Trying to sell your property fast? If so, you may be interested to hear British banks and insurers are pouring billions of pounds into the country’s housing stock.
This is according to data released by Her Majesty’s Revenue & Customs, which showed financial institutions ploughed £2.2bn into houses and apartments in the UK during the 12 months to April this year.
They are doing so in a bid to cash in on rising rents and find wealth stores away from the turmoil in the markets.
The recorded level of spending represents a 189 per cent increase on the same period last year, and comes as wealthy individuals from across the globe flock to buy expensive property in the UK.
Jeremy Raj, head of residential property at Wedlake Bell, revealed: “There has been a startling jump in purchases of UK residential property by institutional investors.”
He added: “Institutions are being attracted to residential property because of improving market fundamentals, including high tenant demand, high rents and a supply shortage that shows no immediate signs of abating.”
December 19, 2011 at 11:30 am | Uncategorized |
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