Q&A: Buy-to-let investments
Thanks to everyone who has sent in questions for our estate agents to answer. Here is the first in a series of helpful advice from our panel of Propertyfinder agents.
I own my own property already but would like to get into the buy to let market. However, friends have advised me that the buy to let industry is totally saturated and I am unlikely to make money from investing. I am still keen to pursue this. What should I do?
Louise (London)
Mr Graham Lock, Director of the House Network Ltd says:
When considering a buy to let investment you must take into account the location and condition of the chosen property together with the demand for similar properties within the area so that you can be confident of being able to let it out. Investigate your local market before taking the plunge, the last thing you want is to be left with another mortgage to pay whilst the property sits vacant.
The rental market has become overheated in recent years but a factor of this is the rising price of property so I don’t see much danger of making this move, property is in high demand and prices are holding firm, for some this will continue to frustrate especially the under 30’s who simply cannot get onto the property ladder so they are often left with no choice but to rent in order to have their own space.
With interest rates steady and still historically low, this should also provide you with sound long term investment provided you make the right choice of property.
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