Need for speed to beat buy-to-let

18 October 2006
Prospective landlords tend to make decisions regarding the purchase of a property faster than other types of buyer.

So says a study of landlord behaviour carried out on behalf of mortgage broker John Charcol, which found that 38 per cent of buy-to-let house-hunters decide to buy within just a few hours.

A confident 19 per cent put in an offer while viewing the property, while four per cent go on blind faith and offer to buy without even setting foot in the house.

Senior technical manager at John Charcol Ray Boulger explained that the competitive nature of the UK housing market was impinging upon first-time buyers (FTBs).

In order to keep up, he said, FTBs must "work harder than ever to ensure that they have done their research properly and are able to move as quickly as those who are intending to rent a property out".

Some 84 per cent of those polled said that buying property close to home was important in letting successfully, while 60 per cent of landlords think that flats for young professionals will be the best bet for investment over the next five years.

To read more about buy-to-let mortgages and property, click here.

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