in the first half of 2021.
This report outlines the broad trends and developments amongst buy-to-let (BTL) landlords with regards to their mortgage activities. This report focuses on the latest developments and market drivers of the BTL mortgage market, the market size, and the future of the market in the coming five years.
BTL landlords are defined as individuals who rent out properties and are purchasing the properties they rent out with at least one BTL mortgage. These individuals may also own property on which they do not have a BTL mortgage, for example, if they own a property outright or used an alternative means of finance to purchase the property, but they must own at least one property on which a BTL mortgage is used to finance the acquisition.
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