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MONEY COMMENT
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Did you know that some 6 million householders live in rented accommodation? Although the majority of them are what's known as social renters - generally living in accommodation provided by local councils - a sizeable minority rent privately. And, according to the market research company, Mintel, the buy-to-let market is still viable as the government continues to steadily withdraw from the social housing market and leaves the gap to be filled by private landlords. Mintel's research, published today, reveals that around four in ten consumers think putting money in to 'bricks and mortar' is a good idea with some 46% of British people believing that property is a safer investment than stocks and shares. A further three in ten believe buying property is a good way to provide for their retirement. In spite of all the recent doom and gloom about overpriced houses, Mintel's research shows that people interested in buy-to-let don't seem too concerned about a possible property crash and nor do they think they'd have any trouble finding tenants. (The thing that most puts them off going into the buy-to-let market is the hassle of managing their rental property). "Investors have notoriously short memories, and given the recent carnage in the equity markets it is no surprise that the most commonly cited statement was that property is a safer investment than stocks and shares. It is now a decade since the last property crash, meaning that a whole generation has grown up with no first-hand awareness of the dangers of negative equity" says Mintel's financial consultant, Toby Clark. However, even in the event of a full-scale property crash, Mintel forecasts that the long-term future of the buy-to-let market will be assured. They point out that the rental market often prospers at difficult times in the housing market, as consumers choose to rent rather than risk losing money in a falling market. So the advice to landlords, it seems, is to sit tight. Find out more about Mortgages and Remortgages and Offset and Current Account Mortgages.