First-time landlords hit hard by housing crisis
New figures have emerged that show how the buy to let mortgage market has been affected by the housing crisis.
The latest Land Registry figures show that, whilst house prices have fallen on average by 8% this year, terraced house prices have fallen by almost 9%.
Terraced properties, as entry-level properties, have traditionally been popular with first time buy to let borrowers.
John Socha, vice chairman of the National Landlords Association, told The Telegraph: “First time buyers and buy to let purchasers have virtually disappeared from the market.”
November 11th, 2008 at 5:56 pm
This sounds like exaggeration to me. Surely a 9% drop does not equate to “virtually disappeared from the market” - especially when compared with the background 8% drop?
December 19th, 2008 at 9:11 am
That does sound odd. And I know plenty of people who would buy a house, if only they could find a mortgage! They’ve only disappeared inasmuch as the banks don’t want to see them.