Monday, May 27, 2013

A nation of renters

Landlords leap on cheap loans as first-time buyers falter

Number of 'benefit scroungers' set to grow as Tory Party seeks to further enrich its supporters. Pay the mortgage and profit of landlord out of your minimum wage, topped by taxpayers... Reality, of course, is the biggest 'benefit scroungers' are the BTL brigade.

Posted by stuartking @ 07:42 PM (1603 views)
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One thought on “A nation of renters

  • The UK risks becoming like Spain. In Spain mortgages down 34% in March YoY. 35th consecutive drop last month.

    Developments being bought en bloc by investors, therefore the proportion of renters increases.

    My conclusions: people can’t or won’t take the massive risk of a mortgage in a rising market with low IRs which must rise. Investors can’t get a return on their savings and are forced either to:
    1. Watch their savings evaporate with inflation.
    2. Hold their nose and take a punt on an asset which may recover, but have all the problems of non-payment, voids and evictions. Cheap loans are available, Draghi “guarantees” low rates.

    I have some sympathy with both people and investors in Spain (It’s easy to demonise both sides, of course). The article seems to indicate that the UK might be sliding in the same direction.

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