To think people who own more than 3 properties should have a special tax applied to them?

[Calltheguards]

I'm just thinking with the housing crisis, should people really own more than 3 properties? I would assume it's a property portfolio and used to exploit renters. AIBU to think there should be a special tax applied to property owners who own more than 3 properties? Maybe tax them at a really high rate to discourage people from hoarding property.

*LtV of 75% @ 25 years and BoE rate + 3%.

Not past the first year they don't.

I'm speaking of the US, where it's commonly guaranteed for the full four year degree program.

Land is much cheaper here and most universities started with large properties they could expand on, often granted by the states.

Never lived in halls at uni.
Rented room in shared houses

The genuinely amazing thing about this thread is the alternation of people saying:

A: That crazy/ridiculous/stupid
and
B: This already exists - landlords pay additional tax already

and either the way the OP gets lambasted.

I mean make your fucking minds up idiots!

I'm speaking of the US, where it's commonly guaranteed for the full four year degree program.

Thats hardly relevent as the majority on here are talking about housing in the UK.

What about one person with a really big house? Should they be subjected to this tax?

What about some sort of supplement on stamp duty for those who have second houses and taxation of rental income received by landlords? Oh, wait, we already do that.

Love how only now jas OP decided to respond to the many posts explaining how landlords already pay more tax for multiple properties

@M3lon It's because OP has alternated between what they actually want, and the extent of those. Tax incentives or a full ban? The responses will range accordingly.

Oh I forgot to mention the wailing of people who have 2 or 3 homes who don't seem capable of reading the title of the thread and realising none of this is about them....

I mean make your fucking minds up idiots

Lol. You need to apply some critical thinking. Can you really not understand why she's being "lambasted" either way? And that it amounts to the same thing?

Really. Take. Deep breath and have a little think 🤣🤣😳

I would happily listen to explanation of the impact of banning owning more than 3 properties. I think it would be entirely positive....but maybe there is something I haven't thought about.

Holiday by to lets? I think the locals will enjoy being able to move back into the towns they used to live in....

Uni students is an interesting one - but the number of student lets doesn't get close to the total population even places like St. Andrews or Durham where the city is small in comparison to the uni, so the whole things could still work with more people involved at 3 or fewer properties...

In general people wouldn't be able to afford the current mortgage prices, so house prices would fall substantially in response...this seems like a massively good idea given how stupidly over priced houses are at the moment. They go for what 10 times the build cost? Bonkers.

oh bluntness you're so so clever I really got read your mind....

Yes

@M3lon I feel incredibly hard done by in this thread, after OP opted not to respond to pages of explanation on this exact topic. I'm in hospital and bored out of my mind so would've really appreciated a good old debate. They are pages 12 onwards if you fancy humouring me. Otherwise, I get the impression this thread isn't going to move forward despite everyone's efforts and I resign myself to the bench.

There are places in the UK where property prices are reasonable, but I guess people don't want to relocate

There have been news stories where mayor's in Italy have been offering property in deserted villages for a few pounds. Plus a grant to renovate. In the hope of bringing life back to those regions

Single people, could join with a friend to save up & buy together

Elderly single people can rent a room to someone younger

Some towns have been selling houses for £1 plus a grant to modernize & had to work locally & stay for a minimum of 5 or 10 years. These have been regeneration projects

There are places in cities where you rent a small room, but share communal areas, gym, swimming pool, work space, so happy to rent, not buy

I've seen people who permanently live in different airbnbs in cities, because they like to move around

The world has changed, not everyone wants to own !

got? Should have said can't...how is that even a valid autocorrect?

serge are you telling me to RTFT? Should I back search your name?

I think the utter lack of knowledge of op plus some pp which doesn’t in any way discourage her from posting is sort of why brexit happened (or at least was voted for). Loads of people with no knowledge of stuff but happy to lecture others.

Some towns have been selling houses for £1 plus a grant to modernize & had to work locally & stay for a minimum of 5 or 10 years. These have been regeneration projects

£1 houses. Liverpool and Stoke. Blighted with issues sadly because it was a great idea to get these houses back into use. You just needed some funds the rest could be low apr loan from council.
Shame it didn't really work out. People were getting burglared before they even moved in, some I think gave up, but some have lovely houses now.
This is how they looked
www.liverpoolecho.co.uk/news/liverpool-news/gallery/take-look-inside-one-homes-10223603

I am about to sell a house I rent out because the rent is so poor and it's not worth the effort. Rent is £375 per month. House value is about £125,000. There are lots of locals who can afford the rent but not £125k to buy. So it will either become a holiday home for someone or rented out as a holiday let. Either way occupied by people from outside the area so not help the local housing need. I have been renting out properties for 18 years. The OP is a moron.

They go for what 10 times the build cost? Bonkers.

It's actually the land value that's been bid up.

@sergeilavrov

I feel bad because you are in hospital. I'm not sure what point you wanted to debate exactly (this thread has grown very quickly so if you can copy/paste I will try), but I am willing to have a good old one as long as we stay friendly

At this rate the properties I rent out will have to be used to pay for my kids uni and my pension. Because I am subsidising the mortgages that the rents don't cover, so paying the bare minimum into my pension and savings. . I've offered for my tenant to buy my house if he wants. He doesn't. He likes renting and the freedom it gives him.

Not everyone who rents is desperate to be a homeowner.

Not all landlords are parasites.

Not all mortgages are cheaper than rent.

Yes tax them more and stop foreigners and people living overseas buying houses here as buy to let. Immigrants must have lived here a certain number of years before they qualify to buy a house here and only if they have proof they intend to live there permanently.

Yes absolutely, I would tax any income generated form renting at 75% minimum. Plus, Government should work with local councils to create a new department that deals solely with the BTL market, ensuring no landlord goes underground and rents out to avoid paying higher taxes.

Yes, I utterly despise the BTL market, my hatred towards these parasites is unmeasurable. Detest them with a passion I never knew I had.

I cannot wait for new legislation to come out and wipe the greedy smirk of bloated landlords