Debate House Prices


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Buy to let set to further worsen renters' lives : The Groaner

ruggedtoast
ruggedtoast Posts: 9,819 Forumite
in Debate House Prices & the Economy
http://www.guardian.co.uk/money/2013/feb/04/buy-to-let-landlords-more-homes?INTCMP=SRCH
Buy-to-let landlords will embark on a home buying spree in 2013 while young adults and families remain trapped in rental properties, according to a forecast by Britain's biggest property website.

Three out of four professional landlords will buy more homes in 2013, while the number of "virgin landlords" looking to buy for the first time is running at the highest level for a year, the research from Rightmove found. Meanwhile, 53% of tenants say they are trapped in renting, wanting to buy a home but unable to afford to do so.

When will this end? How far will it go before young renters just snap and refuse to continue shovelling their wages into the corrupt and self serving pockets of the house price plutocrats?

How long will these parasites be allowed to feed like bloody vampires from the necks of those who actually work for a living?

:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:
«134567

Comments

  • Princess_Mary_Poppins
    Princess_Mary_Poppins Posts: 20 Forumite
    I'm a FTB and finding it really hard to even get anywhere small that's nice to buy, as they're all snapped up straight away or have been by BTL people. Can't get a look in!
  • GeorgeHowell
    GeorgeHowell Posts: 2,739 Forumite
    Princess_Mary_Poppins wrote: »
    I'm a FTB and finding it really hard to even get anywhere small that's nice to buy, as they're all snapped up straight away or have been by BTL people. Can't get a look in!

    Sad for you, but they are the fools. BTL is a hiding to nothing.
    No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.

    The problem with socialism is that eventually you run out of other people's money.

    Margaret Thatcher
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    Combo Breaker First Post
    Princess_Mary_Poppins wrote: »
    I'm a FTB and finding it really hard to even get anywhere small that's nice to buy, as they're all snapped up straight away or have been by BTL people. Can't get a look in!


    where are you looking?
    what's your income?
    how much deposit do you have?
  • shortchanged_2
    shortchanged_2 Posts: 5,546 Forumite
    ruggedtoast wrote: »
    http://www.guardian.co.uk/money/2013/feb/04/buy-to-let-landlords-more-homes?INTCMP=SRCH



    When will this end? How far will it go before young renters just snap and refuse to continue shovelling their wages into the corrupt and self serving pockets of the house price plutocrats?

    When interest rates go up.
    Why are we here?......................because we are not all there.
  • ILW
    ILW Posts: 18,333 Forumite
    shortchanged wrote: »
    When interest rates go up.
    10 or 20 years then.
  • Turnbull2000
    Turnbull2000 Posts: 1,807 Forumite
    edited 4 February 2013 at 4:54PM
    shortchanged wrote: »
    When interest rates go up.

    Not a chance. Or not for a long while at least. Rates will barely move upwards for the rest of the decade. Doing so would risk unsettling the banks, mortgage borrowers and threaten house price stability.

    So those who are renting out instead of selling are set to do very well indeed. Like this chap for example...
    Fortunately for Scott, a combination of falling interest rates and a buoyant rental market came to his rescue.

    "I decided to make the best of it by renting the house out. It cost about £350 administration fee for the lender to agree for me to operate it as a let, but it's now getting £550 per month. Because the base rate has been at 0.5% for almost three years, my monthly mortgage has been only £150 for all of that time. The rental market is really strong. I didn't even have to put a board outside – the property went on the first viewing," he says.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • moneyinmypocket
    moneyinmypocket Posts: 908 Forumite
    BTL land lords are the pillor of the modern community they provide good clean housing to the yoof who rather have iPhones, beer money and holidays.
  • BobQ
    BobQ Posts: 11,181 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    BTL is a risk freely entered into. Why are people calling landlords parasites? Would you call a car dealer a parasite for buying and selling cars? Would you call a storage firm parasitical for letting out its asset? Or a tool hire shop for letting a cement mixer?
    Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.
  • IveSeenTheLight
    IveSeenTheLight Posts: 13,322 Forumite
    Princess_Mary_Poppins wrote: »
    I'm a FTB and finding it really hard to even get anywhere small that's nice to buy, as they're all snapped up straight away or have been by BTL people. Can't get a look in!

    I'm truly sorry for you.
    Couple of things to bear in mind: -

    BTL has only partially filled the gap created by the social housing sell off under the RTB scheme. The government is reliant on the private rental to give rental properties. Not everyone wants to buy as they may have a desire to rent for numerous reasons

    I once offfered on a property for a BTL and was outbid by a FTBer. There will be a price in which BTL is profitable and a level when they are not.
    Unfortunately it seems there is a demand for both rental and owner occupancy properties of the type you are looking for.
    Is this an indication that there is unsufficient properties to meet the demand?
    Properties go for the market rate and unfortunately it sounds like there is a viable BTL margin at that price which has outbid the offers you are making.

    Are you able to meet the market rate? Is it a deposit issue.
    :wall:
    What we've got here is....... failure to communicate.
    Some men you just can't reach.
    :wall:
  • IveSeenTheLight
    IveSeenTheLight Posts: 13,322 Forumite
    GeorgeHowell wrote: »
    Sad for you, but they are the fools. BTL is a hiding to nothing.

    You are probably very missinformed.
    Sure there are always exceptions to the rule, but predominantly, I believe that BTL's are showing sufficient margins to make it worthwhile.
    :wall:
    What we've got here is....... failure to communicate.
    Some men you just can't reach.
    :wall:
This discussion has been closed.
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