Small landlords selling off isn't a great news after all

This!

I'd be all for discouraging private landlords if the government first put in place proper social housing, but they haven't even begun to do this.

I agree @Irenesortof. I think it’s going to be really rough for many years due to a really tight supply of rental properties and massive demand.

🤣 righty dokey 👍

You can. You can keep the properties in good condition, make timely repairs, allow pets. Etc. It’s a legitimate business as long as you aren’t a bastard about it.

People need rentals. I know someone who is a landlord (they own one properly only which is rented out) but due to a work situation, they rent a flat in another city.

We have a few properties that we rent out and we will be selling all but one next year. We won’t bother renting out the one we are keeping once the tenants move out as it’s too much hassle. We have already had interest from a company with hundreds of properties, so will most likely sell to them. I don’t think tenants are going to do well from all this.

I find it so weird when you have tenants talking about landlords “hoarding” properties when what they’re actually doing is making properties available to rent when there is a shortage! Personally I think the landlords are mad to do it and would never consider it as it’s such a poor investment and so fraught with hassle and risks, but why tenants would be against landlords making properties available for them is unfathomable. The fewer do so, the harder it will be to find a secure place to rent and the more rents will rise. Surely this is obvious to anybody with even the most basic grasp of economics?

People don’t generally “hoard” something that’s freely available and not in short supply. There’s no point or financial gain in doing so when supply is plentiful and as a PP pointed out to you, there is no shortage of properties on the market to buy. A landlord with lots of properties is increasing the supply of rental properties (which is currently, according to the data, insufficient in most areas of the country) and having no negative impact on the availability of property to purchase for those who wish to do so because at the moment it is a buyer’s market with a lot of property for sale (and has been for some time now).

Do you think that a car leasing company is “hoarding” cars just because they have lots of them available to lease for those who want to do so, even though you can choose to go and buy one instead if you wish because there are also lots available to buy for those who do want to do that instead? It’s a nonsense argument.

I disagree. But we can disagree thats fine.

The number of flats on the market nationally and how long they stay that way compared to houses begs to differ. Sure, some people might be prepared to take on the risks that come with most flats on top of the inherent disadvantages of having no outside space/ increased potential for noise especially if not purpose built because of the discount for this, but the issues around insurance/ repair costs/ management companies (particularly with the growing presence of corporates buying up such properties which makes it harder for other owners to eject a poor management company and many have backroom deals with the corporate owners to extract extortionate fees from tenants so the corporate owners won’t vote them out), cladding, higher insurance costs, the prevalence of leasehold still… in recent years the prices of flats comparative to houses has fallen steadily and there’s no sign of this trend changing, with a few exceptions for flats in desirable areas of affluent cities. Most people buying one are buying it because they can’t afford anything else. There may be exceptions, but for the majority it’s not the ideal choice given all of the issues stated.

Because somebody with six BTL is hoarding properties. That’s far from a small / accidental landlord.

And they have a part to play.

A lot of it is people preferring a garden or lack of deposit. With more flats on the market leading to lower sales prices those fine with apartment living (and I know many who prefer it) will be in a good position right now.

This only helps those on low salaries. Not those on higher incomes not yet positioned to buy.

But there are far, far more properties for sale than for rent. In my entire borough, I just did a search on right move, there are 2759 properties for sale. There are 846 for rent.
I actually spoke to an agent about this the other day too. There are so many properties for sale, how can you say that a landlord with 6 properties is hoarding properties, when there are plenty of properties for sale, we don't even need more properties for sale, there are plenty. If the landlords all sell up then it still wont solve any problems for people who want to buy these properties. They just cant afford them full stop.
The problem is there arent enough properties for people who want to rent. So we actually need more landlords not less.
And also people cant afford to buy when they want to, as wages have not risen with property prices.
There is not a shortage of housing, there is a shortage of affordable housing to buy and rent.

Escalating services charges (which will largely be determined by the corporations owning the other flats who will be a majority of the owners), cladding and insurance issues, and the joys of leasehold as well for many.

There’s a reason why there are so many flats on the market and nobody wants to buy them, and it’s not just because of the lack of a garden and the noise issues from neighbours.

My friend lives in a country where renting is the norm and landlords are corporate. It never occurs to her that she will ever be forced to move. The property that she rents is hers for as long as she wants it.

I'd feel far more secure in such a rental, than I would renting from Joe or Jane Bloggs who have one or two properties that they bought when buy to let was seen as easy money. They're very likely to sell to raise retirement funds, or because it's just a pain in the neck/not at profitable as they thought, or any other life event makes it a good idea to sell.

Renting through Lloyds is likely to be a much more secure life, especially if you have kids and you don't want them to be having to change school every five minutes.

Possibly. But wait and see what the consolidation in the market will do to average rents. Hint: they won’t be going down.

Don’t bring facts into this discussion.

I have always had a better experience renting from corporates / via agencies than small individuals. The latter never want to spend money fixing anything.

I think though that the benefit of corporation rentals will make the tenant more likely with a safe long term rental. For many who rent privately there’s always that big risk of the landlord selling up, and having to move as a result.

Sounds like the perfect time to be a first time buyer if you don’t mind a flat!

We are also getting out of the rental business OP, not in the UK but for identical reasons.

We aren't selling the property because it's where our business operates out of - the apartment just happened to be part of the building and we thought, since there is a serious housing issue here, we should rent it.

We'd never do it again, one bad tenant and it's impossible to get rid of them for months upon months if they know how to play the system, while we lose money.

We'll use it as some extra office and storage space, so it won't be housing any more at all.

Frankly anybody would be mad to get involved in the hassle of it. Unfair existing tax rules and ongoing legislative risk, huge regulatory burden, huge market risks, lack of diversification, tenant risk, compliance costs, legal risk, high chance of non-payment, stressful and time consuming. Why would anybody do this rather than just buy a tracker fund and relax?

Spain is one country.

I did not say they “cause it” but that those hoarding properties (and somebody with SIX BTLs is hoarding properties) has a “part to play”.

😂😂😂

Have you seen what goes on in Spain?