To think rich people shouldn’t be allowed to buy multiple houses when others can’t afford one?

[YourTealBalonz]

I know people say “it’s their money” but I genuinely think the housing crisis is made worse by second-home buyers and landlords snapping up properties just to sit on them. It drives up prices and freezes people out of the market. I’m glad council tax rules are starting to push back on this. AIBU to think second home ownership should be discouraged more openly?

It's not brave, it's just wrong which is why no one else has said it. All those things you listed are government policy and a result of how the conservatives governed for 14 years. We are not replacing our people fast enough - over 90pc of the country isn't built on.

The population needs to expand to support our growing number of pensioners and the cost of supporting them - we need growth in all senses

I completely agree. But most people don’t, so it’s a dead policy politically

It appears that the renters are the ones who want to eliminate private landlords. If that is their choice so be it. But don't complain if you don't like the alternative.

Their money their choice until their choice affects the rest of society.

High second home taxes are a great idea - Germany, Austria etc all have these.

We own 3 additional houses that we rent to friends/family, well below market rate and unless something horrific happens, we won’t ever be asking them to leave. None of them could afford to buy, and they were being fucked over by other landlords constantly increasing rent so where they lived was completely unaffordable.

For everyone who doesnt think anyone should own more than one property, what would be the solution for people who want or need to rent ?

Students, junior Dr's, freelancers, people on short term contracts, people newly moved to an area, people whos residence is uninhabitable due to fire/flooding/renovations etc....im sure there are many other incidences when people need to rent....what are they meant to do?

im not a LL Fwiw but I can see there is demand for rental properties (i can also see the problems in holiday areas that are full of second homes)

Actually it is the middle that is being squeezed and eliminated. The poor are doing better than ever.

Surely these people also become pensioners and we’ll need even more people to support the increase in population, it seems a bit of a ponzi scheme really. Or maybe increasing the population by 11 million in 25 years has lots of entirely predictable negative consequences.

God I've been saying exactly this for years, but sadly very few people agree with us and would rather build on every single inch of the small island we live upon. Sigh...

Most people agree with you, it’s very hard to argue otherwise.

Would you like to buy my unmortgageable flat?

I paid £190k for it ten years ago, but I'll let you buy it for £100k (the outstanding mortgage on it. I'd be bankrupt if I sold it to you for less). It has a service charge of about £1k a quarter. You'd be better not buying it as a BTL as it makes a loss at market rent.

I can't find anyone who wants to buy it. Should I be forced to live there for evermore? Or should I be forced reduce the price and to declare bankruptcy? Or is it okay that I moved out, bought a house and now let it out? Please let me know how I can help solve the housing crisis. Thanks.

There are those who have houses which they just sit on. My mother and her husband have between them four houses, none of which they let out in any capacity.

They just flit between them as they see fit, they have one "home base" and three "holiday homes" - houses too, not flats. And then I get complaints from my mother about how tired she is from travelling between them and how going to X holiday home isn't really a holiday because they have to do the garden etc.

Personally I'd like to see a restriction just to stop the utterly tone deaf whinging. I fear one day I will just snap and tell her to sell the extraneous bloody houses if it's such hard work and live like a normal person.

It does grate a little, can you tell??

Our population has been increasing by approximately half a million people every year.

70% of non built on land is used to produce food. Mainly for livestock.
Large swathes are woodland ie 13.5% which absorb carbon dioxide and create oxygen.

Then there are lakes, canals and rivers and other geographical features taking up an unknown area of land

Thats 83.5% plus geographical features unknown

We may have land but we can’t build on all of it or indeed very little in % terms because we need to sustain ourselves

As the image below shows we have one of the highest population densities in the world

A reduction in spending is a better way forward to managing costs

There isn't a housing shortage. Look on RM. There are thousands of houses for sale in my locality. These people who don't have one ar welcome to buy one. Some houses sit for sale for months on end. LL's don't stop anyone from buying a house. The banks ask for deposits and income multiplyers to buy a house. If people don't have that it's not LL's or second owners fault.

drspouse · Today 16:24
Are you going to ban companies from owning residential property as well?
What about holiday lets - is nobody allowed to stay in a self catering property for a holiday? Only hotels or camping

Op, any thoughts on this?

I’m guessing you’re not one of the people who has worked their arse off, to do well for themself?

You can't force split couples to live together. That can be very bad for their children, and also their mental health.

I split with an ex and still lived with him for a few months until I found my own place. It was awful. I left a one bed flat I shared with him, and moved to my own one bed flat. That is not contributing to the housing crisis (I was told I was on another thread, but no one could tell me where I was actually meant to live).

I completely agree. I'd rather private rent and have the choice of where I live. I grew up in a council house and it was one of the most poorly maintained houses I've ever seen. All of our neighbours also had serious mould issues along with other problems. And the estate was grim.

If the second property is used/rented out, that’s ok

It’s the empty second homes that are the problem! Those need to be taxed more

Dictating where people spend their money has no impact on people who don’t have the means to buy property, op.
It’s a ridiculous notion; that anyone unable to afford a house is being held back by greedy people buying two.

Yeah, I think a distinction needs to made on threads like these between owning property that you rent out, and having a second home from home that is empty a lot of the time.
Both totally different.

Yanbu OP. No foreign ownership of UK property would drop housing prices in London sharpish. And as someone who owns a home that I like, I think property prices should drop. Yes, it's my primary asset. This would not benefit me. But I would like my dc to afford homes, too.

If they didn't invest in property, where else can they invest ? Not in Reeves' British industry surely ?!

They already are?

Exactly!

In other countries, it’s the empty second homes, or those only sporadically rented out during peak season, that are taxed!

If a home is rented out long term, that’s not a problem!