Downturn 'raises appeal of buy-to-lets'
Now is a good time to be in the buy-to-let sector because more and more people are struggling to secure their own mortgage.
That's the opinion of Accenture's Julian Skan, who told Channel 4 News that tightened lending criteria and falling house prices will lead to a surge in people opting to become tenants.
Analysts say surging demand is expected to be felt particularly strongly within the London property sector because of the capital's sky-high house prices.
And according to leading industry consultant Mr Skan, people who are predicting constriction within the buy-to-let market have failed to understand its appeal when set against a wider downswing.
He explained: "The whole concept of buy-to-let is much more embedded in the UK and of course, if mortgage rates are higher, then one of the effects is that more people will want to rent.
"So there is reason to believe that buy-to-let is quite a good place to be."
According to the Association of Residential Lettings Agents, there are approximately 500,000 buy-to-let investors in Britain who between them own property worth in excess of £120 billion.
Published 11th June, 2008
© 2008 Estates IT Limited
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Now is a good time to be in the buy-to-let sector because more and more people are struggling to secure their own mortgage.