UK becoming buy-to-let hotspot

06-Jul-2005

A new report has challenged the conventional wisdom that aspiring homeowners should look abroad when investing in buy-to-let property.

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Many first time buyers looking at alternative ways to get onto the first rung of the property ladder often consider investing abroad – especially in eastern European countries where prices are expected to continue rising in the coming years.

However, research published by accountancy firm, Grant Thornton, suggests that the range of tax relief available in the UK offers aspiring first time buyers plenty of opportunities to become buy-to-let landlords without having to look abroad.

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"As the residential property market starts to stabilise and pensions continue to fail to match expectations, more and more people are investing in holiday homes as part of their retirement planning," Ian Luder, tax partner at Grant Thornton, explained to Reuters.

Therefore, aspiring homeowners looking to use rented accommodation as a way of getting onto the first rung of the property ladder are being urged to invest in UK-based property before looking overseas.

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