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The number of new rentals beginning in October was more than 50% higher than the same time last year.

According to data from lettings agent Your Move, thanks to the stalling residential mortgage market more and more buy to let accommodation is in ever-more demand.

David Newnes, managing director of Your Move, says: “Rental demand overall this year has been extraordinary. This is the busiest we’ve ever been in lettings. The screws are tight in the mortgage market. We’re convinced the boom in demand for rented homes is a direct result of the lack of mortgage finance available.

“Those who would normally buy are renewing their leases and staying put in rented accommodation until the market stabilises.”

This means it’s great time to invest in buy to let. The residential mortgage sector seems to be in deep-freeze for the medium term, so the Your Move figures are only going to rise.

It also means that if you are going to invest in buy to let, you are going to have some competition. This means making sure your mortgage is as good as it can be to maximise profits and make the most of whatever rent you can get.

To keep up with the latest News and comment on the UK buy to let market visit the Buy to Let Mortgage Blog