Mortgage lenders indicated that more should be invested into the buy to let market this week, something echoed by Rick Flay of Belvoir Lettings, leading letting agent in Sheffield.
According to the Council of Mortgage Lenders (CML), ‘Chancellor George Osborne should do more to encourage institutional investors to take a stake in buy to let property in the upcoming Budget’
Rick Flay, Director at Belvoir Sheffield, which offers a wide range of property to rent in Sheffield, agreed with them, he said: “The rentals market often gets pushed aside when it comes to the budget and priority seems to be on making homes more affordable. Renting is the only option for some people and should be given a necessary boost.
“Encouraging pension funds and corporate investors could provide the cash for more homes to rent.”
The suggestion from the CML is part of a wide-ranging Budget review aimed at influencing the Chancellor to ease the mortgage market.
The CML reportedly told the Chancellor: “Given the vulnerabilities and uncertainties, it is important to make sure that we have explored all avenues for how to strengthen and diversify funding structures
Funding costs remain higher than a year ago, and the UK remains vulnerable to future eurozone developments. Given that current market conditions are somewhat fragile, it is very important that other government policies do not undermine housing market sentiment more generally.”
Rick, whose letting agency on Campo Lane in Sheffield, specialises in providing flats to let in Sheffield added: “The UK’s ever growing rental market has shown great signs of growth during the economic slowdown, with many investors now entering the buy-to-let market for the very first time.
“Many renters simply cannot afford the huge deposits needed to purchase a house, so instead opt to rent. With mortgages unobtainable for a lot of people, the buy-to-let market is truly booming in the UK and the Government need to address this seriously.”
Belvoir Lettings Agency Sheffield is the One Stop Specialists for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances and Mortgages.
