{"id":2339,"date":"2017-03-19T08:00:16","date_gmt":"2017-03-19T08:00:16","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=2339"},"modified":"2023-09-28T15:27:45","modified_gmt":"2023-09-28T14:27:45","slug":"60-buy-lets-bought-mortgage-free","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/03\/19\/60-buy-lets-bought-mortgage-free\/","title":{"rendered":"60% of buy-to-lets are bought mortgage free"},"content":{"rendered":"<p><strong>New figures have now revealed that the amount of landlords buying properties in cash has reached new record levels.<\/strong><\/p>\n<p>Letting agent Countrywide has revealed that 61% of <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/01\/06\/investing-buy-let-make-sure-youre-considering-following\/\" target=\"\" rel=\"noopener\">buy-to-let purchases in the UK<\/a> last month were made without a mortgage. Overall, the highest level of cash transactions was found in England\u2019s North, which is seen as a direct reflection of the lower prices.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"xIzFCFMRwF\"><p><a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2016\/12\/20\/cash-still-king-countrys-housing-market\/\">Is cash still king in the country\u2019s housing market?<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Is cash still king in the country\u2019s housing market?&#8221; &#8212; BuyAssociation Group\" src=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2016\/12\/20\/cash-still-king-countrys-housing-market\/embed\/#?secret=1oI5cj8Rwo#?secret=xIzFCFMRwF\" data-secret=\"xIzFCFMRwF\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>In more detail, Countrywide\u2019s index for January showed figures of 70% in the <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2016\/10\/18\/northern-powerhouse-creating-property-investment-hotspots\/\" target=\"\" rel=\"noopener\">North-West<\/a>, 68% for Yorkshire and the Humber and 67% in the North East.<\/p>\n<p>Further down south, however, landlords have to rely more heavily on mortgages. Overall, only 42% of house sales in <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/01\/16\/londons-property-market-says-no-birmingham-will-welcome\/\" target=\"\" rel=\"noopener\">London<\/a> are financed with no mortgage needed.<\/p>\n<p>Countrywide also said that the number of property investors buying without a mortgage has been on a steady rise over the last ten years, starting at 41% of all buy-to-lets bought when the first index was published in 2007.<\/p>\n<p>Johnny Morris, the company\u2019s research director, said:<\/p>\n<blockquote><p>\u201cOn average landlords sell a home once every 17 years, meaning as prices have increased, a significant amount of wealth has built up in the sector. This is now fuelling cash purchases.\u201d<\/p><\/blockquote>\n<p>This, however, doesn\u2019t mean that <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2016\/11\/30\/landlords-plan-rises-cover-additional-costs\/\" target=\"\" rel=\"noopener\">landlords and property investors<\/a> are just becoming wealthier and wealthier, but is rather a reflection of the general decline in mortgage lending over recent years.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"0vcfhe472n\"><p><a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2016\/10\/25\/mortgage-tax-relief-changes-wont-stop-landlords\/\">Mortgage tax relief changes won\u2019t stop landlords<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Mortgage tax relief changes won\u2019t stop landlords&#8221; &#8212; BuyAssociation Group\" src=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2016\/10\/25\/mortgage-tax-relief-changes-wont-stop-landlords\/embed\/#?secret=fZETR78AMc#?secret=0vcfhe472n\" data-secret=\"0vcfhe472n\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>Another set of figures, this time from the Council of Mortgage Lenders, revealed that <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2016\/11\/25\/uks-mortgage-costs-hit-record-low\/\" target=\"\" rel=\"noopener\">buy-to-let mortgages<\/a> for purchases had dropped by one third year-on-year in November 2016 whilst owner-occupier mortgage for home buyers saw a decrease of 6.4% and first-time buyer mortgages went up by 8% annually.<\/p>\n<p><strong>Lenders are now, however starting to fight back. With demand for buy-to-let mortgage falling fairly steadily over the last year, they\u2019re now starting to look into offering mortgage deals that look more attractive in the long-term. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New figures have now revealed that the amount of landlords buying properties in cash has reached new record levels. Letting agent Countrywide has revealed that 61% of buy-to-let purchases in the UK last month were made without a mortgage. Overall, the highest level of cash transactions was found in England\u2019s North, which is seen as<a class=\"excerpt-read-more\" href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/03\/19\/60-buy-lets-bought-mortgage-free\/\" title=\"Read60% of buy-to-lets are bought mortgage free\">&#8230; Read more &raquo;<\/a><\/p>\n","protected":false},"author":1069,"featured_media":4452,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[81,22,51,83],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/2339"}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/users\/1069"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/comments?post=2339"}],"version-history":[{"count":1,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/2339\/revisions"}],"predecessor-version":[{"id":6096569,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/2339\/revisions\/6096569"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media\/4452"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media?parent=2339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/categories?post=2339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/tags?post=2339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}