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Official figures have revealed that Britain is currently issuing the largest number of buy to let mortgages since records began, with one in eight mortgages now being a buy-to-let loan.
There are 11.3 million mortgages in this country, of which 1.44 million are buy-to-let loans.
Ten years ago, there were only 275,500 buy-to-let loans, equal to just 2.4% of the entire market. According to the figures from the Council of Mortgage Lenders (CML), the number of buy-to-let loans today is equal to 12.7%,.
This is partly due to the generation of young people who have been unable to get on the housing ladder due to soaring house prices.
The average house price is nearly £160,000; more than six times higher than the average salary, resulting in a whole generation of young people who cannot afford to buy their own home.
The average monthly rent has now reached £741 per month, which makes it increasingly difficult for people to save money towards a deposit.
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