Sainsbury's says accidental landlords may rise this year
The supermarket is releasing research to suggest that a change in income, current housing and rental markets as well as inheritance, are the main drivers of growth in the current buy to let market.
The findings from Sainsbury's Bank Mortgages indicates 9% of UK adults have shown interest in taking out a BTL mortgage in 2018 and this means that across the UK around 4.8 million adults could become landlords by the end of the year.
While a third of those considering such a mortgage said that a change in income had inspired them to do so, 29% stated they were encouraged by the current opportunities to enter the BTL market.
However, research also showed that 64% of UK adults didn't know what Consumer Buy to Let Mortgages were.
The outcomes of the research follow news that Sainsbury's Bank is extending its mortgage range with new products including the support of 'accidental landlords'. A quarter (25%) of UK adults were shown in the research to be considering a BTL after receiving inheritance.
Just under half of those in the research have considered investing in new builds.
The Bank said that with the demand for rental places showing no signs of slowing down, it was offering new products that place importance in the smaller investor who holds a maximum of 3 BTL mortgage properties.