James Fitzsimons: Government is blind to woes of buy-to-let investors
There may be bargains in the property market, but there are also losers being forced to sell
There are great bargains to be had in the property market if you have the cash to buy, or you are not on the banks' naughty list. It's not that we've hit the bottom, or that prices are what they should be – but if you are a property investor or a speculator, the opportunities are just too good to miss. That's why more 'Sold' signs are appearing than we've seen for years.
But while there are winners, there are losers too. Some are cases that just walked away on account of negative equity. But many are forced to sell because their repayments fell behind.
Soon the way will be clear for the banks to begin wide-scale repossessions should they so choose. They say they prefer solutions that keep people in their homes, once it doesn't involve debt forgiveness. For buy-to-let investors, the prospects are hopeless.