Saturday, Jun 13, 2009
Going Down Like an Express Elevator to HELL
The Guardian: Realtors brace for UK buy-to-let repossessions boon
The VI groups who have crawled out of their holes of late are going to have to put their heads together to polish this turd thats steaming towards them, as the banks decide its time to unwind their bad assets and get what they can in the race to the bottom.
Posted by mr cobblepot @ 08:31 AM (934 views) Add Comment
6 Comments
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1. dead spider said...
Wow ,
"Property Portfolio Rescue" seem to be getting into a lot of articles lately as a "trusted source of information" .
They only incorporated as a Limited company on 21/01/2009 .
2. crashpad4me said...
Can't believe I've just read a mainstream press article using the word "boon" in the same sentence as "buy-to-let repossessions".
3. mr g said...
Well let's hope that the turd splatters over the VI's!
4. confused76 said...
The buy-to-let boom took off when affluent Britons exploited an abundance of cheap mortgages to buy second homes to generate further income and bolster personal retirement plans.
A period of skyrocketing house prices and a lack of confidence in stock markets following the Dot.Com bust attracted more speculative landlords to the sector, fostering market conditions that helped to create Britain's housing bubble.
Buy-to-let mortgages were relatively easy to repay while rents were rising and lending was freely available, but banks have been cutting back on these higher risk home loans since the credit crunch, leading to an acute thirst for refinancing.
Nick Hopkinson, a director of residential property recovery specialist Property Portfolio Rescue said lenders were increasingly withdrawing mortgage offers at the eleventh hour, leaving some landlords with little option but to hand back keys.
BUYERS EYE SELL-OFF
Not every struggling buy-to-let investor is selling up against their will. The residential lettings market has reached saturation point in some areas, compressing rents and making residential landlording a much less lucrative business.
Research from advice website Unbiased.co.uk shows 28 percent of Britons believe buy-to-let property investments will make a loss in the current climate, while a further quarter think those invested in the buy-to-let market are only likely to break even.
UUUHHHHHHHHAHHAHHAHHAHAHHAH
5. uncle tom said...
Hmm..
Could the outfit that planted this story be American by any chance?
- How often is the word 'Realtor' used in the UK??
6. montesquieu said...
'Realtor' is only used in the headline not in the body of the copy, which suggest a holiday-cover sub-editor on shift work, whose error wasn't caught by the revise sub-editor (assuming they still bother with such things in the online edition).
I recall a similar holiday error in a Scottish sunday newspaper which used a heading in a feature about jury service which made some pun '12 good men and true'. The editor saw if after the first edition came out and exploded at everyone around him. The sub-editor, revise sub and production editor on shift that day had all let it pass right through to print - but they were all English and didn't know that there are 15 people on a Scottish jury not 12 .... it was essentially a holiday cover thing as even the 'regular' English bods had learned that one.
Actually we are breeding a generation of kids whose sentences go up and the end aussie style and who use words like 'garbage' (rather than rubbish) and spell 'ise' words ize American style. Maybe this is the new literacy .. you read it first in the good old Grauniad.