It has been coming for some time, back in 2003 I was predicting this (yes, blowing the trumpet);
When the economy takes a down-turn, as surly one day it will, interest rates will rise and jobs will be lost. Then the time-bomb explodes. Those morgaged to the hilt will loose their homes. Those without their own homes in rented property will find their rent rising to meet the morgage costs. The already strained housing sectors, despite having the space to house us all will, because of economic factors out of our control, begin tearing a the fabric of the city. Developments will lay derelict, monuments to lost opportunities. The global investors will move out of our city, happy to wait until the market bounces back to realise a return on their investments. We’ll be picking up the pieces while they move their attentions to profitable opportunities elsewhere.
Well Inside Track, the buy-to-let venture, feeding of people's greed, has becomes the lastest victim in the crash;
Inside Track, the company that spearheaded the buy-to-let investment boom, is to go into administration early this morning. The demise of the firm, which once promised to show customers "how you could give up work and be a property millionaire instead", comes as buy-to-let mortgages dry up amid tumbling values for British new-build flats, Spanish apartments and Florida homes.
And I suspect there is more to come.
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