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Thursday 8th November 2007
The buy-to-let market is now almost exclusively a rich man's game, with the market now almost inaccessible to the average investor, according to a Royal Institute of Chartered Surveyors (Rics) report published today.
Interest rates and levels of rental cover ratios for mortgages have made buy-to-let investments an unattractive proposition for many, with would-be-investors needing a £65,600 deposit (30 per cent of a property's value) to get on the buy-to-let ladder, compared to the £10,100 needed in 2002.
In the coming months, rents are predicted to rise strongly, while house prices are expected to remain flat - meaning the yields on residential property could increase slightly, which means that paired with the prospect of a drop in interest rates, buy-to-let could become more attractive.
Commenting, David Stubbs, Rics senior economist said: "It takes more capital than ever to set up a buy-to-let investment. Would-be investors who have missed out on the impressive returns of previous years are now finding the hurdles to property investment are higher than they imagined.
"However, existing landlords should be able to use the equity in their past investment properties to fund the deposit needed for new ones, and this should ensure that demand from the buy-to-let sector does not dry up entirely."
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