To think we should ban private renting?

[honeyrosesandwich]

AIBU to think this is a great idea?

Imagine if private renting was banned. All rented houses were done under social housing / housing association. There are already over 4.5 million houses rented under social housing, so it's on a huge scale already.

It would mean rent would be affordable for everyone and effectively help the cost of living prices. I live in a housing association house and my 2 bed is £520 a month. My brother, who private rents, pays £1100 for a 2 bed in the same area.

Repairs for my house are done by the HA's own company. I just put in a request online for it.

People that want to stay in their privately rented home will be free to do so but they put a ban on any new tenancies. The owners will have the opportuntiy to sell the house to social housing or keep it for themselves, but not rent it out further. If sold, the tenant will be allowed to stay.

I've been thinking about this randomly today and haven't come up with any negatives so far. Is it bad to monopolise housing? Well, there are already certain housing associations which own hundreds of thousands of houses.

Personally I think a lot is the fault of developers building housing that people don't want or can't afford.

There's a large new build development in my city which is mainly empty and unsold because nobody wants to pay half a million for a house in the most notorious crime-riddled area of the city (this is an area of the country where that type of money usually buys you a lot of house). They then make special discounts, but only for certain groups, so first time buyers can get discounts, "key workers" can get discounts etc. Why not just make them more affordable for everyone?

Oh boo hoo.

The asset is the profit, the property that a tenant pays off for you.

You effectively pay 60k for an entire house, and wanting a monthly profit on top is just insanely greedy.

That’s also true even if ‘publically’ owned. Where do you think the money would come from?

What?

Which bit of BTL mortgages are usually interest only do you not understand? The tenant is not paying off the mortgage at all.

In the end BTL mortgages will usually be paid off from the sale of the house.

It would not be profitable in most cases for BTL mortgages to be repayment based.

Then don't privately rent. You can put your name down for social housing and wait.

The fly in the ointment with that is that the homeless will need to hop ahead if their private rental is sold up. Or financial circumstances mean that they lose their home through divorce, job loss.they are of course priority.

My post related to profit earned from money borrowed. How do you think developments happen? Taylor Wimpey save up before starting a development?
Just what your reply is meant to mean, I just don’t know. But if everyone stopped renting privately, how long would the wait for social housing be? Are empty owned properties going to miraculously morph into housing association owned overnight? Not likely, they’d be on the housing market instead.
(Shakes head).