First-time buyers turn into landlords instead of owner-occupiers

Thousands of first-time buyers are now opting to invest in buy-to-let property - while staying renting in the more expensive areas they prefer. Nearly one in 10 buy-to-let mortgages are taken out by first-time buyers as young people priced out of London and the South East turn landlord instead. The number of first-time purchasers applying for buy-to-let mortgages has jumped by 5% in the past year, according to broker Norton Finance. They accounted for one in 12 of all buy-to-let mortgages the firm has processed. Rod Lockhart of LendInvest said: "These first-time buyers tend to be living and working in London and buying regional property... They are investing to build up deposits." 

The Daily Telegraph (04/06/2022)