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| CURRENT SECTION :: Money News | UK's most visited IT Contractor Site - 250k unique visitors March 2008 |
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A buy-to-let group that specialised in advising newcomers to the property investment market has gone into administration. Inside Track, one of the UK’s largest buy-to-let seminar trainers, said yesterday that it can no longer stay immune from the credit crisis. It said demand for its seminars, which have turned more than 100,000 individuals into property tycoons, had shrivelled from the drying up of new buy-to-let mortgages. Falling house prices fuelled the group’s problems, as it advised buying up property off-plan, relying on rising prices to sell it, often before the development was finished. The strategy contrasts yesterday’s reported caution from the National Landlords Association that investors should focus on affordable and decent homes over a longer period. In a statement to Reuters, Inside Track said the current economic climate means it is “understandable” that the number of new investors coming onto the market has fallen. But the firm’s sister company, Instant Access Properties said it is open for “business and usual.” It added that Inside Track’s directors have been “left with no option” other than to place the business “under administration.” However IAP moved to plug four “exciting new events” it is hosting next month to help investors navigate a changed marketplace. “Whilst the credit crunch has affected novice investors coming into the property field, it has also presented several exciting opportunities for existing investors,” it said. “The world has changed and to reflect the times we are launching a new enhanced series of events to reflect a ‘buyers market’.” The seminars will focus on residential investment opportunities in international and emerging markets, tax and finance options in the credit crunch and “advanced financing options.” Instant Access Properties is a separate company from Inside Track and “whilst not making light of our disappointment,” IAP said the implosion of the latter will allow its service to improve. May 1, 2008 Email this article Printer friendly page Previous Page
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