Generation Rent. Thousands more young stuck in rental sink hole. No hope on horizon

ruggedtoast

http://www.dailymail.co.uk/news/article-2395589/Generation-tenant-How-Britain-nation-renters-just-10-years-TORQUAY-51-new-rental-hotspots.html

The number of people renting homes has soared by a staggering 89 per cent in 10 years as householders struggle to get on the housing ladder, new data has revealed.
Figures show a dramatic rise in the number of tenants in England and Wales, from 1.9million households in 2001 to 3.6million in 2011.
The rise has lead to a surge in the number of 'rental hotspots' emerging across the country.
In 2001 there were just eight 'hotspot' areas in England and Wales that had between 20 and 40 per cent of homes rented out, but by 2011 this had climbed to 51 areas.

Rental 'hot spots'. Hot for the scourge of buy to let landlords. Hot for the bankers who make their millions from selling debt to honest working people, forced to pay through the nose for a roof over their head. Nothing but more rental misery for those who have given up on the modest dream of owning a small house in which to have a family and grow old, like the privileged boomer generation before them.

Crippled by student loans, insecure ASTs, a labour market throttled by temp agencies, Generation X and Y really are the golden goose who are being squeezed for every shilling by the parasitical rentier class, hungry to suckle on the milk of house price inflation, landlordism, public benefits, corporate welfare and final salary pensions.

Another miserable chapter in Exploitation Britain.


A landlord writing out a Section 21 notice on hearing that one of his tenants has dared to breach the terms of their tenancy and become pregnant, thereby introducing the possibility of children to his three bedroom 'investment'.


Some bankers celebrate another successful day of other people going to work and paying interest on the money their banking system created out of nothing to lend back to them at usurious rates. Its not inflationary, because it's rigged so the middle classes can only get poorer


Student Loans, rental increases, other people's pensions and health care, house prices, wage depression; Generation Y receive's it's daily demand to pay up


The over riding question that grows ever larger on the minds of Generation X and Y



A tenant enjoys that second class citizen feeling of trying to find a private rental that the UK does so well

IveSeenTheLight

ruggedtoast wrote: »

Rental 'hot spots'.................................

My what a gloomy picture you paint.

I have BTL's in a strong rental market area, but I can also tell you that many young FTBers have the ability to save for a deposit and secure their first home.

It would seem that those who do have the will and desire to achieve can do so, whilst some others that have in inherit "expectation" that life should be easy cannot attain their "goals"

Its unfortunate, but there really does need to be a reality that there simply is not enough supply of housing such that property is affordable to all.

Thrugelmir

Another miserable chapter in Exploitation Britain.

No mention I note of Northern Rock providing mortgages on the never never to those totally unsuited to having one.

Soon gets forgotten that 1 in 6 of new mortgages in the first six months of 2007 alone came from NR.

chucky

Thrugelmir wrote: »

No mention I note of Northern Rock providing mortgages on the never never to those totally unsuited to having one.

Soon gets forgotten that 1 in 6 of new mortgages in the first six months of 2007 alone came from NR.

Why should they mention it?

1 in 6 of new mortgages would be about 0.001% of all mortgages in England and Wales.

It's always good to bring real facts with perpective to the discussion.

Carl31

IveSeenTheLight wrote: »

Its unfortunate, but there really does need to be a reality that there simply is not enough supply of housing such that property is affordable to all.

theres enough houses, as else the increased renters would be on the streets, its who owns those houses thats the problem

If becoming a landlord was not so accessible, as it is now, thanks to BTL, then the housing crisis that the media loves at the moment would not exist

IveSeenTheLight

Carl31 wrote: »

theres enough houses, as else the increased renters would be on the streets, its who owns those houses thats the problem

If becoming a landlord was not so accessible, as it is now, thanks to BTL, then the housing crisis that the media loves at the moment would not exist

This simply is not true.

BTL only partially filled the void created by the RTB sell off.

There are fewer rental properties as a percentage of housing stock now than against the historical norm.

You're also not considering that many rented properties are properties which have multiple occupiers (i.e. HMO's)

Carl31

IveSeenTheLight wrote: »

This simply is not true.

BTL only partially filled the void created by the RTB sell off.

There are fewer rental properties as a percentage of housing stock now than against the historical norm.

You're also not considering that many rented properties are properties which have multiple occupiers (i.e. HMO's)

So who owns the rental properties in these 'hot spots' that have increased in the past 10 years?

and who are the landlords to all these extra renters?

IveSeenTheLight

Carl31 wrote: »

So who owns the rental properties in these 'hot spots' that have increased in the past 10 years?

and who are the landlords to all these extra renters?

Well, my own VI area I perceive as a "hot spot" and on paper, the value and retnal yield has increased not only in the last 10 years, but also since peak in 2007.

Not sure the point you are trying to make though.

michaels

Umm - the govt have spotted the problem that having access to capital gives those who have had longer to amass capital an advantage when it comes to gaining housing finance and are putting in place a scheme to 'level the playing field' for those who have not had the chance to amass the necessary capital.

However the 'level playing field' is not going to cause the cost of housing to fall as this is driven by supply and demand. The supply of private rented property is probably the most fragmented industry in the country so there is no scope for market manipulation or price fixing.

This is not to say that the housing market in the UK is not dysfunctional but the problems all relate to supply constraints, wihout regulation houses would move to build cost plus the value of land in alternative use (generally as farmland). If you want to protest why not look at the real culprits, the nimbys and local councils who do their best to restrict development at all cost.

John1993_2

I'm a banker. I don't make any money off lending, I make it from taking the risk off one set of people, who don't want it, and selling it to somoene else, who does.

That's what the business in the city is mainly about, selling financial services to companies, who themselves carry out operations in the "real" economy. I'm not going to feel guilty because someone misunderstands what we do, and gets angry about it.

Thrugelmir

Carl31 wrote: »

If becoming a landlord was not so accessible, as it is now, thanks to BTL, then the housing crisis that the media loves at the moment would not exist

While it may been easy a few years ago. Current lending criteria has changed the rules of the game today.