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?

Buying isn’t desired or wise for many people, especially young people.

The only thing I would seek to control is foreign investment. My home country is plagued with it and it is forcing prices up for everyone else, but all the profits swirl OUT of the country off to the Middle East, never to be seen again. At least if it’s a local investor, they (maybe?) pay tax and capital gains.

I love the argument that if people bought there wouldn't be ANY rental properties.

There would be. Because people who don't want to rent would buy, leaving shitty rentals available for anyone who wants to live in overpriced squalor to do so.

@EvilPea

Less rental properties/ shortage of rental properties will inevitably push up the cost of renting This has happened where I am, there is nothing to rent right now. So what there is, you can charge what your like. The combination of house prices going through the roof and the tax hike has meant some landlords have sold up. I’m in an area of extreme development as well, so that has also made it a hot spot.

Fear not, there may well be more rooms in HMOs. These have become more attractive in recent years as investment opportunities. I know someone who set themselves up as an hmo landlord after going to a seminar. No previous experience as an LL at all.

Wonderful.

We need to push for more social housing. It’s the only answer.

@Blossomtoes some people don’t care, it is obvious to others though.
It isn’t fair to let renters live in conditions where things work but are worn.

I keep watching such a lovely lady on tiktok loves making beautiful looking food, she rents and her kitchen is literally falling apart.
It’s absolutely terrible. Yeah, it works. But my god, there should be a bottom line standard for rentals. It’s not fair to expect people to pay such high fees to rent the house when you’re not keeping it at a reasonable standard.

If your parents wanted to change things, they could have saved to do that, renters don’t get that option.

I saw the episode, the couple (part of a family-run company) don't own 900 properties. They have bought and renovated 900 properties which they then let and sell, with tenants in place, to investors. I'm sure that the people featured own several properties - which may or may not be a bad thing - but nothing like hundreds as they said that, as well as buying 30 each month, they sell 30 a month. The estate agents felt it was done to a very high standard.

I will go one step further and say that the abundance of these kind of shows many of us have engaged in throughout our lives had added to people seeing houses as wealth investments rather than homes. They have created toxic culture.

Also, I can't help but love location, location location but how many times do we hear phrases like hard earned cash for the deposit when actually it's the luck of the buyers circumstances that has provided most of that. These shows also perpetuate all kinds of taken for granted cultural myths. I don't think either ate healthy. Saying that I do live Kirsty and Phil!

"these kind of shows many of us have engaged in throughout our lives had added to people seeing houses as wealth investments rather than homes. They have created toxic culture."

Yes. A comparatively low state pension also adds to that. People get a buy to let as a supplementary pension.

Property is huge part of how the economy runs.

It is but I think people are saying that's not a really good thing.

I swear this forum gets more reactionary week by week.

There should be a stock of high quality affordable social housing. Individuals buying properties in large quantities for profit means they control the market and can drive rent up to a level where it's almost unaffordable.

But yeah let's salute their entrepreneurial spirit.

You’re completely missing the point @Staryflight445. Replacing functioning kitchens and bathrooms is just wasteful and shockingly bad for the environment. People never used to do it.

Absolutely no morals, disgusting.

I think the family on HutH do up the properties to a good standard and rent them out a market rent. I can't see the problem.

I’m really not @Blossomtoes because where is the line drawn?

Should renters just suck it up then in their peeling kitchens and mouldy bathrooms?

@Staryflight445

I’m really not *@Blossomtoes* because where is the line drawn?

Should renters just suck it up then in their peeling kitchens and mouldy bathrooms?

No, because mouldy bathrooms and peeling kitchens aren’t in working order, are they? I’m talking about functional rooms that are unfashionable/a bit shabby, like the avocado bathroom suite the pp who started all this mentioned.

It’s a business. It supports 30 people giving them employment

You sound jealous

It's quite unusual to have a bathroom or kitchen that's 20 years old or older that doesn't need new flooring or cupboards.

One of our homes had a lovely well kept kitchen that we had to rip out. Couldn't fit dinner plates or large saucepans in any of the cupboards, they were all too big.

It’s a business. It supports 30 people giving them employment

You sound jealous

That's the type of thing Philip Green would say. It's ok to have a negative opinion about something & it doesn't have to come from jealousy.

As I stated before, people can crack on in their own homes. But shouldn’t expect tenants to live in a 1970s bathroom in 2021.

If you think it’s a waste to replace these bathroom items that could well be 50 years old, you need to give your head a wobble.
Do you think anyone would want them if they were safely removed?

Why should a tenant have to live with it? Just because it works?
Once you’ve bought a sofa do you keep it until it sets itself on fire?
Never going to replace your mattress?

@Blossomtoes

I hate watching the show it gives me the rage.

‘this place is a shit hole, let’s give it a paint and some of the cheapest carpets we can find ’ - perfect for tenants now!

🙄

By the way I don’t rent, but I genuinely feel sorry for people that have to every time I look at what’s to offer rental wise.

@Chloemol

It’s a business. It supports 30 people giving them employment

You sound jealous

So far off the mark here.

@NashvilleQueen

I swear this forum gets more reactionary week by week.

There should be a stock of high quality affordable social housing. Individuals buying properties in large quantities for profit means they control the market and can drive rent up to a level where it's almost unaffordable.

But yeah let's salute their entrepreneurial spirit.

Yes 👏🏼

Do you think anyone would want them if they were safely removed?

Yes. One of my friends loves anything mid century. She bought a turquoise bathroom suite from a reclamation yard. Old freestanding baths and butlers’ sinks are in great demand apparently.

Money-grabbing bastards!

We have a local labour councillor...owns about 20 slum flats...mostly illegal...he is untouchable...enforcement raid cancelled due to political correctness....if anyone is challenged about a bed in a shed etc...they just quote the inaction around councillor Ali and it seems to work..!!

I ‘clean’ for a home that was built in the 70’s and hasn’t been touched since. It is pristine! There is literally nothing for me to clean. The elderly lady that lives there keeps it immaculate and clearly her and her late DH maintained it exceptionally well since they built it. If it was to be put up for rent tomorrow I’d snap it up.