If you are thinking of getting into buy to let, or are thinking of adding to your existing buy to let portfolio, you might be interested in the latest report from LSL Property Services, which might influence where and when you buy.
LSL produce a monthly property index which is, in effect, a composite of all the major house price indices such as Nationwide, Halifax, Hometrack, Rightmove, and CLG (Dept for Communities and Local Government).
In their latest report (April 2013) they calculate that average prices are up £6,700 over the last year (although that would be £1,117 when London is stripped out) and that house prices have only fallen once in the 16 months.
As they put it, ” the housing market is now well clear of the storm clouds of the financial crisis”.
There are still large regional disparities with most of the growth been driven by London and the South East.
However, as I said in an earlier post, if there is still a ‘ripple effect’ then we would expect to see recovery start in London and then move out across the country over the next few years.
Having said that I can see that the market in my little corner of the East Midlands seems to be gaining momentum and so this recovery might be different, and perhaps the regions will catch up more quickly, especially when mortgages become a little easier.