Middle-class homeowners 'looking for quick sale' - buy to let mortgages

17 April 2009

Many middle-class households are looking to sell their homes quickly and downsize to smaller properties, it has been noted.

Chris Jenkins, co-owner of the Homeowners Advice Centre, said that those with high-end houses generally have more equity in their homes, allowing them to drop the price for a quick transaction if necessary.

A case he saw recently involved a house in the north-west that was on the market for £500,000, with the vendor eventually lowering the price to £350,000.

Such discounts may be of interest to those with buy to let mortgages looking for larger properties to rent out.

"These are the kind of margins that make quick-sale companies take a risk on high-end properties rather than the two-up, two-down vendor," Mr Jenkins stated.

Meanwhile, Nationwide Building Society reported this month that house prices rose by 0.9 per cent in March, representing the first increase since October.

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