I think you are all looking at too short a period. Sure that there are ups and downs in the market but over twenty five years, a fairly normal length of mortgage, just look what happened to values. 1990 was an exceptional recession in the housing market but values today are probably ten times what they were then. Despite stamp duty, low rental yields, maintenance etc, etc a well planned BTL sandwich, sorry strategy, ought to be a very good bet on past performance.