Legal News
Estate Agents Witness an Increase in Buy-To-Let Investors (11 January 2012)
Date: 11/01/2012
According to figures released by the estate agent, Savills, one-fifth of the total residential housing stock is now owned by private landlords. Tighter lending standards have been noted as a factor for creating many opportunities for investors to enter into the buy-to-let market. According to Savills, the prospect of increasing rental income has lured buy-to-let investors. The number of mortgages received by private landlords increased 16 per cent to £3.8 billion during the third quarter of 2011, according to claims from the Council of Mortgage Lenders. A boom in the rental market has also been seen in America, with home ownership levels falling to 66.9 per cent in 2011 from 70 per cent in 2005.
Despite the sharp decline in property prices since the financial crisis and predictions of a further fall this year, first-time homebuyers are finding it difficult to enter onto the property ladder. The resurgence in the number of buy-to-let investors may increase the pressure on the Coalition Government to take greater action to aid first-time buyers.
Duncan Lewis’ conveyancing department provide clients wishing to take their first steps onto the property ladder with the legal guidance that they require. The team of skilled conveyancing solicitors can also aid pre-existing homeowners in dealing with the legalities of relocating in the UK or abroad. The department understands that the decline in property prices means that all homeowners desire value for money when relocating. The team also understands that the majority of first-time buyers struggle to meet the cost of deposits. This is why they are committed to providing a thorough conveyancing service at an affordable cost.