Saturday, Dec 22, 2007
These things should have been obvious for years
FT: Benign indifference by regulators as buy-to-let sector grew
"Sir, We are only slowly beginning to recognise the many ramifications of the US-led credit crunch, but the demise in UK buy-to-let financing does not only affect borrowers (“Buy-to-let financing evaporates”, December 15/16); the four biggest casualties will be the government’s housing plans, housebuilders’ profitability, investors who should have been protected by the Financial Services Authority and lenders secured against overpriced flat investments" Charles Fairhurst, Chief Executive, Fairbridge Residential Investment Management, London W1U 2RE
Posted by confused76 @ 11:34 AM (338 views) Add Comment
2 Comments
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1. Happy? said...
It can come as no surprise that Mr Fairhurst has forgotten those who are most affected by overpriced housing - people. People who will live in negative equity, those who will struggle for years with overstretched mortgages, and those who have no access to decent housing, and communities blighted by deprivation and inappropriate housing mix.
Until housing is recognised as a social need and not solely as a means to turn a profit these cycles of will continue.
2. yorkshireman said...
The market is free by design and nature. Relatively simple rules apply, which I am sure we all understand. This situation is mainly a result of blind greed and stupidity, which it is impossible to regulate. I am sure Mr Fairhurst et al had a hand in encouraging the "growth" of the market. Another relatively simple rule applies. For every action, there is a reaction, a consequence and a responsibility. It is not the responsibility of regulators to sort out this mess. You will need to clear it up yourself.