Just like in the US, getting a foothold on the property ladder can be extremely tough for first-time buyers in the UK. But as the old saying goes, where there's a will, there's almost always a way, and celebrity real estate investor Rick Otton seems to know how.
The Australian businessman, who hit the headlines in the UK five years ago with his "How to Buy a House for a Pound" investment strategies for buyers who lack the financial means to do so using 'conventional' methods, is set to return to the country this April.
This time around, Otton is hoping to teach budding investors about some of the more unconventional ways in which they can get a foothold in the UK's real estate market, without having to go and beg the bank for some money.
Otton's new strategy, "How to Invest in Property with no Deposit" will be revealed exclusively to a small number of investors at the Property Mastermind conference from April 19 to April 23 in what is sure to be one of the hottest events of the year for UK homebuyers.
Given Otton's reputation for coming up with creative strategies that work, it's no surprise to learn that conference places are filling up fast, especially as people in the UK come to realize that doing things the 'traditional' way simply doesn't cut it anymore.
"More and more people in the UK realise traditional methods of buying and selling property are not bearing fruit," explains Otton.
"In fact, people from different parts of the world are increasingly acknowledging that the future of property investment lies in employing creative real estate strategies. These include facilitating rent-to-buy transactions and securing wealth by positive gearing on multiple properties, among many other techniques."
Otton's conference announcement comes on the back of depressing news about the state of the UK's rental market earlier this month. The latest stats from LSL Property Services’ buy-to-let index reveals that rent arrears in the UK have risen once again, as a growing number of tenants have difficulty in meeting their monthly rental payments. In total, UK renters are said to owe a combined £326 million from the month of December, a huge increase on the £241 million owed in November 2012. According to LSL, this equates to 10.1% of the total rent paid throughout England and Wales.
What with families struggling to pay off debts accrued over Christmas and a recent increase in the average monthly rental costs, for many the only viable alternative is home ownership, claims Otton.
“While rents have dropped in recent months, they are still higher than at the same time last year and do not represent a major shift in the property market’s fortunes” Otton insisted.
“As part of my personal mission to transform the face of property investment around the world, I will be sharing my strategies, insights and tips on how to make money in property with the UK public.”