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'Social Housing' .. and Rip Off Landlords
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but the number of arrivals who aren't fleeing war and/or persecution and those requiring larger properties to house them having more kids that are state supported are a factor. Not the only factor, but they are a significant factorswords_alive said:
Lincs is right though. Get the socialist minded government in first to divert resources appropriately, build the social housing, AND educate those who think the poor and foreigners are to blame. Lots to be getting on with!R0TW said:Or puts a stop to people expecting one by their child churn out, or arriving illegally.7 -
here we go .. that category of illegal 'immigrants should never be considered for housing or any type of benefit .. immigrants coming here legally to work are a different matter .. i m o in a situation (unlikely a t m ) if/whenever social/council type/housing assoc properties are built (or purchased) in a good number, priority should be given to British taxpayers currently living in poor accommodation at the mercy of rip off slag landlords, or those living in areas like London where house/flat prices are ridiculously expensive .. planning permission for multi storey blocks of gimcrack flats selling for hundreds of thousands of pounds should be banned .. BUT of course, I am projecting an ideal world which, alas, will be a long time coming, IF everPrincessFiona said:
but the number of arrivals who aren't fleeing war and/or persecution and those requiring larger properties to house them having more kids that are state supported are a factor. Not the only factor, but they are a significant factorswords_alive said:
Lincs is right though. Get the socialist minded government in first to divert resources appropriately, build the social housing, AND educate those who think the poor and foreigners are to blame. Lots to be getting on with!R0TW said:Or puts a stop to people expecting one by their child churn out, or arriving illegally.0 -
Who said that about illegal immigrants? I didn't I didn't even mention benefits.
Are you another who it's not possible to have a reasoned discussion with because when someone says something, you take it upon yourself to say they meant something quite different?3 -
We recently had our annual review with our agent (I'm a trustee of a society where we have 50 odd properties).
Still a very buoyant market, however he said that in the last 9 months he's had about 15% of the properties on his books (about 700 total so about 100) where landlords have removed the tenants and put the properties on the market. He has about 20 others where they are for sale with the tenant in situ (for now).
The rental market is about to get a whole lot worse, and even more expensive.0 -
And not totally the landlords' faultRob7Lee said:We recently had our annual review with our agent (I'm a trustee of a society where we have 50 odd properties).
Still a very buoyant market, however he said that in the last 9 months he's had about 15% of the properties on his books (about 700 total so about 100) where landlords have removed the tenants and put the properties on the market. He has about 20 others where they are for sale with the tenant in situ (for now).
The rental market is about to get a whole lot worse, and even more expensive.0 -
The government made it attractive to be a Landlord, in more recent times they've made it very unattractive, now with interest rates as they are it's very much a dying thing to the extent it's not like before where most just didn't begin to enter the BTL market, now it's an exodus.PrincessFiona said:
And not totally the landlords' faultRob7Lee said:We recently had our annual review with our agent (I'm a trustee of a society where we have 50 odd properties).
Still a very buoyant market, however he said that in the last 9 months he's had about 15% of the properties on his books (about 700 total so about 100) where landlords have removed the tenants and put the properties on the market. He has about 20 others where they are for sale with the tenant in situ (for now).
The rental market is about to get a whole lot worse, and even more expensive.
The bit I don't get is what is the governments plan, they've systematically made the housing market worse on so many angles.
We have a big decision to make on ours over the next 12-18 months. We provide the cheapest rental housing in Dartford pretty much, many of our tenants have been with us for many years, however under our rules our duty is to our members and we have to make the best of our investments, even with inflated rental prices it's not providing the best return and with yet more changes coming down the pipe I think it's going to be time to sell up. Most of the houses we own the society built over 100 years ago.1 -
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.
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The biggest jape by the current government was the creation of “affordable rent” tenure in addition to social rent tenure a few years back - perfectly Orwellian in that affordable rent is actually less affordable for people!seth plum said:
Isn’t ’affordable’ supposed to be related to income? If not the minimum wage, or the London minimum wage, but at least the average wage?InspectorSands said:
I forgot to add that "affordable" housing also includes shared ownership (which still leaves you paying rent) and discount market sale, where developers are given money by local government to sell slightly cheaper homes.InspectorSands said:
It means pretty much anything up about 80 per cent of market rent - more than twice traditional council rents. It's a completely meaningless term but one swallowed by almost everyone covering the issue.seth plum said:Anybody unravelled the secret as to what ‘affordable housing’ means to the greedy developers building modern slums?
Even the more recently-built council housing in Greenwich and Lewisham is going for 50 per cent market rent ("London Affordable Rent"), which is usually justified by claiming that housing benefit will cover it.
The flats appearing behind the Jimmy Seed Sand, on an old car park in The Heights, are discount market sale - they get a grant from City Hall to sell them at a 20 per cent discount, so still not cheap. But still ticks the "affordable" box.
For full time employees the average wage is supposed to be £32,380 per year.
Now if you take off tax and national insurance. Let alone interest rates
rough disposable income would land around £27,000.
Not including bills and rates and energy costs and possible repayment of student loans.
So if a one bed flat in Catford was on the market for £200,000 that is about seven and a half times the annual take home pay of the average worker.
Is that what ‘affordable’ means?1 -
The same has happened in Scotland - the irony is by making things harder for landlords, they end up making things harder for tenants. Personally I don't know what the solutions are, but (contrary to the ill-informed views of some on here previously) not all landlords are making thousands, but tenants need to be protected from bad landlords and landlords protected from bad tenants.Rob7Lee said:
The government made it attractive to be a Landlord, in more recent times they've made it very unattractive, now with interest rates as they are it's very much a dying thing to the extent it's not like before where most just didn't begin to enter the BTL market, now it's an exodus.PrincessFiona said:
And not totally the landlords' faultRob7Lee said:We recently had our annual review with our agent (I'm a trustee of a society where we have 50 odd properties).
Still a very buoyant market, however he said that in the last 9 months he's had about 15% of the properties on his books (about 700 total so about 100) where landlords have removed the tenants and put the properties on the market. He has about 20 others where they are for sale with the tenant in situ (for now).
The rental market is about to get a whole lot worse, and even more expensive.
The bit I don't get is what is the governments plan, they've systematically made the housing market worse on so many angles.
We have a big decision to make on ours over the next 12-18 months. We provide the cheapest rental housing in Dartford pretty much, many of our tenants have been with us for many years, however under our rules our duty is to our members and we have to make the best of our investments, even with inflated rental prices it's not providing the best return and with yet more changes coming down the pipe I think it's going to be time to sell up. Most of the houses we own the society built over 100 years ago.1 - Sponsored links:
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This has been a slow burn problem from at least the 1960’s. We stopped building large scale social housing and what we did was never really much of an improvement on what was built before. The buy to let obsession, in my opinion, has sped up the decline in housing standards. The chance to buy or rent for most, especially the young, has been removed or at best made life an absolute soul destroying slog. BTL landlords have bought up the properties that the less well off and the first time buyers would have bought themselves.
My wife’s family, (Tory dyed permanent blue), are into this big and see what they have as the results of hard work. They own an unbelievable amount of properties. It’s not anything like hard work. The hardest part they have is stripping the the houses of all their saleable original features.I’d can’t see an easy fix to our housing problems that would not cause more problems to the very people who need help most. But hopefully the BTL mob will get their fingers well truly burned.3 -
I agree, BTL landlords have bought up the properties that the less well off and the first time buyers would have bought themselves. But not all landlords set out to be landlords and not all are rogue ones.charltonkeston said:This has been a slow burn problem from at least the 1960’s. We stopped building large scale social housing and what we did was never really much of an improvement on what was built before. The buy to let obsession, in my opinion, has sped up the decline in housing standards. The chance to buy or rent for most, especially the young, has been removed or at best made life an absolute soul destroying slog. BTL landlords have bought up the properties that the less well off and the first time buyers would have bought themselves.
My wife’s family, (Tory dyed permanent blue), are into this big and see what they have as the results of hard work. They own an unbelievable amount of properties. It’s not anything like hard work. The hardest part they have is stripping the the houses of all their saleable original features.I’d can’t see an easy fix to our housing problems that would not cause more problems to the very people who need help most. BTL landlords have bought up the properties that the less well off and the first time buyers would have bought themselves.
My wife’s family, (Tory dyed permanent blue), are into this big and see what they have as the results of hard work. They own an unbelievable amount of properties. It’s not anything like hard work. The hardest part they have is stripping the the houses of all their saleable original features.I’d can’t see an easy fix to our housing problems that would not cause more problems to the very people who need help most. But hopefully the BTL mob will get their fingers well truly burned.
Be careful what yo wish for when you say 'hopefully the BTL mob will get their fingers well truly burned' - whilst some of them are getting burned, the situation will get even worse for renters.
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This with bells on,PrincessFiona said:
I agree, BTL landlords have bought up the properties that the less well off and the first time buyers would have bought themselves. But not all landlords set out to be landlords and not all are rogue ones.charltonkeston said:This has been a slow burn problem from at least the 1960’s. We stopped building large scale social housing and what we did was never really much of an improvement on what was built before. The buy to let obsession, in my opinion, has sped up the decline in housing standards. The chance to buy or rent for most, especially the young, has been removed or at best made life an absolute soul destroying slog. BTL landlords have bought up the properties that the less well off and the first time buyers would have bought themselves.
My wife’s family, (Tory dyed permanent blue), are into this big and see what they have as the results of hard work. They own an unbelievable amount of properties. It’s not anything like hard work. The hardest part they have is stripping the the houses of all their saleable original features.I’d can’t see an easy fix to our housing problems that would not cause more problems to the very people who need help most. BTL landlords have bought up the properties that the less well off and the first time buyers would have bought themselves.
My wife’s family, (Tory dyed permanent blue), are into this big and see what they have as the results of hard work. They own an unbelievable amount of properties. It’s not anything like hard work. The hardest part they have is stripping the the houses of all their saleable original features.I’d can’t see an easy fix to our housing problems that would not cause more problems to the very people who need help most. But hopefully the BTL mob will get their fingers well truly burned.
Be careful what yo wish for when you say 'hopefully the BTL mob will get their fingers well truly burned' - whilst some of them are getting burned, the situation will get even worse for renters.
Whilst the part death of BTL may in the very long term be a good thing, in the short to medium and even relatively long term it's making life for renters even harder.
We've just recently completely refurbished a house in Dartford where a tenant had lived for over 40 years. We didn't even advertise it and have over 60 families/couples wanting it who are on the books/waiting list of our agent.
We're looking for a sensible price (cheapest you'll find any two/three bed house in Dartford despite it being like brand new) and have a number of people already offering £150 a month over that.
If you are on a tight budget I honestly don't know how you can get on the ladder as a renter, and we aren't talking the most expensive area in the SE far from it.1 -
Rental prices rise at fastest rate for nine years, figures show
https://www.bbc.co.uk/news/business-66824019
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Rent prices going up, buy prices coming down0
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Despite everything you have just written, you are still suggesting that the Tories are better than a potential new Labour government?soapy_jones said: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.
Unbeliveable Jeff.
Nothing personal.9 -
They've been in that long I honestly don't think Labour have a clue where to start in sorting out a zillion years of Tory rule or the means to do it if they did!Algarveaddick said:
Despite everything you have just written, you are still suggesting that the Tories are better than a potential new Labour government?soapy_jones said: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.
Unbeliveable Jeff.
Nothing personal.0 -
Yes, although with interest rates as they are, whilst purchase prices may have reduced a little for 95% of people the cost to service debt/buy has gone up.shine166 said:Rent prices going up, buy prices coming down
Less than 2 years ago a 5 year fix for every £100k was around £380 a month, you are now at £600 a month per £100k. Sale prices would need to reduce by over 1/3rd to be on par 'per month' as it stands. per £100k is around £60k on a 25 year mortgage more interest, let that sink in!
I really don't think people are fully aware of what's coming down the pipe. Housing is going to get more and more difficult on so many levels, rental prices are getting way too high with no signs of easing, people coming off fixed rate mortgages are going to be in a world of pain, FTB's are going to be few and far between, and a lot of BTL's are puling out, the whole market is going to be a real mess.4 -
Everyone is fcked in this new world economy.2
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More to it that that thoughshine166 said:Rent prices going up, buy prices coming down0 - Sponsored links:
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I'm looking forward to Labour sorting everythingAlgarveaddick said:
Despite everything you have just written, you are still suggesting that the Tories are better than a potential new Labour government?soapy_jones said: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.
Unbeliveable Jeff.
Nothing personal.
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The UK housing market, social renting/private renting/buying/building has been dysfunctional for 50 years - so much so that it is probably unfixable by any colour of government.
The focus in my opinion should be on affordable social housing.2 -
Current London Mayor has reversed the decline in council houses being built. Can fix a lot of issues by reversing the right to buy council house but that's probably wishful thinking.bobmunro said:The UK housing market, social renting/private renting/buying/building has been dysfunctional for 50 years - so much so that it is probably unfixable by any colour of government.
The focus in my opinion should be on affordable social housing.
Never heard the phrase pauper transporters before...0 -
That's how they keep getting in. How bad do things need to get?Algarveaddick said:
Despite everything you have just written, you are still suggesting that the Tories are better than a potential new Labour government?soapy_jones said: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.
Unbeliveable Jeff.
Nothing personal.2 -
Yeah it's tricky, we rent... but are probably 25% under normal prices as the landlords daughter hasn't really changed our fees. No idea weather to try and buy before she kicks us out, or wait and hope that buying gets easier.Rob7Lee said:
Yes, although with interest rates as they are, whilst purchase prices may have reduced a little for 95% of people the cost to service debt/buy has gone up.shine166 said:Rent prices going up, buy prices coming down
Less than 2 years ago a 5 year fix for every £100k was around £380 a month, you are now at £600 a month per £100k. Sale prices would need to reduce by over 1/3rd to be on par 'per month' as it stands. per £100k is around £60k on a 25 year mortgage more interest, let that sink in!
I really don't think people are fully aware of what's coming down the pipe. Housing is going to get more and more difficult on so many levels, rental prices are getting way too high with no signs of easing, people coming off fixed rate mortgages are going to be in a world of pain, FTB's are going to be few and far between, and a lot of BTL's are puling out, the whole market is going to be a real mess.0 -
Corbyn was seen as an even worse option. I don't think we are looking at the 'best' option but which is the 'least worst'. Sad indictment on politics, not restricted to the UK. A lot of current issues are worldwide, not just the UK. Even the mighty Germany and the Eurozone are in recession. Although the UK currently isn't, that's not to say it might not follow even though the recent small growth has increased very slightlySiv_in_Norfolk said:
That's how they keep getting in. How bad do things need to get?Algarveaddick said:
Despite everything you have just written, you are still suggesting that the Tories are better than a potential new Labour government?soapy_jones said: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.
Unbeliveable Jeff.
Nothing personal.1 -
My advice would be make hay whilst the sun shines! If you have a lowball rent, save like the clappers for a deposit on buying somewhere in a few years.shine166 said:
Yeah it's tricky, we rent... but are probably 25% under normal prices as the landlords daughter hasn't really changed our fees. No idea weather to try and buy before she kicks us out, or wait and hope that buying gets easier.Rob7Lee said:
Yes, although with interest rates as they are, whilst purchase prices may have reduced a little for 95% of people the cost to service debt/buy has gone up.shine166 said:Rent prices going up, buy prices coming down
Less than 2 years ago a 5 year fix for every £100k was around £380 a month, you are now at £600 a month per £100k. Sale prices would need to reduce by over 1/3rd to be on par 'per month' as it stands. per £100k is around £60k on a 25 year mortgage more interest, let that sink in!
I really don't think people are fully aware of what's coming down the pipe. Housing is going to get more and more difficult on so many levels, rental prices are getting way too high with no signs of easing, people coming off fixed rate mortgages are going to be in a world of pain, FTB's are going to be few and far between, and a lot of BTL's are puling out, the whole market is going to be a real mess.4 -
That is kinda where I'm leaning, hoping we get another contract after this one which would house us upto Aug 25.. but just take everything and anything work wise to save. By then my Art investments should be looking better too, as they've been battered in the last 12 months.Rob7Lee said:
My advice would be make hay whilst the sun shines! If you have a lowball rent, save like the clappers for a deposit on buying somewhere in a few years.shine166 said:
Yeah it's tricky, we rent... but are probably 25% under normal prices as the landlords daughter hasn't really changed our fees. No idea weather to try and buy before she kicks us out, or wait and hope that buying gets easier.Rob7Lee said:
Yes, although with interest rates as they are, whilst purchase prices may have reduced a little for 95% of people the cost to service debt/buy has gone up.shine166 said:Rent prices going up, buy prices coming down
Less than 2 years ago a 5 year fix for every £100k was around £380 a month, you are now at £600 a month per £100k. Sale prices would need to reduce by over 1/3rd to be on par 'per month' as it stands. per £100k is around £60k on a 25 year mortgage more interest, let that sink in!
I really don't think people are fully aware of what's coming down the pipe. Housing is going to get more and more difficult on so many levels, rental prices are getting way too high with no signs of easing, people coming off fixed rate mortgages are going to be in a world of pain, FTB's are going to be few and far between, and a lot of BTL's are puling out, the whole market is going to be a real mess.0 -
That'd be my advice, don't buy now, just keep saving as much as humanly possible, hopefully you'll get a double or triple whammy of prices reducing at the same time your increasing your equity/deposit and hopefully an interest rate starting to reduce in 18 months time.3
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Article in the Telegraph today, Landlord mortgage arrears up from £4m to £13m over the past year.
The storm is well and truly coming. No wonder so many BTL landlords are selling.1
