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Buy to Let Boosts Residential Market

LONDON-A surge in private investment in residential property is helping to underpin the UK housing market, according to new research from the RICS.

By Graham Parker | Updated on September 16, 2003

LONDON-The growth in the buy-to-let market over the last three years, as private investors look to property for positive returns while the stock market flounders, has helped underpin the UK residential market, according to the RICS.

In October 2000, just 8% of properties were sold to investors. But by August 2003 the figure had risen to 13%. But according to the RICS this suggests that first time buyers are being squeezed out by buy-to-let investors.

The steady rise in new buyers looking for houses continues, with 16 per cent more surveyors reporting a rise in buyer enquiries than a fall during August. The RICS says this trend is a reflection of stability in the employment market and low interest rates.

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