06-03-2008
RICS paints gloomy buy-to-let picture
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
The Royal Institution of Chartered Surveyors (RICS) has issued a warning over the UK's buy-to-let property market.
Laying blame at recent mortgage lending restrictions, the organisation has warned of evidence suggesting that the UK's buy-to-let mortgage market could be close to faltering.
"Access to the buy-to-let market became harder for would-be landlords as mortgage products became scarce," said a representative from RICS.
"The credit crunch has restricted the number of buy-to-let mortgages approved, as well as the number of mortgages available to investors."
Indeed, a survey from the organisation has revealed a decline in the number of new landlord instructions during the latter months of last year.
Rics discovered that over the final quarter of 2007, the number of surveyors reporting a fall in landlord instructions was greater than those reporting an increase, by one per cent when compared with the third quarter of the year.
