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Buy-to-let repossessions soar, says MPL

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The number of properties belonging to landlords in possession at the end of June 2008 was 302 per cent higher than at end of March 2007, according to research from the fund manager Mana

The number of properties belonging to landlords in possession at the end of June 2008 was 302 per cent higher than at end of March 2007, according to research from the fund manager Managing Partners Limited. 

MPL estimates that around five properties belonging to landlords were repossessed every day between January and March 2007, but this had risen to around 10 between July and September 2008.

Jeremy Leach, managing director of MPL, says: ‘The number of properties belonging to landlords that are repossessed is only going to rise. Mortgage rates have been increasing and deals have also been harder to come by. This, coupled with falling property prices has meant that more landlords have been finding it difficult to make their payments or ensure that their property portfolio is a viable business option.’

MPL says its British Property Opportunities Fund, which aims to take advantage of the deep discounts that are appearing in the market as a result of forced sales, is increasingly buying properties from landlords at up to 30 per cent below their list price. 

The fund targets an annual return of around 12 per cent plus by investing in both residential and commercial property, including distressed portfolios, high yield rental units, development opportunities, leasebacks and reversionary gains schemes.

The minimum investment in the fund is GDP50,000, or GDP2,500 if an investment is made via an insurance bond or Sipp wrapper.

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