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, we are heading straight back to Victorian times, snd rather fast too. With no education for the poor, crowds of homeless roaming the cities snd disabled begging on the streets.

Next stop is Middle Ages when the toffs will start shooting serfs for fun, I guess.

Yes you can serve notice on a non paying tenant but have you seen how long it takes to get the case to court….last year we waited over 9 months for the court case date and in the end they left (without telling us). I still have the photos of the state they left it in. It was a large block of flats so not easy to spot someone has left.

I honestly believe that if they changed the law so that that you were allowed to rent out ONE property

The problem with this is that governments are now looking at requiring landlords to bring their homes up to a certain energy efficiency level - depending on what they bring in, this could be very expensive for landlords. Individuals with one property are less likely to be able to afford this and more likely to sell up.

And am getting 4.5% return on the proceeds after CGT and other costs, even just in an instant access account - with no hassle, whereas I have worked out I was getting 3.75% gross rent before taking off all the outgoings. And taking the risk on defaulting tenants and voids What a mug I was being a landlord!

cant assume that everyone wants to buy .........sometimes people need to rent and there does need to be a rental market with properties available.

I have rented a number of times when moving to a new area for work before buying and then when there was major structural damage to house and needed to move out.

Fuck sake. After all this time and especially looking at Scotland which is well ahead of England in the landlord hate, why are people still pretending to believe that a lack of private landlords is a good thing and will be of benefit to the poor?
It won't. Not ever.
If sold, these properties become Airbnbs - look at Edinburgh
Or stand empty. DH is a soldier, used to rent out his property when he was in barracks or away - doesn't now.
Or bought by scum landlords who abide by no rules and evict with malice alone
Or are bought by John Lewis or similar. Why do we think they are being bought by large companies??
Or at best go on the market and are bought by middle class kids who had been living with parents and are now bankrolled by Mum and Dad.
Decent properties to rent have scores of applicants even in my very average town. And the kids who used to rent are stuck at home or in HMOs or are (including one Mum and child that I know of) lodgers. Happy days.

The new legislation that prevents rent being paid 6th months upfront for example will mean that anyone who fails credit checks can't rent.

good. the area I live in has all but been destroyed by BTL and unscrupulous landlords who let their properties go to rack and ruin. Tenants who do not know their rights are exploited by these vultures who do not carry out repairs, collect the rent in cash and evade income tax. I live next door to a property like this and it has made my life hell, council is meant to be taking legal action against the landlord (who lives in luxury in another city, I have tracked him down online) to compel him to do the repairs. Council have informed me that he has several other properties all in a bad state, I hope he sells up.

Honestly, these are the people who are likely to buy houses from more ethical landlords, or people that don't have the stomach for the stress.

Portfolios of slums, with former family homes subdivided, are likely to be the kind of rental available in future. There's the demand as well, with tens or hundreds of thousands of "skilled" visas being issued to kebab shop workers and takeaway delivery staff.

I haven't read beyond the first (predictable) reply, but I can guess the way this thread has gone.
Lots of 'concerned' posters rubbing their hands together in glee that 'greedy landlords' have thrown in the towel with just the vaguest idea of where families living in their homes will live now (build more homes is the usual suggestion).
The fact is, overregulation and costs have forced many GOOD landlords out of the market. You know, the ones who paid for annual gas safety checks and kept their homes in good repair are the ones who have decided to get out.
The ones who don't bother will stay in the market, continue not to bother at no extra cost to them.
Still, that'll show them.

A 2 bed flat might have a single guy living in it rather than a young family with a toddler and a baby. And the young guy likely to have been living with parents or rented room before.

So there is still a net loss of 3 bed spaces

No, there are many, many people who want a mortgage but are priced out. They want to save but rent prices are way above the housing limits and simply don’t have spare cash after paying bills.
The housing shortage is being addressed by Angela isn’t it? We should therefore have plenty of properties at reasonable costs for those who need it.

I don't know where you got this from but there is no fundamental right to housing in the UK. And there certainly isn't a fundamental right to demand it from a private landlord.

Just watch and wait. But Lloyds are one them, with a portfolio of over 5000 homes.

the Uk is quite an odd country in that culturally we are very attached on to owner occupation. Many other countries (for some reason Germany springs to mind but I could be wrong), renting is seen more as the norm.

I'm told by friends from Germany (and Holland) that tenants there generally have secure tenancies and rents are controlled. Tenants are also allowed to decorate and make changes to the property as long as they aren't structural. That makes renting much more attractive.

One of them (can't remember which) also said that a lot of rented property is owned by banks, insurance companies, pension funds etc, rather than individuals.

I would never have bought a property if I'd been able to get a tenancy like that, but I got fed up with high rents, not having security of tenure and "landlord's magnolia" in every room.

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

Where do they live now?

It would be good if councils bought them back.

This is why people don't buy properties to let out because some consider landlords are raking it in and have no scruples in not paying their rent or damaging someone elses property. We personally never got into BTL and are very thankful we didn't because everyone we know who does it has a bad experience and certainly not all are raking it in. Tax, high agency and maintenance costs, risks of damage or non payment of rent and higher cost of mortgages mean it is no longer that profitable.

There are good renters but of course mortgage rates have gone up so landlords have put up rents to cover the cost not only of the mortgage but the upkeep, tax and maintenance of their properties. The cost of private renting is therefore less affordable than a mortgage in many cases. Housing is a basic human right but whose responsibility is it to provide that? You could argue maybe the right to buy was the first mistake and better legislation to cover landlords against bad renters and renters against bad landlords. I also think we need to look at a scheme where renters can take out mortgages if they prove they have met rent without the need for a substantial deposit as that is what stops renters becoming buyers.

• Annual rent inflation for new lets is running at its lowest level for 3.5 years
• Rents have increased by 3% over the last year, down from 7.4% a year ago
• The supply and demand balance is narrowing, with 11% more homes available for rent, while rental demand is now 17% lower than it was a year ago
• 12 renters are currently chasing each home for rent. This is down 42% on 2022-24 levels but still higher than pre-pandemic levels

Seems to be moving in the right direction without any significant house building.

So much speculative hysteria in this thread based on very little evidence.

the Uk is quite an odd country in that culturally we are very attached on to owner occupation. Many other countries (for some reason Germany springs to mind but I could be wrong), renting is seen more as the norm.

Yeah it's nothing to do with more security & cheaper options in other countries 🙄

Nearly every landlord I know is selling up. We have one, small rental with an excellent tenant but if she leaves we will sell too. Some of the new rules are ridiculous and for good, honest landlords it’s just not worth the bother. We worked really hard to buy the house. We aren’t rich, we don’t make a huge profit. We don’t have life insurance due to health issues and we don’t have private pensions so it really was meant to help us once we retire.

I'm not a landlord but rented for 10 years while saving for a house deposit - living at home with parents not an option I had.

I've often wondered on here as rental properties get less as landlord leave market and competion for any gets worse and rents rise to due more supply then propeties what will happen.

I image council lists will get longer and possible more temporary emergency accomodation will be needed by councils.

I think many on MN are ones who plan to give their kids house deposits or were in position to get such help - so paying higher and higher rents and saving house deposit affects them less.

We've also rented from people who were away year or so or were covering care home costs - probably in last few years of life - I wonder if such properties are less likely to be rented out with changes or perhaps they'll be put quicker on the housing marrket.

The problem still is we haven't built enough housing private or social for decades and we continute to have a growing population - so house prices will likely remain high for next decades.

Though maybe big corporations will move into sector and build and rent flat and appartment blocks - could be another way out of situation.

If you can't affort to pay the morgtage, sell. Simple as that

We worked really hard to buy the house. We aren’t rich, we don’t make a huge profit. We don’t have life insurance due to health issues and we don’t have private pensions so it really was meant to help us once we retire.

You should have invested in a SIPP

'I'll take it apart brick by brick!': Desperate homeowner tears down roof of his own house after war with tenant of £150k three-bed terrace who sued him for evicting her | Daily Mail Online

Maybe people will be able to actually afford to get on the property ladder if they're not giving the majority of their salary away each month to a landlord who is acting like they're doing people a public service by making profit on something that is a basic human right.

landlords have had a good deal for a long time, it was never going to continue to be easy money. That's just life.