Letting agents target northern cities
News Category: Industry News
Published: 20-Oct-2008
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Landlords took advantage of opportunities for high rental yields in developments in northern cities during the last eight years, a study has found.
In the years of growth in the UK property market before the credit crunch, buy-to-let investors poured cash into northern cities while easy access to money helped drive up house prices, said Selwyn Lim, director of UK property market researchers Mouseprice.
The group's Annual Street Rankings 2008 study ranked the most affordable streets in the country, with Oxford Street in South Elmsall, followed by Tower Green and Warwick Street, both in Middlesbrough South Bank, in second and third respectively.
Mr Lim said: "Before the credit crunch it was very easy to get a mortgage and the sub-sector of the market who took most advantage of this were the buy-to-let investors."
Despite the economic downturn caused by the credit crunch, the Royal Institution of Chartered Surveyors earlier this month said the UK rental market is "thriving" after 43 per cent more of its members reported a rise in landlord instructions during the last quarter.
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