The buy-to-let property market is in crisis as value of new purpose-built investment properties has plummeted 40% in the past year. The Daily Telegraph

Data on nearly all the new-build flats that have come up for auction in recent weeks show they are selling for, on average, just 60% of what property investors paid for them.

There are growing numbers of new-build flats being repossessed in cities such as Manchester, Leeds, Birmingham, Norwich and Nottingham, and the prices being achieved by the auction houses are invariably well below the original prices.