Friday 29th June 2007
Britons who cannot afford a house are being helped by the availability of buy-to-let properties, it has been suggested.
According to mortgage provider Paragon, buy-to-let property adds to the amount of rental accommodation for tenants who cannot afford to purchase a home.
The company cites figures which show an increase of ten per cent in average rents since November 2006.
Chief executive Nigel Terrington states: "Commentators forecasting a downturn in the buy-to-let market have overlooked the fundamental dynamic of the UK housing market - people need somewhere to live."
"Like it or not, buy-to-let is here to stay and has a rosy future," he adds.
Following Gordon Browns appointment as prime minister this week, Nationwide called on incoming chancellor Alistair Darling to provide extra assistance to first-time buyers.
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