Marijana No Comments

Less Buy To Let Investors Registering To Buy Property

There were less buy to let investors registering to buy property in 2018 according to new data released by estate agent Haart.

The number of landlords registering to buy property with the agent fell by 36 per cent year-on-year in November when compared to November 2017.

London recorded the biggest fall in property investors registering, down by 47 per cent on an annual basis.

On a broader scale, the number of landlords registering to buy property across the market in England and Wales dropped by 15.6 per cent on a monthly basis but was actually 22 per cent higher than the corresponding month last year.

From a rental point of view however the opposite is true. Average rents across England and Wales fell by 0.9 per cent on a monthly basis, and by 3.6 per cent year-on-year.

However, demand in London has increased by 7.6 per cent on a monthly basis and by 41.4 per cent annually, a major factor why rents edged up 1.2 per cent monthly month and by 6.9 per cent year-on-year.

CEO of Haart, Paul Smith, commented: ‘It’s very promising to see house prices climb up on the month amidst choppy political and economic waters. November and December are typically quieter months for the property market, but I expect we will see a surge in activity across the country once the Christmas lull is over.

He continued: ‘The monthly drop in the numbers registering to buy in London, which coincides with a huge increase in the number registering to rent, is indicative of buyers waiting for the political in-fighting to blow over. However, if the government were to provide clarity on Brexit, this would act as an ignition to unlocking the market’s huge potential.

‘Throughout 2018, the market has enjoyed a number of underlying strengths. With demand for property remaining significantly higher than supply, and a range of low fixed mortgages readily available, coupled with the fact that employment figures are at their highest in decades, there is plenty of reasons to be confident about the UK’s housing market going into 2019.’

Source: Residential Landlord