Buy-to-let market 'is in midst of a boom'

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With the impact of the credit crunch putting an increasing strain on people's finances, private rented accommodation is experiencing more demand than ever.

That is according to aboutproperty.co.uk, which has reported that a buy-to-let boom is currently taking place, as a result of the slowdown occurring in the UK property market.

Accordingly, the website maintains that prospective tenants are increasingly finding themselves in competition to secure a property.

Katy Waite, local director of the County Homesearch Company (CHC) in Surrey, told aboutproperty.co.uk that she has been "inundated with requests to find the right homes for people to rent".

She commented: "Landlords have people queuing up to rent their properties, ready to pay full deposits on the spot, and the full rental price without question.

"If a client does not move quickly they face losing out."

Average UK rents have experienced an increase of 14 per cent over the past year, according to recent research from Paragon Mortgages.

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