Tuesday, December 18, 2007
But the doors are closing fast
New landlord instructions (an indicator of buy-to-let activity) dropped below the long run average of 16%. 11% more Chartered Surveyors reported a rise in landlord instructions compared to 19% in the previous quarter. An uncertain backdrop may have dissuaded new investors in the buy-to-let market. The ongoing credit crunch is likely to have had some impact by encouraging banks and building societies to be more selective in their lending criteria. The survey suggests more landlords are dropping out of the market as the effect of interest rate hikes seeps through.