Property 'a solid asset' for landlords
News Category: Industry News
Published: 28-Apr-2009
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Property has been described as a "solid asset" for investors such as landlords.
Nigel Ellis, senior partner at Prickett & Ellis estate agents, said that a lot of investors are opting to put their money into lettings projects.
He also suggested that one reason the rental market appears to be holding up despite the current economic turmoil is because first-time buyers are still struggling to get on the first rung of the property ladder.
"If you haven't got a job then you leave London and go back to where you came from and if you have got a job, you are paying good rents and need to find a home in London," Mr Ellis explained.
Money is being put into "nice, little flats in good areas", he added.
His comments echo the sentiments of recent research from The Young Index, which indicated that the first quarter of 2009 saw 40 per cent of buy-to-let investors looking to purchase more properties in London.
This was a seven per cent increase on the final three months of 2008.
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