Apparently this is due to Britain’s buy-to-let blowout. According to the article, at the end of September 2008, 55 of Beetham Tower’s 219 apartments were waiting to be let and over 30 apartments were on sale.
The article states that a lot of buy-to-let investors purchased apartments in the Beetham Tower because of the hype surrounding the Tower. These buy-to-let investors, sometimes referred to as “dinner-party dabblers” are now particularly prone to the credit crunch. Apparently throughout the UK there are more than one million buy-to-let investors.
One of the upshots of this is that rental prices have fallen in the Beetham Tower. It is now possible to rent apartments from £750 a month. Considering that Beetham Tower is in a prime location in Manchester city centre, this rate is certainly affordable.