Thursday, Jun 11, 2009
Buy-to-let landlords are being hardest hit by the economic downturn
FT: BTL borrowers losing homes faster than rest of market
Buy-to-let landlords are being hardest hit by the economic downturn, with new data showing they are losing their properties at three-times the rate of other property owners.
Landlords have lost 4,100 properties, when cases of lenders appointing a receiver of rent are taken into account. Overall, 2,400 receivers of rent were appointed in the first quarter of the year, up eight-fold from 300 such appointments in Q1 2008. A receiver of rent collects rental income on behalf of a lender when the owner enters arrears on their mortgage.
This figure is on top of the 1,700 buy-to-let properties were repossessed by lenders in the first three months of this year, as outlined by figures published by the Council of Mortgage Lenders (CML).
Posted by jack c @ 02:42 PM (494 views) Add Comment
5 Comments
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1. paul said...
Oh the humanity, someone give them some money they must have a bailout etc.
(sorry about yesterday jack c. I was having a bad day)
2. jack c said...
Thanks for your latest comments Paul - I figured that might be the case when you had me down as a Bull ! (my long and regular association on here will definitely tell you otherwise if you look at the archive)
Fair play to techieman he had a bit of a spring bounce (at least statistically speaking) pencilled in prior to Christmas of last year.
3. techieman said...
jack - more importantly i just hope the rest of my prediction (the capitulation after the short term counter trend upswing) - in line with most of the other bloggers here pans out !!
Paul - nice one - takes a man to apologise, we all have off days!
4. jack c said...
techieman - I think the rest of your prediction will pan out - just a matter of time as house prices can't defy the bleak economic woes that will unfold in the forthcoming months
Thanks for the balanced input on yesterdays threads btw.
5. sold out said...
Techieman
I remember before xmas you making the prediction of a DCB in the spring.
I must admit i was a bit sceptical but looks like you was spot on.
Do you have a time scale for the rest of the prediction "the capitulation after the short term counter trend upswing"?