A NATION of amateur buy-to-let investors is revealed in research just published, writes Charlie Weston.
And most of the people who took a punt on an investment property during the boom have been badly caught out by the downturn.
More than half of those who bought into the property hype during the height of the Celtic Tiger now find that the rental income is not even covering the interest on their mortgage repayments.
And large numbers of investors who were working when they bought are now retired – indicating they bought the properties as a pension.
The research, carried out by TCD professor Brian Lucey, mortgage broker Karl Deeter and Marie Hunt of estate agency CBRE, shows that despite losing money on their investments most will not sell.
A total of 148,000 mortgages are outstanding on residential investment properties, with 40,000 of these in arrears.
The research shows that most have invested less than €500,000.