A third of UK adults aspire to own a buy-to-let property, with the clamour being highest for young adults, a study from lender Market Financial Solutions has revealed.
One in three (33%) want to own a buy-to-let property in the future, with this rising to 54% among those aged 18-34, and dipping to 14% for those over 55.
Paresh Raja, CEO of Market Financial Solutions, said: “It has become popular over the past decade to bash buy-to-let investing as being increasingly unappealing. Clearly, however, that is far from the case.
“The rise in house prices and borrowing costs, coupled with tighter rules and regulation in the rental market, has undoubtedly caused challenges for both current and prospective landlords.
“I am sure this will have given some people reason to question whether buy-to-let ownership is the right route for them, but these survey results underline the love affair that the UK has with bricks and mortar.
“Many people aspire to homeownership and property investment. The stability of the market, along with the opportunity for the value of the asset to rise in the longer-term alongside a rental income, all contribute to this.
“Indeed, if buy-to-let mortgage rates do come down in the coming months as expected, we may well see more first-time landlords entering the market.”
Some 60% believe property investment is an effective means of building long-term wealth, with 37% saying they would rather invest in a buy-to-let property than stocks and shares. Just over half (53%) agreed with the statement that “real estate is a safe and stable asset to invest in”.
However, of those aged 18-34, the majority (57%) said they resent the fact it is much harder to invest in buy-to-let properties today than it was for previous generations due to the rise in house prices.