Insurance News Archive

Buy to let insurance sales could rise due to property shortage

Property owners and landlords with buy to let property insurance could be in luck according to the chief executive at the National Federation of Property Professionals (NFOPP) because of a lack of property available.

This lack of property could lead to more people having to rent properties and Peter Bolton King believes that not only are property levels dropping to problematic levels, rental property markets are also facing issues too.

The main issues facing rental property is rising rents, which acts as a reminder for landlords to take out solid rent guarantee insurance.

Mr Bolton King said: "Although there is a slight improvement this year, it is very difficult for various reasons for builders to actually go ahead and build. We are not building anything like the number of properties that we need – whether that be new homes, refurbished or brownfield sites.”

The Federation of Master Builders reported that demand for new housing will outstrip supply by over half a million units by 2015.

Posted by Dan Winters

17 Nov 2011