London property 'close to the bottom' - buy to let mortgages

20 April 2009

The prime property market in London is "very close" to reaching its bottom, it has been claimed.

In advice that may be of note to holders of buy to let mortgages, London Central Portfolio chief executive Naomi Heaton said that many investors are becoming "concerned" that they will miss their opportunity to purchase homes at the lowest prices.

She noted that entering the property market when it has hit the bottom is sometimes a matter of "luck, not judgement", but added that the long-term growth potential and the attractiveness of owning a tangible asset is drawing buyers in.

"The cheapness of debt, the weakness of sterling and a softness in the market ... are becoming too compelling to continue to ignore," Ms Neaton commented.

During March, values for prime central property in the UK capital dropped by 0.5 per cent, according to Primelocation.com.

This represented the first fall in five months, the site stated.

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