New EICR to cover any changes made by outgoing tenant?10:00 AM, 4th May 2021
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OVER half of those saving towards their retirement say they would consider investing or are already investing in buy-to-let properties to increase their retirement income, according to new research.
A national survey of 915 retirement savers aged 40 or over, found that 8% are already investing in buy-to-let property, while another 45% said that they would consider it.
The survey, by specialist mortgage lenders Kensington, comes hot on the heels of suggestions that new pension freedoms could spark a buy-to-let boom.
While 78% of savers were happy to have taken out pensions, 15% currently regretted or were unsure (6%) about saving into pensions to finance their retirement.
“We advise anyone thinking about investing in a buy-to-let property to do their homework first, like any investment, there are risks involved, but with the way the market currently is, property could provide a very good nest egg when it comes to retirement” said a spokesperson for Property118’s Landlord Insurance specialists Discount Insurance.
Latest data from the Council of Mortgage Lenders (CML) also indicates that buy-to-let is a growing sector, with more than 1.63m buy-to-let mortgages worth around £188bn currently representing about 14% of the UK mortgage market.
“The private rented sector is definitely growing, and with many young professionals enjoying the flexibility of renting, there is unlikely to be a shortage of tenant demand anytime soon, especially in prime locations,” added the spokesperson.
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