Buy-to-let 'tycoons' to rise

Updated 08.34 Thu Apr 26 2007

Keywords: landlords, home, house, property, lettings, Estate agents

The number of people who own a second home in the UK could double by 2010, a report has said.

The study found that half of the two million people who already own a second home are buy-to-let landlords.

"It is clear that these days, buy-to-let is no longer the exclusive domain of professional portfolio landlords" - Paul Davies

Looking ahead, the survey suggests that a further three per cent of homeowners are planning to raise extra income by purchasing a buy-to-let property by the end of the decade.

The research predicts that in 2007 the number of buy-to-let mortgages will rise by almost ten per cent from last year's figures to 361,000.

Market analyst Mintel also found that the other half of second homeowners - representing around 3 per cent of all homeowners - could afford the luxury of more than one property for personal use.

Paul Davies, senior financial analyst at Mintel, said: "It is clear that these days, buy-to-let is no longer the exclusive domain of professional portfolio landlords."

"Increasingly, property owners are seeing the benefits of investing in bricks and mortar and often regard the second homes market as a good alternative means of saving for retirement.

"As long as these trends continue, future growth in this market should be guaranteed."