Category : Residential Lettings
The Royal Institution of Chartered Surveyors (Rics) has said many buy to let property investors are making the most of the current lack of transactions to negotiate lower prices while enjoying the rise in rent levels.
Rics said this had been observed by many surveyors responding to the latest survey by the body, which showed that the average number of transactions per surveyor fell last month to its lowest ever level at 15.3 each.
Spokesman Jeremy Leaf commented: "Would-be-buyers are negotiating from a position of strength. Even in a weak market there are always opportunities for investors and buyers to profit and some are starting to circle for bargains."
The month's figures did show some signs of improvement, with the balance of surveyors reporting price falls over those reporting price rises down from 92.2 per cent to 88 per cent, while the majority of those reporting falls in buyer enquiries over those reporting a rise was down from 50 per cent to 35 per cent.
Another possible sign of recovery came last week with news from the Council of Mortgage Lenders that the number of loans for housebuying rose by four per cent in May.
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