The Association of Residential Letting Agents (ARLA) is advising caution to any investors thinking o...
The Association of Residential Letting Agents (ARLA) is advising caution to any investors thinking of looking to the property market as a favourable investment against the volatile equity markets.
ARLA estimates the average loan for buy to let property has increased in the last three months along with the downturn of global markets to £102,039 from £76,600 over the three months to end November. ARLA members advanced a total of £430.4m during the winter period versus £334.6m during the autumn.
Robert Jordan, president of ARLA said: "Investors forsaking the financial markets for residential property must be careful and not take on investment property without checking every aspect of the local rental market with their nearest ARLA letting agent.
"Every areas has its own peculiarities and it would be foolhardy indeed to buy-to-let without seeking proper advice from the experts. Investing in buy-to-let property does not involve the same considerations as buying your own home."
ARLA's members are the Alliance & Leicester, Birmingham Midshires, Clydesdale Bank, Mortgage Express, Natwest Mortgage Services and Paragon Mortgages.
'Necessary steps' taken
Penalty payments and enforcement policy
Fees as low as 0.04%
Client procurement costs ‘unsustainable’
Only 9,486 applied for the benefit in 12 months