Sunday, Oct 07, 2007
Johny Come Latelys
FT - Weekend - Money section: Lending slows for buy-to-let
One of the charecteristics of a bubble is that lots of weak buyers are sucked in at or near the top. There is the fameous story of a player on Wall Street being told tips by a shoe shine boy and selling out his portfolio just before the 1929 crash. In any case two quotes from this article caught my eye:
1. Buy-to-let lending accounted for 10 per cent of mortgage balances, compared with 3 per cent five years ago.
2. Up to the first half of the year, the market was looking sound. According to CML, the number of buy-to-let loans outstanding had reached a RECORD [my emphasis] 938,500.
It would be good to see a graph of the number of BTL o/s loans since BTL became popular (i mean co-inciding with the relaxation of renting rules & regs - short lets etc.)
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