NAEA: Lettings vital for the UK
The National Association of Estate Agents (NAEA) has indicated that buy-to-let investors and the private rented sector as a whole will become increasingly crucial in supplying properties for people in the UK.
property to rent in Tower Hamlets, flats to rent in Redbridge and rental residences in other parts of the country may become more vital for the government, it would seem.
A statement from the NAEA said that ministers will "end up relying on" the property rental market to ensure people have roofs over their heads, as the cost of homes and mortgages in the UK continue to price people out of buying.
Nationwide Building Society and Halifax both indicate that the average cost of a UK home is considerably down year-on-year, but first-time buyers are still finding it difficult to get on the ladder.
"It is time for the government to make those vast investments in the banks pay by exerting some pressure on lenders to free up the market from the heavy constraints it is labouring under," the NAEA remarked.
Written by Martyn Glynn
Published 13th August, 2009
© 2009 Estates IT Limited
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It would appear that the private rented is growing increasingly more important to the government.