Buy-to-let boom driven by urban professionals
Posted: 25 May 2006 09:47:48 GMT
Landlords are reportedly reaping the benefits of a booming buy-to-let sector, as young professionals increasingly see rented accommodation as the most desirable option.
While it is true that affordability difficulties have also contributed to the popularity of the rented sector, the Association of Residential Letting Agents (ARLA) is claiming that it is more of a lifestyle choice than anything else.
ARLA spokesperson Malcolm Harrison observed that renting has come "socially acceptable", adding that it suits the aspiration lifestyles of many young professionals.
One of the chief advantages is that people are able to live nearer to a city centre if they rent, making it more convenient and contributing to a more dynamic lifestyle.
"A competitive market has brought up standards," he added, stressing that good quality properties can now be found at any economic level.
Looking at the buy-to-let industry in general, Mr Harrison noted that it is "a steadily growing market". He also observed that the London market is enjoying a significant recovery, with the negative impact of the dotcom crash only recently easing.