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UK Buy to Let Boom Continues Despite Falling Affordability

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United Kingdom  Europe  London  Douglas and Gordon  UK Buy to Let  Mortgages for Business  David Whittaker 

UK Buy to Let Boom Continues Despite Falling Affordability

By - Tuesday 24 July 2012

The latest news on the UK buy to let scene shows that landlords are still confident and planning to expand their portfolios, but does indicate cracks beginning to appear in the central London rental market.

The latest London property barometer by estate agent Douglas and Gordon shows a slight drop in London rents in June as demand and supply start coming more in-line with each other. This is more as a result of falling demand than rising supply as more and more people are forced out of central London as rising rents push beyond their means.

That is those with the sense to realise that rents are above their means. According to a new report by charity Shelter around one in six people in the UK (16.5 per cent) is spending more than 40 per cent of their income on housing costs such as rent or mortgage payments and other household bills.

According to Shelter this makes UK families some of the worst off in Europe when it comes to the cost of running a home. In fact only Denmark and Greece had higher percentages of people paying dearly on housing, while France, Italy and Portugal were all much lower at 5.2%, 7.5% and 4.2% respectively.

Meanwhile, rents across the country continue landlords continue to benefit from the soaring rents. According to a survey by award winning buy to let lender Mortgages for Business, more than half of investors are looking to expand their portfolios in the months ahead, 6 in 10 by the end of this year. Of those, 84% are planning to invest in residential property according to the report.

"Landlord appetite for buying residential property is high. This will support the private rented sector and ease the strain on would be renters chasing too few properties, said David Whittaker, managing director at Mortgages for Business.

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