23
Feb
Buy-to-let property purchases 'increasingly common'
The number of people buying homes in the UK to rent them out has
risen, it has been shown.
According to the latest English Housing Survey by the Communities
and Local Government, owner-occupied properties declined from 14.8
million in 2005-06 to 14.6 million in 2008-09.
Indeed, the peak year for such ownership was identified as 2003
and, since then, it has been falling.
Responding to the findings, Simon Rubinsohn, chief economist at the
Royal Institution of Chartered Surveyors, said the rental sector
has risen in prominence.
He added: "Private renting has become an increasingly important
tenure with the buy-to-let boom significantly increasing the supply
of this type of accommodation."
Mr Rubinsohn went on to suggest that housing levels will have to be
increased over the next few years if supply is to keep up with
demand.
An imbalance between the number of people selling homes and those
wanting to buy is likely to be a feature of the market for some
time, the expert predicted.
