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Buy-to-let Repossessions Set To Surge


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HOLA441
hoooooooooorah!!!!!!

Woop Woop!!!!

oooh, can you hear that? <distant phwarrrp phwarrrp sound of emergency horn> I think the SS BTL is sinking, and sinking fast!!!! Quick, man the guns, lets finish off the survivors!!!!!!!! (i know, thats not very nice, but what the hell)

:blink:

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HOLA444
Never seen so many TO LET signs up.

Not just to let signs, I live on a new estate, houses were built around 4 to 5 years ago - so everyone that brought was either trading up or first time buyers - also lots of BTL snapped up property. Within a 5 min walk from my house there are at least 10 houses for sale and 6 to let.

Me thinks people are panicking and are up to there eye balls in debt - some even recently lost there jobs - i am in Central shropshire and the west Mids where most work has been hit hard.

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HOLA445
Not just to let signs, I live on a new estate, houses were built around 4 to 5 years ago - so everyone that brought was either trading up or first time buyers - also lots of BTL snapped up property. Within a 5 min walk from my house there are at least 10 houses for sale and 6 to let.

Me thinks people are panicking and are up to there eye balls in debt - some even recently lost there jobs - i am in Central shropshire and the west Mids where most work has been hit hard.

You all know what the BTL repo floodgates is going to do dont you?

Statistics, statistics.

BTLs tend to be at the lower end of the market. If BTL scumlords all decide to bail, its going to crash prices. FAST. The only reason I think we have had an increase recently is down to the vast majority of properties being sold are at the top end of the market as FTBs have abandoned the market.

Time for PAYBACK

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HOLA446
You all know what the BTL repo floodgates is going to do dont you?

Statistics, statistics.

BTLs tend to be at the lower end of the market. If BTL scumlords all decide to bail, its going to crash prices. FAST. The only reason I think we have had an increase recently is down to the vast majority of properties being sold are at the top end of the market as FTBs have abandoned the market.

Time for PAYBACK

Yup. This greenshoots SH!T is just that --- TOTAL SH1T.....

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HOLA448
I'd imagine that right about now, London2Manchester and Sibley are just loading the bullets into their revolvers and pouring themselves one last glass of scotch...

This emoticon is perfect for explaining the bulls attitude towards this crash:

watchdog.gif

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HOLA4410
You all know what the BTL repo floodgates is going to do dont you?

Statistics, statistics.

BTLs tend to be at the lower end of the market. If BTL scumlords all decide to bail, its going to crash prices. FAST. The only reason I think we have had an increase recently is down to the vast majority of properties being sold are at the top end of the market as FTBs have abandoned the market.

Time for PAYBACK

My first thought on this was that it overlooks the fact that the NW and Halifax indices are mix-adjusted. In theory, a change in the type of properties that are selling shouldn't show up in the figures.

However, the indices are mix-adjusted for property size but not for property condition (if I understand correctly). BTL properties tend to be in worse condition, so perhaps an increase in BTL properties coming to market would push prices down after all.

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HOLA4411
You all know what the BTL repo floodgates is going to do dont you?

Statistics, statistics.

BTLs tend to be at the lower end of the market. If BTL scumlords all decide to bail, its going to crash prices. FAST. The only reason I think we have had an increase recently is down to the vast majority of properties being sold are at the top end of the market as FTBs have abandoned the market.

Time for PAYBACK

Agreed. Also, if their BTLs are repossessed wouldn't that mean that their main home would also potentially be repo'd in order to pay any sums outstanding on the BTL mortgages? Could therefore mean more repo'd houses at higher end of the market coming on. What's the average number of properties a BTL landlord has? Let's say 3. Would potentially mean for every 3 BTLs repossessed one additional, higher-value property is repossessed.

Edited by mikthe20
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HOLA4412
Agreed. Also, if their BTLs are repossessed wouldn't that mean that their main home would also potentially be repo'd in order to pay any sums outstanding on the BTL mortgages? Could therefore mean more repo'd houses at higher end of the market coming on. What's the average number of properties a BTL landlord has? Let's say 3. Would potentially mean for every 3 BTLs repossessed one additional, higher-value property is repossessed.

Ooh! Ooh la la! as they say in Paris... :P

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HOLA4420
BTL properties tend to be in worse condition, so perhaps an increase in BTL properties coming to market would push prices down after all.

The thought of multitudes of houses, all with magnolia walls and dreary beige carpets throughout

is quite depressing.

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HOLA4423
I know you are but what am I?

Oh, there you are! I thought we agreed to start our trolling with Hamish at 1pm. Where the hell is Valerius and Rinoa? I mean, for crying out loud - how are we going to convince new members and visitors to this site to buy our client's grossly inflated assets if we cannot keep to our agreements? We are supposed to work in a coordinated manner and spam this site at the same time!

How are things at your branch by the way? Coventry's well slow today, still Dave is allowing me to spam this site until it's time to go home at 5pm. I was thinking the other day, it's all well and good trying to convince the sheep that a recovery is on the way but do you think it would be a better use of our time if we just encouraged our clients to reduce their asking prices a bit? Let me know what you reckon. Keep up the good work anyway.

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