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Buy to let investors will 'wait until market bottoms out'

Tuesday 16th September 2008

Buy to let investors are set to bide their time before taking advantage of falling prices to add high-end homes to their property portfolios, a property buying consultancy has warned.

Philip Selway, managing partner for the Buying Solution, forecasts that this type of buyer will wait until the economy bottoms out before making purchases in the luxury end of the market.

Mr Selway explained: "We have an expression 'bottom-feeders', in other words they will wait until they judge the market is at the bottom before getting into it buying.

"The luxury market seems to suggest brand spanking new, all singing, all dancing gold town affairs - it's more than that. The luxury end is country estates and the big county estates with 100 acres are not necessarily what you find in Sandbanks."

His comments come as Savills UK Prime Residential Markets review for summer 2008 found that values are falling faster in prime London locations than in other markets.

The estate agent anticipates that prices in these locations will be down by 15 per cent by the end of this year.

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