Buy-to-let market will remain steady

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A group of leading economic commentators have predicted that the buy-to-let market will remain steady in 2008, ifaonline.co.uk has reported.

At a debate held yesterday (Tuesday, March 18th), Michael Coogan, director general of the Council of Mortgage Lenders (CML), said that he felt the market was unlikely to experience a boom due to falling house prices.

However, he asserted that the demand for private rented accommodation would continue.

Mr Coogan commented: "I think a lot of people will seek rented accommodation while they save the money to buy, but I don't like to think of the market in terms of boom and bust and I expect it to remain steady."

Also speaking at the debate, David Miles, chief economist at Morgan Stanley, asserted that investors would remain in the market.

He said: "In think net new demand is unlikely to increase, despite the prospect of attractive yields, because capital is likely to depreciate in the short term.

"However, it’s too costly for those already in the market to get out, so I think most current investments will remain."

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