Property investors go on spending spree...

17 September 2010

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1 Comments

Written by rosalind renshaw

Property investors are taking advantage of the flagging property market by going on a purchasing spree, a bridging financier has said.

London-based Drawbridge Finance reports a massive 128% rise in the number of Agreements in Principle issued in August, compared to July.

In August, typically a quiet month for the property market, Drawbridge issued 127 AIPs on loans amounting to more than £110m, with over one AIP a day converting into a successful deal.

Mark Posniak, head of marketing and operations at Drawbridge, said: “The man in the street may have put property purchases on hold, but portfolio investors clearly have not.

“The more volatile the market gets, the more active portfolio investors and other professionals become."

Comments

- Rick Deckard
Not all is well in the provincial areas. With a well known local developer doing ten "tart and turns" he has been caught short as the market drops and has now had to let them out with the bank offering no furher support. Buying at £85k with £15k refubshment and selling at 125k 6 months ago these properties are now selling for £100k as more come available - of dear the future isnt that bright is it?

PS AIP's if im correct still are agreements in principle - and one a day is hardly something to write home about is it?
- 17 September 2010 11:32 AM

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