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May 31, 2008
Credit Crunch Facts
- There are about 500,000 buy-to-let investors in Britain. They own property worth more than £120 billion (ARLA).
- Only 2 per cent of landlords are planning to sell up, according to research by the Royal Institution of Chartered Surveyors.
- Average rents have risen by 4 per cent over the past three months and by 12 per cent over six months to reach a new record of £1,000 a month. The annual rent is now £12,041 (Paragon Mortgages).
- In April 2007, there were 2,990 types of buy-to-let mortgages available. Today there are fewer than 600.
- HBOS group lenders have cut their lending on new-build flats: Bank of Scotland, BM Solutions and The Mortgage Business reduced the maximum loan-to-value ratio from 85 per cent to 75 per cent, and discontinued many fixed-rate and tracker deals.
- Nationwide, Abbey and Chelsea Building Society have reduced their lending on new-build flats.