Hate Buy 2 Let

mrstinchcombe

Mr_helpful wrote: »

Dunstonh
I think this forum is over run by communist's green with envy that other people have managed what they are too lazy to do. When I bought my first house I was allowed 3X my salary and the rates were 15% which is no better than today and in fact worse as I had to find more than 5% deposit. So lets not get the pathetic "I cant do it so no one else should be able to" mentality and start working and saving.

You seem to miss the point. The OP doesn't want to be a landlord. All he wants is for young people to be able to become a FTB without paying over the odds because of this buy to let culture driving prices up.

I wish 3 times my salary could buy anyhting around here but it cant. Lets face it if you were trying to become a FTB in todays conditions you would struggle to do it too

Mr_helpful

mrstinchcombe wrote: »

You seem to miss the point. The OP doesn't want to be a landlord. All he wants is for young people to be able to become a FTB without paying over the odds because of this buy to let culture driving prices up.

I wish 3 times my salary could buy anyhting around here but it cant. Lets face it if you were trying to become a FTB in todays conditions you would struggle to do it too

No you are missing it. Now you can get 4 or 5 X salary but rates around 5% which would you rather have. Traditionaly BTL investors have had to stump up 15% deposit and make the rental calculation work which is increasingly didfficult because supply and demand works in more than one way. As demand rise so do prices but as the number of BTL props rise the demand is less so rent has not risen as fast as house prices. You have to ask yourself why are there still first time buyers and why are there first time buy to letters. The answer is they get on and learn how to be positive and go out and buy instead of whinging about prices and seeing if they can scrounge a few quid back in bank charges. Its an attitude thing. As usual the OP is blaming something else for his failure. Whinging or other stupid ideas about government intervention over the number you can own is not going to bring down prices so why not accept that and start learning from the experts here how to get on the ladder.
Buy to let does not push up the prices and even if it did that isnt going to get you a house is it.

Gorgeous_George

My BTL had been on the market for 6 months at £20K. Nobody who could get a mortgage wanted it so it remained empty. I made an offer before it went to auction.

FACT: Empty houses fuel prices much more than BTL.

A lot of work and sweat went into my BTL to make it habitable (and still does from time to time). I do not feel guilty at all.

dunstonh would probably prefer us all to buy into pension funds. IMO these are the endowments of tomorrow.

FACT: Prices are driven by demand. Demand increases due to demography and lack of building of new houses.

Of course, it's so much easier to play the role of victim.



GG

PROFESSIONAL_LANDLORD

dunstonh wrote: »

don't worry. When the next property crash comes, you will see a lot of people with buy to lets losing money so you can have the last laugh then.

If that ever happens there will not be enough doorways for people to sleep in, or cardboard boxes to go round !

When property crashed around 1989, 60,000 people had their homes repossessed, and the following year, around 40,000 lost their homes, very little of those affected would have been BTL. If a property crash were to happen I guess you could multiply those figures by five.


You must be very young, or been dropped on your head when you were a baby , to make such a STOOPIT statement.


littlemrtinkle Am i the only person who hates buy 2 let and all it stands for?


I can understand your point ! and you are partly right, I was talking to a plasterer who was doing work for me recently, he asked me how much property I owned, I told him, and he said " no wonder the young ones can't get a house " ( I knew he lived in an ex council house, I also knew he paid around £9000 for it, 20 or so years ago, now worth about £130,000 ) I said to him, " It's because of people like you, who bought their council house for washers mate ! bet you hated Maggie Thatcher ( he LOL ) I said. you are a true Labour supporter pal ".........................................................the other part.



I was speaking to one of my tenants recently, she told me that she been down to the council offices, and was complaining that the housing dept; had again failed to offer her anything, ( her name has been on the list for 12 years ) I told her they can't, because they simply don't have the property. I also told her that the council have over 50 properties rented from private landlords, because of new homeless rules. (Scotland)



So where do these people go without BTL landlords ?

nearlyrich

There are more people owning their own homes in the UK than ever before, so saying that all the property will be owned by just a few people isn't a credible arguement.

I can't buy anything here on 3 or even 5 times my salary either and that's in East Lancashire and on more that the average wage. As another poster has said interest rates used to be crippling at 15%, it was a house or holidays not both, many people didn't have one car never mind two, we had to save from 2 wages for 2 to 3 years for a decent deposit to buy a 2 up 2 down in need of some TLC.

Private landlords have always existed, I appreciate that some people think it's dead easy but it's not something I would consider investing my money in as you are dealing with people and some of them can't be trusted not to trash the place. You do hear people saying they are moving up but keeping their original property to let out, these tend to be younger people rather than older one's in my experoience.

I really can't understand why people would think it's funny if there is a property crash to see people lose their shirts, there will always be someone who has something you can't afford, either use the energy to get up to their level or get over it.

Young people have so many things easier than it was 20 to 30 years ago but this is one they will have to work at unfortunately, I have no doubt that my children will only "suffer" as much as I did to buy a house.;)

MortgageMamma

I dont see whats wrong with renting, i mean, whats the big deal about owning anyway? The germans are not overly bothered are they?

I've owned and rented and at the moment i rent a house worth almost half a million for £950 a month. I'm quite happy here, have a long term lease and dont see myself moving unless landlord sells (which he wont. because his family have owned this property for close to 300 years) I also have first refusal to buy the property if he ever does sell.

Its like as a nation we are pre programmed to own property, and rentingis just for paupers. I probably earn more than most people reading this post and whilst I appreciate most people want to acquire something to give them status and reward them for their hard work, you could acquire lots of things more worthwhile, good memories of a happy and content life for a start

plane_boy2000

It makes me sad to listen to all these bitter people moaning about what they haven't got etc. AT the end of the day its all jealosey.

If you start restricting BTL then you end the free economy that we are lucky to live in which will then result in business moving out of the country to avoid regulation / restriction. Net result will be cheap housing beacuse we will all be unemployed!!!!

The reality is that housing is expensive, but all these first time buyers who moan about what they can / cant buy are driving around in new cars and going on foreign holidays. If you want to buy a house then you need to make sacrifices. My partner bought a house and had 2 lodgers in a 3 bed house so that she could pay the mortgage while studying to be a nurse. I bough a flat and couldnt afford to live there so rented it out. Yes, life can be a struggle, but we live in a society where people expect everything handed to them on a plate.

Also lets consider that people like me are providing good quality housing. Its a proven fact that the employment market is now more mobile and there is a need for good quality housing for 6 months at a time.

Gorgeous_George

I think gold necklaces are too expensive. Some people have two or more of them - how dare they? If these scumbags were limited to just one gold necklace, prices would fall and I'd be able to buy one with my paper round money.



GG

Jonesya

People who bought to let during periods of low property prices and high yields did a service, they provided rented property to those who wanted it and allowed those selling property to realise a fair value for their property. In such a situation I'd do exactly the same.

I think far more worrying are those who continue to buy property to let at very marginal yields. Worrying in the sense that if they have judged the future of the market incorrectly then they could not only suffer a great deal of loss themselves but potentially the economic damage could spread to the wider economy.

Still they're adults and just as they can reap the rewards so they'll have to bear the losses - and as history shows there are very few markets in which, over a long enough period of time, there are no losses. I think that sooner or later house prices will fall, all markets do, housing is no different.

mrstinchcombe

plane_boy2000 wrote: »

It makes me sad to listen to all these bitter people moaning about what they haven't got etc. AT the end of the day its all jealosey.

Highlighting the ease of purchasing property when most of the "shrewd" buy to letters did and comparing this to the present day is not jealously... its just a discussion.

Im not jealous that I wasnt old enough to purchase many properties when it was affordable on 3 times a low wage... Im just highlighting how difficult it is now compared to yesteryear.

Its unfortunate... but Im not jealous beacause there are many in my postition