One of the craziest threads i've seen. Rents are high because are willing to pay them, people can't get on the ladder because they spend too much time on Charlton Life, buying property is like investing in crypto. WTF? Bet there's other gems that i've missed.
One of the craziest threads i've seen. Rents are high because are willing to pay them, people can't get on the ladder because they spend too much time on Charlton Life, buying property is like investing in crypto. WTF? Bet there's other gems that i've missed.
I think the reason for that is a lot of people are posting from a different perspective where they don't really have to actually worry about where they live and are just trying to score political points or get a "gotcha" from people they don't agree with. It's a real issue to some of us.
I would say that quite often going from a lower paid occupation to a higher paid one is about survival. The interesting question for me is what is enough for the average working (or non working) person to survive on. The that leads on to how many multiples of survival income ought one individual have. For some survival is a house in town, one in the country, one abroad, each with a gardener and housekeeper, a car for every family member and enough wealth for that person and each of their family members to live on the interest of the interest. Is there a point of convergence where a person ending their time in the care system around the age of 19 or 20, with a local authority helping hand of £2000, is on a par with a similar person who can anticipate a large enough inheritance to be set for life?
I would say that quite often going from a lower paid occupation to a higher paid one is about survival. The interesting question for me is what is enough for the average working (or non working) person to survive on. The that leads on to how many multiples of survival income ought one individual have. For some survival is a house in town, one in the country, one abroad, each with a gardener and housekeeper, a car for every family member and enough wealth for that person and each of their family members to live on the interest of the interest. Is there a point of convergence where a person ending their time in the care system around the age of 19 or 20, with a local authority helping hand of £2000, is on a par with a similar person who can anticipate a large enough inheritance to be set for life?
you sound like an alien trying to decribe and understand people you have no clue about.
I had to read this twice and i still can't understand what you are on about and if you are being serious TBH and i'm still not sure. this is gibberish
First thing I would do is 500% council tax on properties empty for more than 6 months on homes that are either foreign owned or not primary residences (this would obviously need proper fleshing out). I think at the moment you actually get a reduction if that's the case?
I love @kentaddick despite the fact we have differing opinions on many things, and get where he's coming from as I think we are similar ages, but I do think some of the greed argument is mitigated by the fact they're starting from the concept of 85% market rent.
At the very worst they're "the good guys of greed"
Fascinating insight by the way @Rob7Lee, really enjoyed reading about what your friendly society does.
Also, I think everyone who owns a house says they love the idea of mass house building for the kids, but when that stops their house prices going up as quickly, or heaven forbid a development near them, the appetite changes very quickly. There isn't some sort of wizardry stopping mass home building, it's largely a political decision, one that won't change in my opinion regardless of what political scarf you have tied so tight round your neck your eyes bulge out.
I would say that quite often going from a lower paid occupation to a higher paid one is about survival. The interesting question for me is what is enough for the average working (or non working) person to survive on. The that leads on to how many multiples of survival income ought one individual have. For some survival is a house in town, one in the country, one abroad, each with a gardener and housekeeper, a car for every family member and enough wealth for that person and each of their family members to live on the interest of the interest. Is there a point of convergence where a person ending their time in the care system around the age of 19 or 20, with a local authority helping hand of £2000, is on a par with a similar person who can anticipate a large enough inheritance to be set for life?
One of the craziest threads i've seen. Rents are high because are willing to pay them, people can't get on the ladder because they spend too much time on Charlton Life, buying property is like investing in crypto. WTF? Bet there's other gems that i've missed.
I think the reason for that is a lot of people are posting from a different perspective where they don't really have to actually worry about where they live and are just trying to score political points or get a "gotcha" from people they don't agree with. It's a real issue to some of us.
My perspective is coming from someone who has paid their mortgage off. I suspect some posters enjoy pulling legs off of spiders.
First thing I would do is 500% council tax on properties empty for more than 6 months on homes that are either foreign owned or not primary residences (this would obviously need proper fleshing out). I think at the moment you actually get a reduction if that's the case?
I love @kentaddick despite the fact we have differing opinions on many things, and get where he's coming from as I think we are similar ages, but I do think some of the greed argument is mitigated by the fact they're starting from the concept of 85% market rent.
At the very worst they're "the good guys of greed"
Fascinating insight by the way @Rob7Lee, really enjoyed reading about what your friendly society does.
Also, I think everyone who owns a house says they love the idea of mass house building for the kids, but when that stops their house prices going up as quickly, or heaven forbid a development near them, the appetite changes very quickly. There isn't some sort of wizardry stopping mass home building, it's largely a political decision, one that won't change in my opinion regardless of what political scarf you have tied so tight round your neck your eyes bulge out.
I would say that quite often going from a lower paid occupation to a higher paid one is about survival. The interesting question for me is what is enough for the average working (or non working) person to survive on. The that leads on to how many multiples of survival income ought one individual have. For some survival is a house in town, one in the country, one abroad, each with a gardener and housekeeper, a car for every family member and enough wealth for that person and each of their family members to live on the interest of the interest. Is there a point of convergence where a person ending their time in the care system around the age of 19 or 20, with a local authority helping hand of £2000, is on a par with a similar person who can anticipate a large enough inheritance to be set for life?
You're trying too hard.
There's something similar already in effect.
If your home has been empty for 2 years or more
You can be charged an extra amount of Council Tax (a ‘premium’) if your home has been empty for 2 years or more.
How much you pay will depend on how long the property has been empty. You can be charged up to 4 times your normal Council Tax bill if your home has been empty for 10 years or more.
You will not have to pay the empty home premium if either:
the empty property is an annex
you’re in the armed forces and you have to move into armed forces accommodation as part of your work
People are for mass home building, as long as it's not where they live, re your Lewisham is a shithole comment.
My ex wife and youngest daughter (33yrs old) share a modest 2 bed semi detached down in Medway. They both work bloody hard on minimum wage zero hours contracts, they pay £750pm rent and struggle to make that most months, they live hand to mouth basically. They have been settled there for 5-6 years, made it a home and never complained when things go wrong with it, it's about 20ish years old. Two months ago, the landlords, a pleasant enough couple announced they were selling, the girls had to be out by December (Meherry Christmas everybody). Without the means for an exhorbitant deposit for anywhere else, IF such a place could be found, they are moving in with another daughter and her family.
At the time, I imagined that everyone is getting shafted here, except the bank as is usual. The girls of course, shafted, the landlords probably seeing their mortgage payments explode, shafted. At the time I was sceptical that the house would sell quickly, standard as it is, they are building hundreds like it in and around Medway.
So, it has come to pass that today, I found out that, the landlords has said, "No, you can stay, but the rent will be £1450pm!!!!". Obviously no-one is biting their hand off and they are getting butt fucked by the mortgage payments.
This is the UK in 2023. I am not a political person, I am a contrarian by nature, hence my snipes back at the obvious Red Wedge tinge on CL, nothing personal chaps. As I sit here in my rented flat, I am a sitting duck. This could be me.
They say you get more Tory as you get older but I do not trust any promises from any government of any colour, especially the stinkers lining up to oust the shower currently floundering in power.
Not sure if I have a point here. Just a commentary on two decent hard working people, landlords getting shafted both ways and the banks, always in charge, always winning.
Despite everything you have just written, you are still suggesting that the Tories are better than a potential new Labour government?
Unbeliveable Jeff.
Nothing personal.
Shame mate that was your only takeaway from that you felt worth highlighting.
I read a really depressing, sobering tale of a reality example of how spiralled events have impacted a section of society, and how some people have completely lost faith with the political spectrum across the board in this country. They won’t be alone with that.
So sorry your family is being so impacted Soapy and really hope things work out ok for them.
Soapy was the one who decided to use the situation to claim not to be a political person and then politicise the post. Labour are "stinkers" whereas the Tories are only "floundering". He also mentions being a contrarian, but only towards the "red wedge" it seems...
He has lost faith in the political spectrum across the board, but seems to aim most of his ire at the party that has been totally unable to do anything about this situation for the past thirteen years, using the phrase "especially the stinkers lining up..." indicates that, to me at least.
Of course I feel desperately sorry for his family. As one of these greedy landlords who has brought two properties over the past few years to let, in one case specifically for friends who needed a place they could keep four pets, in another because friends of the B-in-L's parents were facing eviction as their place was being sold, and as a greedy landlord who lets at about 30% below the market rate, sanctions any repairs or replacments immediately, I want everyone to have a landlord as greedy as I am.
I'm getting a vibe that kentaddick is a tenant, who doesn't earn enough money to buy his own property.
lots of people are in that position - that is not humorous - it's just unfortunately true.
The thing that sticks in my craw a little as someone in that position - I can just about afford to pay the monthly mortgage for the place I live in, as a renter - and in fact that is what I am doing - but apparently i'm not trusted enough to get a mortgage - but I can pay someone elses off and nobody sees the issue.
It's a bit sick tbh - the system seems kinda set up against me.
edit for clarity - 9 years of renting thus far. Never missed a single rent payment. seen my rent rise by 25 -50 quid a month each year in that time, (until recently) for a one bed flat. After the latest rise i requested to hand in my notice and planned to go back to parents - my (decent) landlord called me (first time in nine years i've even had to speak to the guy) and asked me what he needed to do to keep me in the place.
I really sympathies with you. My son has moved back home for basically the same reason. Him and his girlfriend were paying an eye watering amount to share with two other strangers who also paid for the privilege to live in a shitty hovel to a landlord who couldn't be arsed to maintain the property. At least now the pair of them can live rent free and actually use their money to enjoy life rather than their landlord enjoying it. I like others once rented, we had a flat and it was affordable. We could live and do all the things friends a families did, like live. Nowadays if you pay rent you are effectively on financial life support never putting down roots while some vampire bleeds you just enough to be able to do it again next month.
First thing I would do is 500% council tax on properties empty for more than 6 months on homes that are either foreign owned or not primary residences (this would obviously need proper fleshing out). I think at the moment you actually get a reduction if that's the case?
I love @kentaddick despite the fact we have differing opinions on many things, and get where he's coming from as I think we are similar ages, but I do think some of the greed argument is mitigated by the fact they're starting from the concept of 85% market rent.
At the very worst they're "the good guys of greed"
Fascinating insight by the way @Rob7Lee, really enjoyed reading about what your friendly society does.
Also, I think everyone who owns a house says they love the idea of mass house building for the kids, but when that stops their house prices going up as quickly, or heaven forbid a development near them, the appetite changes very quickly. There isn't some sort of wizardry stopping mass home building, it's largely a political decision, one that won't change in my opinion regardless of what political scarf you have tied so tight round your neck your eyes bulge out.
I would say that quite often going from a lower paid occupation to a higher paid one is about survival. The interesting question for me is what is enough for the average working (or non working) person to survive on. The that leads on to how many multiples of survival income ought one individual have. For some survival is a house in town, one in the country, one abroad, each with a gardener and housekeeper, a car for every family member and enough wealth for that person and each of their family members to live on the interest of the interest. Is there a point of convergence where a person ending their time in the care system around the age of 19 or 20, with a local authority helping hand of £2000, is on a par with a similar person who can anticipate a large enough inheritance to be set for life?
Seriously. What's the matter with some people? I'm 49 with no pension. So if I decided in the next couple of years to buy a 2nd property as a pension, some would be happy to see it go tits up for me.
I personally don't see a problem with buying a second property outright and then letting it out at a fair price.
I do have an issue with taking out a mortgage and expecting tenants to pay for it.
So all rental properties need to be mortgage free - that's going to work, NOT! Who decides a fair price? They tried something in Scotland that just made it worse for tenants. A fair price is market price.
You do realise a lot of businesses you buy from take out loans and by doing business with them you are paying off their mortgage loan
Right, I agree. But don’t become dewy eyed when the market turns on landlords who’ve overleveraged themselves and expect tenants to pick up the tab. Having your cake and eating it comes to mind - something for nothing.
Who is going 'dewy-eyed' about anything?. If you mean by 'overleveraged themselves' is this exactly the same as many owner/occupiers due to amongst other things, the worldwide economy? Don't be surprised when rents go up - and tenants have no choice about it and some of the reasons rents have gone up because the government has passed more costs on to the landlords.
And then the landlord passes it on to the tenant? What kind hearted people they are. If you can't afford to own a property and rent it out, sell it. It's quite simple - it's the market.
Many more would have to sell up than currently are, which would be even worse for tenants - I'm not surprised you aren't able to purchase your own place if you don't understand the fundamentals even if you must have predicted the end in the recent low interest period that so many others didn't! I know lots of people in their 20s buying a property
I don't know why you simply don't understand the rules of supply and demand apply to both tenants and landlords. If scores of landlords sell their properties then supply outreaches demand, prices go down, tenants who want to buy that otherwise couldn't afford to buy can now afford to buy - the whole social contract begins to work again. There is obviously the problem of foreign "investors" and domestic investo- i mean landlords then hoovering up the cheaper properties - but that's where maybe a fat stamp duty on a second property could be useful to then make it unprofitable for greedy landlords and investors. This extra stamp duty could then be funelled into building social housing. I know people who've purchased their own property, but they're either doing extremely well in life or have moved to areas that bring their commute up over an hour or more. As many have said on this thread, the current system is unsustainable and delaying the inevitable (prices dropping) is just roping more and more people of my age into the hellscape of negative equity in the future.
I'm getting a vibe that kentaddick is a tenant, who doesn't earn enough money to buy his own property.
lots of people are in that position - that is not humorous - it's just unfortunately true.
The thing that sticks in my craw a little as someone in that position - I can just about afford to pay the monthly mortgage for the place I live in, as a renter - and in fact that is what I am doing - but apparently i'm not trusted enough to get a mortgage - but I can pay someone elses off and nobody sees the issue.
It's a bit sick tbh - the system seems kinda set up against me.
edit for clarity - 9 years of renting thus far. Never missed a single rent payment. seen my rent rise by 25 -50 quid a month each year in that time, (until recently) for a one bed flat. After the latest rise i requested to hand in my notice and planned to go back to parents - my (decent) landlord called me (first time in nine years i've even had to speak to the guy) and asked me what he needed to do to keep me in the place.
Yeah it was clearly meant as some kind of dig, but the majority of people of my generation (>50%) are now renters, it just comes across as hopelessly out of touch.
One of the craziest threads i've seen. Rents are high because are willing to pay them, people can't get on the ladder because they spend too much time on Charlton Life, buying property is like investing in crypto. WTF? Bet there's other gems that i've missed.
It's a bit weird, I'm still yet to be told why some one would become a landlord other than accumulating wealth off the back of some one else (their tenant).
I'm getting a vibe that kentaddick is a tenant, who doesn't earn enough money to buy his own property.
lots of people are in that position - that is not humorous - it's just unfortunately true.
The thing that sticks in my craw a little as someone in that position - I can just about afford to pay the monthly mortgage for the place I live in, as a renter - and in fact that is what I am doing - but apparently i'm not trusted enough to get a mortgage - but I can pay someone elses off and nobody sees the issue.
It's a bit sick tbh - the system seems kinda set up against me.
edit for clarity - 9 years of renting thus far. Never missed a single rent payment. seen my rent rise by 25 -50 quid a month each year in that time, (until recently) for a one bed flat. After the latest rise i requested to hand in my notice and planned to go back to parents - my (decent) landlord called me (first time in nine years i've even had to speak to the guy) and asked me what he needed to do to keep me in the place.
There's a big difference between mortgage affordability and rental and the risks to the landlord/lender.
As a renter you have no maintenance obligations or other things such as insurance. Likely your landlord put down a large (25%+) deposit Your landlord isn't lending you money over a 25 year+ period Your landlord doesn't have to consider your ability to wear interest rate rises
All of that said, if you have a history of making rental payments there are banks out there that will take that into consideration, but due to some of what I've mentioned showing say a regular payment of £800 likely means a bank will consider around £600 monthly mortgage payment to cater for those other expenses etc.
But you are sure. Sure that what I have written is gibberish to you.
it doesn't make a great deal of sense. What is relevant though is the difference between relative an actual poverty.
Absolute Poverty is used to describe a condition where an individual does not have the financial means to obtain commodities to sustain life. Relative Poverty refers to the standard of living compared to economic standards of living within the same surroundings
A lot of commentators speak about those in relative poverty as if it were actual
I'm getting a vibe that kentaddick is a tenant, who doesn't earn enough money to buy his own property.
lots of people are in that position - that is not humorous - it's just unfortunately true.
The thing that sticks in my craw a little as someone in that position - I can just about afford to pay the monthly mortgage for the place I live in, as a renter - and in fact that is what I am doing - but apparently i'm not trusted enough to get a mortgage - but I can pay someone elses off and nobody sees the issue.
It's a bit sick tbh - the system seems kinda set up against me.
edit for clarity - 9 years of renting thus far. Never missed a single rent payment. seen my rent rise by 25 -50 quid a month each year in that time, (until recently) for a one bed flat. After the latest rise i requested to hand in my notice and planned to go back to parents - my (decent) landlord called me (first time in nine years i've even had to speak to the guy) and asked me what he needed to do to keep me in the place.
As a renter you have no maintenance obligations or other things such as insurance.
Again, that's part of being a landlord, deal with it - if you can't afford to maintain a property so it's safe for some one to live in it, you shouldn't be a landlord.
I'm getting a vibe that kentaddick is a tenant, who doesn't earn enough money to buy his own property.
lots of people are in that position - that is not humorous - it's just unfortunately true.
The thing that sticks in my craw a little as someone in that position - I can just about afford to pay the monthly mortgage for the place I live in, as a renter - and in fact that is what I am doing - but apparently i'm not trusted enough to get a mortgage - but I can pay someone elses off and nobody sees the issue.
It's a bit sick tbh - the system seems kinda set up against me.
edit for clarity - 9 years of renting thus far. Never missed a single rent payment. seen my rent rise by 25 -50 quid a month each year in that time, (until recently) for a one bed flat. After the latest rise i requested to hand in my notice and planned to go back to parents - my (decent) landlord called me (first time in nine years i've even had to speak to the guy) and asked me what he needed to do to keep me in the place.
Your landlord doesn't have to consider your ability to wear interest rate rises
Not strictly true, everywhere i've rented I've had to take affordability checks.
I'm getting a vibe that kentaddick is a tenant, who doesn't earn enough money to buy his own property.
lots of people are in that position - that is not humorous - it's just unfortunately true.
The thing that sticks in my craw a little as someone in that position - I can just about afford to pay the monthly mortgage for the place I live in, as a renter - and in fact that is what I am doing - but apparently i'm not trusted enough to get a mortgage - but I can pay someone elses off and nobody sees the issue.
It's a bit sick tbh - the system seems kinda set up against me.
edit for clarity - 9 years of renting thus far. Never missed a single rent payment. seen my rent rise by 25 -50 quid a month each year in that time, (until recently) for a one bed flat. After the latest rise i requested to hand in my notice and planned to go back to parents - my (decent) landlord called me (first time in nine years i've even had to speak to the guy) and asked me what he needed to do to keep me in the place.
As a renter you have no maintenance obligations or other things such as insurance.
Again, that's part of being a landlord, deal with it - if you can't afford to maintain a property so it's safe for some one to live in it, you shouldn't be a landlord.
I'm getting a vibe that kentaddick is a tenant, who doesn't earn enough money to buy his own property.
lots of people are in that position - that is not humorous - it's just unfortunately true.
The thing that sticks in my craw a little as someone in that position - I can just about afford to pay the monthly mortgage for the place I live in, as a renter - and in fact that is what I am doing - but apparently i'm not trusted enough to get a mortgage - but I can pay someone elses off and nobody sees the issue.
It's a bit sick tbh - the system seems kinda set up against me.
edit for clarity - 9 years of renting thus far. Never missed a single rent payment. seen my rent rise by 25 -50 quid a month each year in that time, (until recently) for a one bed flat. After the latest rise i requested to hand in my notice and planned to go back to parents - my (decent) landlord called me (first time in nine years i've even had to speak to the guy) and asked me what he needed to do to keep me in the place.
Your landlord doesn't have to consider your ability to wear interest rate rises
Not strictly true, everywhere i've rented I've had to take affordability checks.
Please read the posts, I was responding to Manic_mania about why there is a difference between the expense as a renter and as a owner and therefore why just because you can afford the rent doesn't mean you can afford the same monthly amount in mortgage payments.
Of course there is an affordability calculation for rental, (common is 35x the monthly rent in salary) but that's a very different calculation than for a mortgage, hence why I put 'Your landlord doesn't have to consider your ability to wear interest rate rises'
The lack of basic financial understanding in some of this thread is quite worrying.
Seriously. What's the matter with some people? I'm 49 with no pension. So if I decided in the next couple of years to buy a 2nd property as a pension, some would be happy to see it go tits up for me.
I personally don't see a problem with buying a second property outright and then letting it out at a fair price.
I do have an issue with taking out a mortgage and expecting tenants to pay for it.
This fair price, should it work both ways? Should Shine offer his Landlord the extra 25% a month?
No, because they inherited it and its all bonus money to them. Mrs has been there 9 years and never missed a payment.. everything that needs replacing comes out of our pocket. They could get greedy and demand market price, but we'd just move and they would be stuck with a 15 grand bill to modernise for new tenants.
Seriously. What's the matter with some people? I'm 49 with no pension. So if I decided in the next couple of years to buy a 2nd property as a pension, some would be happy to see it go tits up for me.
I personally don't see a problem with buying a second property outright and then letting it out at a fair price.
I do have an issue with taking out a mortgage and expecting tenants to pay for it.
So all rental properties need to be mortgage free - that's going to work, NOT! Who decides a fair price? They tried something in Scotland that just made it worse for tenants. A fair price is market price.
You do realise a lot of businesses you buy from take out loans and by doing business with them you are paying off their mortgage loan
Right, I agree. But don’t become dewy eyed when the market turns on landlords who’ve overleveraged themselves and expect tenants to pick up the tab. Having your cake and eating it comes to mind - something for nothing.
Who is going 'dewy-eyed' about anything?. If you mean by 'overleveraged themselves' is this exactly the same as many owner/occupiers due to amongst other things, the worldwide economy? Don't be surprised when rents go up - and tenants have no choice about it and some of the reasons rents have gone up because the government has passed more costs on to the landlords.
And then the landlord passes it on to the tenant? What kind hearted people they are. If you can't afford to own a property and rent it out, sell it. It's quite simple - it's the market.
Many more would have to sell up than currently are, which would be even worse for tenants - I'm not surprised you aren't able to purchase your own place if you don't understand the fundamentals even if you must have predicted the end in the recent low interest period that so many others didn't! I know lots of people in their 20s buying a property
I don't know why you simply don't understand the rules of supply and demand apply to both tenants and landlords. If scores of landlords sell their properties then supply outreaches demand, prices go down, tenants who want to buy that otherwise couldn't afford to buy can now afford to buy - the whole social contract begins to work again. There is obviously the problem of foreign "investors" and domestic investo- i mean landlords then hoovering up the cheaper properties - but that's where maybe a fat stamp duty on a second property could be useful to then make it unprofitable for greedy landlords and investors. This extra stamp duty could then be funelled into building social housing. I know people who've purchased their own property, but they're either doing extremely well in life or have moved to areas that bring their commute up over an hour or more. As many have said on this thread, the current system is unsustainable and delaying the inevitable (prices dropping) is just roping more and more people of my age into the hellscape of negative equity in the future.
I'm getting a vibe that kentaddick is a tenant, who doesn't earn enough money to buy his own property.
lots of people are in that position - that is not humorous - it's just unfortunately true.
The thing that sticks in my craw a little as someone in that position - I can just about afford to pay the monthly mortgage for the place I live in, as a renter - and in fact that is what I am doing - but apparently i'm not trusted enough to get a mortgage - but I can pay someone elses off and nobody sees the issue.
It's a bit sick tbh - the system seems kinda set up against me.
edit for clarity - 9 years of renting thus far. Never missed a single rent payment. seen my rent rise by 25 -50 quid a month each year in that time, (until recently) for a one bed flat. After the latest rise i requested to hand in my notice and planned to go back to parents - my (decent) landlord called me (first time in nine years i've even had to speak to the guy) and asked me what he needed to do to keep me in the place.
Yeah it was clearly meant as some kind of dig, but the majority of people of my generation (>50%) are now renters, it just comes across as hopelessly out of touch.
One of the craziest threads i've seen. Rents are high because are willing to pay them, people can't get on the ladder because they spend too much time on Charlton Life, buying property is like investing in crypto. WTF? Bet there's other gems that i've missed.
It's a bit weird, I'm still yet to be told why some one would become a landlord other than accumulating wealth off the back of some one else (their tenant).
Algarveaddick made some suggests above. People buying for their children so they don't have to deal with awful landlords (the type who see property as a mere investment) then transfer ownership to them. Clearly they're in the minority though and most are doing it for greed.
Seriously. What's the matter with some people? I'm 49 with no pension. So if I decided in the next couple of years to buy a 2nd property as a pension, some would be happy to see it go tits up for me.
I personally don't see a problem with buying a second property outright and then letting it out at a fair price.
I do have an issue with taking out a mortgage and expecting tenants to pay for it.
So all rental properties need to be mortgage free - that's going to work, NOT! Who decides a fair price? They tried something in Scotland that just made it worse for tenants. A fair price is market price.
You do realise a lot of businesses you buy from take out loans and by doing business with them you are paying off their mortgage loan
Right, I agree. But don’t become dewy eyed when the market turns on landlords who’ve overleveraged themselves and expect tenants to pick up the tab. Having your cake and eating it comes to mind - something for nothing.
Who is going 'dewy-eyed' about anything?. If you mean by 'overleveraged themselves' is this exactly the same as many owner/occupiers due to amongst other things, the worldwide economy? Don't be surprised when rents go up - and tenants have no choice about it and some of the reasons rents have gone up because the government has passed more costs on to the landlords.
And then the landlord passes it on to the tenant? What kind hearted people they are. If you can't afford to own a property and rent it out, sell it. It's quite simple - it's the market.
Many more would have to sell up than currently are, which would be even worse for tenants - I'm not surprised you aren't able to purchase your own place if you don't understand the fundamentals even if you must have predicted the end in the recent low interest period that so many others didn't! I know lots of people in their 20s buying a property
I don't know why you simply don't understand the rules of supply and demand apply to both tenants and landlords. If scores of landlords sell their properties then supply outreaches demand, prices go down, tenants who want to buy that otherwise couldn't afford to buy can now afford to buy - the whole social contract begins to work again. There is obviously the problem of foreign "investors" and domestic investo- i mean landlords then hoovering up the cheaper properties - but that's where maybe a fat stamp duty on a second property could be useful to then make it unprofitable for greedy landlords and investors. This extra stamp duty could then be funelled into building social housing. I know people who've purchased their own property, but they're either doing extremely well in life or have moved to areas that bring their commute up over an hour or more. As many have said on this thread, the current system is unsustainable and delaying the inevitable (prices dropping) is just roping more and more people of my age into the hellscape of negative equity in the future.
I'm getting a vibe that kentaddick is a tenant, who doesn't earn enough money to buy his own property.
lots of people are in that position - that is not humorous - it's just unfortunately true.
The thing that sticks in my craw a little as someone in that position - I can just about afford to pay the monthly mortgage for the place I live in, as a renter - and in fact that is what I am doing - but apparently i'm not trusted enough to get a mortgage - but I can pay someone elses off and nobody sees the issue.
It's a bit sick tbh - the system seems kinda set up against me.
edit for clarity - 9 years of renting thus far. Never missed a single rent payment. seen my rent rise by 25 -50 quid a month each year in that time, (until recently) for a one bed flat. After the latest rise i requested to hand in my notice and planned to go back to parents - my (decent) landlord called me (first time in nine years i've even had to speak to the guy) and asked me what he needed to do to keep me in the place.
Yeah it was clearly meant as some kind of dig, but the majority of people of my generation (>50%) are now renters, it just comes across as hopelessly out of touch.
One of the craziest threads i've seen. Rents are high because are willing to pay them, people can't get on the ladder because they spend too much time on Charlton Life, buying property is like investing in crypto. WTF? Bet there's other gems that i've missed.
It's a bit weird, I'm still yet to be told why some one would become a landlord other than accumulating wealth off the back of some one else (their tenant).
I simply don't understand how you cannot understand the situation and think that landlords selling up means rents will go down. It's what is happening now and rents are definitely not coming down. If there weren't landlords, there wouldn't be properties to rent. Most business 'accumulate wealth off the back of some one else'!
Seriously. What's the matter with some people? I'm 49 with no pension. So if I decided in the next couple of years to buy a 2nd property as a pension, some would be happy to see it go tits up for me.
I personally don't see a problem with buying a second property outright and then letting it out at a fair price.
I do have an issue with taking out a mortgage and expecting tenants to pay for it.
So all rental properties need to be mortgage free - that's going to work, NOT! Who decides a fair price? They tried something in Scotland that just made it worse for tenants. A fair price is market price.
You do realise a lot of businesses you buy from take out loans and by doing business with them you are paying off their mortgage loan
Right, I agree. But don’t become dewy eyed when the market turns on landlords who’ve overleveraged themselves and expect tenants to pick up the tab. Having your cake and eating it comes to mind - something for nothing.
Who is going 'dewy-eyed' about anything?. If you mean by 'overleveraged themselves' is this exactly the same as many owner/occupiers due to amongst other things, the worldwide economy? Don't be surprised when rents go up - and tenants have no choice about it and some of the reasons rents have gone up because the government has passed more costs on to the landlords.
And then the landlord passes it on to the tenant? What kind hearted people they are. If you can't afford to own a property and rent it out, sell it. It's quite simple - it's the market.
Many more would have to sell up than currently are, which would be even worse for tenants - I'm not surprised you aren't able to purchase your own place if you don't understand the fundamentals even if you must have predicted the end in the recent low interest period that so many others didn't! I know lots of people in their 20s buying a property
I don't know why you simply don't understand the rules of supply and demand apply to both tenants and landlords. If scores of landlords sell their properties then supply outreaches demand, prices go down, tenants who want to buy that otherwise couldn't afford to buy can now afford to buy - the whole social contract begins to work again. There is obviously the problem of foreign "investors" and domestic investo- i mean landlords then hoovering up the cheaper properties - but that's where maybe a fat stamp duty on a second property could be useful to then make it unprofitable for greedy landlords and investors. This extra stamp duty could then be funelled into building social housing. I know people who've purchased their own property, but they're either doing extremely well in life or have moved to areas that bring their commute up over an hour or more. As many have said on this thread, the current system is unsustainable and delaying the inevitable (prices dropping) is just roping more and more people of my age into the hellscape of negative equity in the future.
I'm getting a vibe that kentaddick is a tenant, who doesn't earn enough money to buy his own property.
lots of people are in that position - that is not humorous - it's just unfortunately true.
The thing that sticks in my craw a little as someone in that position - I can just about afford to pay the monthly mortgage for the place I live in, as a renter - and in fact that is what I am doing - but apparently i'm not trusted enough to get a mortgage - but I can pay someone elses off and nobody sees the issue.
It's a bit sick tbh - the system seems kinda set up against me.
edit for clarity - 9 years of renting thus far. Never missed a single rent payment. seen my rent rise by 25 -50 quid a month each year in that time, (until recently) for a one bed flat. After the latest rise i requested to hand in my notice and planned to go back to parents - my (decent) landlord called me (first time in nine years i've even had to speak to the guy) and asked me what he needed to do to keep me in the place.
Yeah it was clearly meant as some kind of dig, but the majority of people of my generation (>50%) are now renters, it just comes across as hopelessly out of touch.
One of the craziest threads i've seen. Rents are high because are willing to pay them, people can't get on the ladder because they spend too much time on Charlton Life, buying property is like investing in crypto. WTF? Bet there's other gems that i've missed.
It's a bit weird, I'm still yet to be told why some one would become a landlord other than accumulating wealth off the back of some one else (their tenant).
Surely all businesses, whether global corporations or sole traders are accumulating wealth off the back of their customers? That's business.
Seriously. What's the matter with some people? I'm 49 with no pension. So if I decided in the next couple of years to buy a 2nd property as a pension, some would be happy to see it go tits up for me.
I personally don't see a problem with buying a second property outright and then letting it out at a fair price.
I do have an issue with taking out a mortgage and expecting tenants to pay for it.
So all rental properties need to be mortgage free - that's going to work, NOT! Who decides a fair price? They tried something in Scotland that just made it worse for tenants. A fair price is market price.
You do realise a lot of businesses you buy from take out loans and by doing business with them you are paying off their mortgage loan
Right, I agree. But don’t become dewy eyed when the market turns on landlords who’ve overleveraged themselves and expect tenants to pick up the tab. Having your cake and eating it comes to mind - something for nothing.
Who is going 'dewy-eyed' about anything?. If you mean by 'overleveraged themselves' is this exactly the same as many owner/occupiers due to amongst other things, the worldwide economy? Don't be surprised when rents go up - and tenants have no choice about it and some of the reasons rents have gone up because the government has passed more costs on to the landlords.
And then the landlord passes it on to the tenant? What kind hearted people they are. If you can't afford to own a property and rent it out, sell it. It's quite simple - it's the market.
Many more would have to sell up than currently are, which would be even worse for tenants - I'm not surprised you aren't able to purchase your own place if you don't understand the fundamentals even if you must have predicted the end in the recent low interest period that so many others didn't! I know lots of people in their 20s buying a property
I don't know why you simply don't understand the rules of supply and demand apply to both tenants and landlords. If scores of landlords sell their properties then supply outreaches demand, prices go down, tenants who want to buy that otherwise couldn't afford to buy can now afford to buy - the whole social contract begins to work again. There is obviously the problem of foreign "investors" and domestic investo- i mean landlords then hoovering up the cheaper properties - but that's where maybe a fat stamp duty on a second property could be useful to then make it unprofitable for greedy landlords and investors. This extra stamp duty could then be funelled into building social housing. I know people who've purchased their own property, but they're either doing extremely well in life or have moved to areas that bring their commute up over an hour or more. As many have said on this thread, the current system is unsustainable and delaying the inevitable (prices dropping) is just roping more and more people of my age into the hellscape of negative equity in the future.
I'm getting a vibe that kentaddick is a tenant, who doesn't earn enough money to buy his own property.
lots of people are in that position - that is not humorous - it's just unfortunately true.
The thing that sticks in my craw a little as someone in that position - I can just about afford to pay the monthly mortgage for the place I live in, as a renter - and in fact that is what I am doing - but apparently i'm not trusted enough to get a mortgage - but I can pay someone elses off and nobody sees the issue.
It's a bit sick tbh - the system seems kinda set up against me.
edit for clarity - 9 years of renting thus far. Never missed a single rent payment. seen my rent rise by 25 -50 quid a month each year in that time, (until recently) for a one bed flat. After the latest rise i requested to hand in my notice and planned to go back to parents - my (decent) landlord called me (first time in nine years i've even had to speak to the guy) and asked me what he needed to do to keep me in the place.
Yeah it was clearly meant as some kind of dig, but the majority of people of my generation (>50%) are now renters, it just comes across as hopelessly out of touch.
One of the craziest threads i've seen. Rents are high because are willing to pay them, people can't get on the ladder because they spend too much time on Charlton Life, buying property is like investing in crypto. WTF? Bet there's other gems that i've missed.
It's a bit weird, I'm still yet to be told why some one would become a landlord other than accumulating wealth off the back of some one else (their tenant).
I simply don't understand how you cannot understand the situation and think that landlords selling up means rents will go down. It's what is happening now and rents are definitely not coming down. If there weren't landlords, there wouldn't be properties to rent. Most business 'accumulate wealth off the back of some one else'!
The idea is not to have rents go down, but prices of properties to go down. Heaven forbid it'll be more affordable to buy your own property than live in some one else's. If there were no longer any private landlords, then i guess the state would have to look at providing social housing, again - heaven forbid..!
Most businesses don't trade on a fundamental human need that then soaks up >50% of their customers wages. Although thinking about it in these terms sums up the attitude of landlords, it's just a business to suck up some wealth.
Let's not forget it also could well be in the government's power to pass legislation that you can't evict a tenant when buying a property from a landlord (say hello to the new boss, same as the old boss), or that the tenant gets first dibs, almost like a private "right to buy".
Seriously. What's the matter with some people? I'm 49 with no pension. So if I decided in the next couple of years to buy a 2nd property as a pension, some would be happy to see it go tits up for me.
I personally don't see a problem with buying a second property outright and then letting it out at a fair price.
I do have an issue with taking out a mortgage and expecting tenants to pay for it.
So all rental properties need to be mortgage free - that's going to work, NOT! Who decides a fair price? They tried something in Scotland that just made it worse for tenants. A fair price is market price.
You do realise a lot of businesses you buy from take out loans and by doing business with them you are paying off their mortgage loan
Right, I agree. But don’t become dewy eyed when the market turns on landlords who’ve overleveraged themselves and expect tenants to pick up the tab. Having your cake and eating it comes to mind - something for nothing.
Who is going 'dewy-eyed' about anything?. If you mean by 'overleveraged themselves' is this exactly the same as many owner/occupiers due to amongst other things, the worldwide economy? Don't be surprised when rents go up - and tenants have no choice about it and some of the reasons rents have gone up because the government has passed more costs on to the landlords.
And then the landlord passes it on to the tenant? What kind hearted people they are. If you can't afford to own a property and rent it out, sell it. It's quite simple - it's the market.
Many more would have to sell up than currently are, which would be even worse for tenants - I'm not surprised you aren't able to purchase your own place if you don't understand the fundamentals even if you must have predicted the end in the recent low interest period that so many others didn't! I know lots of people in their 20s buying a property
I don't know why you simply don't understand the rules of supply and demand apply to both tenants and landlords. If scores of landlords sell their properties then supply outreaches demand, prices go down, tenants who want to buy that otherwise couldn't afford to buy can now afford to buy - the whole social contract begins to work again. There is obviously the problem of foreign "investors" and domestic investo- i mean landlords then hoovering up the cheaper properties - but that's where maybe a fat stamp duty on a second property could be useful to then make it unprofitable for greedy landlords and investors. This extra stamp duty could then be funelled into building social housing. I know people who've purchased their own property, but they're either doing extremely well in life or have moved to areas that bring their commute up over an hour or more. As many have said on this thread, the current system is unsustainable and delaying the inevitable (prices dropping) is just roping more and more people of my age into the hellscape of negative equity in the future.
I'm getting a vibe that kentaddick is a tenant, who doesn't earn enough money to buy his own property.
lots of people are in that position - that is not humorous - it's just unfortunately true.
The thing that sticks in my craw a little as someone in that position - I can just about afford to pay the monthly mortgage for the place I live in, as a renter - and in fact that is what I am doing - but apparently i'm not trusted enough to get a mortgage - but I can pay someone elses off and nobody sees the issue.
It's a bit sick tbh - the system seems kinda set up against me.
edit for clarity - 9 years of renting thus far. Never missed a single rent payment. seen my rent rise by 25 -50 quid a month each year in that time, (until recently) for a one bed flat. After the latest rise i requested to hand in my notice and planned to go back to parents - my (decent) landlord called me (first time in nine years i've even had to speak to the guy) and asked me what he needed to do to keep me in the place.
Yeah it was clearly meant as some kind of dig, but the majority of people of my generation (>50%) are now renters, it just comes across as hopelessly out of touch.
One of the craziest threads i've seen. Rents are high because are willing to pay them, people can't get on the ladder because they spend too much time on Charlton Life, buying property is like investing in crypto. WTF? Bet there's other gems that i've missed.
It's a bit weird, I'm still yet to be told why some one would become a landlord other than accumulating wealth off the back of some one else (their tenant).
I simply don't understand how you cannot understand the situation and think that landlords selling up means rents will go down. It's what is happening now and rents are definitely not coming down. If there weren't landlords, there wouldn't be properties to rent. Most business 'accumulate wealth off the back of some one else'!
The idea is not to have rents go down, but prices of properties to go down. Heaven forbid it'll be more affordable to buy your own property than live in some one else's. If there were no longer any private landlords, then i guess the state would have to look at providing social housing, again - heaven forbid..!
Most businesses don't trade on a fundamental human need that then soaks up >50% of their customers wages. Although thinking about it in these terms sums up the attitude of landlords, it's just a business to suck up some wealth.
I would imagine you don't particularly care for the Novara media lot but this is a good video on Landlords
Seriously. What's the matter with some people? I'm 49 with no pension. So if I decided in the next couple of years to buy a 2nd property as a pension, some would be happy to see it go tits up for me.
I personally don't see a problem with buying a second property outright and then letting it out at a fair price.
I do have an issue with taking out a mortgage and expecting tenants to pay for it.
So all rental properties need to be mortgage free - that's going to work, NOT! Who decides a fair price? They tried something in Scotland that just made it worse for tenants. A fair price is market price.
You do realise a lot of businesses you buy from take out loans and by doing business with them you are paying off their mortgage loan
Right, I agree. But don’t become dewy eyed when the market turns on landlords who’ve overleveraged themselves and expect tenants to pick up the tab. Having your cake and eating it comes to mind - something for nothing.
Who is going 'dewy-eyed' about anything?. If you mean by 'overleveraged themselves' is this exactly the same as many owner/occupiers due to amongst other things, the worldwide economy? Don't be surprised when rents go up - and tenants have no choice about it and some of the reasons rents have gone up because the government has passed more costs on to the landlords.
And then the landlord passes it on to the tenant? What kind hearted people they are. If you can't afford to own a property and rent it out, sell it. It's quite simple - it's the market.
Many more would have to sell up than currently are, which would be even worse for tenants - I'm not surprised you aren't able to purchase your own place if you don't understand the fundamentals even if you must have predicted the end in the recent low interest period that so many others didn't! I know lots of people in their 20s buying a property
I don't know why you simply don't understand the rules of supply and demand apply to both tenants and landlords. If scores of landlords sell their properties then supply outreaches demand, prices go down, tenants who want to buy that otherwise couldn't afford to buy can now afford to buy - the whole social contract begins to work again. There is obviously the problem of foreign "investors" and domestic investo- i mean landlords then hoovering up the cheaper properties - but that's where maybe a fat stamp duty on a second property could be useful to then make it unprofitable for greedy landlords and investors. This extra stamp duty could then be funelled into building social housing. I know people who've purchased their own property, but they're either doing extremely well in life or have moved to areas that bring their commute up over an hour or more. As many have said on this thread, the current system is unsustainable and delaying the inevitable (prices dropping) is just roping more and more people of my age into the hellscape of negative equity in the future.
I'm getting a vibe that kentaddick is a tenant, who doesn't earn enough money to buy his own property.
lots of people are in that position - that is not humorous - it's just unfortunately true.
The thing that sticks in my craw a little as someone in that position - I can just about afford to pay the monthly mortgage for the place I live in, as a renter - and in fact that is what I am doing - but apparently i'm not trusted enough to get a mortgage - but I can pay someone elses off and nobody sees the issue.
It's a bit sick tbh - the system seems kinda set up against me.
edit for clarity - 9 years of renting thus far. Never missed a single rent payment. seen my rent rise by 25 -50 quid a month each year in that time, (until recently) for a one bed flat. After the latest rise i requested to hand in my notice and planned to go back to parents - my (decent) landlord called me (first time in nine years i've even had to speak to the guy) and asked me what he needed to do to keep me in the place.
Yeah it was clearly meant as some kind of dig, but the majority of people of my generation (>50%) are now renters, it just comes across as hopelessly out of touch.
One of the craziest threads i've seen. Rents are high because are willing to pay them, people can't get on the ladder because they spend too much time on Charlton Life, buying property is like investing in crypto. WTF? Bet there's other gems that i've missed.
It's a bit weird, I'm still yet to be told why some one would become a landlord other than accumulating wealth off the back of some one else (their tenant).
Surely all businesses, whether global corporations or sole traders are accumulating wealth off the back of their customers? That's business.
Let's not forget it also could well be in the government's power to pass legislation that you can't evict a tenant when buying a property from a landlord (say hello to the new boss, same as the old boss), or that the tenant gets first dibs, almost like a private "right to buy".
What do you mean you can't evict a tenant when buying a property? You mean if you buy a property with a sitting tenant in place? You can't just evict a tenant who has a tenancy agreement without giving notice under the terms of the tenancy. Of course the tenant can buy the said property if they want - at market rate
I'm getting a vibe that kentaddick is a tenant, who doesn't earn enough money to buy his own property.
lots of people are in that position - that is not humorous - it's just unfortunately true.
The thing that sticks in my craw a little as someone in that position - I can just about afford to pay the monthly mortgage for the place I live in, as a renter - and in fact that is what I am doing - but apparently i'm not trusted enough to get a mortgage - but I can pay someone elses off and nobody sees the issue.
It's a bit sick tbh - the system seems kinda set up against me.
edit for clarity - 9 years of renting thus far. Never missed a single rent payment. seen my rent rise by 25 -50 quid a month each year in that time, (until recently) for a one bed flat. After the latest rise i requested to hand in my notice and planned to go back to parents - my (decent) landlord called me (first time in nine years i've even had to speak to the guy) and asked me what he needed to do to keep me in the place.
There's a big difference between mortgage affordability and rental and the risks to the landlord/lender.
As a renter you have no maintenance obligations or other things such as insurance. Likely your landlord put down a large (25%+) deposit Your landlord isn't lending you money over a 25 year+ period Your landlord doesn't have to consider your ability to wear interest rate rises
All of that said, if you have a history of making rental payments there are banks out there that will take that into consideration, but due to some of what I've mentioned showing say a regular payment of £800 likely means a bank will consider around £600 monthly mortgage payment to cater for those other expenses etc.
£600 monthly mortgage payment would be around a £130k mortgage over 25 years. Going to be a struggle to find somewhere that cheap as a first time buyer in today's market; and if you grew up in London chances are you'll have to relocate. Things are definitely getting harder.
But you are sure. Sure that what I have written is gibberish to you.
it doesn't make a great deal of sense. What is relevant though is the difference between relative an actual poverty.
Absolute Poverty is used to describe a condition where an individual does not have the financial means to obtain commodities to sustain life. Relative Poverty refers to the standard of living compared to economic standards of living within the same surroundings
A lot of commentators speak about those in relative poverty as if it were actual
I suppose I was commenting on the concept of greed which was referenced above. A list was made (including selling something for a profit on E Bay) and my initial comment was that people wanting and needing more is often about having enough to survive. Not always about greed. I think that is the starting point. I used an example of one of the 40,000 people a year being kicked out of local authority care (a huge percentage of those fill our prisons…which I suppose is a kind of housing) and wanted to compare such a person with a wealthy person. To me the bottom line is that if somebody does an honest eight hour day of work they should have access to a decent place to live, and until that is the situation we are all probably being greedy.
Seriously. What's the matter with some people? I'm 49 with no pension. So if I decided in the next couple of years to buy a 2nd property as a pension, some would be happy to see it go tits up for me.
I personally don't see a problem with buying a second property outright and then letting it out at a fair price.
I do have an issue with taking out a mortgage and expecting tenants to pay for it.
So all rental properties need to be mortgage free - that's going to work, NOT! Who decides a fair price? They tried something in Scotland that just made it worse for tenants. A fair price is market price.
You do realise a lot of businesses you buy from take out loans and by doing business with them you are paying off their mortgage loan
Right, I agree. But don’t become dewy eyed when the market turns on landlords who’ve overleveraged themselves and expect tenants to pick up the tab. Having your cake and eating it comes to mind - something for nothing.
Who is going 'dewy-eyed' about anything?. If you mean by 'overleveraged themselves' is this exactly the same as many owner/occupiers due to amongst other things, the worldwide economy? Don't be surprised when rents go up - and tenants have no choice about it and some of the reasons rents have gone up because the government has passed more costs on to the landlords.
And then the landlord passes it on to the tenant? What kind hearted people they are. If you can't afford to own a property and rent it out, sell it. It's quite simple - it's the market.
Many more would have to sell up than currently are, which would be even worse for tenants - I'm not surprised you aren't able to purchase your own place if you don't understand the fundamentals even if you must have predicted the end in the recent low interest period that so many others didn't! I know lots of people in their 20s buying a property
I don't know why you simply don't understand the rules of supply and demand apply to both tenants and landlords. If scores of landlords sell their properties then supply outreaches demand, prices go down, tenants who want to buy that otherwise couldn't afford to buy can now afford to buy - the whole social contract begins to work again. There is obviously the problem of foreign "investors" and domestic investo- i mean landlords then hoovering up the cheaper properties - but that's where maybe a fat stamp duty on a second property could be useful to then make it unprofitable for greedy landlords and investors. This extra stamp duty could then be funelled into building social housing. I know people who've purchased their own property, but they're either doing extremely well in life or have moved to areas that bring their commute up over an hour or more. As many have said on this thread, the current system is unsustainable and delaying the inevitable (prices dropping) is just roping more and more people of my age into the hellscape of negative equity in the future.
I'm getting a vibe that kentaddick is a tenant, who doesn't earn enough money to buy his own property.
lots of people are in that position - that is not humorous - it's just unfortunately true.
The thing that sticks in my craw a little as someone in that position - I can just about afford to pay the monthly mortgage for the place I live in, as a renter - and in fact that is what I am doing - but apparently i'm not trusted enough to get a mortgage - but I can pay someone elses off and nobody sees the issue.
It's a bit sick tbh - the system seems kinda set up against me.
edit for clarity - 9 years of renting thus far. Never missed a single rent payment. seen my rent rise by 25 -50 quid a month each year in that time, (until recently) for a one bed flat. After the latest rise i requested to hand in my notice and planned to go back to parents - my (decent) landlord called me (first time in nine years i've even had to speak to the guy) and asked me what he needed to do to keep me in the place.
Yeah it was clearly meant as some kind of dig, but the majority of people of my generation (>50%) are now renters, it just comes across as hopelessly out of touch.
One of the craziest threads i've seen. Rents are high because are willing to pay them, people can't get on the ladder because they spend too much time on Charlton Life, buying property is like investing in crypto. WTF? Bet there's other gems that i've missed.
It's a bit weird, I'm still yet to be told why some one would become a landlord other than accumulating wealth off the back of some one else (their tenant).
I simply don't understand how you cannot understand the situation and think that landlords selling up means rents will go down. It's what is happening now and rents are definitely not coming down. If there weren't landlords, there wouldn't be properties to rent. Most business 'accumulate wealth off the back of some one else'!
The idea is not to have rents go down, but prices of properties to go down. Heaven forbid it'll be more affordable to buy your own property than live in some one else's. If there were no longer any private landlords, then i guess the state would have to look at providing social housing, again - heaven forbid..!
Most businesses don't trade on a fundamental human need that then soaks up >50% of their customers wages. Although thinking about it in these terms sums up the attitude of landlords, it's just a business to suck up some wealth.
This is the point most people are missing. You're not trading crypto.
Seriously. What's the matter with some people? I'm 49 with no pension. So if I decided in the next couple of years to buy a 2nd property as a pension, some would be happy to see it go tits up for me.
I personally don't see a problem with buying a second property outright and then letting it out at a fair price.
I do have an issue with taking out a mortgage and expecting tenants to pay for it.
So all rental properties need to be mortgage free - that's going to work, NOT! Who decides a fair price? They tried something in Scotland that just made it worse for tenants. A fair price is market price.
You do realise a lot of businesses you buy from take out loans and by doing business with them you are paying off their mortgage loan
Right, I agree. But don’t become dewy eyed when the market turns on landlords who’ve overleveraged themselves and expect tenants to pick up the tab. Having your cake and eating it comes to mind - something for nothing.
Who is going 'dewy-eyed' about anything?. If you mean by 'overleveraged themselves' is this exactly the same as many owner/occupiers due to amongst other things, the worldwide economy? Don't be surprised when rents go up - and tenants have no choice about it and some of the reasons rents have gone up because the government has passed more costs on to the landlords.
And then the landlord passes it on to the tenant? What kind hearted people they are. If you can't afford to own a property and rent it out, sell it. It's quite simple - it's the market.
Many more would have to sell up than currently are, which would be even worse for tenants - I'm not surprised you aren't able to purchase your own place if you don't understand the fundamentals even if you must have predicted the end in the recent low interest period that so many others didn't! I know lots of people in their 20s buying a property
I don't know why you simply don't understand the rules of supply and demand apply to both tenants and landlords. If scores of landlords sell their properties then supply outreaches demand, prices go down, tenants who want to buy that otherwise couldn't afford to buy can now afford to buy - the whole social contract begins to work again. There is obviously the problem of foreign "investors" and domestic investo- i mean landlords then hoovering up the cheaper properties - but that's where maybe a fat stamp duty on a second property could be useful to then make it unprofitable for greedy landlords and investors. This extra stamp duty could then be funelled into building social housing. I know people who've purchased their own property, but they're either doing extremely well in life or have moved to areas that bring their commute up over an hour or more. As many have said on this thread, the current system is unsustainable and delaying the inevitable (prices dropping) is just roping more and more people of my age into the hellscape of negative equity in the future.
I'm getting a vibe that kentaddick is a tenant, who doesn't earn enough money to buy his own property.
lots of people are in that position - that is not humorous - it's just unfortunately true.
The thing that sticks in my craw a little as someone in that position - I can just about afford to pay the monthly mortgage for the place I live in, as a renter - and in fact that is what I am doing - but apparently i'm not trusted enough to get a mortgage - but I can pay someone elses off and nobody sees the issue.
It's a bit sick tbh - the system seems kinda set up against me.
edit for clarity - 9 years of renting thus far. Never missed a single rent payment. seen my rent rise by 25 -50 quid a month each year in that time, (until recently) for a one bed flat. After the latest rise i requested to hand in my notice and planned to go back to parents - my (decent) landlord called me (first time in nine years i've even had to speak to the guy) and asked me what he needed to do to keep me in the place.
Yeah it was clearly meant as some kind of dig, but the majority of people of my generation (>50%) are now renters, it just comes across as hopelessly out of touch.
One of the craziest threads i've seen. Rents are high because are willing to pay them, people can't get on the ladder because they spend too much time on Charlton Life, buying property is like investing in crypto. WTF? Bet there's other gems that i've missed.
It's a bit weird, I'm still yet to be told why some one would become a landlord other than accumulating wealth off the back of some one else (their tenant).
I simply don't understand how you cannot understand the situation and think that landlords selling up means rents will go down. It's what is happening now and rents are definitely not coming down. If there weren't landlords, there wouldn't be properties to rent. Most business 'accumulate wealth off the back of some one else'!
The idea is not to have rents go down, but prices of properties to go down. Heaven forbid it'll be more affordable to buy your own property than live in some one else's. If there were no longer any private landlords, then i guess the state would have to look at providing social housing, again - heaven forbid..!
Most businesses don't trade on a fundamental human need that then soaks up >50% of their customers wages. Although thinking about it in these terms sums up the attitude of landlords, it's just a business to suck up some wealth.
I would imagine you don't particularly care for the Novara media lot but this is a good video on Landlords
But you are sure. Sure that what I have written is gibberish to you.
it doesn't make a great deal of sense. What is relevant though is the difference between relative an actual poverty.
Absolute Poverty is used to describe a condition where an individual does not have the financial means to obtain commodities to sustain life. Relative Poverty refers to the standard of living compared to economic standards of living within the same surroundings
A lot of commentators speak about those in relative poverty as if it were actual
I suppose I was commenting on the concept of greed which was referenced above. A list was made (including selling something for a profit on E Bay) and my initial comment was that people wanting and needing more is often about having enough to survive. Not always about greed. I think that is the starting point. I used an example of one of the 40,000 people a year being kicked out of local authority care (a huge percentage of those fill our prisons…which I suppose is a kind of housing) and wanted to compare such a person with a wealthy person. To me the bottom line is that if somebody does an honest eight hour day of work they should have access to a decent place to live, and until that is the situation we are all probably being greedy.
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The interesting question for me is what is enough for the average working (or non working) person to survive on.
The that leads on to how many multiples of survival income ought one individual have.
For some survival is a house in town, one in the country, one abroad, each with a gardener and housekeeper, a car for every family member and enough wealth for that person and each of their family members to live on the interest of the interest.
Is there a point of convergence where a person ending their time in the care system around the age of 19 or 20, with a local authority helping hand of £2000, is on a par with a similar person who can anticipate a large enough inheritance to be set for life?
I had to read this twice and i still can't understand what you are on about and if you are being serious TBH and i'm still not sure. this is gibberish
I love @kentaddick despite the fact we have differing opinions on many things, and get where he's coming from as I think we are similar ages, but I do think some of the greed argument is mitigated by the fact they're starting from the concept of 85% market rent.
At the very worst they're "the good guys of greed"
Fascinating insight by the way @Rob7Lee, really enjoyed reading about what your friendly society does.
Also, I think everyone who owns a house says they love the idea of mass house building for the kids, but when that stops their house prices going up as quickly, or heaven forbid a development near them, the appetite changes very quickly. There isn't some sort of wizardry stopping mass home building, it's largely a political decision, one that won't change in my opinion regardless of what political scarf you have tied so tight round your neck your eyes bulge out.
You're trying too hard.
You can be charged an extra amount of Council Tax (a ‘premium’) if your home has been empty for 2 years or more.
How much you pay will depend on how long the property has been empty. You can be charged up to 4 times your normal Council Tax bill if your home has been empty for 10 years or more.
You will not have to pay the empty home premium if either:
the empty property is an annex
you’re in the armed forces and you have to move into armed forces accommodation as part of your work
He has lost faith in the political spectrum across the board, but seems to aim most of his ire at the party that has been totally unable to do anything about this situation for the past thirteen years, using the phrase "especially the stinkers lining up..." indicates that, to me at least.
Of course I feel desperately sorry for his family. As one of these greedy landlords who has brought two properties over the past few years to let, in one case specifically for friends who needed a place they could keep four pets, in another because friends of the B-in-L's parents were facing eviction as their place was being sold, and as a greedy landlord who lets at about 30% below the market rate, sanctions any repairs or replacments immediately, I want everyone to have a landlord as greedy as I am.
I like others once rented, we had a flat and it was affordable. We could live and do all the things friends a families did, like live. Nowadays if you pay rent you are effectively on financial life support never putting down roots while some vampire bleeds you just enough to be able to do it again next month.
Yeah it was clearly meant as some kind of dig, but the majority of people of my generation (>50%) are now renters, it just comes across as hopelessly out of touch.
It's a bit weird, I'm still yet to be told why some one would become a landlord other than accumulating wealth off the back of some one else (their tenant).
As a renter you have no maintenance obligations or other things such as insurance.
Likely your landlord put down a large (25%+) deposit
Your landlord isn't lending you money over a 25 year+ period
Your landlord doesn't have to consider your ability to wear interest rate rises
All of that said, if you have a history of making rental payments there are banks out there that will take that into consideration, but due to some of what I've mentioned showing say a regular payment of £800 likely means a bank will consider around £600 monthly mortgage payment to cater for those other expenses etc.
Absolute Poverty is used to describe a condition where an individual does not have the financial means to obtain commodities to sustain life. Relative Poverty refers to the standard of living compared to economic standards of living within the same surroundings
A lot of commentators speak about those in relative poverty as if it were actual
Not strictly true, everywhere i've rented I've had to take affordability checks.
Of course there is an affordability calculation for rental, (common is 35x the monthly rent in salary) but that's a very different calculation than for a mortgage, hence why I put 'Your landlord doesn't have to consider your ability to wear interest rate rises'
The lack of basic financial understanding in some of this thread is quite worrying.
Most businesses don't trade on a fundamental human need that then soaks up >50% of their customers wages. Although thinking about it in these terms sums up the attitude of landlords, it's just a business to suck up some wealth.
"Sit Down, Relax, Have A Holiday" - Welcome To Being A Landlord - YouTube
I think that is the starting point.
I used an example of one of the 40,000 people a year being kicked out of local authority care (a huge percentage of those fill our prisons…which I suppose is a kind of housing) and wanted to compare such a person with a wealthy person.
To me the bottom line is that if somebody does an honest eight hour day of work they should have access to a decent place to live, and until that is the situation we are all probably being greedy.