Buy To Let Updated:
Growing demand for rented property means that now is the perfect time to invest in buy-to-let property, according to the findings of a new broker survey.
The survey, conducted by The Buy to Let Business, found a whopping 95% of brokers believe now is the time to invest in buy-to-let property.
Over 90% of those brokers polled said they believed the market would grow over the next 12 months, with 30% extremely confident that it would and 61% relatively confident. Just 9% had no opinion.
Indeed, the latest Lettings Index from Countrywide reveals that growing demand for rental property pushed the average rent up to £866 per month in July - the highest level in more than two years
By region, East Anglia recorded the greatest growth, with rents rising there by 5.5% month-on-month, followed by Wales (up 5%) and the South East (up 4.3%).
Additionally, investors who've become disillusioned with rock-bottom savings rates are increasingly being drawn to the attractive returns achievable on a successful buy-to-let property.
The Countrywide research revealed that rental yields remained strong last month, with the greatest yields being achieved in Wales (6.6%), the Midlands (6.5%) and the North (6.4%).
"According to recent data from the Council of Mortgage Lenders, lending to buy-to-let landlords is now at its highest level for nearly 5 years," said Nick Dunning, group commercial director at Countrywide.
"Rental values are being underpinned by the increasing number of people living in the private rented sector and rents are likely to continue rising unless supply and demand becomes more aligned."
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