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Lettings sector ‘will be hit by bank closures’
High-end lets will be hit significantly by City job losses, it has been predicted.
Experts have said that the series of financial firm collapses and takeovers – with major banks Lehman Brothers, Merrill Lynch and HBOS all to either cease trading or stop functioning as independent firms – is at the root of the problem.
Mass job cuts at large banks and other financial firms are predicted to result from these events.
This is bad news for buy to let mortgage holders – many of whom have been turning good profits from high-end apartments aimed at City workers.
Jane Ingram, head of residential lettings at estate agents Savills, said that she expected many of the newly-redundant bankers to move out of their luxury rented homes.
"We have to act in the interests of our landlord clients," she told the newspaper.
"When we present them with an investment banker as a prospective tenant, can we really say he is a good bet?"
Also speaking to the newspaper, head of research at property analysts Knight Frank Liam Bailey added: "We expect more [house] price falls to come – at least another ten per cent – but the Lehman impact could push this towards 15 per cent or maybe higher."
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