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.

"but not those who make policy"
I literally criticised a prime minister lol.
seriously, it is a political choice to allow inequality to spiral and absolutely, I hold the government accountable for that. But just because something is legal and profitable, doesn't make it ethical, and you don't get to obviate yourself of all moral responsibility in life by simply calling yourself a "player". It was once legal and profitable to own slaves for example. Would you have participated in that?

"Us Vs them"
The previous poster contrasted an irresponsible underclass with grown up tax payers. Where was your objection then?

Envy - nice try but I could easily afford to be a landlord myself. It's a choice.

Oh and ps using the word reductive all the time doesn't make you look clever. Science is supposed to be reductive that's where it gets it's explanatory power. You should check it out! 🥰

Perhaps house prices will start to come down, giving more people a chance to buy, helping sort the housing crisis, giving families renting better terms and cheaper rent…
My heart’s not bleeding for people who own several homes while others struggle to find big enough accommodation for their families.

perhaps it will also stop landlords buying bigger houses then dividing them into 2/3 flats with only 1/2 bedrooms that aren’t big enough for many families.

And I say this as someone who owns their own house, big enough for our family, but only that house.

Good friend is single, has a good job, no kids and owns their own place plus 3 others…one person, 4 houses/flats. and the moaning about the ‘work’ it is to be a LL is endless. My suggestions that one or more be sold result in more moaning about tax… but the truth is, friends is making £80k +’in rent
You can’t take it with you though, so what’s the point??

I asked much earlier in the thread, what do people think these price reductions are going to be 5% 10% 20%

How much more viable is it for buyers at reductions like that (even if we were to see those which is doubtful)

People are not looking at the figures

LL selling might mean that house is being sold to a buyer, or another landlord, a big company, so how many properties do people think is going to actually come into the supply?

Out of those how many are going to be bought by people who simply cannot afford it right now? Becausee if someone cant afford a 300k house now, its not likely they can afford a 270k one (10% drop, unlikely)

Prices may well stagnate or just grow much more slowly.

Rental prices on the other hand will go even further through the roof. Homelessness will increase.

My parents got rid of all their properties years ago, when there isn't as much money in the rental market but there were still a lot of bad tenants. There is a national housing shortage that is exacerbated by continued high levels of immigration adding to demand. Legal changes to the Leasehold system are well overdue, aswell as meaningful reforms to protect renters and landlords together with a massive building programme.

Surely the high earning/high quality people will be able to purchase property themselves and not need to rent?

How will landlords be able to pretend they live onsite if they own more than one property?

There is an increased population need for smaller properties.
We have more individuals living alone and more couples without children.
We need more larger properties to be divided into flats

House builders focus irresponsibly on large detached properties when they should be focusing on flats. If they aren’t doing it it’s good that someone is.

To spend it

They won't. I suppose they could put someone they know in one of the rooms and pretend they're the owner - the rest of the tenants are unlikely to check - but no one is going to do that as they will lose a room and if they are that fast and loose with the law they will probably just ignore all laws anyway and rely on intimidation.

Some people will always need to rent. If you are moving around for work every couple of years mortage interest + constantly paying stamp duty could end up up more expensive than rent.

Lots of hassle too. Imagine you are a junior doctor in Manchester or an academic. Then the next post comes up in Bristol. Until you make it to consultant or professor buying might not be a good idea. Also what are you going to do with your property when you move? Rent it out?

Will there be lots of high quality tenants chasing not enough high quality rental accommodation, or the other way round?

Academics aren't constantly moving around until they are professors.

Why arent they purchasing now then?

I don't change the carpets every 5 years in my own home, why would I change it every 5 years in a btl? ARLA recommend every 7 years.

Doctors are
when doing their speciality training
they move around different hospitals on rotation

for example.
People won’t buy unless they are sure they are working somewhere that they can and want to stay for a while. ( especially with the increased costs in moving these days )

They can, I never said it wasn't the case.

I think in London and the South East it will be possible to find good tenants for nicely maintained properties in good areas. Not as aware what the situation is in other parts of the uk.

Families on decent incomes looking to rent for a few years near good schools is another potential market.

When the market is saturated with landlords hoovering up all cheaper properties, they get priority as they're known to estate agents and often have easy access to the money (so don't need a new mortgage) so estate agents prioritise them as "easy/hassle free sales". First time buyers with no history and who'll need to apply for mortgages will be looked less favourably by estate agents as potentially harder sales.

Anyway my main point is that letting could still be a viable business idea for small landlords but they will have to be really careful what type of property they rent out and what type of tenant they rent to.

I've addressed this up thread
The proportion of people who want to rent is far smaller than the proportion who actually do
Most renters don't want to rent and could afford a mortgage but struggle to save a deposit due to... high rents. You aren't providing a service when most of your customers don't want it.

It terms of an easy sale it is

1. Cash buyer (could be a landlord but no reason why it has to be)
2. FTB
3. Buyer in chain

Whether someone wants it or not there’s still a need.
No one is forcing people to rent. They could live with relatives. That may mean they can’t do their ideal job as it’s the wrong location but again that’s a choice.

So whilst people need to rent or want to landlords provide that service.

The cash buyer thing isn’t as easy as it used to be.
Our cash buyers solicitor took months on fraud checks with the cash coming from various sources
We thought great, quick sale but in the end it was the longest process we’ve ever dealt with.

I wouldn’t be fooled into a false sense of security with these cash buyers these days

I think the income multiples needed for a mortgage are more of a barrier than the deposit. If you wanted to buy a 500k house in the south east then you would need a deposit of 25k but an income of about 110k.