Buy-to-let Landlords paying more for new properties

Individuals buying new properties paid more in November compared to the same month in 2010, according to new figures.

Statistics released by the Department for Communities and Local Government show that homeowners and buy-to-let landlords alike paid 7.7 per cent more than the previous year when buying new dwellings.

With this in mind, individuals will be looking to protect their higher level investment with property insurance and landlord insurance.

Prices paid for pre-owned properties actually fell by 0.9 per cent during the period, meaning landlords looking to save cash may want to consider snapping up some older properties to add to their portfolio.

On average, house prices fell by 0.3 per cent over the year, with the average mix-adjusted price of a home now standing at £205,796.

First-time buyers continued to face higher prices when joining the housing market, paying on average 0.7 per cent more than their counterparts the previous year.

The difficulties faced by those looking to step on to the first rung of the housing ladder continue to drive demand within the rental sector and the need for landlords to safeguard their business with tenant insurance.