Calling the buy to let property market
Calling the market is a confusing job. Half the people you speak to say it is heading back to the glory days of 2003. The other half still talk about downturns.
At the time of writing completed property sales were up and new purchase inquiries had risen for the second consecutive month according to a report by the Royal Institution of Chartered Surveyors (RICS). Although surveyors across the UK expect prices to drop again over the coming months, there are two notable exceptions — London and the North West — and the outlook is the best it's been for a year.
Some signs of recovery were evident. Would-be buyers became more confident as a result of the interest-rate outlook, while the economy continued to deliver steady growth, despite the previous year's slowdown.
The terror attacks did not have any impact on house prices, even in London. The August interest-rate cut did not support a further rise in buyer activity, though today there is little prospect of a renewed house-price boom.
Rate reduction will see a buy to let bonanza, but is unlikely. A rate war between buy-to-let mortgage providers, as they swiftly cut rates in their battle to gain customers will continue for many years to come.
I don't feel that this rate change will see a massive influx of ordinary consumers purchasing houses, as they are still facing the problem of needing huge income multiples and finding a substantial deposit. This means that landlords will continue to be able to snap up bargains from sellers looking for a quick sale.
Obtaining buy to let mortgage finance for property investment has been gradually getting easier over the past few years, as the market becomes more mainstream.
You need to understand how important it is for purchasers to know that their home will hold its value. This is why developers strive to build developments in areas that are always popular and in demand. The fact that there are just a handful
of properties available at a development shows how strong the property market is there.
Property market at the time of writing: An increasing number of properties have been sold for more than £2 million, the upper end of the market is extremely healthy. The market for second-time buyers is steady. The middle range is price-sensitive.
It's interesting how a few quotes in the press and on the TV can alter people's perceptions and change the market.
Is the property market healthy????
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