to think all this nonsense about house prices being too high is just that - Nonsense!

[RazahFluffy]

DH and I have long been in the property game. We actually met whilst working as Estate Agents back in 1999!

I've seen a lot in my time as an agent - 2008/2009 were a bit of a blip, but overall, there's one thing I've always had faith in, and that's bricks and mortar and that prices always go up. They aren't making more land after all 😁

As well as working in property, we've got a few of our own. We started off as accidental landlords after we got together and kept both our homes to rent out when we decided it was time to move in together and find a place of our own. Over time we've added a few more to the portfolio.

We are lovely landlords. We let our tenants have our houses as their homes, and we like to do little things like send them Christmas hampers, and know their birthdays so we can send a card and usually a Pizza Express voucher.

Anyway, there's a lot of rubbish being written recently about interest rates and the economy affecting the market. Nothing could be further from the truth where we are!

It's still buoyant and the buyers registering at the agency are no different to usual - excited to either 'get on the ladder' or move to their next step towards their eventual forever home😊Vendors are still confident. They agree with us that houses are actually a bit too cheap, all things considered because inflation is quite high.

The one thing I'd have to say is if you can't afford a mortgage at the moment - think about your expectations. You might have thought previously that you could afford a 4 bed, but if you can only get a 3 bed for now is that really so bad? First time buyers especially I feel need to be realistic!

Property always goes up and it's no different now. We're really confident and having seen it all in this game, we really think it's time to believe in the market💪

Wasn’t pizza express one of those shitty companies that used tips as a way to pay staff?
Sure that’s one of the reasons we have avoided them for years, never mind the bland pizzas they reheat 😂

I think this is thread has been started to annoy and wind people up.

The MN definition of ‘troll’ causes a problem here. Only on MN does ‘troll’ mean someone who is not genuine or pretending to be someone else. Everywhere else on the internet ‘troll’ is understood to mean someone who may be perfectly genuine but deliberately unpleasant or goady. This OP may be genuine as far as MN can tell but that doesn’t mean they aren’t a ‘troll’ according to the second definition.

Don’t delete this post please, MNHQ. It is not ‘troll-hunting’.

@lovelyboneslove Ya think?😅

Quite.
She's basically speculating on property prices and doing it by getting her tenants to pay her entire mortgage for her.
Unsurprisingly, she is trying to prop prices up by claiming they never go down. Previous crashes, where prices fell as much as 20%, would disagree.

Except they aren't putting in the capital, the tenants are doing that. The speculator buys the house, using the house as security. Then get the tenants over the years to pay the entire mortgage ( and often more). As the mortgage tails off, the rents still stay the same or go up. At the end, the tenant walks away with nothing in the way of assets, the landlord scoops the pool.

Oh course. Coupled with the fact people can’t seem to see beyond the end of their noses! People really couldn’t (or didn’t want to see) that the status quo was fragile and ultimately unsustainable. All they could see was the maximum amount they could borrow and just about afford the repayments on at stupidly low interest rates with generally cheap prices for most goods and wanted the shiners thing they could afford.

I live in a too small house by my friends standards, we have one child. One company car and one car several years old that’s owned outright.

when I last remortgaged I stress tested my repayments up to 14% interest rates +3%. We never get into a situation where we couldn’t be sustained on one income (neither of us are particularly high earners).

people need to check the rampant consumerism which somehow had become equated with success and happiness.

of course there will always be a group of people who will not be able to afford housing/basic necessities and these are the people who need help. The welfare system needs to be changed to actually help the most vulnerable social housing needs to be reserved for those who absolutely need it. People need
proper help getting out of the cycle of poverty. People need to realise what poverty is, there are people living in really poverty in this country, for many it’s been heat or eat for years. It’s not about buying your dream house in an ideal location.

we need to educate children about life choices in school, we need to provide real career advice, we need to let them see consequences of not working hard at school,

we need to educate people about the real consequences of credit, of a society propped up by rampant consumerism which in reality very few can afford that things aren’t guaranteed to get better and better. For people to take responsibility, to care about those who really can’t take care of themselves. None of our political parties have the guts to make these changes (except Greens maybe but they will never get to power) they tinker round the edges.

So the people who want a 4 bed have to buy a 3, people who wanted a 3 bed buy a 2 and the people who wanted a 2 bed have to buy a 1 - what happens to the people who could only afford a 1 bed or a studio? If first time buyers can’t get on the ladder then at some point the whole ladder become a slipper pole. Ladders only work if there’s a constant stream of people taking the next step up

You say yourself you’ve been in the game 20+ years. The landscape has changed in much less than that. A 1 bed flat I sold in 2015 has gone up by £100k, not to mention the increase during the time I had it. I could never have bought the flat at the price it is now. What are twenty somethings supposed to do?

I just don’t think you are in a position to advise others. It’s also all very well to say you are paternal landlords but that’s not always the case and you are benefiting from a completely dysfunctional housing system. I’d be keeping quiet rather than boasting in MN.

Spoken as a landlord/property owner!!

Well, just remember that nobody owes you a living, and that investments can go down as well as up. So don't come crying if you can't cover all your costs from rent. Over the cycle, this is to be expected. I hope you have savings!

Things have gone the way of property owners for a very very long time. Here's hoping for some sharp changes.

Well that was silly. Interest only is for fools.

😂😂😂😂😂😂

What the fuck is this post all about? I literally don't understand the point of it.... Other than "I've got loads of property and we're not struggling hahaha hahaha"

Sir Keir in his keynote speech mentioned about BTL landlords / second homeowners being in Labour's sites. A host of BTL landlords going bust in the situation where the government in conjunction with local authorities/ housing associations could get fire sale homes and their tenants and convert them by default into social housing could be a way forward. It also deals with housing benefits going back to the government rather than enticing private landlords. Expect some smart solutions as the election nears - these can easily be financed by long-term bonds and have a continued income stream as part of their merit.

Oh OP. 🤦‍♀️ How embarrassing for you.

Cash buyers love buying property. But expect to get it cheap.
I see no justifiable reason whatsoever why the government would spend OUR taxes propping up YOUR property speculations.

Keir Starmer's keynote speech.

He said: “No more buy-to-let landlords or second homeowners getting in first. We will back working people's aspirations. “Help real first-time buyers onto the ladder with a new mortgage guarantee scheme. “Reform planning so speculators can't stop communities getting shovels in the ground.

So many believe that markets will keep on going up, its all they know. Back in the late 70's landlords were selling their properties as job lots for a pound each to the local councils, as renovating for the use of tenants was unaffordable. Perhaps prices won't drop much, wages could rise to make houses much more affordable. They only thing I am sure of is I wouldn't want to be a landlord right now.

Only read the first page so far.

0/10 for trolling.

There have been huge increases in house prices relative to salaries. That was great for those of us who managed to get on the market before it started happening, because indeed, the prices kept rising. But the problem now is getting started, unless you have an inheritance from someone who bought a house before this century.

We bought in the 1990s, an £80k house when my salary was about £15k. In the five years we were there, it doubled in value - so it earned more than I did!
Now, that house is reckoned to be worth about £550k, but the equivalent salary is about £30k. It's a 2-bed terrace, so buying smaller isn't much of an option.

Love goady threads like yours @RazahFluffy

please do fuck off and keep your bill shit to yourself

bullshit

I hate to mention it but Keir isn’t in charge and he’s not likely to be for the next two years so

NRTFT but...whilst I sort of agree with some things you say, eg lowering expectations - you can't deny that the cost of property vis-a-vis incomes has skyrocketed over the last few decades, which makes things unaffordable for young people now, when back in the day my parents bought a nice 3-bed semi on one extremely low income.