Buy-to-let 'not impacting on property prices'
The success of buy-to-let investments has not significantly contributed to rampant house price inflation in the UK, one industry expert has claimed.
Malcolm Harrison of the Association of Residential Letting Agents (ARLA) acknowledged that landlords saw rising returns throughout 2007, but he insisted the buy-to-let sector was segregated from the wider housing market.
Responding to a recent report by the National Housing and Planning Advice Unit which argued that the buy-to-let market has added £14,000 to the average house price, Mr Harrison was unequivocal in his rejection.
"I think that's a load of rubbish because the buy-to-let investor tends to go into the middle market and buy-to-let, until very recently, has done no more than refinance big chunks of the private rental sector," he asserted.
The report had suggested that buy-to-let investors were snapping up properties that could otherwise have gone to first-time buyers - a claim which many analysts have now expressed scepticism over.
Property experts usually attribute the property boom to factors such as the UK housing stock shortage and the surge in foreign investors who are snapping up prime homes in the capital.
Published 25th February, 2008
© 2008 Estates IT Limited
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The success of buy-to-let investments has not significantly contributed to rampant house price inflation in the UK, one industry expert has claimed.