10. This type of development is rife in most UK cities. But is it right?
10. This type of development is rife in most UK cities. But is it right? (Image 10 of 13)
It took twenty years or more for the rest of the country to wake up to the profit-making potential of buy to let. As banks and building societies looked for new ways to draw more people into owning multiple properties, the buy to let mortgage was born, hitting our high streets in 1996. This was the launch pad for new Labour’s housing boom, and the first real opportunity in history for the average person to become a landlord. Just since 1997 we’ve ploughed £126billion into investment properties. But a lot of property developers relied on profits buoyed by a (seemingly) unstoppable growth in house prices, and many are now left owing millions on properties whose value could plummet.
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