Friday, April 3, 2009

“…the most debased form of rentier capitalism”

Buy-to-let: The truth is out

Article from Tuesday's paper on the shattering of B&Bs illusions. Current mortgage arrears are at 4.6% (compare with worst figure in 1992 of 3.55%)

Posted by letthemfall @ 10:29 AM (1123 views)
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5 thoughts on ““…the most debased form of rentier capitalism”

  • This is the biggest mythbuster for Gordon Brown’s “It started in America-ca-ca-ca-ca” rubbish.

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  • Maybe we do not understand but buy to let as an economic activity creates no jobs and does not help UK to compete globally at all.

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  • The article suggests that worse is yet to come and other lenders may yet be hiding problems. This reminds me of the sentiment in the US 12 months ago, where largely unexpected new financial time bombs have been going off from time to time. I wonder what we have in store as we follow the US down in turn.

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  • why does everyone keep calling it BUY to let ?? It’s BORROW to let…

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  • The amounts written off so far are miniscule.

    My best estimate suggests that in the final analysis, the nett write downs as a consequence of BTL lending will be in the order of £20 – £30bn

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