Property news: Buy-to-let mortgages up by a third
Fears of a double dip recession won’t hit the property market too much, experts say
A double dip recession in the UK is unlikely to markedly affect the country’s real estate market, according to national estate agents Strutt & Parker.
A recession is defined as two consecutive quarters of negative economic growth. But, economists have already stated that once the figures are adjusted, it is far from certain that they will show a negative and hence a double dip. Read more on this story
Buy-to-let mortgages up by a third
The value of mortgages taken out to fund buy-to-let purchases rose by a third year-on-year to the first three months of 2012, as falling house prices and rising rents made the sector attractive to investors.
Some 32,300 loans worth a combined total of £3.7bn were advanced to buy-to-let borrowers, according to figures from the Council of Mortgage Lenders (CML). The value was 5% down on the final three months of 2011, but 32% higher than in the opening three months of the year. However, it remains at about a third of 2007′s levels. Read more on this story
No need to adjust your screens! The house that was deliberately built upside down
At first glance, this house looks like it’s been uprooted by a mighty tornado and planted on its roof. Amazingly it was built this way, as an Austrian tourist attraction, by architects Irek Glowacki and Marek Rozhanski. As well as its impressive exterior the house is fully furnished with decor, belongings and even a car – all painstakingly installed upside down. Read more on this story