Buy-to-let investors 'barred' from Olympic flats
Published: 15-Jan-2008
This article was brought to you by Rentman the premium property management system
Buy-to-let landlords and investors are being barred from a landmark development near to the site of 2012 Olympics stadium.
The Stratford Eye tower, a series of 62 flats and penthouses developed by the L&Q Group, is being sold to occupiers only, with purchasers required to sign a commitment to live in the property they buy, the East London Advertiser reported.
Blaming absentee landlords for their decision to bar buy-to-let investment, the company's head of sales, Cathy Lloyd, told the newspaper that landlords already owned a significant proportion of other nearby developers.
"There are plenty of schemes in East London where investors acquire large numbers of properties in new developments."
"So selling Stratford Eye to 'occupiers only' has been a real challenge, but equally rewarding," she added.
A survey undertaken last week by the Halifax revealed concerns among landlords and other homeowners that empty properties detract from the value of their accommodation.
Find out more about letting agent software
