4
Nov
Buy to let market 'to take advantage of declining homeownership'
People with buy
to let properties could be set to take advantage of the current
housing market after it was said that homeownership is on the
decline.
The Council of Mortgage Lenders (CML) has stated that "since 2003,
we have seen the first significant decline in homeownership".
It added that it expects people in their 40s, 50s and 60s to
receive the benefits of owning properties in the coming years, as
opposed to younger generations.
The CML has called for help from the government to fill this gap
and create opportunities for younger buyers to get on the property
ladder.
However, this rate of decline of homeownership will come as good
news to landlords, as they will be able to take advantage of the
growing rental sector.
This is compounded by recent figures from the Department for
Communities and Local Government, which revealed in the English
Housing Survey Household Report 2008-09 last week that there has
been an increase in demand from tenants since 2003. 