In light of recent figures claiming that house prices were 1.1 per cent higher in May this year, than a year earlier, Belvoir Northwich is claiming that the buoyancy of the buy to let market looks set to stay intact.
The latest figures from Nationwide, puts the average price of a house for the whole of the UK at £168k, a one per-cent increase on last year’s figures.
James Whalley, Office Manager at Belvoir Northwich, who offer a wide range of homes to let in Northwich, said: “These figures are great for both the housing market in general and the buy to let market. Homeowners are finding that their properties are worth more than they were 12 months ago, but the rise in prices is in some cases making it harder for first time buyers, creating a continued demand for rental properties.”
Despite these observations, some critics argued that the availability of credit was in fact improving.
Nationwide’s chief economist, Robert Gardner, said earlier this week that: “There has been an improvement in the availability .. of credit, partly as a result of policy measures, such as the (BoE’s) Funding for Lending Scheme. Indeed, mortgage rates have fallen back towards all-time lows in recent months.”
James, whose letting agency on Castle Street in Northwich, specialises in providing flats to let Northwich, added: “Interestingly enough, although in some cases it is still hard for first time buyers to secure finance, buy to let landlords are starting to find it easier to secure a buy to let mortgage- again another positive sign for the rentals market.
