London's first-time buyers 'having to compete with investors'
Date posted: 16 Apr 2010
Many first-time buyers looking for properties in the capital are having to compete with buy-to-let investors, a PricedOut.org.uk expert has suggested.
Published by Tim Hill.
Buy-to-let investors are often in competition with first-time buyers to buy new properties in London.
That is according to the PricedOut.org.uk spokesperson Katy John, who has noted that those looking to invest in the capital may be able to take advantage of certain tax breaks.
She commented: "70 per cent of new builds in the capital are brought by buy-to-let investors, and the current tax breaks that they enjoy make it very difficult for first-time buyers to compete."
There is currently a lack of affordable housing in London, Ms John added, which may be posing problems for couples in particular.
Her remarks follow the publication of National Housing Federation and YouGov research, highlighting the property future expectations of young London residents.
Of those polled in a recent survey, 54 per cent believe they will not be able to purchase a home of their own for a decade.
Please contact Michaela Henson, Head of Property for further information or call 01223 225178
Click here to email or call on 0207 382 8060.
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