youtube-dl: ERROR: Unable to download webpage

Worked fine till yesterday when I upgraded to the latest. I keep getting:

bin/youtube-dl --verbose -F https://www.youtube.com/watch?v=UdAapVZFS1g
[debug] System config: []
[debug] User config: []
[debug] Command-line args: [u'--verbose', u'-F', u'https://www.youtube.com/watch?v=UdAapVZFS1g']
[debug] Encodings: locale UTF-8, fs UTF-8, out UTF-8, pref UTF-8
[debug] youtube-dl version 2015.06.25
[debug] Python version 2.7.3 - Linux-3.16.0-0.bpo.4-amd64-x86_64-with-debian-7.8
[debug] exe versions: none
[debug] Proxy map: {}
[youtube] UdAapVZFS1g: Downloading webpage
ERROR: Unable to download webpage: HTTP Error 429: Too Many Requests (caused by HTTPError()); please report this issue on https://yt-dl.org/bug . Make sure you are using the latest version; see  https://yt-dl.org/update  on how to update. Be sure to call youtube-dl with the --verbose flag and include its complete output.
  File "/home/nihim/.psources/youtube-dl/local/lib/python2.7/site-packages/youtube_dl/extractor/common.py", line 312, in _request_webpage
    return self._downloader.urlopen(url_or_request)
  File "/home/nihim/.psources/youtube-dl/local/lib/python2.7/site-packages/youtube_dl/YoutubeDL.py", line 1729, in urlopen
    return self._opener.open(req, timeout=self._socket_timeout)
  File "/usr/lib/python2.7/urllib2.py", line 407, in open
    response = meth(req, response)
  File "/usr/lib/python2.7/urllib2.py", line 520, in http_response
    'http', request, response, code, msg, hdrs)
  File "/usr/lib/python2.7/urllib2.py", line 445, in error
    return self._call_chain(*args)
  File "/usr/lib/python2.7/urllib2.py", line 379, in _call_chain
    result = func(*args)
  File "/usr/lib/python2.7/urllib2.py", line 528, in http_error_default
    raise HTTPError(req.get_full_url(), code, msg, hdrs, fp)

Kindly keep in mind that I am a ~new at nix so it might be something obvious that I am missing.

Cheers