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Buy-To-Let Market Thriving05/23/2008
The buy-to-let property market is currently thriving as first time buyers struggle to get on the property ladder. The Royal Institution of Chartered Surveyors (Rics) has indicated that a slowing in the market in terms of property sales has resulted in an increasing number of people looking to rent rather than buy property.
The Rics survey of residential lettings in the three months to April 2008 shows a 29% rise in surveyors reporting instructions to let property. Prior to this there was a 3% fall in the months leading up to February 2008.
Many sellers are taking their properties off the market as they wait to take advantage of more favourable lending options. Instead landlords are looking to let the properties until house prices begin to increase again.
The survey has shown fewer landlords are currently leaving the rental market. The sale of properties at the expiry of a tenant lease fell to 4.2%, from 4.6% in the previous quarter of 2007. The Rics survey has also shown that 23% more UK surveyors have reported a rise in gross yields, climbing from 5% in the previous quarter. Gross yields are now shown to be increasing at their quickest pace since April 1999, when the survey began reporting them.
Trends show that with demand continuing to outstrip supply, buy-to-let will continue to thrive due to socio-economic factors such as increasing levels of immigration and an overall under supply of housing.
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