The rental market is changing again; we have record number of property investor millionaires - more than ever before. A strong level of confidence that property prices will go up, a changing attitude to renting from tenants, now choosing to rent instead of buy, tighter regulation to drive out rogue landlords and a new 'common sense' austere approach to lifestyle, which is both refreshing and exciting.
A recent news report stated that there are now 300,000 property millionaires in the country, with 64% of them living in London, an increase of 47,024 new property millionaires, 19% up from last year. This is due to strong capital appreciation and demand for property mainly in the Capital. This will attract more attention from the global property investor, which I believe will fan the market even faster.
Halifax report that: 'The optimism across the country for the housing market is strong, in fact, 38% of people surveyed believe that house prices will go up in 2013. There is a rise in interest from first time buyers out there too, but more than half the respondents highlighted concerns about job security (58%) and the challenges in raising a deposit (55%) as the main barriers to buying a home. The proportion highlighting concerns about job security is 7% higher than in October (51%).'
Due to the reserve of first time buyers (FTB), the demand from investor landlords is likely to outweigh the numbers of FTBs, and even with the difficulties in obtaining BTL mortgages, more and more investors are coming to the market looking to join the property millionaires of the future and build assets through property for their families.