rents will soon be rising and the poor will suffer

[bil66]

There is a new tax coming out called section 24 which the Government does not want you to know about.

The tax will put up the cost of renting properties dramatically and this in turn means that landlords will not be able to rent to people on low income.

Finding a property for people on low income is already very difficult but its about to get much worse.

Action needs to be taken to stop this tax and complaints should be made to your local council and MP.

Its sad to see that all landlords are regarded as scum. Not everyone owns more than 1 property for profit. We own 2 houses. We live in 1, the other is tenanted. As it stands, the tenants are low income, we have known them years as they lived in the house before DP bought it and then they moved next door when their then landlord opted to sell. When DP and I got together we bought our now property, and rented it out to them way below the going rate (zone 2/3east London). We wanted a fresh start (he owned with his ex), they were being forced to move and we wanted good long term tenants - we could afford the deficit on the mortgage for them to live there.

We decided to keep the property when we bought as DP is self employed and it was a 'pension pot'. It was never to 'flip' or make a quick profit from rent. We also kept the property because it's an excellent location so any future children will, should this be the city they choose to do so, have a good base to live and work.

A few years ago MIL who lives alone, asked if she could occupy this property eventually. We started this process last year and the future is bleak for us on this front with mortgages on BTL. We will, if we really have to, sell the property.... that affects more than just us. Our low income tenants would need to move, which ultimately means they are moving out of an area they've lived in 10 years and uprooting their children from school and friends. MIL will be elsewhere where we can afford to house her.

The changes to the rental market affect all involved, and the negatives are not all on the landlords side of the fence.

If nothing else, I'm glad it will slow down greedy oversea buyers and individuals creating a monopoly on 10's of properties. But I'm incredibly sad for all of those who are 'accidental landlords' with 1 extra property and the tenants who's futures will suffer because of all this.

No real point to this other than trying to show that not everyone is the greedy landlord MN seems to think they are.

Housting benefit tenants are high risk. To reduce the risk the government paid landlords direct.under the universal credit system the tenants get the rent money and then run off with it.If you phone universal credit up and inform them of the problem and do all the necessary paper work they still pay the tenant.

What person in their right mind would want to deal with such a stupid system??

Good luck to the corporates taking it over I wish them all the luck in the world because believe me they are going to need it

Many landlords do not put up rents if they have quality tenants that look after their properties. It costs money to rent out properties and find new tenants.

change "many" to 'some' or even 'a few' and I would believe you.

because all small landlords rent out isolated dumps...

Actually we are not putting the rent up on our houses, partly because we're not 'scum' but mostly because our houses aren't mortgaged so aren't affected by s24. But go on, call me all the names under the sun for daring to own more than 1 house.

www.irishtimes.com/news/ireland/irish-news/housing-crisis-continues-as-rents-soar-past-celtic-tiger-highs-1.3482965?mode=amp

light You went after a place that had 17 other bids, you say from BTL people. My first thought is that those bidding to do a BTL are most probably foreigners.

Also, you need to realize the agents are not acting in your favour. As someone who buys homes frequently you really need to do some leg work. If the current market is seeing everything sell at or over asking prices you should target places just below your budget. You should also be looking at all properties that haven't sold in 5+ months. Yes you will be looking at buying a place that needs work but long term you build much more equity plus potentially buy a forever home.

Also, if I'm not building my rental housing I'm buying places that have sat on the market for months with no interested parties. I buy at a discount because there is always something wrong with the place. These places are fully renovated and either sold on or kept and rented out.

blakkke, on another thread you said you owned over 100 homes. Are you saying they aren’t mortgaged? You own them all outright?

Thanks for the stalk @Phimosa nope, none of them mortgaged. Though my husband did inherit most of them.

I'd have more respect for landlords if they didn't try to pretend they are doing charity work.

The country is in such a mess because people are bitewing huge amounts to speculate on property. Even the shoe shine boy has a BTL property portfolio.

Some people I know are screwed it interest rates ever go up more than 1% and imagine that property will keep rising 10% every year forever.

Ridiculous that people were allowed to load up on so much debt and out bid OO. Btl people can still get interest only mortgages so are still unfairly advantaged over OO.

Not a fan of landlords. Rented for 10 years...houses were always freezing in winter....which you'd never find out until you lived there and paying extortionate rent!

Bought an ex council house finally....on the cheap ish because the owner had been a Landlord and had run the house into the ground. Needed so much work...

Parasites! and greedy!

The scales have been tipped in the favour of landlords for too many years.

You are right! I'm not doing charity work hence my exit.

And while I'm at it. One family can only sleep under one roof at a time. Why own more than one house! Unless your very wealthy and are lucky enough to have holiday homes but that's another conversation.

This subject boils my blood. I'm a professional who looked after the properties I lived in...and I've never met a landlord in 10 years who would put a new bloody boiler in replacing the ancient they insist is still effective or draught proof a house.

We have a few BTL. So do half the people we know. All good and decent people and LL.

I have always and will always put my money in bricks and mortar.

And of course it's a business - it's a transaction for money. A business.

No stalk Blakkkeeee you posted on my thread earlier

I remembered because you don’t often see people admit to owning 100 houses

made myself look a right knob with that one then haven't I, sorry.

And yeah, it wasn't exactly in mine or DH's life plan but it happened and we got on with it. It helped that I actually already owned a lettings agent which I started shortly after I left uni, which now caters only for our properties. I'd like to think we're good landlords.

I will love it when the buy to let brigade get their fingers burnt and get the fuck out of our community. They're destroying it. These streets of what would have traditionally been good solid well looked after starter homes (generally for blue-collar workers) have been flogged by the equally scummy estate agents as "investment opportunity" after investment opportunity and it's decimated the community, leaving us with streets where 50%+ of the housing stock is no longer the well-maintained houses with people taking pride in what they own... but basically shitholes with smashed panels of glazing (there's one around here that's had half the double glazed front window left unfixed and re-let after re-let for pushing a decade now), unkempt gardens, the exterior completely falling into ruin and the interiors not much better to be honest - our neighbour spends half his time helping the tenants stuck with shit broken down repair it out of the good of his heart and it's fucking ridiculous really.

So my heart bleeds that you're not getting things all your own way, and the "oh I'll just go hurt the poor people" blackmail ain't working - because you've obviously decided long before that that you're going after more lucrative markets. So ditch the pretence you're providing some wonderful social function because the only function you're really providing is to your wallet and you'd get a much better hearing. Oh and, and this is a really new idea for many out there - FIX YOUR SHIT.

Oh dear. As others have said, what a shame. Have seen too many shoddy, properties let out by shysters in my line of work. Get a proper job. You will not be missed.

ah, jealousy. so playground.

that street of smashed up houses ( who did that?) cannot by simple reasoning belong to one of those hated small landlords. of course there are bad sin gle property landlords, but the housing association s are notorious for lack of fixes. read less selectively on here.

there are also bad tenants, but on mn that is approved.

By the way, I hate buy to let landlords with a passion

Interesting thread, looks like the amatuers are finally waking up to some very tough times and some heavy tax bills ahead for BTL. The OP is obviously very deluded and it will be interesting to see what happens over the next few years to his 'business'. Will he continue to whine as yields continue to fall and regualtions increase ? Or simply sell up as many much more informed and realistic landlords are doing.

As long as he has been paying correct tax for all these years should be fine, take the hit on CGT and just move on. If not then any investigation from HMRC can go back years so if there is a sale and they are suspicious i.e no tax paid on rental income, HMRC can go back for decades to discover more juicy details. A truly horrible experience for anyone.

Do your own research of course in to S24 and increased council regulation, and if you are a landlord considering selling up, remember the old investment mantra. If you are going to panic, panic first!!!

• No one is an 'accidental landlord'. You can tell yourself that if you like but it's yet another delusion if you do.

Was this you OP?
www.propertyindustryeye.com/furious-landlord-makes-his-tax-protest-clear-by-placing-billboard-on-busy-main-road/

Go on admit it