Resilient buy-to-let market props up sector
Strong demand for flats to rent in London and across the UK will help the country avoid a more damaging housing crash, Reuters is reporting.
The news agency said that the sector now accounts for ten per cent of all UK mortgages, providing relief to an otherwise credit crunched and downtrodden market.
With analysts now predicting house prices will fall by around ten per cent this year, the buy-to-let market is being hailed as the one thing propping up London property.
"All our anecdotal feedback is that significant landlords... are absolutely seeing the current market environment as an ideal opportunity for them either to continue to expand their portfolio or to start expanding them again," Jeremy Law, head of buy-to-let at Bradford & Bingley, told Reuters.
"In many ways [buy-to-let] is counter-cyclical," he explained. "If these people were not interested and were not purchasing, the slowdown would be far more severe."
The Association of Residential Letting Agents estimates that there are 500,000 buy-to-let investors in Britain, with portfolios worth a total of £120 billion pounds.
Published 16th May, 2008
© 2008 Estates IT Limited
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Strong demand for flats to rent in London and across the UK will help the country avoid a more damaging housing crash, Reuters is reporting.