The rental market is increasing
Nicholas Leeming, major client director of propertyfinder.com, commented on the CML buy-to-let figures and the escalating demand for private rented homes:
'The vast majority of the rental sector is booming at the moment, driven by tenant demand. The number of people searching for rented homes on our site has increased 36% since last August when the credit crunch began. Mortgage costs are high and confidence in the housing market is low – in the short term, a lot of potential first-time buyers are choosing to remain in rented accommodation, at least until the picture of the market is a little clearer.
In the long term, the role of buy-to-let in the UK housing market is likely to get bigger rather than smaller. We estimate that around 3.1 million of today’s over 30s who had expected to retire in their own homes will actually live out their golden years in rented accommodation due to affordability constraints. Most of these people will find homes in the private rented sector.’
Comments
There are more renters do to rising house prices so those buy to leter's that can hold on thru the tough times will have a great investment
Posted by: steve jenings | June 7, 2008 07:37 AM