A couple on Homes Under The Hammer own 900 properties?!

[nc777]

How is this even ok?!

Just now on Homes Under The Hammer there was a couple who work in the family business with 30 other staff.

They buy 30 properties a month. Renovating 60 properties at any one time. They then rent them out and sell some on as investment "packages" I.e. several properties jumped together and sold on to an investor who then rents them out.

They're not even renovating to sell on, they're renovating to rent out.

900 properties???!!! That's 900 properties that could have otherwise been left for the local population to buy.

Am I the only one who finds this sickening?

It’s disgusting! No one should be allowed to own that many residential properties. It’s nothing but greed. Personally I think outside of housing authorities/council housing etc, there should be a two property limit for everyone. I’ve no problem with people having their own house plus a holiday home that they rent out or air B&B but buy to let and having the government pay your mortgage on 3/4/5 or 900 properties is wrong.

@RachelHasThoseInBurgundy

It’s disgusting! No one should be allowed to own that many residential properties. It’s nothing but greed. Personally I think outside of housing authorities/council housing etc, there should be a two property limit for everyone. I’ve no problem with people having their own house plus a holiday home that they rent out or air B&B but buy to let and having the government pay your mortgage on 3/4/5 or 900 properties is wrong.

100%

There was a similar land lord where I used to live.

He wasn’t a good person, unfortunately, but how owned a lot of the rentals in the area. He used to lick and choose who he would rent to, making it impossible for some people.

I agree, it’s sickening.

Christ. It’s no wonder people struggle to buy homes when there are landlords that do this.

Imagine how much profit they must get each month

Utterly sickening.
Sadly local authorities don't have the money to buy houses to put into rental use for the families that need them.
We need a huge change in our property ownership/market in this country.
I suppose the only thing that can be said is that house are being renovated, but doubtless not to very high standards.
I was brought up in a council house, it makes me so sad to see the state of housing in this country.

It’s really disgusting and should be illegal.

Do you want to get rid of the rental market entirely then?
Because a lot of people renting wont be able to get mortgages. That's not the fault of the landlord. Without those landlords then people would be clambering to the council begging for a house.

I don't know, to be honest I think if they are responsible landlords with lots of experience and proper economy of scale so issues get addressed efficiently, I'd rather rent from them than from some amateur with 1-2 properties that bodges repairs and has no idea of their responsibilities etc. If we accept that it's sometimes morally ok to own properties to rent out for profit (which surely most people accept, the alternative is all rented housing is 100% state controlled, which would surely be problematic in different ways) I don't see why it's worse to have a large scale business doing it than individuals. The types of property on homes under the hammer often seem to require quite substantial renovations to make them liveable and/or to be unmortgeable as lacking functioning kitchens or have major structural damage etc so it's not as if a struggling working family could otherwise have bought them at the auction, if landlords/investors weren't allowed to bid I suspect they'd otherwise sit empty, wasting housing stock and attracting anti social behaviour etc so I'd actually argue it's a good thing they're doing which they of course expect to make a profit off, they aren't charities. Don't get me wrong, I think we have a major issue with housing in this country but I think larger, better regulated professional landlords are actually probably more of a solution than an issue...

Sadly local authorities don't have the money to buy houses to put into rental use for the families that need them.

Because the demand for property from buy to let and other hoarders with oodles of money to buy everything they see keeps the price massively inflated. If those people weren’t allowed to buy them then the prices would drop to a more affordable level. In addition, these house hoarders keep the rental rates high too. Get rid of them and renters will become owner occupiers, the rental rates will drop, meaning less housing benefit being paid out all round.

There is a notorious obnoxious landlord who does this in our area. People must be really desperate to rent from him

@ImUninsultable

Do you want to get rid of the rental market entirely then? Because a lot of people renting wont be able to get mortgages. That's not the fault of the landlord. Without those landlords then people would be clambering to the council begging for a house.

Oh for fuck sake. There's always one.

Where in my OP did I say I wanted to, or suggested I wanted to, get rid of the rental market?

there should be a two property limit for everyone.
Tell that to the Queen.

He used to lick and choose who he would rent to

I know this is a typo but I wouldn't put it past some landlords I've encountered!

@Ifailed

there should be a two property limit for everyone. Tell that to the Queen.

Happily, have you got her number?

@ItRainedForever

He used to lick and choose who he would rent to

I know this is a typo but I wouldn't put it past some landlords I've encountered!

Well, you obviously dont want landlords to have a large, nationwide business.
Its business. Like any other business. if you've got the skill to manage it well and make the money needed to expand, then why not?

We dont have communism here. It's a business. People rent. So, what's wrong with people making this into a big business for themselves.

Or is it only ok if you only rent out one or 2 properties? Which doesnt actually earn you much money. So they also need to do other jobs and often they try to get round regulation or they simply dont understand what their responsibilities are

There should be much higher taxes on multiple home ownership

should be much more social housing too

Landlords who own this much property are parasites

Do you want to get rid of the rental market entirely then?

Objecting to someone owning 900 properties when we have a housing problem & a lack of affordable housing doesn't mean you think there should be no rental properties.

So, tax viable businesses into the ground. People who want to buy those properties still cant get a mortgage even if landlords collapse.

Social housing has nothing to do with private landlords owning homes.

@ImUninsultable

Do you want to get rid of the rental market entirely then? Because a lot of people renting wont be able to get mortgages. That's not the fault of the landlord. Without those landlords then people would be clambering to the council begging for a house.

Yes because that's the likely consequence.... presumably all those houses would then just be left empty? Obviously not.

So, tax viable businesses into the ground.

who is advocating for that?

I know mumsnet hates landlords and anyone with a few properties is the devil but you're being ridiculous.

If you dont like it, you can always go start campaigning for change and see if there is any real support for the cause.

What's wrong with providing lots of homes for people to rent? There's a huge demand for renting by people who don't want to buy.

Are you equally uptight about companies that provide thousands of hired cars, or chemist shops or supermarkets? Would you prefer to fly with an airline that only owns two planes?