What’s in store for the buy-to-let market?
07-15-2016
What does the future hold for the buy-to-let market in light of tax changes and the vote to leave the EU?
Be aware that first-time buyers could be holding off from buying just yet, as they may be tempted to wait and see which way the market will go during these new, untold times.
One thing that is for certain is they will still need somewhere to live in the meantime, which could push them into the rented market, which in turn could see rent prices go up.
Likewise, if those currently in the middle of a chain get cold feet and pull out, for the same reasons of uncertainty and unease, this could move people into rented accommodation until the buying market becomes more clear and people’s worries are put at ease.
If you’re considering investing in a buy-to-let property, then it’s worth keeping a close eye on the market. Interest rates are at a record low, so now could be an excellent time to secure your money in a property.
If house prices have a sustained fall then this could also indicate a good time to buy. Just be aware that if this does happen, you will need to act quickly, so be ready with your mortgage in principal in place as this could make you a more attractive buyer, plus you will know exactly how much you will be able to borrow.
If you don’t already have it, now would also be a good time to consider taking out landlord’s insurance to protect you and your property.
And it’s always a good idea to re-evaluate your financial position every once in a while. So if you currently have a mortgage and feel it isn’t right for you any more, then it’s worth speaking to a mortgage adviser.
During times of financial uncertainty, it is always advisable that you seek expert advice from professionals in the industry.