16 Jan Why is the buy to let business booming?
Attention property investors everywhere! Do you want to know why the buy to let business is booming? Find out why it is the prefect time to pick up those BMV properties and start (or continue) your buy to let portfolio!
Even though the property market is in the doldrums at the moment and is set to stay that way, now is in fact the perfect time to purchase your buy to let property. With the demand for rented accommodation soaring due to to families or couples not being able to afford a deposit on a mortgage, now is when property investors like you should be purchasing your future buy to let investment properties to accommodate the current demand.
Figures from the rental industry show why the buy to let business is set to be 2013’s favourite career change. Rightmove claim that the average UK rent has risen 13.6% since 2009 and they have also predicted a 2% rise in demand in 2013 alone. According to the Census, the number of UK households that are currently being rented stands at 36% rising from 31% a decade ago.
So, the reason why the buy to let business is booming boils down to the current state of the economy. People can’t afford the high deposits on a mortgage, first time buyers are struggling to secure a mortgage at all therefore, more people are being forced into rented accommodation and potentially becoming life time renters. This means the demand for rental property is constantly rising which is the perfect situation for property investors across the country.