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A quarter of BTL products pulled in a week
The number of buy-to-let (BTL) products available has dropped by almost a quarter in the past week alone, new research has revealed.
Comparison website moneysupermarket.com said the range of BTL products on offer has shrunk by 23 per cent in seven days - or 163 products - leaving just 540 products on the market.
The figures follow the announcement from Nationwide yesterday (2 October) that the annual rate at which house prices are falling increased to 12.4 per cent over the last month, to reach the largest ever annual decline on record.
Louise Cumming, head of mortgages at moneysupermarket.com, said: "Yesterday's house price figures from Nationwide have confirmed what we all know - that prices are falling - and landlords are likely to be hit particularly hard by this. Rental yields are being squeezed as it is and falling values will only make things worse.
"However we've identified another potential landmine, with lenders including NatWest, Bristol & West and, of course, Bradford & Bingley pulling many of their BTL mortgages this week.
"Seven days ago, there were 703 to choose from, now it is only 540. Reduced competition is likely to lead to higher rates and even more difficulty in sourcing a mortgage."
