I'm so sick of people buying multiple properties for BTL

[flashbac]

So the landlord next door has hoovered up another house on the street for BTL. A nice house that wasn't even on the market but they managed to get their mits on it. Yes I know I sound bitter because I am! I'm so fed up of investors hoovering up all the houses. There should be a limit but with most of our government being BTL landlords nothing will change.
I'm sick of the increasing gap between rich and poor.
now runs and hides because reckons half of MN have a BTL or holiday home

Yeah there have been some flats built near me. Very fancy. There are about 4 that are actually occupied as i never ever see lights on except 4 properties.

It's just shocking when people are homeless.

The owners should at least have to have someone living there to open up the rental market.

Yabu
People with disposable income should invest in whatever they like.
We have properties, holiday home, gold, expensive jewellery, classic motorbikes, antiques, rare coins, art and investment wines.
Neither of us have ever had a penny of benefits and apart from a small inheritance we've earned it so we get to spend it.

There is a real shortage of private rental property. If there was an excess rents would come down and properties would be left empty. They’re not. There’s an excess of tenants for private rental properties (in my area anyway). In fact when landlords want to sell, some tenants can’t get anywhere else. So more landlords is providing a useful social and economic function. Also landlords pay more tax than owner occupiers (3% additional SDLT, income tax, corporation tax and employment taxes in some cases) so that’s great for society too.

Also in homes under the hammer, the properties are almost always empty properties being renovated and brought back into being occupied as rentals or owned. So don’t know why you have a problem with that either.

We need more housing in the U.K. due to a historic failure to build the right amount for the last 30 to 40 years. That has nothing to do with quantative easing.

@Blossomtoes

I have spent Hundreds of thousands in Tax from property developing - it is hardly tax dodging 😂

Not only do I get personally tax, but capital gains tax and also TAX when taking money out of my business!!!!!

And we have built properties abroad so before I can bring my earnings home I also get taxed AGAIN in a different county prior to it coming to England!!!

Also, paying STAMP DUTY LAND TAX when in the past year we have purchased two and everyone else has had the Stamp Duty Land Tax relief - doesn't apply
to us because although we are lying a house it's a commercial business.

Please tell me does at least HALF or more of what YOU earn get taxed?

But let's not get political, it's not either of ours faults the way the system works.

When you run a business you must be wise, if it is your sole income, you get better tax relief from a furnished holiday let as oppose to being a Landlord.

Why would I choose to have less of an income when I have mouths to feed and bills to pay.

We live in a capitalist society. If you have the money, you should be able to buy whatever you want.

Even if it's harmful to society? So buying images of child abuse, guns, drugs etc should all be legal?

I agree there is a big difference between btl and holiday homes. Additional building does not solve the holiday home problem.

If you are after a holiday home it doesn’t matter if they build a million new homes in Luton - you are still heading down to Cornwall etc with your wad of cash.

YADNBU OP, I totally agree.

Why should some people have many properties and others have none? It pushes up house prices, making housing inaffordable for many.

Buy to let and buy to leave should be taxed very heavily.

Has anyone seen the programme Rich House, Poor House before? I remember one couple in the “Poor House” who were struggling financially and found it hard to keep up with their rent and other outgoings. The woman cried a few times on the programme when talking about how little money they were left with and how they’d never be able to afford their own home. The “Rich House” belonged to a multiple BTL landlord, which was the dream of what the “Poor House” couple wanted to do and in the end, accepted an offer of being mentored by the “Rich House” couple in order to become BTL landlords themselves. I was like

I guess the question is if you have a lot of spare cash, are you better off investing in property or on the stock market / or other assets (gold etc)?

Which is better for you and which is better for society?

If Banks/Building Societies didn't have Buy to Let mortgages that would reduce some of the impact.

Without wanting to derail the thread a sit's about BTLS, but my biggest gripe are the 'normal' houses being bought up and converted into HMOs. Several around here are mid-terrace three bedroom houses being converted into six room HMOs. No PP, no PWA nothing.

The builders say they will never be out of work as the developer just busy what he can, converts and moves on.

Money talks

We live in a capitalist society. If you have the money, you should be able to buy whatever you want

Not when it comes to essential services like housing.

Also should you be able to buy products which are damaging to society - polluting oversized cars come to mind, but Margot has also mentioned a few.

A government which is willing to be illiberal enough to introduce pointless vaccine passports can be illiberal enough to regulate the housing market to make it fairer.

YANBU.
I also believe landlords should have more powers/support & be forced to deal with ASB from from tenants.
My personal experience (likely clouding my judgement), is that the landlords really don't give a hoot about the issues their tenants cause for neighbours, just as long as they are receiving their money.

@IceLace100

When I bought I was so pissed off with seeing lovely flats that were "landlord only" or "investor only".

Now this should be illegal.

If I can pay the asking price, why do I need to be an investor???

Why can't I buy the flat and actually sodding live in the place??

Because they are selling the property with a sitting tenant. Would you prefer that the tenants were evicted for a greedy purchaser like yourself?

@BeenAsFarAsMercyAndGrand

But not everyone wants to buy. I don't know anyone renting who actually wants to buy currently.

Really? I know some people renting as it's the most convenient option for them at their stage of life, but the majority of renters I know would jump at the chance to own a home.

Really.

TBF I only know a handful of renter's, most are "trying out the area" before they buy. Those who aren't don't want to be saddled with the responsibility of home ownership- new roof needed? Landlord sorts it. Boiler breaks? Landlord sorts it.

I also know people who previously owned and now rent because the responsibility and maintenance cost was too much. Or are saddled with houses they can't sell and are too small for them.

Also in homes under the hammer, the properties are almost always empty properties being renovated and brought back into being occupied as rentals or owned. So don’t know why you have a problem with that either

Because until the late 90s these were known as "doer-uppers" and were often bought by first time buyers so as to get onto the property ladder.

@moofolk

Agree OP.

it's immoral and damaging to communities.

Gets my goat, especially when it's ex social housing. I currently pay market rent to an absentee landlord who owns I don't know how many ex council houses across the city.

He didn't poach them off the council though, they would have already been bought by the previous owner

@dangerrabbit

YANBU

I consider BTL and buy to leave to be the root causes of the housing crisis.

Yep, so do I.

"Buy to let and buy to leave should be taxed very heavily."

They are.

@endofthelinefinally

"Buy to let and buy to leave should be taxed very heavily."

They are.

Then they need to be taxed more heavily, especially Buy to Leave.

I don't think people should be allowed to own a second home that sits empty for most of the year

I don't think people should be allowed to buy property as an investment, and then leave it sitting empty

Holiday homes that are rented out – I'm on the fence. Tourists don't support local schools, libraries, GP surgeries, but they do bring money into the area. Perhaps some sort of licensing scheme, to limit the numbers

Properties that are let on long(ish) term, to tenants who don't wish / aren't ready / can't afford to buy - I don't have such a big problem with this. The tenants support the local community, and there will always be a need for properties to rent

YANBU. Landlords are buying up most of the first time buyer houses round here and so many people cannot get on the property ladder. Some have a “portfolio” of 20+ houses in our village.

@IceLace100

When I bought I was so pissed off with seeing lovely flats that were "landlord only" or "investor only".

Now this should be illegal.

If I can pay the asking price, why do I need to be an investor???

Why can't I buy the flat and actually sodding live in the place??

This is either because the property is unmortgageable - such as those with cladding, or are about to befall huge maintenance costs, such as those with cladding or there is tenant currently who cannot be evicted for lots of reasons (sometimes because the current landlord doesn't want to evict them).

If something says "investors only" it's usually for good reason and stops time being wasted by people who will be unable to buy or who will find something that stops them wanting to buy.

@journeyofthedragons - nothing stopping owner occupiers going to auctions and some do. It’s less common though because people aren’t as willing to buy a fixer upper or at least some aren’t.

I don’t see any problem with private individuals investing in housing or really any other essential goods. Eg Tesco shareholders are investing in food supply. But It means more variety and cheaper food than if governments did it themselves (ask people like my relatives who lived in command economies). So it’s perfectly possible to have the private sector involved in supply of something and have a good result for everyone.

What OP and @Journeyofthedragons

Also these Btl properties are bought on the open market where anyone can offer. There’s no unfairness- owner occupiers can buy just the same.