Tuesday, Nov 18, 2008
Buy-to-let market 'is now closed'
bbc: Buy-to-let market 'is now closed'
The buy-to-let housing market is "closed", the boss of nationalised bank Bradford & Bingley has said during scrutiny from a committee of MPs.
Executive chairman Richard Pym said that so many deals had been withdrawn that the market was completely different to a year ago.
He also said a higher proportion of B&B's customers were in arrears compared with the industry average.
Posted by mark @ 12:20 PM (575 views) Add Comment
3 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. stillthinking said...
There is always some kind of negative implication about self-certified in these articles. I am sure that some people have committed fraud but even so, we can't all work for somebody else. Where do new companies come from ? Its a bit of a scam that setting up a business makes it harder to get a house.
Of course, under New Labour we can all work for somebody else, the government.
2. confused76 said...
"The buy-to-let market is expected to be worse hit than the residential mortgage market. Mr Pym, however, said the recent cut in the Bank rate to 3% would have a "significant effect" on assisting landlords, assuming rents did not also fall dramatically."
This is a timebomb of greater proportion than the US subprime
Domino effect of large property portfolios will precipitate house price fall here in London too! Foreign investors have already lost big on the pound collapse.
But weren't BTLetters "in for the long term"? I guess they have realized (it does not matter how stupid and financially illiterate these BTL apes are) you can t stay in if you become insolvent
3. Luckjim said...
Many of these 'stupid and financially illiterate apes' have made fortunes. Have you?