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Saturday 4th October 2008
While the fall and fall of the Bradford and Bingley is a true reflection of troubles in the buy to let market it seems as though the situation has got much worse over the last couple of days. Buy to let products on the market had fallen from the heady heights of 3,662 at the peak of the market to just 456 in July but had recently shown improvement to 700 last week. However, concerns that money markets were again about to freeze over has seen 80% of the buy to let offers on the market pulled over the last few days.
This has come at a time when those offers left on the market have seen headlines rates jump by almost one percentage point in some cases. In affect landlords are being robbed of the chance to remortgage their properties or indeed expand their portfolios in these troubled times. When you also add in the inevitable increase in rental defaults it seems as though the ill wind of change is blowing through the market.
After a decade of huge growth it seems as though the buy to let market is most definitely holed below the water line and in serious trouble. Could this be the next sector to collapse? |
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