Wednesday, November 26, 2008
BBC BTLs bleeting at losses and over valuation.
Was on telly tonight (see iplayer) ... But with property prices crashing all around him, Bill’s worried about the value of his investment. So he went to see Tony McKeon, the director of Residential Lettings Group, to find out about the state of the market: He told Bill: "Your honeymoon period is over… so obviously you’re forking out of your pocket to cover the mortgage on the property that you had bought. "The rental income coming in is a lot less than you originally thought you’d achieve on your property." Tony also gave Bill a valuation on his flat. He believes it's worth £215,000. So in just one year Bill has lost £60,000! But Bill isn't the only buy-to-let landlord that has lost money.