UK market 'still a good investment' - buy to let mortgages

28 August 2008

A South African property magnate has said he believes the UK is still a good place to invest in property, news which may interest those with buy to let mortgages.

The chief executive of International Property Solutions, Scott Picken, told Summit TV that despite the economic uncertainty in the UK market at the moment "the fundamentals are in place", Business Day reports.

He also claimed that there is strong demand from tenants in areas of the capital such as Greenwich, Canary Wharf, Clapham and Wimbledon.

Speaking from personal experience, he offered some advice on buying in London: "Never own a property that's more than ten minutes away from a tube station - if you are further than ten minutes you are going to battle to get a tenant."

In July this year, a lettings survey by the Royal Institution of Chartered Surveyors showed that new instructions from landlords to let their properties had risen at the fastest pace in the history of the study.