Do not wait for market to bottom out' - buy to let mortgages

11 March 2009

Property investors have been urged not to wait for the bottom of the market to make purchases.

In advice that may be relevant to those with buy to let mortgages, sales and marketing manager for Ducalian Timothy Lambert said that now is an "ideal" time to buy houses or flats.

"With low prices and interest rates at an all time low, now is the best time to buy since the last property crash in the early 1990s," he remarked.

Mr Lambert noted that there will be an increase in the amount of distressed homes coming onto the market as mortgage arrears rise and houses are repossessed.

But this will not last indefinitely, he suggested, adding that a "turning point" will be reached in the market eventually.

Recently, Hometrack reported that house prices dropped by 0.8 per cent during February, with the annual decline standing at ten per cent.