Buy to Let trash

FTBFun

brit1234 wrote: »

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.

What! The global economic crisis was caused by buy-to-letters? Give me strength.

Anything else you can blame them BTL for? Exxon Valdez? The Armenian Genocide? Simon Cowell?

Cyril

brit1234 wrote: »

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.

Why would we sell on retirement ?. I don't plan to. My rental income will supplement my final salary pension and equestrian business. ?

If i'm honest I don't see todays youngsters being hugely different to when I started out. I remember being 16 and thinking how on earth am I going to afford to support myself. But I did, I bought my first house at 18 andI put the effort in by working in a bank by day and ' The Little Chef ' by night.

Me and my friend were so broke we used to ring each other up and say i've got beans, you've got toast so lets meet and get a meal going. We'd see all our friends going out drinking every night, new clothes, CD's makeup every weekend and think if only. Our friends would laugh at us but at 25 when they were stuck at home who was laughing then. Not us. It seems unbelievable now but we made huge sacrifices and we're now both financially stable.

brit1234

FTBFun wrote: »

What! The global economic crisis was caused by buy-to-letters? Give me strength.

Anything else you can blame them BTL for? Exxon Valdez? The Armenian Genocide? Simon Cowell?

Yeah blame America for all the economic problems, nothing to do with what happened here such as buy to let. What are you on?

The economic crisis was caused by low international interest rates (after dot.com bubble burst & 911), with huge amounts of money being taken out of savings and invested in property speculation. As prices rose loose lending increased by competition of banks to gain market share till it burst.

Ireland had the biggest property bubble followed by UK, Spain and USA.

The key factors for the UK bubble were buy to let, self cert mortgages and 125% mortgages. Now UK banks went under from buy to let alone and had to be bailed out by the taxpayer.

Try and rewrite history if you can but it won't change the facts that this country as suffered from buy to let landlords greed.

silvercar

brit1234 wrote: »

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.

So you are saying that damaged dreams equate to murders?

Lets be honest, not all FTBs have been priced out and some of your dreamers had as much chance of buying as flying to the moon.

brit1234

silvercar wrote: »

So you are saying that damaged dreams equate to murders?

Lets be honest, not all FTBs have been priced out and some of your dreamers had as much chance of buying as flying to the moon.

I'm saying buy to let landlords are hardly going to be first in line for saint hood far from it.

I agree there are first time buyers with millionaire parents, people who don't realise shared ownership/equity is so dangerous and those who lie about their wages who will buy. But for the majority of ftbs we have been priced out.

FTBFun

brit1234 wrote: »

I'm saying buy to let landlords are hardly going to be first in line for saint hood far from it.

I agree there are first time buyers with millionaire parents, people who don't realise shared ownership/equity is so dangerous and those who lie about their wages who will buy. But for the majority of ftbs we have been priced out.

Utter rubbish - this would mean there are very few FTBs around full stop.

Also I know you can actually afford to buy but won't because of some bizarre belief that prices should be at some arbitary level in your head - hence you being on "strike" from buying.

casper_g

FTBFun wrote: »

Utter rubbish - this would mean there are very few FTBs around full stop.

Also I know you can actually afford to buy but won't because of some bizarre belief that prices should be at some arbitary level in your head - hence you being on "strike" from buying.

I agree all this criticism of landlords is probably a bit overdone, but I was under the impression that there were very few FTBs around. Is that not the case?

Jowo_2

B_Blank wrote: »

..
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.

Landlords pay progressively higher amounts of tax on their rent - the higher the income, the more tax they pay. That's how the tax system works...

They also get clobbered with Capital Gains Tax when they sell which goes into the public purse. This increased last year from 18 to 28% meaning that nearly third of the profit from the sale goes to the government.

When (if) you ever get off your whiny backside and become an owner occupier, you are not subject to CGT when you sell your residential property. If, however, this upsets you, you could always donate a third of the equity to a charity that houses the young whose rights you seem to think are getting abused because properties aren't handed out like sweeties and are subject to the laws of supply and demand.

Your facile proposals show that you don't have an even basic grasp of the current tax system or basic economics.

Jowo_2

B_Blank wrote: »

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

Those on low incomes and savings less than 16k can be eligible for Local Housing Allowance to subsidise their rental costs.

Those who have better incomes but luxury aspirations aren't entitled to means tested benefits just because they can't afford the type of accommodation that their employment income doesn't permit. Nor will a landlord feel sorry for their sob story and drop the price of their accommodation so they adjust their attitude to landlords a bit more favourably.

The tenant is expected to adjust their lifestyle to match their income. Options include living in cheaper digs, such as renting a room in a shared property or finding lodgings.

I bought my first property in my late twenties after a decade of sharing accommodation with complete strangers. It's the norm. Even before the recent historic property price inflation, no-one I knew who graduated with me from Uni wafted into an estate agent to live in their own pad or to buy their own place...

googler

brit1234 wrote: »

Buy to let has damaged the dreams of a whole generation of first time buyers by pricing them out of the market

Sorry, don't get this.

Aren't the developers, buyers to let, investors etc. always the ones who are looking for BMV (Below Market Value) properties? How does this drive prices up?