To think hording something essential for life is despicable

[sandrabedminster]

www.telegraph.co.uk/money/special-reports/i-have-three-properties-at-age-33-and-3000-a-month-to-save-do-i/

Its not jealousy before someone says it, I own my own home but I doubt my children will ever be able to. But shelter is something essential and all this speculation is causing lots of damage as prices are pushed ever higher. I know a friend that spends 70% of net income just on renting something that is too small for her.

I thought this was going to be about someone hoarding food or medical supplies!

Ridiculous.

I agree with you OP. I think it is immoral to make profit from anothers need for shelter. It's creating an artificial demand and pricing normal people out of the market.

There are areas in my town where 75% of the houses are buy to let, a lot stand empty for months on end because the rental market is over saturated with properties. It's gotten that bad that the council have barred buy to let mortgates in certain areas. LLs are only allowed to own one house in those areas.

Fair enough, rent your home out if you can't sell, but to set up business from others need for housing is wrong.

OP why blame him?
If you think BTL should be subject to different rates of CGT or other disincentives, that's one thing
But this guy is just doing something that's allowed
Also hoarding is not three! It's not like he's got 100. He's not using them all as his homes
There are loads of issues with the property market but why blame him? He has to work with the same bat shit crazy economy as the rest of us.

So did I thats why i came on to the thread thought there was somebody hoarding insulin or something that is actually life saving.

It's an automatic win the moment people resort to calling you 'jealous' (on no evidence)

What would you call it then?

I'd call it critical.

It's bizarre and emotive to ascribe motivations to OP's disapproval of the phenomenon without evidence.

But if this guy sold his three properties, would your friend be able to buy one of them? If not, then it's irrelevant how many houses he has.

Presumably he's charging a fair market rent for each property.

I say good for him for making good financial choices and investing his money.

I'm in the same position at 28. Save £4K per month. I'm a fair landlord who fixes any issues immediately and allows very long tenancies for any who want so long as they pay rent and are happy for bi-annual inspections. I charge below market rate and allow pets

So while your opinions are valid, OP, such is life and although I was given help for the first the rest are off my own back.

i'm with anUtter on this, i was very lucky to start on a £60,000 mortgage in the south east, it seems you need nearly £30,000 to get started these days, i can't get my kids started on home owner ship in any shape or form, they will need to rent like most people eventually, although there will be a decent inheritance for each of them, they would be set up for themselves by that time hopefully.

Fair enough, rent your home out if you can't sell, but to set up business from others need for housing is wrong.

I don't understand this POV.

Housing is a market like any other.

The owner has to pay a deposit and maintenance, and tax on profits, so he's putting money back into the economy. Lots of people aren't in the position to buy a house/don't want to buy/prefer to rent, so it's lucky that there are landlords who can rent them properties!

He is still allowing others the use of his 'investenment' at market prices.

It's better than the buying up of land/water supplies in less developed countries and then holding it to use it for farming or leisure reasons, thus causing poverty/death/destruction of the planet.

I can't get worked up over someone protecting their future, in the UK, on such a small scale, when they've done it honestly and by working to fund this.

Better kick the students I rent to out, then. Next year's lot can buy their own houses.

We have a flat that is our penson i dont work and dhs work pension is buttons the days of big pension payouts for ordinary people have gone

You can still pay into personal pensions, though, which is very tax-efficient. We have started pensions for our young dc.

I agree that the days of relying on the government to provide for us in our retirement are gone.

But shelter is something essential and all this speculation is causing lots of damage as prices are pushed ever higher. I know a friend that spends 70% of net income just on renting something that is too small for her

That's quite a persuasive argument. Shelter is essential and the rental market is extremely lightly regulated. We probably should be doing more to make sure everyone has access to housing they can afford.

Dh pays into a works pension which is basically a private pension but the workers 10 years older than him got a better pension deal we couldnt afford to pay into another pension never mind 1 for children Dd pays into her own now

Should we do away with supermarkets? If it is wrong to profit from peoples need for housing, surely profiting from their need for food is equally as bad. Clothing too for that matter, and fuel.

A quick Google shows he lives in a v inexpensive part of the country, property-wise. Those three properties probably cost less than a studio flat in other areas. He earns well, presumably puts the work in (that industry pays according to how much you've made the company, so effectively the harder you work, the more you earn).
Maybe he has worked 6 or 7 days a week for the last ten years. As a young person with no family his outgoings weren't high, so he can afford to invest.
I have found previously when I worked 7 days a week I earned more than I could spend, as I had no time to spend any! (Was paying off student debt, so couldn't spend it anyway)

You sound jealous.

I can't afford to buy my own house - it's not this guy's fault! He's done well with his life and made shrewd investments.

"Fair enough, rent your home out if you can't sell, but to set up business from others need for housing is wrong."

Is it also wrong to set up a business from other's needs for food or clothing? Those ghastly farmers hoarding fields where we could all grow our individual little vegetable crop and rear our individual cow...

Shelter is essential. Home-owning is not.

Lots of right wingers out I see.

Although inthis case, having 3 properties is not that extortionate - I've heard of one man owning 1000 properties in London - I do agree with your principle. Britain is a very divided country and thedivides are increasing and you always need money to make money. It is absolute rot to say that everyone who works hard will get their just rewards at a time when all work does not pay a decent living wage, and increasing numbers of people are forced into private rent all their lives and so cannot save. It is absolute rot to say that everyone can go on to earn lots of money just by working hard - it is the same as a biological food chain, there needs to be lots of people in low-earning jobs to prop up the higher paying ones. We needmore cleaners and front line assistant-level than we do managers.

As the extremely rich and privileged leverage their wealth they suck it up from others. There is only so much to go round in a finite world and we are seeing the rich take larger and larger shares. The nation as a whole cannot afford the levels of private greed we are seeing.

Neither can the local and global environments for that matter.

Oo never been called a right winger before we are obviously on a slippy slope to hell

Actually yes, this is a very dangerous sociological and economic path. How long do you think billionaires in London can carry on telling the poorest that they need to work ever longer and harder for less wages before there are serious problems?

It's not jealousy to suggest that we have a housing crisis in this country!! Nor is it some kind of idiocy to suggest that there might be a more systemic problem than 'people not working hard enough'.

The reason the economy is breaking down is because the rich have taken too much out of the system. As you increase inequality you reduce the amount most people have to spend, and the rich are not making up the difference, they cannot. Even billionaires do not individually have the collective spending power of millions of middle income people. Reliance on a few individuals spending power cuts down the scope for economic variety. This is one of the reasons Rome and Byzantium fell, and it will happen to us too.

People having piles of buy-to-let property does make me uncomfortable. OTOH there are people who need to rent. So I suppose what matters most is that renting is really well-regulated, and how I feel about that guy depends on whether he is a fair and caring landlord.

I'm still reeling at how, just how you can get into that position at 33! In London! He earns 50K, that's far from peanuts but it's hardly stinking rich either.