Press Release Summary: According to the Royal Institution of Chartered Surveyors, the percentage of landlords selling their properties is at a three-year high. High borrowing costs and tightening of lending conditions by the lenders have adversely affected the buy-to-let market.
Press Release Body: London (Loans-Bazaar) December 21, 2007: A research from the Royal Institution of Chartered Surveyors reveals that the percentage of landlords opting to sell their properties when their tenant's lease expires has increased to 6.5 per cent, the highest level since January 2005. Experts say that it was a sign that increased house prices, high borrowing costs and a fall in the rental yield have made it unprofitable for the landlords to continue in the market.
Due to credit crunch in the UK financial markets and resulting high interest rates, the mortgage lending has also dropped. According to the Bank of England, the number of mortgage approvals was 88,000 in October, the lowest level since February 2005.
Since 1996, when buy-to-let mortgages started off, the market for this product has increased tremendously. However, the recent problems in the financial markets have made lenders adopt a tougher approach towards buy-to-let products. Many lenders have altogether withdrawn their products from the market.
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