Dark and new Satanic Mills

Over the last ten years, according to the London Financial Times, loans for prospective small-scale landlords have risen from 2% to 10% of all mortgages.

Thousands of newly built flats have been constructed in English cities such as Leeds, Manchester and Nottingham to fuel and sate demand.

But over-valuation, fake discounts, skimming by lenders, increases in mortgage costs and a simple lack of demand is witnessing thousands of these flats remaining empty or let at rents that do not cover mortgages.

Newspaper reports highlight the plight of investors with portfolios valued in millions now turning to dust, personally owing millions and fearing repossession of their own front doors.

Time to re-cast a famous poem?

And did those feet in ancient time

walk upon England’s mountains green?

And was the holy Lamb of God

on England’s pleasant pastures seen?

And did the countenance divine

shine forth upon our clouded hills?

And was Jerusalem builded here

among these dark Satanic Mills?

Pictures courtesy of Aeschli, Martin Q and  Sternology.