To hate landlords?

[MsPeachh]

Last month, I had to move suddenly. I found the flat I’m in now, it had just been bought by my landlord and I’m the first person in after the former owner moved out. It’s an ex-council house that the owner had purchased under “right to buy” and now I have to pay a third of my salary to a private landlord for what was originally meant to be affordable housing.

I’m a scientist in my late twenties with good qualifications and I feel total despair that I might never be able to afford my own home, and I will be lining someone else’s pockets via rent for the rest of my life. Let alone what anyone in a position less fortunate than mine is supposed to do.

To make matters worse, I looked up my landlord’s info on Companies House and I discovered that they have 22 properties in my area! It’s a village on the outskirts of a town where lots of people move when they are ready to move out of the hustle and bustle and settle to raise kids. And more and more of these properties are being snapped up by this landlord. It makes me sick, honestly. I know a lot of people become landlords accidentally in later life due to remarrying etc and ending up with two houses between one couple, but this landlord sucking up 22 houses in such a small area disgusts me. I feel like I’m completely losing hope for the future of people my age and younger as house prices keep soaring and soaring.

AIBU?

@Xenia my MIL lost 50% on her flat too. but she also bought a house in london z3 for 100k.

You win some, you lose some. Right now, the system is very expensive property for those who can afford and nothing for the people who can't. Though I must say that when I look at uk's home ownership rate, it has never been that high (peak was over 70%), certainly nothing like 90% in Singapore. I suspect in the past, not as many people minded because there was available stable council housing. Maybe people also expect more as more classify themselves as middle class.

I’ve mentioned it before- I do save. About 20% of my income, and it’s not getting me there fast enough because house prices are going up year after year and the savings can’t catch up fast enough
So finish school at 28, go to Uni, 3 or 4 years of Masters means entering the work force at 22/23 at the latest. On the basis of a£28-30k income, say £300 savings a month, this means 6 years at most savings for a £20k deposit. In reality, you'd expect a raise in income, promotion during that time, so £25k deposit, allowing you to get a £120k flat, which depending on areas might be a decent one or not so nice one, having to live further away from work etc... That's for a single person.

Is property expensive? Absolutely. Does it mean it's impossible to buy? Absolutely not.

The issue is that couples want to wait to have kids, and then want a house big enough, which they struggle to afford as first time buyers.

Single people want to enjoy their life, want a nice property close to their office, and to make the best of being single with no commitment, which comes at a cost.

@Alaimo

I say this as a landlord, but yes, I completely understand the hatred towards landlords. I'm working abroad for 3 years, and have chosen to let out my property during this period, with the intention to move back once my contract here ends. It's not something I'd choose to do long-term. At the same time, the UK has far too many 'accidental landlords' in situations similar to mine who have no clue what they're doing. I can only commend the Scottish Government for putting in a bunch of additional requirements so that at the very least Scottish landlords have to make sure their properties are safe. And I can totally understand if my tenants feel it's unfair that they're paying my mortgage, I don't blame them.

To the pp proclaiming their properties are their pension. Nice. So for whatever reason you've not saved for a private pension and now you're expecting your tenants to not only save for their own pension, but to pay yours as well, all while blaming your tenants for not being able to afford a property of their own.

I’m in a similar position to this - accidental landlord. After agents fees and taxes I break even and I’m happy with that as it keeps me on the ladder. I’m glad the tax breaks have been removed as I don’t think people should be encouraged to invest this way.

I’ve also lived in some terrible rental properties and I think the rules should be much stricter and enforced around standards of rental accommodation.

We also need better general education around tenants rights along with much better social housing policy

Yanbu. Our landlord has never done diddly about the house we are in. The mold is terrible and cracks in the roof now etc. Thankfully moving out soon . Absolute dump here. I hope it's bulldozed to the ground.

To the pp proclaiming their properties are their pension. Nice. So for whatever reason you've not saved for a private pension and now you're expecting your tenants to not only save for their own pension, but to pay yours as well, all while blaming your tenants for not being able to afford a property of their own
I'm a LL. I pay towards an occupational pension, but started at 31 for various reasons. I want to retire early. I have a property which I bought when single which I let.

40% of the rental goes into tax. Yes additional tax on the income so which benefits society, including those claiming UC. By the time I pay the interests, fees, insurance, repairs, maintenance, decoration (all done at a much higher level and more often than my own property), I only have £100-150 a month which clearly doesn't pay the mortgage. The mortgage will be paid by my lump sum occupational pension.

To be fair, the animosity by OP was towards LL with multiple properties rather than the like of those in my situation although the discussion seems to have evolved to hating all landlors.

The issue is that couples want to wait to have kids, and then want a house big enough, which they struggle to afford as first time buyers.

Single people want to enjoy their life, want a nice property close to their office, and to make the best of being single with no commitment, which comes at a cost.

You really think these are the only reasons why people struggle to get on the ladder? Because the majority of married FTBs want a house & single people want to live near their office & have fun?

I'm a LL.

That's a shock.

@dontdisturbmenow no one is saying its impossible! I am 28 and own a london flat, neither DH or I earn very much and we didn't get money from parents either.

For 25-34 year olds, the home ownership percentage is 50%, so one half do manage it. I suspect that the home ownership rate would stay stagnant at over 60%. But the problem is that most of the remaining 40% would be in rental. Some of those people might be in social housing, choose to rent or be in nice rentals (tbh if you are wealthy, it may be better to rent a £2 million house than buy said £2 million house and invest the difference. If I was richer, I probably would want to rent rather than own because I wouldn't be worried about retirement). But a lot of these people would be in low quality rentals.

We wouldn't accept such inequality in other areas like the nhs. For healthcare in the uk, we all get equal access bar the top 10 % who are also able to access private medical care (which is worlds apart really). Thats fine as there would always be richer people who want nicer things. But there should be a basic standard for everyone, whether its housing, healthcare or education.

You really think these are the only reasons why people struggle to get on the ladder? Because the majority of married FTBs want a house & single people want to live near their office & have fun?
It's examples of why people say they can't afford it but could if they prioritised differently.

It continues to baffle me how letting property is apparently so costly and bothersome to LLs with no profit in it and yet they all still continue to hoard these money pits. I wonder why...

1/3 of your salary on rent. That’s not bad.
When I bought my first house I was paying 75% of my salary to the bank for the mortgage.
Living on baked beans and pot noodles, no car no holidays no takeaway no nights in the pub no holidays no new cloths.
If you want something enough you’ll find a way to get it.
The more of these post I see makes me think that people these days want everything and then still want more.
Do you really need that sushi delivery? Do you need the latest iPhone or games machine? Huge tv? New car? That Costa coffee? Ready made sandwich? The list goes on of what people waste there money on and then they still moan that they can’t afford a house.
Last year was the first time I had a car made this century even then it was only £800 it still does what a car should do which is to get you from one place to another.

But you literally said The issue is that

So is it the only issue or one of the issues?

no one is saying its impossible!
That's exactly what people are saying!

You evidence that it is indeed very possible which is my point.

Not everyone cares to buy, at least not in their 20s. My niece and nephew earn a decent income from the age of 20 but they wanted to have fun and they did. All their money went into it. They are not moaning though, they accepted it was their choice. They are in their late 20s/early 30s and both now want to get on the ladder. They are savings. Its taking longer than they'd like but they are getting there, probably in 3-5 years. Still entry if time to pay the mortgage and retire with their home paid for.

@hopingforonlychild I think some just won't ever get it.

So is it the only issue or one of the issues?
One of the issues by choice.

Ahhhh!! It’s the pile of sushi I have in the corner of the kitchen that’s causing me to have no mortgage. I was wondering what the problem was. Thanks @fuzzyduck1!

Anyone want to buy some sushi?

😂

@fuzzyduck1

1/3 of your salary on rent. That’s not bad. When I bought my first house I was paying 75% of my salary to the bank for the mortgage. Living on baked beans and pot noodles, no car no holidays no takeaway no nights in the pub no holidays no new cloths. If you want something enough you’ll find a way to get it. The more of these post I see makes me think that people these days want everything and then still want more. Do you really need that sushi delivery? Do you need the latest iPhone or games machine? Huge tv? New car? That Costa coffee? Ready made sandwich? The list goes on of what people waste there money on and then they still moan that they can’t afford a house. Last year was the first time I had a car made this century even then it was only £800 it still does what a car should do which is to get you from one place to another.

You realise that you wouldn’t meet the affordability criteria nowadays if you spent 75% of your outgoings on your mortgage?

It continues to baffle me how letting property is apparently so costly and bothersome to LLs with no profit in it and yet they all still continue to hoard these money pits. I wonder why...
In my case because as I explained, I'll buy it out of my occupational pension and it will then add to it as alone it wouldn't be enough.

The alternative is to sell and pay yet more taxes on it, to put the money in an investment that won't bring as much in long term.

@dontdisturbmenow having come from a country where there is 90% home ownership on a tiny island half the size of London with 5 million people, i think we can do better. Esp when said tiny island inherited their housing system from the British, we just didn't abolish it. When there is 90% home ownership, you can say- no excuses. When it is 50% for my generation, are you saying half of the population is doing something wrong and people like me are somehow superior to half of the population. I don't buy that!
Maybe aim for 75%, that would be an improvement.

*salary

You also seem to forget that when you rent it’s the landlord that foots the bill for repairs of if you have a leak hey fix it. No heating they fix it electrics they fix it built in appliances they fix them.

And then there’s alway the chance they get such with a none paying tenant the have to fork out £1000’s to get them out. Then even more money bring the house back to a liveable condition before it can rented again.

Landlords are not charities they are there to make money like everyone else.

@fuzzyduck1

1/3 of your salary on rent. That’s not bad. When I bought my first house I was paying 75% of my salary to the bank for the mortgage. Living on baked beans and pot noodles, no car no holidays no takeaway no nights in the pub no holidays no new cloths. If you want something enough you’ll find a way to get it. The more of these post I see makes me think that people these days want everything and then still want more. Do you really need that sushi delivery? Do you need the latest iPhone or games machine? Huge tv? New car? That Costa coffee? Ready made sandwich? The list goes on of what people waste there money on and then they still moan that they can’t afford a house. Last year was the first time I had a car made this century even then it was only £800 it still does what a car should do which is to get you from one place to another.

Lots of assumptions about my life here.... my main hobby is walking outdoors for free! And when I meet up with friends these days it is usually for a walk and a cuppa at their place or mine (total cost: about 5p for the teabags). My tv is a hand-me-down from parents (hardly gets watched anyway), iphone is 6 years old and I’m currently saving £30 a month for a new one... of course I will be told I should be piling every penny of that £30 into my deposit 🙄

I don’t need financial advice because I’m lucky and I know I can achieve the deposit eventually, I’m expressing concern for those who will be trapped renting whilst paying someone else’s mortgage forever because of their circumstances.

It continues to baffle me how letting property is apparently so costly and bothersome to LLs with no profit in it and yet they all still continue to hoard these money pits. I wonder why...

Chasing the rainbow, some of them would do better & have less agg if they invested in stocks & shares instead.

@Smallsteps88

It continues to baffle me how letting property is apparently so costly and bothersome to LLs with no profit in it and yet they all still continue to hoard these money pits. I wonder why...

They like the power ....the feeling of control over the lives of the 'little people' (not those little people🧚‍♂️🧚‍♀️) who will never get on the ladder

Landlords are not charities they are there to make money like everyone else.

We are all very much aware of this.