UK buy-to-let seminar co. files for administration
LONDON, April 29 (Reuters) - Property investment training firm Inside Track, which claims to have created hundreds of property millionaires in the UK, filed for administration on Tuesday, the latest victim of Britain's housing downturn.
The company, which says it has trained more than 100,000 individuals, said demand for buy-to-let landlord training had shrivelled as mortgages became more expensive and less accessible and as housing prices sagged.
"The company has seen a fall in the number of people who want to invest in the property market for the first time, and that is understandable in the current climate," managing director Tony McKay said.
On Tuesday, data showed UK mortgage approvals in the first quarter of 2008 were the lowest since the last three months of 1992, while Britain's biggest mortgage lender HBOS HBOS.L forecast an average drop in UK house prices in 2008 of around 5 percent.
Inside Track said several associated businesses, including property agents Instant Access Properties, were unaffected by its filing for administration. (Reporting by William Kemble-Diaz, editing by Will Waterman) (See www.reutersrealestate.com for the global service for real estate professionals from Reuters).
