Tuesday, August 2, 2011
Are we closing on tipping point?
Repossessions by local authority
Midlands and the North East, plus parts of Wales and the London fringe, seeing an increase in repossessions. Figures from the Ministry of Justice
Posted by stuartking @ 10:07 PM (1553 views)
6 thoughts on “Are we closing on tipping point?”
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rantnrave says:
Another nail in the coffin. There’s barely any wood left visible now…
khards says:
It has only been luck, hope and hear keeping this market up so far. I was lurking in the forums earlier and found some useful information on BTL & here it is:
http://www.creditaction.org.uk/helpful-resources/debt-statistics/2011/august.html
“As at the end of March, there were 1,313,200 buy-to-let mortgages outstanding, worth a total of £152 bn.
By value, buy-to-let mortgages accounted for 12.3% of all mortgages. ”
So I calculated.. that works out at £115,747 Average mortgage which is approx 70% LTV at average house price of £165k.
Over a million voters erm I mean BTL must be **itting themselves because house prices could easily drop 20% from here without ‘damaging the economy’
doomdog says:
LTV will be higher than this as BTL tends to be flats, terrace type places and semis.
watchman says:
Nice one for that khards. Imagine the downward pressure on prices if a majority of the BTL sector were to try escaping all of a sudden
uncle tom says:
A quick rough calculation suggests that one home sale in seven is now a repo – quite a high proportion, historically..
sibley's b'stard child says:
As many as that UT? I would have thought it’d be more one in twelve (say 40k sales per month and an equal amount of repos per year)?