UK Money News
26th February 2008
Investors not to blame for first-time buyer woes
Buy-to-let investors should not be blamed for the difficulties faced by people looking to get on the property ladder for the first time.
That is the message from Malcolm Harrison of the Association of Residential Letting Agents (ARLA).
Recent house price inflation has made it increasingly challenging for anyone without equity to get a foot on the housing ladder.
Now that the credit crunch is biting and mortgages are becoming less affordable, the outlook appears even bleaker.
Some analysts believe investor buyers have helped fuel the surge in house prices and that limits on second homes would help first-time buyers out.
But Mr Harrison rejected suggestions that investors were responsible for affordability problems as "a load of rubbish".
"The buy-to-let investor tends to go into the middle market; and buy-to-let, until very recently, has done no more than refinance big chunks of the private rental sector, and only in the last year or so has actually helped to grow the private rental sector," he added.
A number of people have been attracted to property investment in the last ten years by low interest rates and rising house prices.
Even now, with the market slowing, investors with large deposits to put down will still be looking to expand their portfolios as vendors become jittery.
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