The UK's housing boom of the last decade looks set to take a tumble with the downturn in buy-to-let mortgages signalling the bottom end of the market is breaking down, the FT says.
Figures published by the Council of Mortgage Lenders show there was a decrease in the amount of buy-to-let lending in the second half of 2004 fell on the first half figures for the first time since 1999. The problem for the market is BTL has in many cases replace the traditionally first time buyer at the lower end of the market – e.g., one-room flats – which are often at the bottom of a chain determining whether somebody can move to a detached family residence. If that bottom end of the market falls away, it would have serious knock-on effects on the rest of the market, the paper quot...
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