Buy-to-let investors urged to seek discount
Landlords with flats to rent in London and elsewhere in the UK have been advised to press for a significant discount when expanding their portfolios.
Lee Grandin, managing director of Landlord Mortgages, said that while most buy-to-let investors secure discounts on new properties anyway, the current market conditions mean they can be extra aggressive.
"I would say that a 15 to 20 per cent discount is not enough," he commented, adding that some savvy landlords have succeeded in securing discounts of up to 40 per cent on repossessed properties.
The industry expert emphasised the importance of buying well below market value, noting that many analysts are now predicting house price falls of up to 20 per cent within a year's time.
However, he reiterated earlier warnings that the buy-to-let London property market is closing up for cash-strapped investors, with few lenders willing to approve mortgages on less than a 20 per cent deposit.
Hometrack recently reported that property sellers received on average just 93 per cent of their asking price in April - the lowest monthly figure for over three years.
Published 2nd June, 2008
© 2008 Estates IT Limited
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Landlords with flats to rent in London and elsewhere in the UK have been advised to press for a significant discount when expanding their portfolios.