As Lord Lamont becomes the latest public figure to voice an opinion on the buy-to-let boom, Belvoir Sheffield is claiming that the buy to let boom is great for the private rented sector and a great source of investment.
Serving as chancellor during the recession of the 1990’s, Lord Lamont is certainly qualified to have an educated opinion upon the matter, but his latest opinions reportedly indicate that he is thought to be concerned that mortgages are given out when perhaps they shouldn’t be, (for example when the ratio of wages to mortgage is disproportionate), and he fears a similar collapse to that fuelled by the demise of Bradford and Bingley in 2008.
Rick Flay, Director at Belvoir Sheffield, who offer a wide range of homes to rent in Sheffield, said: “Lord Lamont is concerned that because the buy to let sector is so successful at the present time, that there may be a rapid over expansion. In effect, now really is the time to buy for those who are cash rich and do not require a mortgage.
It was reported recently that ‘The private rental sector is often attributed to today’s government’s funding for lending scheme, an £80billion scheme designed to improve the availability of credit which has led to landlords being offered mortgage rates of a mere 2.5 per cent. 40,000 buy-to-let mortgages were granted between March and June, proving that there is no better time than now to be a landlord.’
Rick, whose letting agency on Campo Lane in Sheffield, specialises in providing flats to let Sheffield, added: ” Research from Belvoir Sheffield suggests that as the prospect of letting out a property becomes is becoming even more financially rewarding than selling your property, one in three homeowners are now considering this as an option, but anyone new to residential lettings to be aware of the many pitfalls, including strict regulatory requirements, insurance considerations and tenant reference and checking procedures.”
Belvoir Lettings Sheffield is the One Stop Shop Specialists for residential property, for buying and selling, for lettings including property management, investment, and wealth management advice, fit outs and renovations, mortgages and conveyancing.
Belvoir Sheffield was the winner of the Belvoir Franchise of the Year Award for 2013.
For more information on Belvoir Sheffield, please call lettings on 0114 25 25 215 or sales on 0114 331 0033, or email us at sheffield@belvoirlettings.com
