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Buy-to-let sees a huge increase in repossessions

Tuesday, 13 January 2009 12:26 PM

Buy-to-let property repossessions are up 302 per cent in the last year.

Repossessions per day doubled in the last 18 months.

Research from the fund manager Managing Partners Limited (MPL) revealed today how the number of properties belonging to landlords in possession at the end of June 2008 was 302 per cent higher than at end of March 2007, from around 621 to 2,496.

MPL estimate around five properties belonging to landlords were repossessed every day between January and March 2007, but this had risen to around 10 between July and September 2008.

Jeremy Leach, managing director of MPL, said: "The number of properties belonging to landlords that are repossessed is only going to rise. Mortgage rates have been increasing and deals have also been harder to come by.

"This, coupled with falling property prices has meant that more landlords have been finding it difficult to make their payments or ensure that their property portfolio is a viable business option."

MPL's British Property Opportunities Fund, which aims to take advantage of the deep discounts that are appearing in the market as a result of forced sales, is increasingly buying properties from landlords at up to 30 per cent below their list price.

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