Buy-to-let mortgage borrowers are benefitting from growing tenant demand and low prices as they expand their property portfolios, an industry report has suggested.

A study of the private rented sector by Paragon Mortgages has shown that the average residential landlord's portfolio is worth £1.52 million.

Furthermore, private landlords' borrowing is worth less than 50 per cent of their portfolio's total value on average.

John Heron, managing director at Paragon Mortgages, said: "There are opportunities for residential property investors with cash to spend to expand their portfolios in the current market and maybe we are starting to see evidence of this."

The report also found that the average number of homes in a landlord's portfolio increased from 12.1 to 13.2 in the third quarter of 2008.

It backs a trend highlighted in study by Business Development Research Consultants, published last week, which found that 100 per cent of landlords who own more than 20 properties are receiving higher profits in the current economic climate.ADNFCR-2002-ID-19008405-ADNFCR

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