Evolution of the Buy-to-Let Market
Investing in property is a relatively new phenomenon in the UK. Prior to 1990 rental properties were dominated by the Government. The private rented sector only began to emerge once the Government changed its housing policy in the 1980s and mortgage lenders began to introduce specialist buy-to-let mortgages.
During the post-war period of 1945 to 1980, the UK Government did not favor the private rented sector. A number of housing policies were in existence that stifled the possibility of ordinary individuals profiting from owning and renting out residential property to private tenants.
To begin with, the UK Government controlled a large council housing scheme that provided rental accommodation for non-homeowners. The accommodation was supplied by the Government at a local level and rent was collected accordingly. In addition to this there were strict rent controls in place as well as tax concessions for owner-occupiers.
During the post-war period the Government also controlled a massive scheme to build homes for UK residents. In contrast, today there are virtually no private dwellings being built by the Government...
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