Tuesday, February 12, 2008

Significant number of repossessions at Allsop Feb Auction came from buy-to-let investors

No let-up for buy-to-let

Anxiety over the state of the property market in Britain shows no signs of letting up. As the major auction houses gear up for their February sales, there are worrying signs. Savills says it has seen an increase in the number of repossessed properties - and it expects this trend to continue over the coming months.

Posted by jack c @ 09:21 AM (637 views)
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5 thoughts on “Significant number of repossessions at Allsop Feb Auction came from buy-to-let investors

  • What happened to the all the immigrants? Olympics.

    Is Greengay paying attention to this?

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  • crash bandicoot says:

    “warned that new-build properties in some city centres were now “almost unsellable”.”

    Apart from at the repo auction obviously! Two words Market and Value.

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  • Both the quoted BTL landlords confirm that making money at this game is pretty difficult now given current valuations, which confirms my maths. BTL don’t even have to sell, they just have to stop buying so many properties – they were making up for the lack of FTBs, so the market won’t stay bouyant without new BTL purchases making up the difference.

    Love the “Best Buy” BTL mortgage table. The highest LTV is 85% and to get a decent interest rate you have to pay a 5.25% fee – that’s nealry £3,000 even if you can find somewhere to buy for only £150,000.

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  • new user 2007 says:

    The one thing that stands out is the often repeated figure on rising rents. Made up by Paragon, a company almost as reliable and trustworthy as Enron.

    The more important thing that stands out is the 20% gross yield. That is a great number as it masks the higher interest rates that would have paid by many coming off their fixed rate deals starting from September…

    …and the gross also includes capital appreciation. Strip that theoretical capital increase (it is a valuation that can change and not money in the bank) of over 10% in 2007 and away goes the sustainable business.

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  • Another Mike says:

    We are just about to publish our latest report on repossessions, and you won’t be surprised to hear that BTL properties are among the top 3 categories this time – they are usually not even in the top five according to our data. http://www.repossession-stoppers.com/repossession-statistics.htm

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