RICS warning for buy to let landlords over older properties
As 2012 is expected to see an increase in buy to let activity in the UK, the Royal Institution of Chartered Surveyors is recommending that private landlords should take care when buying older properties.
Low interest rates, high inflation, stable house prices and rising rents have combined to encourage another buy to let boom, it pointed out.
According to recent figures from the Council of Mortgage Lenders buy to let loans increased by 16% in the third quarter of the year and accounted for 12% of all house purchase loans.
The current shortage of housing stock, further compounded by fewer sellers in the market, has increased competition for the best properties meaning that landlords are increasing going for properties which need work.
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