Monday, Aug 03, 2009
Ouch
LoveMoney: It's a buy-to-let apocalypse
After a decade of unbroken growth, amateur landlords are now fleeing the four horsemen of the property apocalypse: falling house prices, falling rents, growing tenant defaults and lack of mortgage finance.
Lenders are fleeing the market in terror. The number of buy-to-let mortgages has collapsed from 4,384 in April 2007 to just 213 today, a 95% drop. They are pricier too. Lenders are also demanding minimum 25% deposits, while tenant arrears continue to rise.
Posted by little professor @ 12:45 AM (538 views) Add Comment
3 Comments
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1. Rinaldomerlo said...
minimum 25% ? Try minimum 40%.
2. mystie010 said...
Good, I'm glad - landlords have had it good for long enough it's about time they went out and worked for a living!
3. mander said...
I do not think so!
Only 11% percent of the sales go to families needing a new home. Where is 79% of the sold houses?