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 A housing expert has warned that the current market remains "fragile" and that buy-to-let could have a negative impact on house prices.
Kate Barker, a member of the Bank of England's Monetary Policy Committee (MPC), has warned that should the 12 per cent of homeowners with a buy-to-let mortgage decide not to sell, it "could well dampen the market".
The housing expert, who has previously advised Gordon Brown on the property market, said that
Speaking to members of the Institute of Chartered Accountants in England and Wales, Ms Barker added that the property market was slowing and "vulnerable to a major change in expectations".
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"While the recent considerable volatility in many asset, money and currency markets has eased in some markets, this volatile period is not yet over," Ms Barker stated.
Julian King of National Homebuyers adds, "With a sharpe increase in enquiries over the past few months, we can continue to predict that homeowners and potential first time buyers are not confident in the market at this time.
"It will take a serious change in the market - not just a base rate reduction - to start to change consumer confidence".
Mr King is a director of National Homebuyers, the UK's leading fast house sale company that guarantees to make an offer to purchase any property in any UK location, regardless of its condition or vendors need for a quick sale.
A survey released by the Association of Investment Companies last week revealed that investors are less that confident about the future of the UK property market with just 15 per cent believing that this area will perform best next year.
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