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.

Yes, if someone has this kind of expensive insurance, they will pass it on to the tenants, so they are paying for those tenants who are allowed to live without paying rent or destroy the property.

It's a mystery why you wouldn't think that should be minimized.

I think you’re the one making things up 😉

You basically said upthread
small landlords => the landlords end up covering cost of ‘bad tenants’
vs
corporate landlords => good tenants end up covering that cost.

I disagreed with that analysis.
My point is small landlords try to protect themselves too (eg insurance as pp mentioned) and that does mean the costs are passed on to at least some extent.

Of course that cost should be minimised. No idea why you believe I think otherwise?
Better protections for landlords in these sorts of situations would help ensure that. As it is things drag on for too long.

Well said !!

Do you have any idea how much time and money it takes to evict someone?

Yes. I do.

The pp is evicting them apparently.
She hadn’t mentioned that so I misunderstood and was confused as to why the process hadn’t been started.

I didn't say it was - though according to my 3 estate agents it is. If people can afford to buy, good. Lots can't and they're trying to rent in a shrinking rental market with rents going up massively and small LLs giving it away as a bad joke -especially in London where rents rarely match bank interest rates now available.

And you would know that how?

no madder than condemning all LLs as greedy, grasping , slum managers

as long as it covers the damage..a big 'if' that. And then the palaver of proving it to the TDS to get reimbursed. More time and money wasted.

But that’s the trouble with keyboard warriors. They’re blinded by their own thoughts.

@TempestTost “the market becomes further dominated by corporate slumlords.”

The corporates are not the slum lords. They have consistent processes.
The coporates aren’t sweating over the EPC ‘C’ requirements.

So where do people live if they cannot afford to buy a house, will never be able to afford one, cannot meet lending criteria?

The Government, Con and Lab sold off council housing, never built replacements & encouraged people to fill the void they created.

What forces people into shittier accommodation is lax enforcement, the existing rules already prevent people from living in damp horrible houses but nothing is done about it.

Of course they are not, they'll increase rents to cover the costs & become less responsive, less flexible, one only has to look at how hard it is to deal with, say BG compared to your local gas engineer to see that

Look at leasehold to see the issues this will create if Corp becomes the norm.

Whats really needed is council run and owned housing, its not as if we don't know it works.

Well the largest group of “lots of people who can’t afford to buy” will be young people who ARE in a position to buy after a few years.
But can’t as all the first level homes are bought as B2L. Sooner they get back on the market the better.

So where do they live whilst saving for a deposit?

For every younger couple who can buy in a few years, they'll be 10 more who are older/low wage families who can never buy... what happens to them?

Bear in mind, with the sudden withdrawal of the private LL, their options are "Pay even higher rent or if they meet the criteria, go into council temp accommodation" which could be a B&B or a hostel... great!

Honestly its dawning on me that the people who hate LLs do so regardless of the impacts on the disadvantaged, they either don't care or are blinded by their hatred.

When I began my switch from HMOs to whole house lets I tried to get that sort of insurance. Not one of the over 50 applicants for that first house was eligible for rent insurance. This was in 2021 and I don't know if things have relaxed since then, but certainly any tenants receiving any type of government support were ineligible, and so were the others as they would have needed to have a joint income of around £60K - and good credit history. While that doesn't seem unattainable - none of the 50 odd applicants passed that test.

I'm about to market my second ex HMO as a single let, and while I will once again try to get that insurance, I'm not expecting to be successful.

I vet my tenants carefully on income and tend to pick tenants with 2 working adults with a decent joint income. This is probably why I could get it in the first place but also probably why I've paid for it but never had to claim it. I figured if one adult lost their job the other could still afford to pay the rent.

Because they are landlords in order to make money. They aren't doing it out of the kindness of their hearts. I'm not criticising them for that but at the same time, I think there are too many and not upset if some are selling.

The problem is, in many areas (I'm in East London) the vast, vast majority of tenants don't fulfil the criteria. Out of 50 applicants, none did, and a hell of a lot get some sort of UC top up (probably because London rents are so extortionate), I'm going to see what happens this time. But my point is it's simplistic to say - well landlords can just get insurance - as in many cases it just isn't possible.

I find your arguments to be superficial, and I struggle to take you seriously.

With the same level of respect, you showed another poster, naturally.

@thecatneuterer My DC have friends renting in East London and it really depends on area. They definitely have two good incomes. Like most rentals, it’s where the property is. Why don’t you use an agent to find a tenant. Lots of people living in East London have very good jobs. That’s why they can afford to live there. A lovely property will rent out to people with money.

It's a different market. A two bed flat - absolutely I agree with you. But a four bed in Newham - that attracts families with children - and the vast majority don't meet the insurance criteria. I'll see what happens this time round.

That's a very good point.

The good tenants will need to pay for all the problems associated with the bad tenants.
* Non payment of rent.
* Damage to properties.
* Expensive in house law departments.

On top of that, they'll need to pay the 5%+ Return On Investment for the pension funds.

I doubt rent will be less than 7% of market value, which in London could be £28k p/a for a two bedroom flat valued at £400k (£2,333 p/m).

@Learsfool I was a teacher for over 20 years and I've been a Foster Carer for the last 18 years looking after DC who have been severely neglected and have learning disabilities. Doesn't stop me being a LL too. Most LL's have another job too. You obviously live in a black and white world.

@thecatneutererId sell then. Or convert to 2 flats! I never had more than 2 beds. Wrong house - wrong place!