Property developers

[Winegal]

Accidentally caught homes under the hammer while on a days leave, AIBU to be unreasonably angry about it, all these people with loads of cash building up a "portfolio" ie buying houses perfect for first time buyers, that need a little bit of work people could do as and when they could afford it.

Just saw one, bought a perfect 3 bed family home for 95 grand then basically said he would be selling it after a bit of work for 165 grand.

I really think there should be a maximum number of properties that anyone can own in the UK, especially as we are short of homes as it is.

AIBU?

Yes it is a disgrace, but that does not mean that it is a basic human right to own a property. The suggestion is ludicrous.

A lot of houses on HUTH are not suitable for first time buyers, many need significant amounts of work and couldn't be lived in whilst those are done (and I don't know many FTB who could afford mortgage and rent) and a lot aren't mortgageable.

Despite what HUTH suggests, the work is often significantly more than the new kitchen and bathroom it suggests. You need to know tradesman and have cash!

Anyone can buy a house at auction!

As @Ifeelshit said - it's not that easy to just buy a house at auction. Most banks won't lend on a delapidated property. So you'll more than likey need to be a cash buyer. Even if you get a mortgage for the property, you need to raise not only the deposit but capital for the renovation. Plus you need to fund somewhere to live while the renovation takes place. Yes that is doable for some but not all. Hense why so many first time buyers end up in over priced new builds that offer help to buy schemes.

I'm not against developers buying those sorts of houses, but they don't only buy run down old properties, they buy anything and everything just to sit on it as an investment.

If anyone saw the the £1 house show on channel 4 - that was a brilliant way of getting rid of derelict houses and getting those on lower incomes on the property ladder.