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why dont landlords never sell up

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Comments

  • stu12345_2
    stu12345_2 Posts: 1,576 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    ta for reply, yes i have family up north that did right to buy and love to boast about the equity in their ex council houses,in run down towns, but they cant take that equity to the checkout at tesco. and there stuck in those towns as they cant sell. and if they did, they cant afford a better house in a better town.

    where as they mock me for renting of council with no equity, but in a highly desirable town in the west country.
    Christians Against Poverty solved my debt problem, when all other debt charities failed. Give them a call !! ( You don't have to be a Christian ! )

    https://capuk.org/contact-us
  • I am guessing this post was a wind up, because no sane person would ask the question...LOL


    In my 60's, God willing I live that long, I would rather have £220k in the bank, so I could p**s it up the wall on holidays, cars I have always dreamed of, and helping kids/grandkids, than having £800 per month coming in and paying tax on it.


    Landlords mainly buy and sell property to maximise either capital or income, not for the love of the tenants....


    Oh and buy the way, I am guessing that Richard Branson and Warren Buffett have enough capital to buy a couple of Bentleys if they want them, without having to flog a few shares....


    I do like these contentious posts.....
    20 plus years as a mortgage adviser for Halifax (have now retired), and I have pretty much seen it all....:D
  • kinger101
    kinger101 Posts: 6,632 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    martin1959 wrote: »
    I am guessing this post was a wind up, because no sane person would ask the question...LOL


    In my 60's, God willing I live that long, I would rather have £220k in the bank, so I could p**s it up the wall on holidays, cars I have always dreamed of, and helping kids/grandkids, than having £800 per month coming in and paying tax on it.


    Landlords mainly buy and sell property to maximise either capital or income, not for the love of the tenants....


    Oh and buy the way, I am guessing that Richard Branson and Warren Buffett have enough capital to buy a couple of Bentleys if they want them, without having to flog a few shares....


    I do like these contentious posts.....

    I've rented from retired people. A agency managed property with a decent yield is a much better option IMO than an annuity, and leaves you something to pass to to the kids.
    "Real knowledge is to know the extent of one's ignorance" - Confucius
  • Pixie5740 wrote: »
    Ok so maybe they don't like selling but they do. I'd love it if councils were to sell properties that it was at full market rate and not with some massive discount to people who had subsidised rent for years.

    Council rents are not subsidised, you may recall that the original rationale for selling council stock was that long-term tenants had paid for their houses many times over. This is confirmed by no less an authority than the Adam Smith Institute (Trotskyites to a man)

    http://www.adamsmith.org/blog/welfare-pensions/social-housing-is-too-subsidised/

    Lower than market rents arise from local authorities having access to cheaper long term finance, economies of scale and simply being able to take a long view. Very few council houses have been built since the eighties; the vast majority of council stock is paid for.

    Private rentals are subsidised by the taxpayer through allowances for mortgage interest, maintenance and management. Private rentals do not operate in a free market because if the rent's too high the taxpayer tops it up through housing benefit; this has an effect on the whole of the private rented sector whether HB is involved in a particular tenancy or not. Nearly a million people (and rising) who claim housing benefit are working, rents are not affordable from wages.

    http://www.independent.co.uk/news/uk/politics/number-of-people-in-work-claiming-housing-benefit-soars-9647752.html

    Landlords will claim they are providing a service. They are not, the houses would be lived in who ever owned them. Without the taxpayer subsidy that enables landlords to bid up prices many more would be owner occupied.
  • kinger101
    kinger101 Posts: 6,632 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 25 January 2015 at 4:01PM
    Council rents are not subsidised, you may recall that the original rationale for selling council stock was that long-term tenants had paid for their houses many times over. This is confirmed by no less an authority than the Adam Smith Institute (Trotskyites to a man)

    A fallacious argument in my view. If a private tenant tried to make a similar argument to a landlord who decided to sell their house, what do you think the answer would be?

    The fact is the government is servicing debt, so any sale of a public asset at below market value is a bad deal for the taxpayer.

    The whole mortgage interest thing is incorrect too. BTL is a business. Businesses are allowed to make expense deductions before calculating taxable profits. Though I agree that HB distorts the market. But I think the problem goes much deeper here. Someone working a full week shouldn't need tax credits or HB. We need to living wage to avoid what amounts to corporate welfare.
    "Real knowledge is to know the extent of one's ignorance" - Confucius
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