The year 2007 saw persistence in weakening of people’s affordability in terms of buying property in UK. Reports say that over the course of year 2007, affordability of the first-time property buyers continued to deteriorate with gross lending growing by five per cent.
The buy-to-let trend in UK property however has strengthened manifold over the last few years. With demand outstripping supply in case of family property, the buy-to-let market has been gaining so much potency that the National Statistics Office has termed it as an industry. It’s no surprise that UK’s buy-to-let industry has experienced one of the fastest growth rates over the last decade. The growth pace of this industry hasn’t slackened but only boomed with the passage of time. In some cases, the rates of buy-to-let property even appear to be beating the standard UK mortgage.
The continuous fluctuations in UK real estate didn’t affect the buy-to-let landowners who remained calm and confident throughout the period. According to some reliable sources, an average property investor owning ten properties in 2000, is now the owner of thirteen and plans to extend their portfolio. According to surveys carried out by Association of Residential Letting Agents (ARLA), a whopping percentage of buy-to-let investors did not show a short-termist approach by having no plans to sell their property even if the prices fell, in which case, they would rather wait for the market to return to more favorable conditions.
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