7 April 2015 was pensions freedom day: the day when the law changed regarding how much control over-55s had over their pension pot. For...

7 April 2015 was pensions freedom day: the day when the law changed regarding how much control over-55s had over their pension pot. For the first time, people were able to spend their pension money as they pleased, taking out as much or little as they wanted.

Now, almost three months later, we can see how much – or little – the new found pension freedoms have affected the buy-to-let market.

In short, it is estimated that as many as 60,000 pensioners have taken advantage of these new pension rules already, many of whom are expected to have used their money to invest in buy-to-let properties.

Buy-to-let opportunities are tangible investments, which appeal to many pensioners as they provide a monthly income from rents as well as the capital growth properties provide. According to mortgage lender Kensington, approximately 53 per cent of retirement savers were considering buying – or were already in the process of investing in – a buy-to-let property two weeks before the start of the pension changes.

This is no surprise as the buy-to-let market has grown massively over the last few years from 396 buy-to-let deals in April 2013 to 664 available this year. In terms of deals made, March 2015 saw 21 per cent more in comparison to March 2014, proving the sector's growing popularity and visibility.

With more options available, pensioners enjoy a greater choice of property investments, and can be more demanding when it comes to location, size, and – most of all – price. Plus, with mortgage rates currently at an all-time low, becoming a buy-to-let investor is easier and more accessible than ever before. Although the actual figure of new investors/pensioners may not be known, the lucrative state of the market is sure to have attracted plenty, and will continue to do so.

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