'Good time to invest' in UK buy-to-let properties

British nationals working abroad may want to consider a currency transfer so that they can invest in property in the UK.

Perran Cooke, mortgage consultant at estate agent Countrywide, described how the UK market is perfect for those hoping to expand their buy-to-let portfolio.

He explained that as first-time buyers continue to struggle getting a mortgage, the demand for rental houses and flats remains high.

It was noted that in recent months an increasing number of individuals are looking to invest in properties they can rent out, particularly in city centres.

"The fixed-rates are getting a lot longer, so you do find that it is more of a buyer's market for buy-to-lets at the moment," Mr Cooke commented.

However, individuals were advised to ensure they think carefully about where they purchase property as it needs to be in an area that will be attractive to renters.

For example, before making a money transfer and investing in a buy-to-let home, Mr Cooke recommended thinking about the type of people that will be interested in living there.

City centre living may be more of a priority to students and young professionals, while families may want a bigger house based in a suburb.

Despite this, it was noted that "rental yield is still nice and strong" in places such as Manchester.

Mr Cooke described how landlords are putting down an average of 20 to 25 per cent for a deposit, with £25,000 to £30,000 the norm for £100,000 properties.

His comments come after the director of operations at the National Landlords Association Richard Price claimed that buy-to-let mortgage products must be sustainable.

Mr Price suggested that any products that enter the market to support the growth of offers must be practical in the long term.

Posted by Thomas Smith

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