According to new research from property services group Countrywide, the percentage of landlords buying buy-to-let properties with cash rather than taking out a buy-to-let mortgage, hit 61% in January. This is the highest level that its ever hit since records began in 2007.
So why is this happening?
Johnny Morris, research director at Countrywide, puts this down to the high levels of equity many landlords have built up in their portfolios. In addition, new rules introduced by the PRA (Prudential Regulation Authority), has seen lenders apply much stricter affordability checks on buy-to-let mortgage applications.