Buyers 'can hit back at buy to let'
20-Dec-2007
First time buyers could hit back against buy to let investors in the coming months as the market begins to turn, one property portal has suggested.
Mighty Homes has said that while the majority of properties currently available for sale on its website are described as "suitable for buy to let investments" by estate agents, this proportion may soon shift.
For one thing, property investors looking to get rid of some homes as rental yields fall in some parts of the country will help boost supply, according to the firm.
Some investors are being forced to negotiate discounts as low as 30 per cent off the marked price, and one way to find this kind of cheap home is at a property auction, Might Homes has suggested.
"Having recently visited 12 property auctions in the last month nearly 50 per cent of properties have struggled to meet reserve prices and remain unsold," said James Tout from Mighty Homes.
"This represents a clear opportunity for first time buyers to take advantage particularly if they don’t mind a bit of DIY.
"Go along to the auction and if you don't want to bid and be bound by the terms of an auction sale just wait and see if a property doesn’t meet its reserve price. Approach the auction house and see if the seller will take an offer from you. In most cases they will as why else would you sell a property at auction?" Mr Tout noted.
Earlier this week Helen Adams from FirstRungNow.com said that she expected professional
first time buyers to become increasingly attractive to mortgage lenders who are looking to minimise risk following the credit crunch.
Buyers 'can capitalise' in 2008.
Mortgage rates fall following Bank cut.
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