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.

I think all housing should be affordable. It’s a basic human right. I feel the same way about shops inflating food prices as I do landlords inflating property prices for mouldy slum

@PassingStranger where are you getting your facts from? Hearsay and Tik Tok?

The number of private rentals is increasing.

And (the tiny minority of tenants) who cause damage absolutely do get penalised. Their (often huge) deposit will be claimed, they can be subject to a money judgement for the excess and won’t be able to provide a landlord reference.

Most tenants care for and even improve their homes. Thousands are paying rents for homes that fail to meet legal standards. Kids having to sleep in rooms with damp and mould. They’re being screwed for higher and higher rents, even from landlords who own mortgage-free.

Landlords should be regulated, like any business that provides an essential service.

In Germany where. most people rent and where most landlords are private individuals, tenants have strong protections, including caps on rent rises in areas where the rental market is very tight. 'I want to sell the house' isn't necessarily considered a good enough reason to evict a tenant who hasn't breached the terms of the lease.

For the landlords here - why do you think it works in Germany better than it works in the UK?

True, there will be some hefty capital gains tax bills to pay though😬

Between the last big recession banks did hang onto property that was repossessed rather than cause a dip in the market. Reading yesterday America is looking at another sub prime crash again.

There will be soon. Instead of landlords with a few houses it will be BlackRock, Lloyds ect and other investment companies. It's very much better careful what you wish for with renters reform. Good luck getting deposits back and no rent increases for been a good tennant when the investment and asset management companies get hold of the rental market.

Yes exactly this. I rented for ten years from age 20-30 and would never ever have wanted to buy. I wanted to share a house with my friends. We moved around, we had adventures.

We need landlords - not everyone wants to buy a house!

So what is affordable? I thought not raising the rent for 12 years was being fair, she still stopped paying, left the place in a mess and did a flit. What if affordable doesn’t cover the costs? You want houses with top spec and bottom rents? What if good quality housing with prompt repairs costs more to provide than you can afford?

Yes, having a go at overseas landlords with shell companies is fruitless. Our council have been chasing one lot for 15 years.

Yes I'm aware of the theory, BigFatPumpkin, but the sheer lack of housing's become so bad that I expect it would take a heck of a lot of LLs to sell up to have any real effect

The recent slowdown in new home building won't help either, and nor does the endless propping up of prices via government "schemes" and the continuation of right to buy

Like so much else it's nuanced and so are the remedies, and it'll certainly take a lot more thought than just "let's bash the (insert disliked group)"

If someone commits criminal damage, the police can be called and they can be prosecuted, found guilty and be sentenced. If that isn't happening where you are, perhaps you should be blaming the police for not taking it seriously.

If something in a rented property needs replaced, it could be due to what's considered 'normal wear and tear' - something landlords are responsible for - or because a tenant has broken it, possibly accidentally - which is what tenants' deposits are supposed to cover. Many landlords also have insurance.

Are you a landlord yourself? Do you have insurance? Have you had a problem of some kind, that hasn't been covered/ dealt with to your satisfaction? It would be easier to sympathise if you gave a concrete example of something bad happening, instead of just complaining that landlords have a hard time, when there are so many unscrupulous landlords making huge sums of money for doing very little. If more housing stock reverted to councils and housing associations and owner-occupiers, that wouldn't necessarily be a bad thing.

You're wrong, you used to get relief from the interest on your mortgage now you only get 20%.

So if your rent is £1000 but the interest in your mortgage is £1200 you still pay tax on the £1000 even if you've made no money. Now interest on a btl mortgage is 5%+ there's really no point in being a landlord especially when house prices are flat.

100%

And @0ctavia homes shouldn’t be seen as an investment vehicle for individuals to make profits and capital gains. They’re homes. And if we invest in council homes again to end record homelessness and clear waiting lists people will be able to move more easily again. And it’ll save the NHS and social care a fortune and grow the economy. Private renters don’t have the money to spend in the economy because they’re getting screwed by rents and bills. It’s all lining the pockets of the buy-to-letters and lenders.

What’s so funny? Please explain

I have had one rental for several years. I’m selling because with latest changes coming in I can see that I’m just one bad tenant away from a total, powerless nightmare.

Educate yourself on Section 24 and you will see you are wrong. Landlords can no longer offset mortgage interest costs apart from a mesley allowance. With interest rates on recent years higher than the previous decade one can see why this is a massive issue now. Ll can be making a monthly loss after mortgage and expenses and still be liable to paying tax on top.

If landlords didn’t charge such ridiculous prices then more people would have a better ability to save.

Instead of landlords with a few houses it will be BlackRock, Lloyds ect and other investment companies

Good luck expecting timely maintenance if that happens, @Icecreamandcoffee - for all the system's faults at least most tenants currently know who to call if something goes wrong

My disabled DS used to live in just such a property, and not only were they using loopholes to rob the sytem blind but when nothing got done it was utterly impossible to find who'd accept responsibility

Get a MCOL. It's not too late. Use a tracking agent to find these people. You can apply for a MCOL online.

Well, if there was a huge amount of additional property for sale due to landlords selling up, the supply and demand dynamic would reverse and prices would come down.

But that wasn’t my point. My point was that if a landlord sells a rental house, that wouldn’t result in a commensurate reduction of housing stock. The house would either be bought by another landlord (in which case the net effect on rental property availability would be nil) or it would be bought by a purchaser to live in (in which case there would be a reduction of one rental property but also a reduction of one person needing somewhere to live).

Landlords exiting the rental market will not exacerbate housing problems. Landlords create housing problems. They don’t solve them.

Do you accept supply and demand dynamics elsewhere in your life?

A simple yes/no.

How much do you think it will cost to build enough houses for 20% of the Uk population ? and how much extra tax are you willing to pay to make that happen?

Everyone is full of bright idea about how to spend other people’s money.

You obviously don’t know many “ private renters “ if they think they don’t spend money 😂

Well I got it from the United Nations.

Everyone has a fundamental right to housing. Our successive governments have deprived many people of their right, and some landlords exacerbate that problem.

Actually there are a quite a lot of homeless immigrants. They are sometimes hidden because they are sofa surfing. How can they not be adding to the housing crisis?

I can see that my own local area is not ‘the norm’ then.
We rarely have any properties that are within the LHA limit. Most of them are 50% more than 2 years ago.