The number of buy-to-let products on the market has reached an all-time high, passing the 2,000 mark for the first time on record, according to new Moneyfacts data.
This is despite a turbulent couple of years for the market, following significant changes to regulations and taxation.
The number of products on the market has risen from 1,340 two years ago to 1,558 last year and 2,022 today.
Charlotte Nelson, finance expert at Moneyfacts, said: “The buy-to-let market has seen quite a rollercoaster ride over the past year, including multiple changes that have required both landlords and providers to rethink their options. However, this hasn’t appeared to deter providers, marking an increase of 464 deals in just one year, which has seen the buy-to-let market break yet another record and rise past the 2,000 mark for the first time on Moneyfacts’ records.
“The Prudential Regulation Authority rules launched at the end of September 2017, which saw lenders having to apply stricter standards to those with four or more properties, could explain the boost to product numbers. Providers may well have opted to offer two different products to cater to the different borrower types.
“Moneyfacts recently reported that the number of limited company fixed rate options were on the rise. These extra products, which cater for landlords looking to reassess their options after the tax changes, are yet another reason why the overall product numbers have been boosted.
“Amid this upheaval, the market has seen many landlords and aspiring landlords take a step back to assess their options and figure out whether they are making the right choice. As a result, buy-to-let providers are now competing for a smaller pool of customers. Offering variety in their range is one way in which they can compete.
“While it has been a tough time for the buy-to-let market, the fact that the number of available deals is still growing shows it is still a viable option.”