Slashing buy to let property prices?
WITH developers slashing asking prices which held pretty firm for the early part of the year, investors are moving strongly back into the market in several parts of the country, says a leading property investment advisor.
Developers are coming up at last with some cracking deals, if investors get a 15 per cent discount, they buy with the lender's money, without putting down any of their own. On several new developments, investors believe they can't go wrong, providing promised rental income is at least 145 per cent of monthly mortgage repayments.
Property Investors have moved back into the market in significant numbers since the end of the summer holidays.
The move turned out to be well-timed, Because plenty of developers have been in something of a mess in recent months. Realising they needed stronger cash inflow, developers have produced much better offers, like five per cent deposits, cashbacks at the end of year one and an awful lot of other things.
However, investors who relax their guard can still come badly unstuck. Letting agents in many provincial centres give inaccurate guides to potential landlords about the rental they can earn. In London and Birmingham, agents overstated the likely rental to be earned, while in Manchester and Liverpool, they massively underquoted potential returns.
For the second year running, the lettings survey found letting agents in Sheffield provided the most accurate advice to potential investors.
By relying entirely on the advice of letting agents, some investors could find themselves facing a serious rental shortfall, or even be put off a perfectly good property by an overly pessimistic assessment.
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