Compelled into property rental due to a shortage of properties for sale and unaffordable mortgages, more than 50% of landlords felt that most new tenants had ‘reluctantly’ entered on the rental market after failing to get on the property ladder.
Continuing in this study the Association of Residential Letting Agents also found that the average length a property is left empty has dropped from 4 weeks to 3.9 weeks, following the influx of first time buyers into the sector.
Speaking on the issue, Melvin William of the National Association for Estate agents feels the main problems for first time buyers has 1) been being unable to afford the 20%-30% deposits needed to invest in property and 2) the lack of suitable housing currently available on the market.
Reports suggest lenders are now taking the attitude they should have taken 2 years ago where they are implementing stricter criterion onto their mortgage deals. However, this move has come too late and is now impacting on the property market in a different way by preventing first time buyers from investing and ultimately revitalising the market.
Similarly during 2008, builders were simply not building, which has created a shift in the supply/demand balance that has ultimately triggered the recent property price boom…
Of the new tenants to enter onto the rental market, the Arla believe they consist mostly of homeowners who were forced to sell their homes either due to financial constraints or a new job.
It is estimated that over 1,400 UK property investors who have built second homes in Cyrus could be at risk of losing their land after the Court of Appeal backed Greek Cypriot refugee Apostolides claim to land he fled in 1974.
This 5 year case which has succeeded in going through the Nicosia Courts, the European Court of Justice and finally the Court of Appeal in London, has finally concluded with Linda and David Oram from Sussex having to demolish their second home and return the land to Apostolides.
According to officials, it is believed that Apostolides fled his home when Turkish troops invaded Cyprus in 1974. During this period, the land was sold to the Oram’s who proceeded to build a second holiday home there. However in 2004, Cyprus Courts ruled that the land still rightfully belonged to Apostolides and ordered the couple to return it.
The conclusion of the Oram’s case this week has proved to be a sad end for the couple who have fought to protect their second home for the last 5 years.
Under the Court of Appeals ruling they must comply with the original judgement made in Nicosia and demolish their home. In addition, the couple have been ordered to pay Apostolides damages and monthly rent until the land is returned to him.
Although the Oram’s may currently be the only case of this kind that has been taken to court, it is believed that over 1,400 property investors could be living on land that belongs to Greek Cypriot refugees…
More worryingly, UK and Greek Cypriot officials have predicted that a further 5,000 Britons may be living on land – in the self-declared Turkish Cypriot State – whose title deeds are held by displaced Greek Cypriots.
Original Article
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Jatinder Singh, Property Mentor Delegate
After years of watching others earn large capital gains from property, I knew reading about this niche wasn't enough to satisfy my curiosity, I needed to get MY slice of this strong investment vehicle too. That was x years ago and since then I have managed to: invest in 2 properties (one with a £60,000 saving); earn consistent £1,000+ monthly cash flows, and have got a couple more properties waiting in the pipeline. Read more
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