Saturday, Oct 27, 2007
ironic, co-incidence, or just plain funny?
Firstrung: Buy to let has boomed in Newcastle over the past six months
Let's hope most of these newbie BTL players don't work for the newly nationalised Northern Rock....Newcastle upon Tyne is the buy-to-let hotspot in England, Scotland and Wales, according to The Mortgage Works. In research of mortgage lending by 121 broker postcode areas, the lender found that in Q2 2007 Newcastle saw the greatest number of buy to let loans complete. Property investors in this region took out 3,545 buy-to-let mortgages in Q2 2007, 32% more than the next highest postal area - London eastern central where 2,676 loans completed.
Posted by converted lurker @ 02:51 PM (508 views) Add Comment
5 Comments
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1. Paul said...
They might not work for Northern Crock, but you can bet that many of them got their mortgages from the "ask no questions, tell no lies" bank.
2. su said...
So can we expect to see prices fall substantially in Newcastle?
According to Rightmove there are currently 827 flats/apartments for sale and 554 available for rent.
Check out the Newcastle thread on the forum:
Rich1234 has recently posted this remark:
"Am I the only one or has anyone else noticed that monthly rental prices for room in house shares across the city have dropped recently? probably by at least 10% compared to a year ago. This in turn will only make it harder for BTLers to make their repayments."
3. alan said...
My old mum is in her mid 80s and thinks its a scream that people are piling into BTLs locally around Stratford (London Eastern Central). She says "people are still buying up flats not much bigger than tin cans for silly money".
She says it will all end in tears. I haven't introduced her to the HPC website yet, she's not really computer literate, but seems to have retained her East London common sense!
4. converted lurker said...
Alan I'm in my forties and have been aware of 3 house price explosions and the dubious 'benefits' they bring. Your old ma has probably seen it all before.
5. uncle tom said...
Alan,
Tell your old mum that she's right - it will end in tears!
This 'report' is another example of some wannabe organisation re-arranging statistics to get some press coverage. What does it tell us? - well a Geordie might use the word 'shite'..