The Portman Building Society is refusing new BUY-TO-LET applications on New Build flats through their subsidiary, The Mortgage Works.  The over-abundance of apartments over houses in new build developments has brought about an average price decrease (how dare they!), estimated at just under 5%.  However, just in case you are about to ring your broker with wails of anguish, this only applies to properties less than one year old – and, by the way, they have increased their self-cert LTV to 85% - mind the stampede!

Feb 2006

http://www.themortgageworks.co.uk/news-hub.htm

This over-abundance of flats has left a shortage on starter homes and New Build Semis, so…But, while we are talking about New Build; Anyone buying apartments off-plan to add to their SIPP may be advised to properly investigate what effect the new SIPPS legislation will have on their investments.  In addition to your property being owned and controlled by pension fund Trustees with qualifications unknown, the recent Government pre-budget report (Dec 2005) has revealed that residential property investment in SIPPs will not be given up front tax relief.  I have heard there is a bit of a rush in investors trying to offload ‘off-plan’ properties before April. 

Feb 2006

http://www.fsa.gov.uk/consumer/pensions/5_tools/contacts.html