23 Feb

Buy-to-let property purchases 'increasingly common'

Buy-to-let property purchases 'increasingly common'

The number of people buying homes in the UK to rent them out has risen, it has been shown.

According to the latest English Housing Survey by the Communities and Local Government, owner-occupied properties declined from 14.8 million in 2005-06 to 14.6 million in 2008-09.

Indeed, the peak year for such ownership was identified as 2003 and, since then, it has been falling.

Responding to the findings, Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said the rental sector has risen in prominence.

He added: "Private renting has become an increasingly important tenure with the buy-to-let boom significantly increasing the supply of this type of accommodation."

Mr Rubinsohn went on to suggest that housing levels will have to be increased over the next few years if supply is to keep up with demand.

An imbalance between the number of people selling homes and those wanting to buy is likely to be a feature of the market for some time, the expert predicted.

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