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30 May 08 - Landlords Cash In On Repossession
Bargain-hunting landlords are taking advantage of the increasing
number of houses being repossessed from people unable to
keep up their mortgage payments.
The credit crunch and the downturn in the housing market
has pushed up the number of homeowners facing repossession
to its highest level since 1992, according to the latest
data from the Ministry of Justice.
Official figures show that 38,688 mortgage possession claims
were issued in the first three months of the year, up 16%
on the same period in 2007.
Although not all of these claims will result in actual
repossessions, the news is seen as an opportunity for cool
negotiators to drive a hard bargain, with some achieving
discounts of up to 30 per cent.
Glenn Armstrong, a landlord in Milton Keynes, is buying
at 70% below market value. "Now is the best time to
go and find a bargain. There are lots of serious people
out there quietly buying everything they can," he said.
News items supplied by SelectNews, produced by PA Business,
part of the group that owns The Press Association, the UK's
national news agency. Copyright (c) PA Business 2007.
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