Is BTL Immoral?

The-mouth-of-the-south

Cleaver wrote: »

At the risk of repeating myself, a higher percentage of people in this country own propety than in the '70s, which is the period A.Badger is talking about.

So if you think a 'large' amount of people can't afford a house today, a 'larger' percentage couldn't afford one then.

I dont believe you. Where ever your getting your infomation from is either wrong or there is another explanation for it.

House prices are not in line with wages! = not affordable.

Malcolm.

The average first time buyer is sadly now over age 30, council house waiting lists are the longest I can remember, and some bulls are trying to say all is well. It's madness.

I have nothing against BTL's, I think they serve a purpose, but I do think there needs to be better (and cheaper) recourse against unscrupulous landlords and/or tenants.

92203

Yes

A._Badger wrote: »

. How damned difficult do they think it was in the past? Do they imagine that you got to 21 and were handed the keys to a house by your father?

Absolutely not, however in the current market, even to afford a house in a slum area, you need to be earning a good whack. I earn above the national average wage (£27k), but could not get a mortgage for anywhere remotely safe enough to raise a family.

When I bought my first property, in 1970, the mortgage took a vast proportion of a miserable income and my wife and I went without almost everything people today seem to expect as a 'right'.

You would have also seen your mortgage debt quickly inflated away. Fortunately back then, wages appeared to increase with inflation. It was also generally possible to afford a house and have a stay at home mum back then. This is not the case now.

I work with young people who consider astronomical mobile phone bills, several foreign holidays a year, interminable eating out, endless new clothes, toys, gadgets, clubbing, gym membership and the entire panoply of modern urban life to be the absolute bare minimum they expect - and that they should be able to afford a house on top.

Well all I can say is that the young people you know bare no resemblance to myself or many of my friends. I work hard for my money and do not waste it on industrialised alcohol consumption or expensive mobile phone bills. £10 per month on Pay as You go for me thanks!

It isn't even a necessity that you own a house at all.

So, please, cut the violins. The self-pity and the naked envy are as tiresome as they are risible.

I think you'll find it is a requirement to own a house if you want a decent retirement and don't want to end up living amongst the bottom set wasters who you'd risen above and left behind at school.

Let's face it, my generation (I'm 28) is screwed. We'll have to work till we die due to the pension crisis, and by some bizarre twist of irony we'll spend a chunk of our working lives funding baby boomer final sallary pension schemes

Generali

Morality has nothing to do with it

The-mouth-of-the-south wrote: »

I dont believe you. Where ever your getting your infomation from is either wrong or there is another explanation for it.

House prices are not in line with wages! = not affordable.

In the 1970s the money supply was manipulated by Governments increasing or reducing bank reserves that banks had to hold with the Bank of England primarily, interest rates were a secondary consideration.

As a result of this and other money market restrictions (eg building societies counldn't borrow in the money markets), mortgages were rationned.

HAMISH_MCTAVISH

Morality has nothing to do with it

92203 wrote: »

Let's face it, my generation (I'm 28) is screwed. We'll have to work till we die due to the pension crisis, and by some bizarre twist of irony we'll spend a chunk of our working lives funding baby boomer final sallary pension schemes

boomerangs

Yes

HAMISH_MCTAVISH wrote: »

same old rubbish picture

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Degenerate

No

A._Badger wrote: »

When I bought my first property, in 1970, the mortgage took a vast proportion of a miserable income and my wife and I went without almost everything people today seem to expect as a 'right'

What it comes down to is that the mid to late 90s were a historic buying opportunity. Anyone looking to buy now and comparing to then is going to feel gutted, but they're better off sucking it up and getting on with their lives than wallowing in bitterness.

thewinkshow

Of course its not Immoral - what a stupid question. bloody idiots on here get way too deep on ethics and morals. no one is holding guns to peoples heads here, its business
you would think some people on here have lived in cotton wool all their lives.
Wimps

A person has something of value, i.e a house
He chooses to rent it out

No one is holding Guns to heads here, its all very simple an Adults have choices.
they can choose to do something or they can choose not to.

dont see what this has to do with morals whatsoever.

in that case, you could question the morals of renting of a car, or mobile phone contract, or business transaction between - bloody ridiculous
some people dont live in the real world. come on here, thinking they are Martin Lewis, preaching to everyone who make a bit of dough, preaching on how to save 60p off your washing bill by filling up washing up liquid bottles, its a bit pathetic, how about living a bit, i am all for saving money, but some go over the top.
and if you dare mention your going to splash out 20k cash on say a new fast car, the preach brigade come along, and say oh your so silly, dont you know you can buy a Hyundai brand new for 4k - these idiots dont live in the real world, where do these people come from. Dont they know how silly you would look in a Hyundai? lol - probably not, they probably think they are cool

IveSeenTheLight

No

boomerangs wrote: »

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92203

Yes

Ok Hamish,

You can mock all you like. Try being a situation which reflects that of many others who are being shafted by the imprudence of the previous generation

I am 28 years old, work in lower management - earn £27k per annun. It has taken me 7 years of working in lower paid jobs to reach this wage. I have £15k in the bank saved over the years I've been working, though it will be many years before I can consider buying a house or having a family.

I have a private pension scheme with my employer (contributing 6% of my wage to it), and the pension forecast states that I am likely to receive equivalent to £7k p.a when I retire. Assuming that the state pension is still going by then, I should receive equivalent to £5k p.a in todays money.

This equates to £12k per year. Imagine trying to live on that in a property you own, and then take half of it away because some greedy oiks decided to create a property bubble, forcing their youngers to pay 2-3 times more than they did for the same asset, thus making it unaffordable to them.

Many members of your generation who have worked and contributed topension schemes which will give them generous returns - eg final salary. This will not be the case for people my age, many of us won't even own our own homes.

You sound very smug and as though you are very comfortable in life, and as though you have little more to enjoy in life than watching the price of your house rise, and your home owners club becoming more and more exclusive. Spare a thought for the feelings of thouse who aren't in the same position and probably neverwill be.