Buy to Let trash

B_Blank

I actually have quite alot in savings but I decided to keep it in savings just incase I get in financial trouble. I dont want to waste it all on a house which is going to tumble in value. I have never been give anything by parents but I am forced to live with them because rental is so much and I dont want to dip into my savings (which I earnt myself).

I am now trying to save for a deposit to put on a house (not using my savings because I want this for a rainy day) but its hard because jobs are hard to come by and house prices are still overpriced.

High rental and high house prices are forcing me out of both the rental and house buying market, and its frustrating.

Loanranger

B_Blank wrote: »

I actually have quite alot in savings but I decided to keep it in savings just incase I get in financial trouble. I dont want to waste it all on a house which is going to tumble in value. I have never been give anything by parents but I am forced to live with them because rental is so much and I dont want to dip into my savings (which I earnt myself).

I am now trying to save for a deposit to put on a house (not using my savings because I want this for a rainy day) but its hard because jobs are hard to come by and house prices are still overpriced.

High rental and high house prices are forcing me out of both the rental and house buying market, and its frustrating.

Are you serious?

B_Blank

Loanranger wrote: »

Are you serious?

yes..................

sonastin

redmen9 wrote: »

I have to say I'm quite surprised by the tone of the replies to a youngster who is eager to get himself a home to live in though.

I think the tone of replies is a fair reflection of the tone of the original post. He may have a fair point about the impact of amateur BTL landlords invading the market but that doesn't justify the bile and venom of the delivery. If he treats everyone he dislikes with the same degree of vitriol, he doesn't deserve a roof over his head, rented or owned.

Loanranger

B_Blank wrote: »

I actually have quite alot in savings but I decided to keep it in savings just incase I get in financial trouble. I dont want to waste it all on a house which is going to tumble in value. I have never been give anything by parents but I am forced to live with them because rental is so much and I dont want to dip into my savings (which I earnt myself).

I am now trying to save for a deposit to put on a house (not using my savings because I want this for a rainy day) but its hard because jobs are hard to come by and house prices are still overpriced.

High rental and high house prices are forcing me out of both the rental and house buying market, and its frustrating.

So, to recap, you have quite a lot of savings, you live at home and you want a home of your own. All good so far. Yet you can't bring yourself to put your savings towards a home of your own?

Where then is your deposit going to come from?

Can you see how illogical your argument is? No wonder people are not taking you seriously.

B_Blank

Loanranger wrote: »

So, to recap, you have quite a lot of savings, you live at home and you want a home of your own. All good so far. Yet you can't bring yourself to put your savings towards a home of your own?

Where then is your deposit going to come from?

Can you see how illogical your argument is? No wonder people are not taking you seriously.

I have saved enough to use as a rainy day fund, and so I am now trying to save up to get a house, but its going to take forever.

Its not illogical, I am trying to be careful and not get into financial trouble.

silvercar

All this anger against BTL landlords is puzzling. I would have thought there would be two other arrows of anger:

1. Those who sold-to-rent. Sold their home to rent for a while and then buy back after the crash. So in the meantime they are increasing the number of tenants which forces rents up (supply and demand) and also they tend to be the people who are working with deposit money, so can nab the best rentals. I would have expected the long term renters to be up in arms at these STRs.

2. Amateur BTLs facing anger from professional landlords. So these amateurs come along, unprofessional not as business aware as more experienced landlords, often letting their places cheaper, letting tenants get away with some unpaid rent, not inspecting or referencing properly, increasing the supply of rental property...they are cutting the market from under the more experienced professionals who rely on their portfolio for their livelihood rather than making a little extra, supplementing the pension, waiting for capital growth etc.

FTBFun

B_Blank wrote: »

Yes because all people who disagree with you are trolls right?

No but those it spam the message board with the same inane points often are.

How you people can think its right for prices to be driven up by buy to let landlords (which they are - nobody seems to argue with this - even though it obviously isnt the only reason), and then these same people are rewarded with low interest rates and high rents (because of a monopoly of properties) is a scandal.

Because we live in a mixed economy and the citizens are free to invest in business how they wish? Although you seem to be suggesting BTL landlords are in some sort of cartel on rental prices.

I am not left or right, I believe in the rights of young people. This buy to let issue is whats wrong with society today, us young people are forever being screwed over to maintain the bubble that your generation built and is trying desperately to cling to.

Life is unfair. Deal with it.

People should be taxed progressively higher amounts (maybe a new tax called "ownage tax") where they pay an extra £10k a year for every property they own over the first 2 (for more than 2 years) unless they get permission from the council to be exempt - which can be used so developers can do up run down homes and put them back on the market.

We could call it the spite tax.

It will never happen though because a hit on buy to let people will hurt house prices, and that will make you 35-60 yr olds all get annoyed!

I'm in my twenties I think you'll find (just).

FTBFun

PasturesNew wrote: »

If a property exists, somebody has to own it.
If BTL had never been invented, then there'd be more owner-occupiers and more property groups like housing associations; more big companies/insurance companies/whatever would have bought into it.

I'm sure years ago it was possible to rent places from large faceless organisations, not aware of that these days.

BTL filled a gap in the market for rental provision (after all, not everyone can afford to buy property) after social housing was reduced substantially under the right-to-buy provisions.

Saying that, owner occupancy is still at an all-time high.

brit1234

Save4ArainyDay wrote: »

As you rank me below the social standing of a murderer I cannot really take what you are saying seriously. I definitely have not hurt anyone to the best of my knowledge - how many murderers can say that?

Buy to let has damaged the dreams of a whole generation of first time buyers by pricing them out of the market or take extraordinary debt. There is no doubt that buy to let was a significant cause of our economic crisis, the model was never sustainable.

As the others said who are going to buy these formerly rented properties when you come to retire? Prices will be way down and your gearing will make it extremely difficult to sell your whole portfolio at a profit.