To think that Landlords have a bad name.

[Arewe29]

NC for this.

Is it just me or are all landlords frowned upon a MN.

We own and rent out 3 properties all our properties are rented out to young families, just under market rate, we allow them to decorate their homes how they like, and if there is any issues or problems they just call us and we sort it out ASAP.

I know that there is some terrible landlords out there, that should be dealt with but there are thousands of other that are decent that follow all the laws and their tenants are very happy.

Not to mention people who are only in the country or a particular area temporarily, people who have a bad credit rating, and people who simply don’t want the responsibility of a mortgage.

I'm also interested to know what the "landlords, shouldn't exist" posters answer is to where there people would live if rental properties didn't exist.

To your list, I'd also add, what about recent graduates starting in their first job in a location they've never lived in before? They're not going to have a deposit saved up, and I doubt they'd feel ready to buy before knowing whether they like the area.

maybe they are moving around the country for jobs

@DuesToTheDirt Yes, I don’t think DH and I would’ve had a hope of ever owning a home if we couldn’t have moved around to take jobs in other areas.

What makes you think most people are happy to rent?! Surely most people would prefer to own a house and pay a mortgage rather than rent. I know that’s not the case for everyone, but a hella lot of people are trapped renting because they can’t afford a mortgage. Their wages are paying off the mortgage of their landlord. It’s like the monopoly board- some getting poorer while others get richer and richer.

@Arewe29
There are shit landlords and shit tenants

Just a fact of life,

However of course good 🙄 Landlords get tarred with same as Slum ones
it's envitable...

I couldn't sell my flat years ago as couldn't afford to cover the negative equity when I needed to move so had to let it for 5 years until the prices caught up again. In that time it was wrecked by the single parent I took a chance on. This thread seems very innocent in understanding the reasons people may be landlords or renters. There are also many people who are not working for whatever reason so could never afford a mortgage or house upkeep.

Now add in the value of your asset (house) in the long term, not a bad return right? Few other investments would outperform imo.

Hi @Tandora

There are those who are happy to rent.

I've had to relocate temporarily for work, and rent a property. Several times, I honestly don't know why I've done without the ability to rent, I couldn't possibly have bought her house and lived somewhere for nine months, and then moved on. It would've been crazy, in terms of legal costs. I needed to be able to rent.

It annoys me when people say that people don't want to rent or shouldn't want to rent.

I WANT to rent - the boiler in my rented flat packed up last week, cost 2 grand to replace. Guess whose problem it was? Not mine

Few years ago, a leak from behind the bath caused huge damage in the flat downstairs (it was actually a screw up by the original builders) but guess whose problem that was? Not mine either.

Replacing the heaters when they got old and stopped working? Right again - not my problem.

I find renting brilliant 🤷‍♀️ I just don't have the spare money to be fixing stuff when it goes wrong, so I make it somebody else's problem by renting

I don’t want to reply to one poster in particular but can anyone tell me what their solution for renters would be if landlords didn’t exist? I rented at uni, I didn’t want to buy, it wasn’t a decision born out of house prices being too high. I rented when I first moved to London, equally I wouldn’t have bought even if I could. I understand the objection to landlords to some extent but I would genuinely be interested to hear what people would suggest for those who don’t want to buy?

I think private landlords have their place. I rented for a good decade Before I bought. It was fine, nice flats in the city centre. I’m not sure where students/ young people starting out are supposed to live if nothing to rent. I couldn’t of bought earlier and didn’t really want to. I studied for a year abroad, travelled, worked in Europe for a bit you can’t do that if tied down.

Didn't take long for posters to pile it on!
So, @Applescruffle where are your kids going to live when they go to uni? Where are they going to live when they have their first few years in their job?
Where are people who are here in secondment going to live?
Where are people who are in between (owned) homes for a bit going to live?
Where are people who, for whatever reason, do not want to own going to live?
Where's that woman (or man) who has just split from their partner going to live?
Well? Where?

So? The point remains.

If house prices hadn't been hiked up by demand from landlords, your tenant would be able to afford to buy. Simples! In more and more areas these days, rents are more than a mortgage would be for a similar property. Renters can't afford to buy because they're paying so much in rent that they can't save for the deposit required for the mortgage!

If every LL in the UK sold their btl properties tomorrow. Where would the families who don't earn enough multipliers to get a mortgage or who don't have a deposit live? 27 percent of people live in the private rental sector. That's a lot of families with young children. Why do you think there is a post most weeks with a poster worried sick because their LL is selling their property and the tenant has been given a section 21? Do you think these tenants want the LL to sell up? Do you think they Want to be put in temporary accommodation? Did you not read the thread on here only yesterday really upset because her LL was selling up and she was being put into temporary accommodation in bed and no breakfast room with no cooking facility and a 5 year old DD? There are so many empty houses for sale near me. The council won't buy them to let out as social housing. People who would like to live in them don't have a deposit and don't earn enough to pass the bank stress test for income multipliers. You seem very naive. I rent out my houses but they are in good condition, always well maintained, all paper work is in order. I do make a profit and increase rents by a little each year but by less than inflation and if inflation is low I don't increase rent every year, only when my 2, 3 or 5 year fix comes to an end or tracker goes up. Many of my tenants have been with me for 8 years or similar. When we had the lockdown during the pandemic I dropped off toilet rolls and Paracetamol for some tenants with COVID. I'm the Godmother to one DC born in one of my properties and still there 6 years later. Her Mum is alone and her family lives overseas so she has no one in the UK who could stay with her DD while she went into hospital to have her second DC as she'd broken up with her partner. I went and stayed with her elder DD whilst she had her second DD. She was out the following day. I went to collect her from the hospital with her car seat. She asked me to be the new babies Godmother. I've babysat for free a few times as well. I've also been invited to a wedding of some tenants in the past. The government need to step up and build or buy more social housing. It's not the fault of LL's that they don't. I'm offering a service not forcing people to rent from me. In fact I had 43 applications last time I advertised a 3 bedroom house with a garden in just over 72 hours. I'm not twisting anyone's arm. I'm not taking a house away from anyone else who could buy one because there are so many empty houses for sale near me. Why don't you do a little experiment why not ask people who rent from a private LL 'Would you like your LL to sell up and issue you a section 21? I think you'd find most would say no.

Buying is different to renting though isn’t it.They're making a profit but you get something at the end of it to show for it.

@caringcarer Voice of reason there.

So the point remains if you want to know the answer to the question you asked me just read my existing answer to the exact same question

No one says there shouldn't be rentals at all. What is needed is a proper balance. Unfortunately, I think there are far too many landlords who have bought far too many houses, which has screwed the market balance. Add in to that all those who have bought "normal" houses to rent out as holiday lets which is even worse for the housing market as it removes those homes from people both wanting to buy and rent.

Obviously, we need accommodation blocks for students and homes for people who move around with work, or simply don't want to buy, but the market has gone way too far with landlords buying multiple properties, especially those with 10/20/30, or even hundreds of homes. I personally think that "private/individual" landlords should be limited to 1 or 2, and that larger portfolios should be owned only by housing associations, councils, etc. so that there can be proper due process as to where rented housing is needed and proper control of it to maintain good standards and avoid profiteering. The "free market" has failed - not the landlords who are rolling in it, but for those actually needing a home to live in!

No one has a solution. They’re just narrow minded negative and jealous.

I was both a landlord, and renting.

The reasons for that are beyond the wit of most of the critics. They’re too stupid to get it. We need a mobile society, and ownership doesn't always deliver that so some transience needs to be catered for and there needs to be a marginal profit on offer for that or the resource will be pulled.

@caringcarer I appreciate you might be a pleasant person but surely you see that some of that 40% of people might be homeowners if people like yourself were not owning multiple homes. Also you say you are not forcing anyone to try and rent from you & then say 47 applications were made for your one rental property. People are evidently desperate to find accommodation. So much so that they are battling against 46 others. People who own multiple houses are perpetuating this system.

Because over time the houses will go up in capital value.

As a homeowner are you happy to make a profit on your house, thus pushing up prices and making it unaffordable for some.

I will await your answer.

Yes.

Have you read this thread? Some people definitely are saying that.