Buy-to-let investors advised to seek significant discount
www.moneynews.co.uk > Housing market > Buy-to-let investors advised to seek significant discount
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Money News |
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Buy-to-let investors advised to seek significant discount
Thu 29th May 2008
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Lee Grandin acknowledged that landlords tend to buy properties below market value anyway, but said that with house prices falling they need to be sure that the value will not have dropped by another 20 per cent in a year's time.
"I would say that a 15 to 20 per cent discount is not enough," he commented, noting that some landlords are already securing discounts of up to 40 per cent on repossession properties.
Mr Grandin also spoke about the accessibility of the buy-to-let market to non-professionals and suggested that finding a mortgage with anything less than a 20 per cent deposit would be the main issue facing amateurs.
Recently, Hometrack reported that property sellers were receiving an average of 93 per cent of the asking price in April, which was the lowest monthly percentage for over three years.
Related News : Housing market |
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