Buy-to-let remains buoyant...
11 September 2007
Latest figures from the Royal Institution of Chartered Surveyors (Rics) show the UK's buy-to-let property market remains buoyant.
Rics Lettings Market Survey shows that tenant demand for rental property has been boosted by "a declining accessibility, rising uncertainty and a slowing housing market".
Indeed, 29 per cent more chartered surveyors reported a rise than a fall in tenant lettings, up from 15 per cent in the last quarter, Rics' data revealed.
The research also suggests that many would-be homebuyers are adopting a "wait and see" approach in light of a slowing housing market, and have remained in the rental sector as a result.
"Current economic uncertainty has created an ideal platform for buy-to-let investors to cash in on rising rental levels," Rics spokesperson Jeremy Leaf explained.
"Many would-be buyers have decided to wait and see how the interest rate cycle will affect the market," he added.
Recent figures from the Council of Mortgage Lenders (CML) show average first-time buyers now have to borrow a record 3.39 times their total income to buy their first home.
