FOUR interest-rate rises in nine months and by all statistical accounts the message is filtering through: house-price inflation is coming down. But as borrowing costs increase, observers may have been prematurely worried about the effect on cash-strapped householders. It seems there is a group in the property market that is more sensitive to financial pressure than even first-time buyers: that is, buy-to-let investors.
Surveys from specialist lenders and investor groups have long maintained that stagnant, or even falling prices, would be no bar to the buoyant buy-to-let market. Some have even predicted that any price falls would be greeted with a investment-buying spree. But as the rate of growth slows (to 9.1 per cent annually, as reported by the Land Registry this week, or 6.7 per cent and on the way down, according to Home-track) agents say that buy-to-let investors are increasingly thin on the ground.
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Tuesday, 5 June 2007
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