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Repossession spike following economic downturn
2009-01-14
The impact of the credit crunch on the UK economy caused many landlords to struggle financially, new figures have shown.
Repossessions among buy to let mortgage holders increased by 302 per cent between March 2007 and June 2008, according to statistics released by fund manager Managing Partners Limited (MPL).
"More landlords have been finding it difficult to make their payments or ensure that their property portfolio is a viable business option," commented Jeremy Leach, managing director at MPL.
However, although some landlords might have been feeling the pinch, other buy to let mortgage holders appear to have been able to use the economic downturn to their advantage.
Research by the Association of Residential Letting Agents, based on a survey conducted in November, showed that 88 per cent of landlords are not planning to sell-up in the next year.
Buy to let mortgage borrowers who are able to expand their property portfolios while prices are low could benefit once the housing market begins to recover.
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