A recent statistic report states that just over 50% of adults in the UK own a property. The UK has a population of around 68 million, made up of 13 million children (those aged under 16 years). There are 42 million in the working age group (those aged 16 to 64 years) and 12.4 million aged 65 and over.

50% of the working group own a property with 22% of those still paying a mortgage 28% that own their home outright. Interestingly home ownership has decreased significantly over the last few years as the figure for 2018 was 63%. Unsurprisingly the age group of those who own their homes outright are in the over 55 group with those in the 18-24 age range accounting for just 4% of home ownership.

Buy-to-Let rather than just for habitation has always divided opinion. In the recent survey 35% of the people suggested that they would like to own property to rent in the future. 40% said they had no interest in renting out a property either now or in the future. 18% didn’t know if they would or would not like to own property to rent out in the future and 7% already have property that they are currently renting out. Admittedly those surveyed were not questioned on their location, age or financial standing which could have a huge impact in the results.

Statistics for 2023 show that just over 60,000 buy to let mortgages were approved by UK high street lenders, this equates to 7% of the total mortgages. The figures for 2023 show Buy-to-Let mortgages accounted for £24 billion worth of assets down from £41 billion in 2022.

Landlords with mortgages are certainly weighing up the options for keeping their properties when it comes time to remortgage. Not only because of the interest rates, but also the previous government policies have, and continue, to impact the landlord severely. A survey during 2023 shows 30% of owners intend to sell their buy-to-let property within the next 12 months. This is a figure the UK cannot withstand since housing investment has slumped and 300,000 new homes a year are estimated to be needed.