Property Auctions Busy As Tenant Demand Soars

 

Record levels of demand for rental property have led to an increased number of auction bidders looking to expand their buy-to-let portfolio, according to lending specialist Auction Finance Ltd (AF).

The company states that this surge in tenant demand has led directly to a rise in buy-to-let investors looking to buy at auction. Sales of residential property at UK auctions raised £212m in May, up 29.3% on that month in the previous year.

AF Director Chris Baguley commented: "We're not yet at the peak season for rentals and demand is at an all time high. Now is a good time for buy-to-let investors to buy good properties as the yields achievable remain strong and with demand still growing, rent is likely to rise, too."

"As the housing shortage continues, there are real opportunities for investors to take advantage of market conditions. The auction room is the perfect place to do this as properties typically go for between 10 and 20 percent below market rate."

 

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