Cheap Preston properties 'snapped up by landlords'

Estate agents in Preston have revealed that a fall in house prices has led to landlords buying up a number of homes.

The mini-boom has seen a large number of homes in areas such as Ashton, Plungington and Deepdale being sold to investors, who are making the most of high rental rates and the prospect of being able to buy at low prices before selling them on in the future at a profit once the market recovers, the Lancashire Evening Post reports.

Such a situation may mean that those living in the area who might have hoped for bargains to become available could miss out as investors get there first.

Frustrated would-be buyers may consider the alternative strategy of self build to get on the housing ladder.

Yesterday the Royal Institution of Chartered Surveyors said that property investors all around the country were capitalising on the slump in sales to negotiate bargain prices.