Foreign lenders move in as rental demand soars |
30 2008 |
| The ongoing demand for top-quality rental accommodation is prompting a number of overseas lenders to move in on the UK market, it has been revealed. As would-be first-time buyers will no doubt be aware, the number of mortgages available in the UK has fallen dramatically, with investors also suffering as lenders attempt to protect themselves by withdrawing high-value buy-to-let products from the market. However, with demand for top-quality rental property still soaring as young professionals choose to rent rather than buy, foreign lenders are now moving in, a new report from HFM Columbus has revealed. "Our own lenders have effectively pulled the plug on this market altogether," said Gary Festa, a mortgage specialist with the company. "But where do buyers go when they want to get their hands on the big money? Current market conditions have given rise to tremendous buying opportunities, and now we have a situation where foreign investment banks are swooping," he added  |
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