While there is much bad news in many housing sectors, it does appear that in some cases, home loans are holding steady. The biggest improvement is in buy to let dwellings, since the rental property market is growing at this time. Although rates for home loans are higher, there are still those that are trying to take advantage of lower property values and over time, this may help save the industry. This does appear to the be the case with home loans for letting property, especially now that many people have been forced to become renters after losing their own homes to foreclosures and loan defaults.
Director of RICS Wales, Cathy McLean, said: “The Welsh lettings market is booming with many sellers opting to rent their property while sales in the housing market continue to dry up. Becoming a landlord is now an increasingly profitable option with rising rents and yields offering good returns.”
RICS spokesperson James Scott-Lee said: ‘The lettings market is booming with many vendors opting to rent their property while sales in the housing market continue to dry up. Many are willing to hold and await the return of capital appreciation.
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