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Remember Fergus Wilson?
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Think you are fairly unusual.
Most the people I know only rent because they cannot (for whatever reason) get a mortgage. Most seem to be paying more than if they were buying and i know of 3 families who have had to move at least twice in the last 3 years either due to massive rent hikes or landlord problems. It is no life for a family.
I think that is because our usual target market is tenants that are sharing young professionals (London). Although we do now have a family that have been with us for 3 years and there are no signs that they want to move (although you never know).
EDIT: Young professionals tend to move in with partners and/or change jobs every so often.Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
BTL might not be the best way to provide for the rental market but no one else seems to want to do it, as far as I know there is nothing stopping them.
Well, yes, I agree.
But this is obbviously because legislation allows the current status quo to happen.
You could easily curb back on the BTL culture simply by starting with regulations. At that point, another way of doing things may well take hold, for better or worse.
But again, BTL only exists in it's current guise because legislation allows for it. Legislation is much tighter in other countries, and they are not short of rental properties - things are just done differently.
No point saying "well no one else is doing it other ways" as they are. My sister rents from an agency which has hundreds of properties, and it's a different world. It's the same principle of social housing. Long rental period (she got to choose from 6m to 3y, with a reduction in rent if she took 3 years which she didn't). Proper maintanance, as you would get under social housing. All the fire regs etc are not a problem. No dodgy agency to deal with. Difference is, they do this as a business, and the rent is their business, not the HPI.
BTL is often seen as something other than a business. Check out all the BTL landlords with not a clue what they are doing on the house buying and selling board. There is nothing to stop anyone becoming a landlord. It's so easy, if you have the finance, people are literally falling into it with no idea of their responsibilities. all they are after is the money.0 -
Graham_Devon wrote: »BTL is often seen as something other than a business. Check out all the BTL landlords with not a clue what they are doing on the house buying and selling board. There is nothing to stop anyone becoming a landlord. It's so easy, if you have the finance, people are literally falling into it with no idea of their responsibilities. all they are after is the money.
What's stopping more companies getting into providing rental services if it's so easy?
They'd have better economies of scale, potentially better access to finance and would be able to take a long term view. Surely they could do a better job than the rank amateurs who you think occupy the BTL market?0 -
Graham_Devon wrote: »Well, yes, I agree.
No point saying "well no one else is doing it other ways" as they are. My sister rents from an agency which has hundreds of properties, and it's a different world. It's the same principle of social housing. Long rental period (she got to choose from 6m to 3y, with a reduction in rent if she took 3 years which she didn't). Proper maintanance, as you would get under social housing. All the fire regs etc are not a problem. No dodgy agency to deal with. Difference is, they do this as a business, and the rent is their business, not the HPI.
.
How many companies are doing that not many if more were the demand for BTL would decrease but why aren't they.0 -
For goodness sake lets cut to the chase and say well done,they spotted the chance and wrung the juice out of it.
Jealousy will only leave you bitter.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 ForumTeam0 -
Thrugelmir wrote: »The Wilsons hit the rocks because they became greedy and were fortunate enough to have a lender that backed their plan.
They first spotted the opportunity in 1986, so 12 years before BTL was even invented as a concept. So weren't exactly poor when the boom finally took off.
They hit the rocks because their line of credit dried up due to the credit crunch, just like many businesses did. Had the credit crunch not happened, would they have hit the rocks?
If you think so, then could you please explain your reasoning*?
* genuine interest, not trying to catch anyone out.0 -
Think you are fairly unusual.
I must be unusual as well.
1 tenant of 6.5 years
1 tenant wanted a two year lease which runs out next March and they have already contacted me indicating they wish to extend.
1 tenant just left after three years, recommended the flat to their friends who took up the lease from 01st July with no void period.
They have signed a 2 year lease.
Maybe the market is changing in that renters, looking for more security are now willing to sign longer leases.Most seem to be paying more than if they were buying and i know of 3 families who have had to move at least twice in the last 3 years either due to massive rent hikes or landlord problems. It is no life for a family.
If they have had to move twice in three years, have they considered requesting a longer lease to secure tenure?:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
IveSeenTheLight wrote: »
If they have had to move twice in three years, have they considered requesting a longer lease to secure tenure?0 -
Graham_Devon wrote: »The thing that is interesting here is how other countries do it.
It is valuable to compare other examples.
The thing is however, you also need to consider whether that model could operate in the UK market and what would be needed to achieve that.
Is it realistic to obtain the overseas model you desire.
Why don't you provide an example of another countries property model and what you believe is required to achieve the same situation here.
Please consider all aspects of the requirementsGraham_Devon wrote: »BTL is not the only option - and looking at other countries, doesn't seem to be the favoured option of anyone really bar landlords themselves. I can see why BTL is popular with landlords, I truly can, but can landlord not see why it's not popular with their customers? (on the whole)
As a BTL LL, I merely operate in the market I am invested in.
I am essentially competing with Council, Social, Company lets and Private (Non BTL) letting.
My tenants are not forced to accept my leases, but CHOOSE to do so after weighing up the options, price, location, quality, value etc.Graham_Devon wrote: »I believe with proper regulation the BTL sector could prosper. Not in terms of finance, but in terms of how it's perceived. At the moment it's just perceived as greedy landlords out to get everything that can. This isn't just on here. Most forums and indeed public life is the same. (Bar your tenants of course!)
Perceptions can be wrong.
Often people perceive something without knowing all the facts, however BTL is a business and it becomes emotive as it is essential option for some requiring shelter through renting.
The thing I would say about this perception is: -
If BTL is so evil, why don't the tenants opt for alternative options.
If your answer was that there are no viable options, then it tells you that BTL either isn't as bad as other options or that there are insufficient supply of alternative optionsGraham_Devon wrote: »When any business starts going down the route of stating "we are doing you a favour" to protect themselves against claims otherwise, you know something has gone wrong.
Not at all.
BTL is simply providing an option.
It has only partially filled the gap created by the social housing RTB sell off.
There certainly would have been a greater issue in the rental market without the expansion of BTL. The government have even said they rely on the private rental market to provide options for rental.
There are also statistics that shows that rental properties in general have improved since the introduction of BTL.
At the end of the day, it's an option which people can choose to take or not and as a business, the model has to be to maximise returns on the investment (that includes not overpricing the property in the market):wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
One lot did ask, were told no as the landlord (dabblers in BTL) wanted to keep their options open. This is in SE London which has pretty high demand and fast rising rents.
Ok, but could they not find one suitable property that would provide a longer tenancy.
My BTL's are also in a high demand, rising rent market, however I'm happy to provide longer tenancies as it provides greater security for myself (and the tenant) and less work for the return.
Most concentrated work and costs are between tenancies.:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0
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