Wednesday, July 25, 2007
The emperor is naked! "Birmingham Midshires is the latest lender to trumpet the buy-to-let market. It claims the average return for a landlord was 13 per cent over the past year and argues that the fundamentals underpinning the buy-to-let market remain strong. But the survey disguises the harsh reality that properties are being repossessed less than two years after first-time landlords made their foray into the buy-to-let arena and that some new-build flats have plummeted in value by 30 per cent."