Saturday, Nov 22, 2008
bye bye buy to let
Times online: Buy-to-let boom turns to nightmare as repossession hotspots are revealed
Soaring numbers of buy-to-let investors have fallen behind with their mortgage and face losing their property, official figures revealed yesterday.
The worst economic meltdown since the First World War has spelt disaster for many who took out one of Britain's 1.1million buy-to-let loans.
The figures, from the Council of Mortgage Lenders, show a rise of nearly 50 per cent in defaults for these mortgages
Posted by sold out @ 11:01 AM (989 views) Add Comment
13 Comments
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1. paul said...
It's all so grimly predictable. No sympathy here.
2. Will said...
The worst economic crises since ww1 was brought on by speculation in property.
3. planning4acrash said...
Worst since the First World War?!?!?!?!?! So, now, the Great Depression isn't even enough!!! I know that stock falls now exceed Great Depression levels, and that our fall is just a percentage now of what happened then overall. Lindsey Williams, who predicted $50 petrol in May, via his connections with the establishment oil industry, and, he's predicting now, that petrol is coming right down, and will stay there, but that America will go down like Iceland within 6-months, and, you know full well, if that happens in America, it will happen here, soon after, get prepared, you've got 3-6 months to get food, gold, and well, some of you may want some form of self defense:
4. Pundit said...
"The Prime Minister reassured callers to a BBC phone-in yesterday, telling them he is urging banks to do everything possible to help struggling homeowners."
'I am telling the banks that it is a bad thing for them to move to repossessions because people are in temporarily difficult circumstances, but they have got an asset which in time will grow in value.'
Which planet does GB live on?
5. mark said...
interesting chester is so high, the area is supposed to be booming............
6. planning4acrash said...
Too many idiots watching Hollyoaks!
7. confused76 said...
London it the hottest spot.
.... MAUHHAH HAHA HHAHAHAHH A... my sides are splitting!
8. confused76 said...
... sorry I did not mean to offend Truro
9. titaniccaptain said...
Cardiff is taking a pounding!!!!!!!!!!!
10. Dannyboy said...
The Prime Minister reassured callers to a BBC phone-in yesterday, telling them he is urging banks to do everything possible to help struggling homeowners.
Gordon Brown said: 'I am telling the banks that it is a bad thing for them to move to repossessions because people are in temporarily difficult circumstances, but they have got an asset which in time will grow in value.'
Gordon Brown, and the present government have fought tooth and nail to do everything possible to try keep house prices massively overinflated.
At times it feels like the man has a personal vendetta against me.
All I ever wanted to do is to be able to buy a small home.
I think everyone who is priced out must feel the same way about our PM as I do. {Which is unprintable]
He should just tell the truth. That house prices went haywire in 2000. Have tripled in value, and need to come back down to 2000 levels.
The last time the housing market worked properly.
11. inbreda said...
I just feel sorry for those tenants that are going to get evicted despite faithfully paying their rent. I am hoping there are enough of them to form a sufficiently influential group to change the law to protect their interests. landlords lose out but banks cannot evict or raise rent. It would be nothing more than fair.
12. mark wadsworth said...
@ Inbreda, exactly.
The near religious status that is given to home owners is quite incredible. All the MSM are talking about protecting home owners from repossession.
Why should they be treated more favourably than a tenant who doesn't pay the rent? Fair's fair.
And of course, it's even worse for tenants who DO pay the rent and are evicted through no fault of their own, as you rightly point out.
13. mytimeisnigh said...
The propertyganda machine built up the unprecedented rises, now it's nose diving, hahahaha, to all those greedy grabbers, who thought they deserved a free ride. There's no such thing as a free lunch.