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To think landlords who own multiple properties are part of the housing crisis?

347 replies

ByArtfulOliveDuck · 23/11/2024 14:57

Is it unreasonable to say that having a portfolio of rental homes is unethical in a housing shortage?

OP posts:
Boomer55 · 23/11/2024 17:09

For would be tenants, private landlords are all they have. Social housing has virtually collapsed. As with tenants, there are good landlords and bad landlords.

Kendodd · 23/11/2024 17:07

Second homes and ghost blocks need punitive local taxes on them as well.

Kendodd · 23/11/2024 17:05

Another issue I think is elderly people in care homes. I think average stay in a care home is two year. Google tells me over 400,000 elderly people live in care homes. Let's say 50% of those people lived alone so leave an empty house and 75% of those owned, not rented. After they die, say another year to sell the house. That leaves 150,000 homes sitting empty for three years.
I'm very pragmatic, I'm going to make sure my children just sell straight away if I ever go into a care home (although I shudder at the very thought of them).

Sortumn · 23/11/2024 17:05

ByArtfulOliveDuck · 23/11/2024 14:57

Is it unreasonable to say that having a portfolio of rental homes is unethical in a housing shortage?

Two kids at uni who need to rent.
One has a landlord with a portfolio of properties. Problems are fixed quickly because they also have a portfolio of tradespeople available at short notice.
Other student is with a landlord with two properties. They don't have a handy list of tradespeople and are prone to trying to bodge things themselves.

In both cases renting is cheaper than being in halls.

WooleyMunky · 23/11/2024 17:00

Everything being turned into student flats/HMO.

And there are too many people in this country.

Illjusthavethebreadsticks · 23/11/2024 16:56

Thepurplepig · 23/11/2024 16:42

We don’t have a housing shortage. We have a headcount problem caused by uncontrolled immigration.

💯%

Kendodd · 23/11/2024 16:53

Another issue contributing to the housing crisis is under occupation (classed as 2+ spare bedrooms). In my area alone, and, just within council stock, there are 34,000 spare bedrooms.

2024onwardsandup · 23/11/2024 16:51

And social landlords can be APPALLING

Todaywasbetter · 23/11/2024 16:50

It’s a bit like saying that supermarket should be banned because they sell too much food we should all get our stuff from man corner shops.

2024onwardsandup · 23/11/2024 16:49

The housing shortage is caused by …. Not enough housing for population levels.

thats the policy problem to solve.

the mix of rental /owner occupied is a public policy issue - but a different one with lots of different options that can benefit society.

Kendodd · 23/11/2024 16:47

I'm a LL OP and I partly agree.
LL have pushed up prices making it very difficult to get on the first rung.
I don't think they have contributed to the housing crisis though. The housing crisis is the result of to little housing. If a owner had property sitting empty, that would contribute to the crisis, (see ghost blokes in London).
What we need is a massive council house building programme. Make the state landlord of first resort not last resort.

ForRealTurtle · 23/11/2024 16:45

Not true. Most people ARE housed but are paying too high rents and mortgages. And many homes lie empty

Boutonnière · 23/11/2024 16:45

HongKongFinish · 23/11/2024 15:52

Selling off state housing at massive discounts via the Right to Buy and not replacing them, has paved the way for the current crisis. It should never have been allowed in the past and never allowed again in future.

This - met up with some visiting American colleagues who loved the air b & b they were renting in a fashionable bit of N London. Solid ex council stock, now owned by an overseas buyer ( who knows how far down the chain from the original renter) , right next to a big depot. They were saying how cute - I thought of the workers with early start times who would have once have been nearer their employment.

And those saying private landlords should not exist so that it could all become social housing. What about those who would never qualify for state controlled housing or who want some choice or flexibility ?

Zae134 · 23/11/2024 16:44

It wouldn't annoy me as much if I could get a decent long term lease, I've rented for about 6 years and, despite my landlord wanting a long term tenant, I had to go from a 6 month contract, to a 12 month after 12 month contract. In my previous rental homes we've been told they want a long term let when actually they want someone to fill it for 3 months whilst they get it properly on the market- then I have to move a family of 5 somewhere else who also, supposedly, want a long term tenant.
I'm ok with a landlord having rental homes as a business, but let me sign for a decently long amount of time (in the same way you would in America), let me make this my home.

Thepurplepig · 23/11/2024 16:42

We don’t have a housing shortage. We have a headcount problem caused by uncontrolled immigration.

MrDarlingtonsPie · 23/11/2024 16:41

Agree. Nobody needs more than one property. Bring back houses as homes not investments.

PurpleCarpets · 23/11/2024 16:40

mumda · 23/11/2024 16:20

Pressure on rentals comes from the demand.

The population keeps increasing, so demand keeps going up.

Also the diminishing supply that others have identified.

Rents, like the price for anything else, are set at a level when demand and supply come into equilibrium. They're not set by landlords, tenants or anyone else!

Nikitaspearlearring · 23/11/2024 16:39

Flamez · 23/11/2024 16:23

I’ve got some properties I rent out. All of them long term tenants of over a decade. They are all well maintained and rent hasn’t been increased for over 5 years on any of them. We have a 4 bed house that has had the same tenants who relocated for work with their children. He got sick and couldn’t work, the kids grew up and moved out and the couple live in their home now happily. We know we could get a lot more rent but its their home. When they thought the carpets needed replacing they rang DH and he told them to go choose what they wanted and we would pay. We’ve not done an inspection for years, but our electrician tells us the house is lovely and they have decorated it as they wish. If we were to sell up they would be able to afford only a one bed flat in our area now, and probably nobody would rent to them because he is on benefits and they have a lot of pets. So no. I’m not ashamed of being a landlord.

I'll always be grateful to my first landlord, who asked me what I thought was a reasonable rent and then charged me less. In return he got a reliable long-term happy tenant. It was another 12 years before I wanted to take on what I felt was the scary prospect of a mortgage.

curtaintwitcher78 · 23/11/2024 16:37

halloumidippers · 23/11/2024 16:22

Say whaaat? I thought MN hated greedy landlords especially if they managed to acquire the houses in a tax efficient way? Maybe MN hates everyone... Confused

Probably more accurate yeah 🤣

HappiestSleeping · 23/11/2024 16:34

halloumidippers · 23/11/2024 16:22

Say whaaat? I thought MN hated greedy landlords especially if they managed to acquire the houses in a tax efficient way? Maybe MN hates everyone... Confused

I think it depends which way the wind is blowing 🤣

teaandtoastwithmarmite · 23/11/2024 16:31

Yes but our LL has other properties so I guess if he didn’t we might not have anywhere to live. I think there is a lot of buying and selling/ renting for profit in our area as rent and house prices have risen in the last couple of years and it’s difficult to find somewhere to buy in our budget.

NotQuiteUsual · 23/11/2024 16:31

Better a professional landlord who knows what they're doing, has the money and willing to do needed repairs and maintenance promptly. Than Bob and Sue who got a buy to let instead of a pension and have no idea how to manage property.

Having experience of both I'd take the professional with the portfolio any day. Not all buy to let owners are clueless obviously. Plenty are great at it, but I've met too many who aren't.

Superworm24 · 23/11/2024 16:31

TitusMoan · 23/11/2024 16:27

Can’t they do that themselves?

Not yet. DC is only a baby. Both DH and I come from poor backgrounds and want to try and make his life easier than ours was.

YankeeDad · 23/11/2024 16:29

I, personally, am very grateful that my landlord has continued to own the home I am renting from her, rather than selling it.

I prefer not to buy a home right now, unless I have to, because I live in London and the stamp duty would be equivalent to 3-4 years worth of rent. Plus there would be the cost of financing the house. But I may not want to live her for much more than that. So renting is a much better deal for me than buying.

They have several properties, which means that they also have accumulated a good list of tradesmen who fix things effectively and quickly at a reasonable cost. Since most London houses are old, including the one I live in, things need to get fixed from time to time.

The fixable problem making access to housing so expensive is restrictive planning laws. If it were easier to build more houses, then the prices would end up going down.

The unfixable problem is that in every big city in the world, there are more jobs and opportunities, more people want to live there, and that drives prices up.

If we did not have portfolio landlords, only people who already have money could move to places like London, which would mean that the only young people who could move here and get onto the London job ladder would be young people who have enough money from their parents to buy. It is already difficult enough without adding that new difficulty.

So while some landlords are greedy and exploitative, taking inadequate care of their properties, some are fair and filling a very useful social purpose by providing housing to people who want to live somewhere that they cannot buy or do not wish to buy.

mnreader · 23/11/2024 16:28

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