Tuesday, Mar 20, 2007
The latest installment from Radio 4 talks touches on the phenomena of Buy To Lets
Radio 4: The price of property
The latest installment on Radio 4 repeated tonight at 9:30 pm touches on Buy To Let and mentions campaign websites such as HousePricecrash.co.uk and PricedOut.com. We need to get our growing list of signature on the governments petition website growing.
Posted by j tallis @ 09:45 AM (558 views) Add Comment
1 Comment
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1. Devorgilla said...
Hi, there is a lot of denial about this issue (BTL). It is difficult to get exact figures but I've been doing some research. Estimated number of dwellings in the UK = 26 million. Population = 60 million. Number of BTL mortgages currently outstanding = 750,000. This doesn't count landlords who own properties outright, or 'accidental' landlords who've moved away to get a job elsewhere but are hanging on to their first property and renting it out. These will be recorded as owner-occupiers. Some suggestion that the private rented sector may be approaching 12% of dwellings, but I think it is far higher - 20%. There are large consortiums owning hundreds of properties, but most private landlords seem to be small fry. A certain number inherit property from deceased parents and rather than sell it (as in the old days) they rent it out and keep it as 'an investment'. Then there are the 'mummy and daddy' flats you get in university towns. This is when mummy and daddy by a flat for junior as 'an investment' and to save on rents with proceeds going to junior on graduation if he/she makes it that far. Junior then leaves the town and rents it out. I live in a university town (Edinburgh) and I there is definite underecording. In some streets 60-90% of the properties are rented out, street after street. In the rest of the city BTL is also high amongst ex-students now entering the workplace but unable to buy.