Tuesday, Dec 09, 2008
Ouch! That's got to hurt
Telegraph: Buy-to-let investors losing £6 million an hour
Landlords lost £52.8 billion of equity in the 12 months to October this year, according to the research by fund manager Managing Partners Limited.
This equates to £144.77 million a day or £6 million an hour.
London landlords have seen the biggest loss in equity from their properties, followed by the South-East and South-West.
The shocking figures come after the Council of Mortgage Lenders warned that repossessions on buy-to-let properties are expected to rise amid falling rents and an oversupply of rental properties.
It said the number of landlords falling behind on mortgage payments had risen by 50 per cent and that landlords were finding it more difficult to use selling as an exit strategy.
Posted by little professor @ 08:32 PM (1181 views) Add Comment
9 Comments
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1. mark wadsworth said...
This isn't hurting me. In fact it gives me a rather warm cozy glow. Thanks!
2. str 2007 said...
Yes mark quite agree, do you think any of the Landlords have noticed yet or are they still seeing this as a huge buying opportunity. Right up to the point they go to withdraw some equity for their next purchase !
3. inbreda said...
They are repeating to themselves "I'm in it for the long term. I'm in it for the long term. I'm in it for the long term" before clicking their heels and wishing themselves home to be with mummy.
4. crash bandicoot said...
Don't worry guys, these are "professional" landlords who are "in it for the long-term" - or at least they are until they have a couple of void months.
5. crash bandicoot said...
Dang, you beat me to that punchline!
6. Landedgentry said...
In the words of Montgomery Burns (Homer's Boss) of the Simpsons " Excellent".
7. paul said...
Interesting that it's taken the Telegraph's personal finance correspondent to point out how much the property investment business is losing money.
8. crash bandicoot said...
paul, I'm begining to think that having the words property and investment in the same sentence is so 2006 these days. Possibly some people may be moving into these funds at the moment, thinking that we are nearing the bottom. But you'd have to be pretty blinkered to really believe this.
9. mytimeisnigh said...
Beautiful.