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 you're answering the wrong person

Oh hold on, this is like when someone disagrees with someone on this forum and are accused of being a man, so now because I dont agree with you Im a landlord. I have my own home thats all. I dont think theres anything wrong with being a private landlord however.

HTH

That really is GCSE Economics.

You have neglected to include net immigration, lack of house building, planning constraints, land banking, fiscal policy, monetary policy, demographic changes.

Please try not to be so reductive.

The poorest in society? All my tenants are young professionals. They will all probably become higher rate tax payers in the next decade, some will be already, and at least one will have to try very hard not to earn a six-figure salary by his mid 30s.
And they are the poor of society? Right.

You're correct about the other issues which affect things, @MyNameIsX - I mentioned some more upthread - but I rather doubt those looking at this simplistically would begin to understand or even be aware of them

As said, there's an unfortunate tendency to reduce this to good/bad guys and IME it solves nothing

Why is it a necessary evil rather than just necessary? At the moment one of my adult kids is moving into a house they've bought. They moved to a new city for work reasons, didn't know the city so rented for a year so they could work out where they'd like to live/could afford to live. GS and his friends are just signing for a house they are renting together, all 19 year old students with no desire to buy a house at this stage. I can't see that anyone is being evil.

Yes.

One of the peculiarities of BTL is that others - who clearly do not own property (whether its through circumstance or their own life choices), love to pin the ‘blame’ on LL’s - not the Government, not house builders, not local planners.

One can only assume that they are the same people who despise large cars, designer handbags, luxury watches etc. I have seen these people myself - you can see it in their eyes.

It’s very unattractive, and it must be corrosive for them, personally.

A tenant bashing thread. Yay.

Mmmmm
I think the OP meant where are the people who rent going to live?

My sister relocated to a different part of the country for her DH job. They owned a house in their current area but knew nothing of the area where they were going. They decided to rent up there first to get a feel for the new county.

They let their house out and in turn rented a house up there.

Their tenants were good for a few months then stopped paying rent, ruined the house and simply didn't engage. She could not get rid of them. When all was said and done she reckons it cost her about £30k out of pocket. The tenant was a Doctor! She had heard horror stories but thought she has chosen safely what with them being professionals and all.

Housing isn't a Human Right.

Oh

I’m confused. Tenants don’t actually live in the places they rent?

Yes I’m aware.. and agree that some individuals (that pay tax at a higher rate than 20%) may have to pay tax when in reality they are in a loss position. I didn’t say otherwise in my post, did I.

The poster that I replied to said you pay tax on rental turnover, not profit, which hopefully you will agree is an incorrect statement.

@Livelovebehappy ”It's not shortage of houses per se, but people's inability to afford to get on the property ladder in the first place.”

Amateur landlords have contributed to the massive increase in prices by hovering up cheaper properties over the years via BTL.
George Osborne’s brilliant section 24 goes a little way to addressing this. Too little, too late, better than nothing.

We have had a property for 10 years, the tenants have been there for more than 10years. We have kept the rent low , haven’t raised rent for years and they have been a very good tenant.
Planning to sell as we can’t afford the mortgage interest changes . We won’t make much from the rent and not worth keeping it now.

With all due respect (ie none) you have no idea of my level of education but if you're suggesting that you are intellectually superior and that the system of rentier capitalism is working for the ordinary citizen then I'm skeptical tbh.

I didn't call you a workshy freeloader actually. Those were your words, not mine.

But I did assume the reason you gave up your PGCE was in order not to pay rent. It was the only way I could see for you to seemingly blame landlords. I pointed out that I had to draw conclusions since you wouldn't explain your very cryptic point - but I do apologise for making an ungenerous assumption.

Your later explanation makes sense and shows that my interpretation was wrong.

It wasn't me who you called "self-serving" by the way. Quite a few different posters were confused.

But I'll accept the apology anyway, since you're continuing to insult everyone. This is pretty rude:

"It's all the folding green stuff wedged in their ears and the blinding pound signs left in their eyes indelibly through inheritance."

I was being too polite to say "It's the complete lack of any understanding of economics between their ears. And the huge, unmovable chips on their shoulders"

You're making huge, unjustified assumptions yourself. I've said earlier on this thread that I'm not a landlord. So have many others. But you keep saying that to anyone who disagrees with you. And as for assuming that people who disagree with you have had inheritance, that's ludicrous and just shows your warped world view.

Your claim to having a unique experience and understanding is laughable - just because you rented when you were younger?!? It was a pretty positive experience, from what you say.

I'm pretty sure everyone on this thread has rented. Isn’t that the norm for all young people? That's exactly the point - that renting is normal, not a hardship, and not exploitatative. Most in the SE (like me) will also have spent years just renting a room in various different house shares. Normal. Not a hardship. Not exploitative.

I suspect my landlord is selling soon, he's had the house valued, though we have until December until our tenancy is to be renewed.

When I moved in, this house was a fucking shithole. I've spent a lot of money to make it beautiful. Replaced floors, laid turf, made over the kitchen from ugly brown cabinet doors to a nice, modern-looking room, covered ugly council house tiles with high quality faux tiles, put in a shower, etc - the garden now looks amazing, I built a pergola and planted some gorgeous plants and shrubs! I was happy to do all this because he was adamant he only wanted long-term tenants. We won't be in a position to buy for a long time for complicated reasons, and I wanted to live in a nice house. I look after every inch of this house, it is pristine. Every inspection he does he's thrilled with the house, absolutely over the moon.

Yeah. It's all come down the minute I get that eviction notice. I will spend money buying and laying the exact same, ugly carpet I ripped up and replaced with luxury vinyl planks, just to be petty. He's going to get the house exactly as it was given to me.

I'll also let the vendors know about the Japanese knotweed in the front garden he was keen to hide when they valued the place.

Don't give a shit.

🖕🏻

Interesting how people really hate what they term 'amateur' landlords. Whats the definition of this and how the economics any different if the properties in the private rental sector are owned by massive companies or landlords who are clearly running a business rather than just having a property they need to use for rental for a time.

Ultimately properties wont be affordable for people who cant get mortgages and deposits but equally are in an area where its around 10x the local income, so properties will largely be bought by other landlords.

I’m a small time landlord. Cost me £18k to return the property to a rentable state the last time a bad tenant left.
Another tenant removed the roof beams to gain more storage space. Almost cost a collapsed roof.

It's not just the higher rate tax payers it affects I believe (it doesn't affect me so I haven't looked into it that closely). As I understand it mortgage interest isn't tax deductible at all. Isn't that the case?

And yes, the poster was over simplifying, but that's what she was referring to.

Let’s focus on your post, rather than your academic and intellectual shortcomings.

You sought to blame LL’s for the current S&D dynamics. If you call this ‘rentier capitalism’, what do you think bank lending is? What do you think equities are?
Do you have a pension? Do you have savings and investments? Then, welcome to the club.

You use Marxist phrases whilst you benefit from a capitalist society. It’s not a la carte - you can’t be a little bit Marxist. Which is it?

Meanwhile, your ire may be better directed at the Govt of the day, or planners, or the BOE.

More fool you seems to be the moral here, but the in/out inventory must have you covered, right?

I have to say I agree with this. Everyone knows the risks of renting - i.e. that you don’t have long term security. So why spend a fortune on a house that’s not yours that you know could be taken away from you at any minute and why spend even more money putting it back the way it was.
Your LL has had the house valued, you have no idea what their plan is with it. They could well be selling it to investors only and advertised as tenants in situ and yet you’re already seething with them?! Makes no sense to me.

I have been both a tenant and a landlord - actually at the same time through a weird quirk of life. I would never have moved in to a rental property if I thought I would have had to spend my own money doing it up to make it habitable.

I don't know if this is for me or not.

I'm not a landlord, but they most definitely are providing a service. Where would people live otherwise. Council waiting lists are so long. The govt rely on the private sector to help.
People who don't pay their rent and refuse to move out are doing other renters or themselves no favours.

Did we ever answer the question, where will everyone live if private renters pull out.