Wednesday, Jun 10, 2009
Massive BTL Repossessions
BBC 5 Live: Wake up to Money: Buy-to-let Landlords
and that's only the ones with loans via lenders registered with the CML !!
19 mins in.
Buy to let landlords are losing properties at more than three times the rate of ordinary owners. The BBC's been through the Council of Mortgage Lender's official numbers and analysis shows the number of landlords losing their properties is more than double the figure usually reported. The industry figures from the CML show 1700 buy to let properties were repossessed in the first three months of this year. Bernard Clarke from the CML explains why these figures show a lot more repossessions.
Posted by doomwatch @ 09:58 AM (1009 views) Add Comment
9 Comments
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1. happy mondays said...
This cannot be true, house prices are on the up, and what about all the nice btl LAND LORDS .. And so the downward spiral continues..
2. debtfree said...
What took the market UP, is about to take it DOWN.
3. techieman said...
i heard this this morning. two points:
1. I should think this is historic - i.e. the landlords repo'd (not the right term) were the weak top of the market buyers. As has been said there should be a lull for a while were low interest rates save the day. (as a couple of the comments from texters stated). If/ when the rates rise again and the BTLrs are squeezed perhaps they would have saved some of the increased income to cushion 'em OR perhaps they have squirriled it away offshore and are ready to go for the year of bankruptcy. (Long firm springs to me mind).
2. these numbers are small (at the moment) in comparison to the total number of BTL mortgages out there.
Watch this space!
4. tudorian said...
All the good news regarding the negative increase in house prices is sow painfully slow.......
The vast majority of the public are still blissfully unaware of the great social (because affordable housing will change our society) change about to happen. I have been doing my bit and telling everyone that will listen that there are record house price falls on the horizon, the problem is that fighting against the mainstream media view has resulted in me being considered a bit of a boring kook. (i did mean kook too).
I'm getting desperate for real change to happen, but I can see a mexican standoff continuing until interest rates are raised.
I have read repeatedly that the majority of posters here believe that interest rate rises are inevitable soon, but when ? Anyone got any thoughts on when that will likely be ?
5. Matchmade said...
tudorian: "Affordable housing" only exists because the remaining private housing on a site are obliged to cover all the land, tax and development costs. Why do you think private housebuyers should pay to subsidise the 33-50% of the houses that are called affordable? Doesn't this just mean that new house prices are artificially inflated, making it much harder for private buyers to buy their own homes?
6. andrew said...
Yes, interest rates are low now for political reasons, i think you need to look beyond the next election for interest rate rises. So another 11 months and then it all kicks off for real.
The markets are already budgeting for a Conservative victory, but Mandelson's glove puppet has dug his heels in and will not budge, expect a slight downturn now that Brown has cemented himself into Number 10, then back to normal economics, IR rises and the like. The Torys will of course be blamed for high Interest Rates and by then everybody will be bleating on about how good it was under Labour.
7. jack c said...
@ andrew Wednesday, June 10, 2009 11:31AM - we could all vote Labour and let them pick up the forthcoming chaos of their own actions !
8. debtfree said...
Good question about I/R.
Will they rise ?
They might rise to 4-5% with a mortgage rate at 7-9%, but the amount of debt is so high, that for rates to reach double figures would mean crippling the ability to service the debt by the goverment/business/conusmer. So I can't see rates going up by much.
Personally, I think we'll see complete loss of confidence in the currency as rates are unable to rise by much and as more money is printed the deflationary effects turn into hyper-inflation.
Who knows? Be prepeared though as I think we'll all have a better picture by this winter.
9. bidin'matime said...
Re rate rises - printing money to avoid putting up rates is a downward spiral, as eventually the currency suffers and rates have to be raised dramatically to get out of the hole - it will happen - it's just a question of when. The one thing that will screw the UK housing market is overseas investors who don't give two hoots for our housing market.