Rental market 'key to property sector'
The rental market is one of the key elements that will determine how prices change in the UK property sector, it has been claimed.
It has been predicted that house prices will begin to fall in the coming months and the rental sector could play a crucial part in determining the scale of the price drop, the Times reports.
While purchasing of rental property by buy-to-let investors has slowed recently, owners are not expected to rush into selling up as there is still substantial demand from people looking to rent homes.
Success in the buy-to-let market is therefore set to deliver a substantial boost to the property sector.
Fionnuala Earley, chief economist with Nationwide, told the Times: "There will be those investors who want to crystallise gains, but those will be the speculators who are struggling to get tenants.
"We are in a market where there is great tenant demand because first-time buyers are unable to get on to the housing ladder."
The Council of Mortgage Lenders recently revealed that, during the last year, the number of buy-to-let landlords exceeded the number of first-time buyers for the first time since records began.
Published 2nd January, 2008
© 2008 Estates IT Limited
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The rental market is one of the key elements that will determine how prices change in the UK property sector, it has been claimed.