Monday, October 25, 2010

Buy to let Rachmanist landlords face toasting

The Daily Mail has a delicious tale of how badly burnt the taxpayer funded buy to let greed merchants could receive their come-uppance from a collapsing property market. This landlord has had one of his thirty three properties valued at only one pound and a mortgage request refused, read it in full from here. The Independent this morning, in an article titled "Britain stares into the abyss again as household confidence plummets" the newspaper points out that the Chancellor has now capped housing benefit payments at £400 a week for a four-bedroom property, and £250 a week for a two-bedroom home, which should stem the flow of funds to those who have grown wealthy on Rachmanism with zero labour during the years of the inflation of the property bubble. The refusal by successive governments to address the negative equity situation of hard-working families, to which repeated suggested solutions have been made on this blog, has now continued beyond the eleventh hour.

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