Wednesday, February 27, 2008
Lambs to the slaughter
Nearly 1,000 buy-to-let mortgages were taken out every day last year, pushing the number of the loans to a record one million. The figures emerged as evidence grows that the decade-long house-price boom is over, with prices falling across the country. Britons have taken out a total of 1.04m BTL mortgages - up from fewer than 30,000 when records began in 1998. This was despite the fact that experts predict house prices have stopped climbing, and the average gross annual rental yield (rental income expressed as a percentage of a home's current value) is negative for the first time, according to ARLA.