Lots of Landlords are selling up!!

[PassingStranger]

Where is everyone going to live who can't afford to buy?

Alot of landlords are selling. Can't be bothered with all the hassle now.
People aren't paying rent and also trashing houses when they do and costing the owners lots of money to put things right.
On TikTok people are being told to trash houses. [Society gone downhill]

I know there are good tenants, but there are alot of bad ones. Family member works for estate agent and says there are more bad tenants than landlords.

You can trash a house and walk away. Nobody ever gets done for criminal damage on private rents.
There is no register of bad tenants legally allowed either. It's all left to the landlord to sort out at their expense.

Where is all the housing going to come from?
The government donthave enough.
People who are trashing houses and not paying rent are actually spoiling it for everyone..
Alot of lls are selling up now.

They're selling up because providing what should be a basic human right has become slightly less of an easy cash cow for the poor dears.

So all the landlords sell up, where are the people who don’t want to/can’t afford to buy going to live?

The houses will still be there, they'll just have different owners thats all.

The government don't care - they simply bring in more arbitrary laws that protect the tenant as they want to be popular and don't want the responsibility of housing people. So instead of making it easier to get bad tenants out they make it more difficult - it's backwards thinking.

We are LL's and we know so many who are selling/have sold up.

There are homeless and beggars even in our "naice" town now. Tent cities springing up everywhere.

This is what happens when immigration is allowed to go unchecked, LL's are forced out of the rental business and no one is building anywhere enough houses. No one has the money or the patience to jump through the legal hoops required.

The banks will buy them up.

They'll have different owners who will live in them, not rent them out.

So who's going to house people?

I've always wondered why there aren't the equivalent of Tesco, aldi, waitrose in the private rental market. It seems to be all private landlords with a handful of properties with the assumption the rent has to cover a mortgage and tax and agent fees and a small profit.

It’s going to be very hard for renters. We rent out a few properties and the last few times we’ve put them up for rent, we could have rented them hundreds of times over. It’s only going to get worse.

They may have different owners but they are not necessarily going to be available for the people who need them. I am having to leave my house in another country which is 'tenant friendly' and I will be leaving it empty rather than letting it out - it's not worth the potential risk of getting tenants in.

If more properties come onto the market, that will bring prices down. Hopefully interest rates will start dropping soon which will make it easier to get a mortgage. So there will then be a proportion of people who were only slightly priced out of buying who will then be able to, and therefore less people needing rentals.
There are definitely rubbish landlords, but not enough is said about rubbish tenants.

I bought a flat with a deposit I saved during uni. When I had to move for work I couldn't sell the flat for ages due to issues around the leasehold, so rented it out. I had tenants cause so much damage, not pay rent etc, and I had a mortgage to pay, I wasn't a corporate landlord, I tried to look after my tenants - anything broke I replaced it next day despite that costing me much more, I gave discounts on the rent when the flat above leaked into mine a 1 bedroom became unusable, although I got no money for this as the flat above didn't have insurance and mine refused to pay out.

That's an intelligent response.
Would you like to expand on that at all?

Why do tenants trash them though, I dont understand.

I have a friend who has recently sold four out of five of his houses due to bad tenants (who appear nice at first).

What's in it for the tenant?

This. Will be great in the future when the banks refuse to give you a mortgage for whatever spurious reason, but will happily rent you the same house for double the cost.

The government has made it very difficult to make any profit from being a landlord. At the end of the day it's a legitimate business like any other. Not sure why people think landlords are greedy for wanting to make a return on their investment, they needs to support themselves and families too. Yes of course some are rogue like any other business but the majority are just trying to make a living.

If more properties come onto the market, that will bring prices down.

Historically that isn't what happens. Even if prices come down slightly it will even out and those properties just go into the buyers market. You are still left with the problem of nowhere near enough rentals for people as it's not a viable option any more. The days of the small time LL are over. A hell of a lot of people cannot get a mortgage or don't want one for a myriad of reasons.

I think it is a mixture of having no personal responsibility/investment in the property and a feeling of resentment for paying high rents for a property that they dont have a vested interest in.

They'll just get bought up by larger corporate landlords.

Because they have no morals and they know they won't face any comeback. By that point the LL just wants shot of them.

But we have many more good tenants than we do bad, most people do just pay their rent and live normal lives!

So there are the same number of houses…
which means someone is buying them…
possibily moving out of their rented home ?
they can’t all be sold at once because the market isn’t there - prices would plummet making them affordable
or are you saying they are being bought by bad landlords - property tycoons who will rip off their customers because it’s more like a cartel than ever?

the housing market has been fuxked since Maggie T

If they’re selling then prices will go down…

Indeed. A select few tenants with well paid PAYE jobs, good references and good credit ratings will be fine, but the rest are screwed.

I've got a tenant who is 3 months and counting in arrears. Looked ok on paper with only snag that they were freelance. My btl mortgage has just doubled and I pay £2k a year in service fees, I am panicking on how I pay this with no rent to cover it. Never again will I rent to a freelancer, only PAYE permanent contracts from now on.

My tax return next year will be a fraction of what it was last year with all the increased outgoings as a landlord and much less, rent to cover it. Tenants in arrears or trashing properties is bad for the exchequer as well.

I'm a landlord. Went into it with lots of qualifications and having had difficult times renting, so decided I could do a really good job. Which I have done, had very long-term tenants, looked after the houses and helped tenants by being flexible, being very slow to put rents up, etc.

Selling up now. Why?

Got fed up of abuse from people who don't understand the private rental sector, the history of renting in the UK and why trying to get rid of it ends up with even more issues of lack of mobility in the housing market.

Got fed up of meeting all the regulations whilst unscruplous landlords ignore all the regulations and repairs, etc.

Taxed on turnover, rather than profit. Don't make a regular profit, so may end up paying tax on losses. No other business is taxed in this way.

Fed up of people moving to the holiday rental sector to avoid all of the above, thus taking houses out of the housing stock.

Massive risk of not being able to get the house back, as the new regulations will make getting bad tenants to leave will be impossible, due to delays in court.

In Scotland, additional onerous regulations, including being expected to somehow deal with abusive tenants (how?), rent regulation, etc.

Honestly, I love being a landlord but I'm getting old and fed up and paying to hold property isn't a business anymore, too much risk. Breaks my heart to see adverts from lovely people looking for houses but all the landlords I know have had enough.

@Game0fCrones I think a lot of it is ignorance on how to keep a house, another bit is deprioritising reporting issues to the ll because they don't want the hassle of having workers in the fix stuff, and a small proportion of people see nothing wrong in living in terrible conditions as they don't know any better. I think the malicious ones are a minority, and they are the same people who litter and take everything they can get for themselves because they are nasty people and enjoy conflict and upsetting other people and have no sense of being a decent member of society.
Also if you don't own your home and don't intend to stay there long term, and you don't have that sense of society/common decency, then there's no incentive to look after something that belongs to someone else. It's a very alien way of thinking for a lot of us but it is the reality for a large portion of the population. They know there's no consequences so why shouldn't they be selfish.