Increase in buy-to-let millionaires
Published On 4 October 2006
An increasing number of people have become millionaires after using mortgages to invest in buy-to-let property. New research from Paragon has found that "perfect" conditions has meant many investors seeing sizeable returns, reports This is Money.
On average the professional investor owns around 12 properties – which would be worth in the region of £1.54 million – while portfolios have increased by £100,000 in the last three months alone.
And these investors are not just managing their portfolios as their main occupation as the survey showed most are employed full-time in a range of positions from plumbing to accounting.
The most recent industry figures have showed that around 1.7 million properties in the UK are privately rented out by landlords.
A combination of continually increasing house prices and huge demand for rented accommodation has meant investors have been able to enjoy huge returns over the last ten years.
