Martin & Co letting agents in Cambridge, property market news update:
Growth in Private Property Lettings
Recent figures released from the English Housing Survey 2011/2012 show that for the first time in around 50 years, marginally more people rent property from private landlords than from social housing landlords and local authorities.
Rental Market Shift
This shift in the rental housing market comes as little surprise given the rapid growth of the private rented sector in the past few years. Buy to let investment has grown significantly in popularity, as low interest rates reduced financial returns from other, more traditional banking or stock market investments.
Foreign Investment in Buy to Let
Foreign investment in UK property, in particular from the Far East, has played a significant part, most prominently in destinations such as London and Cambridge - where property values tend to perform well, and where the demand for rented accommodation remains strong and steady - despite the tough economic climate of the past few years.
Also, while mortgages criteria have become more complex and with stricter deposit requirements, many first-time and other would-be-buyers have looked to letting property as a more affordable and in many ways more practical, short- to medium-term option.