Growing numbers of buy-to-let properties are being repossessed and offloaded by lenders at auction in a sign that investors are struggling to meet mortgage repayments as interest rates rise.
Auctioneers say that properties previously owned by buy-to-let investors now make up about half of all repossessions sold at auction, even though buy-to-lets account for less than 10% of the total mortgage market.
References: Financial Times 11/11/06 page 1, The Times Business 11/11/06 page 27
