The withdrawal of landlord buyers has left the market freer for first-time buyers without pushing up prices.
Buy-to-let landlords are finally in retreat in the housing market, leaving young adults in a better position to buy a property, according to the latest data from mortgage lenders.
The Council of Mortgage Lenders said lending in March was £21.4bn, down 19% on the year before, almost entirely due to landlords withdrawing from the market. A double whammy of tighter Bank of England lending rules, which have forced banks and building societies to insist on greater rental cover and higher deposits, plus new taxes on rental income, has made buy-to-let far less financially attractive.
Lending peaked in March 2016, as landlords rushed through purchases to avoid a 3% hike in stamp duty. But since then, lending