The growth of the buy-to-let sector in the Hull area in 2014 is likely to continue thanks to new pension rules due in the spring.

From April, it will become easier for anyone aged 55 or above to withdraw cash from their pensions. Investment experts expect many people to use this money to invest in buy-to-let property in order to help fund their retirements.

Steve Bolton, founder and chairman of Platinum Property Partners, said the firm’s research showed that two in five existing landlords planned to expand their portfolios in 2015.

“Buy-to-let is also likely to become even more popular in April as pension freedoms allow retirees to make investing in property part of their retirement planning,” he added.

Figures published this week by the Council of Mortgage Lenders (CML) showed that buy-to-let was the fastest-growing sector of the mortgage market.

Bolton said: “While the number of house purchase loans grew 11% annually, gross buy-to-let loans increased by more than double this amount (23%) year-on-year. Just over £27 billion worth of loans was given to buy-to-let investors in 2014: an increase in value of 32% compared to the previous year.”

“As returns on savings remain low, buy-to-let offers an investment opportunity with tangible capital growth,” Bolton added. “The ONS House Price Index indicates house prices grew by nearly 10% annually in December, giving investors an increasingly valuable asset as well as the opportunity for monthly rental income.”