Surely I am not the only landlord worried about new EPC requirements?9:44 AM, 17th February 2021
About A week ago 115
Prices of buy to let properties in many large towns and cities have dropped to more affordable levels for investors.
Research from mortgage lender the Halifax shows a budget of £150,000 for a buy to let now buys a wider range of suitable properties in the UK’s top 10 cities than at the height of the housing market in 2007.
In 2007, £150,000 would not buy any home in London, Bristol or Edinburgh, while investors in Glasgow could consider buying a flat.
Prices were slightly better in Birmingham, Leeds, Sheffield and Manchester, where the budget made a terraced house affordable.
When home prices peaked, the only top 10 where investors could buy a semi was Bradford.
Now, the tables have turned and buy to let investors can pick up a semi detached house in five top 10 cities – but London and Edinburgh are still out of reach while only flats are available in that price range for Bristol, although terraced homes are also within budget in Liverpool and Glasgow.
£250,000 is not enough to buy a home in London
The door seems firmly shut on many property investors in London, where even a budget of £250,000 still buys nothing.
In line with the Halifax findings, Barclays Bank has disclosed mortgage affordability is at its best for a decade.
The bank’s average mortgage customer pays 15.4% of their take-home pay in mortgage costs.
Latest figures from the Land Registry show house prices in England and Wales fell slightly in the 12 months to January 2011 – for the first year-on-year fall in 15 months by 0.9%.
The average cost of a home is £163,177.
Nevertheless, although a year-on-year fall was recorded, house prices in January actually increased by 0.2%.
The Land Registry also revealed 54,012 homes changed hands in November, the latest month for which figures are available – the lowest since May 2010 and a 6% drop from October 2010.
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