Monday, Dec 17, 2007
Buy-to-let mortgages plunge on market fears
Daily Telegraph: Buy-to-let mortgages plunge on market fears
"The days of making a quick buck as a buy-to-let landlord could be numbered, as figures released by Hamptons International today revealed that the number of buy-to-let mortgages taken out plunged nearly 26pc last month."
As if they're not numbered already!!!
Posted by becky @ 11:41 AM (290 views) Add Comment
5 Comments
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1. jack c said...
The numbers simply do not add up anymore, falling prices and at best static rental income mean BTL = Buy to lose. The late entrants to the BTL market are in going to suffer most and in a big way.
2. P. Doff said...
I have to say that I have noticed rental demand (and rents) to be on the increase in this area. I think it is due to a combination of potential buyers being priced out of the market - thus having to rent and, people opting to wait and see what the housing market is doing before buying.
The upshot is we are still doing many BTL valuations on the strength of increasing rents, but the volume is noticeably lower than Q1, Q2 and Q3 2007.
3. confused76 said...
"Hamptons said a number of landlords are choosing to recoup existing capital by re-mortgaging properties they already own."
BTLers are remortgaging to release cash and pay the interest shortfall they cannot cover with the rent. But this is a vicious circle that does not lead anywhere since house prices are no longer growing,. BTLers would be better off selling now.
I wonder if P.Doff is still on this site and can offer insights
4. confused76 said...
Thank you P.Doff
5. uncle tom said...
"However, Mr Cornell added: "Now that the Bank of England has cut the base rate by a quarter point, confidence will hopefully begin to be restored among landlords but it might take some time for this to take full effect.""
- And flocks of pigs will soar on high..
- Bless!