Tuesday, November 14, 2006

Rumours of ‘buy to let death’ greatly exaggerated – ARLA

Buy to Let reports irresponsibly wide of the mark, says ARLA

Weekend reports that claim Buy to Let repossessions are on the increase are irresponsibly wide of the mark, ARLA the Association of Residential Letting Agents said today. In a statement issued this morning, the Association has pointed out that industry data not only confirms that buy to let mortgages have lower arrears than mortgages generally, but that there are also fewer buy to let repossessions too.

Posted by converted lurker @ 10:48 AM (495 views)
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9 thoughts on “Rumours of ‘buy to let death’ greatly exaggerated – ARLA

  • >>In a statement issued this morning, the Association has pointed out that industry data not only confirms that buy to let mortgages have lower arrears than mortgages generally, but that there are also fewer buy to let repossessions too.

    That is so vague is defies belief. What does “there are also fewer buy to let repossessions too” mean? “Fewer” in comparison to what and over what time-frame.

    To give ARLA the benefit of the doubt I’ve gone to their web site but I can’t find the report but it sounds little more than flogging a dead horse.

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  • Dohousescrashinthewoods says:

    A friend of mine has just understood how his BTL colleague gets away with it – simply lie about your circumstances and self certify mortgage after mortgage.

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  • Too late! It’s already been splashed across the front of the FT.
    See what a bit of ‘irresponsible’ VI spin feels like back in your face!!!

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  • >> Association of Residential Letting Agents

    No VI there then!!!..

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  • True the FT.com article did only include anecdotal evidence, however, it is the change in sentiment within the media that is import, afterall, they have the a rather significant effect on this dumb country.

    Additionally, the ARLA was even more vague and definitley hinted of VI worry as they felt the need to comment.

    I wonder how the ARLA would feel about another rate rise if everything is as rose for them as they make out?

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  • What arla are saying does not in any way contradict the report they are trying to null. The report said BTL repos are on the increase. That could mean from 4 to 5. Arla came back with BTL repos are less than other repos. The two statements are unrelated.

    Which probably shows that BTL repos are on the increase and ARLA are in a girly panic.

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  • Isn’t this akin to ARLA saying “Nothing to see here…..move along” – sounds like Officer Barbrady from South Park

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  • Anyone interested in a sepia article on buy-to-laundering should read the following link

    http://www.findaproperty.com/displaystory.aspx?edid=00&salerent=0&storyid=5790

    The report was published in 2004 – but the classic comments are:

    “In 1988 rising interest rates and unemployment triggered the collapse in demand. The trigger this time will be supply driven, particularly buy-to-let and homeowners trying to sell at the top of the market.”

    “Look forward, then, to mis-selling scandals over self-certification mortgages and protection insurance, and expect hard times ahead for over-exposed buy-to-let lenders such as Bradford & Bingley, Paragon, and Birmingham Midshires, and estate agencies such as Countrywide”

    Classic from an estate agent = “The idea that house prices will fall by 45% is absolutely ridiculous. There is more chance of finding Elvis on Mars than house prices fallingby anywhere near that this decade”

    LOL

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