Firstrung highlights impact of buy to let mortgages

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Firstrung highlights impact of buy to let mortgages

The popularity of buy to let mortgages in the UK has meant the number of homes available for people to purchase has dropped, according to a representative from Firstrung.

Chief executive of the first-time buyer mortgage specialist Paul Holmes claimed there are around 1.5 million properties in the country owned by landlords on such deals.

He pointed out that this removes a huge proportion of the housing stock from the market that might otherwise be taken on by owner-occupiers and which leaves many individuals with no choice but to rent.

Mr Holmes made his comments regarding a story in the Observer indicating home ownership is at its lowest level in 20 years.

When asked whether this trend has anything to do with a fall in demand for properties, he responded: "I think the demand, particularly for first-time buyers to own their first home is still there, but [there is] the thorny issue of availability and mortgage affordability."

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