Why do people resent buy-to-letters so much?

Electrum

kinger101 wrote: »

No. You missed the point. He said he wouldn't buy a flat to live in. It doesn't mean he wouldn't rent one (if he were just starting out).

Yes I think the point is people dont want to BUY flats, they only want to rent them.

When rent controls come in there will be mass seling of flats but nobody will want to buy them. Many people will want to rent them for the new lower rents, but who on earth will want to buy them? I can see the big banks repossessing them and just renting them out for the new lower capped rents.

makeyourdaddyproud

I would probably ascribe to the view that, as time progresses, the cost of land will accelerate to the point where the only properties worth building (in terms of profit for the HB) would be flats. The net effect of this could create a glut where the prices could remain static or drop over the longer term. As the populace expands, rose tinted demand for houses might evaporate once they see the prices out of reach for all but the wealthiest.

Most may give up and buy the best flat they can.

makeyourdaddyproud

kinger101 wrote: »

No. You missed the point. He said he wouldn't buy a flat to live in. It doesn't mean he wouldn't rent one (if he were just starting out).

Doh I missed that

CLAPTON

makeyourdaddyproud wrote: »

I would probably ascribe to the view that, as time progresses, the cost of land will accelerate to the point where the only properties worth building (in terms of profit for the HB) would be flats. The net effect of this could create a glut where the prices could remain static or drop over the longer term. As the populace expands, rose tinted demand for houses might evaporate once they see the prices out of reach for all but the wealthiest.

Most may give up and buy the best flat they can.

complete nonsense

makeyourdaddyproud

CLAPTON wrote: »

complete nonsense

Everyone is entitled to opinion - your only saving grace.

Electrum

We are almost at the point where property has gone so overvalued that even Doctors and Lawers cant buy a house easily on their earnings.

History proves these cycles always continue, there will be a huge correction at some point, just like every other time this happens through history.

Pete9501

CLAPTON wrote: »

complete nonsense

Quite, the UK isn't Hong Kong. Actually Holland has a greaer population density than the UK.

Pete

CLAPTON

makeyourdaddyproud wrote: »

Everyone is entitled to opinion - your only saving grace.

indeed so

difficult to reconcile extremely high land prices with a glut but I guess it is christmas

Graham_Devon

Electrum wrote: »

Yes I think the point is people dont want to BUY flats, they only want to rent them.

When rent controls come in there will be mass seling of flats but nobody will want to buy them. Many people will want to rent them for the new lower rents, but who on earth will want to buy them? I can see the big banks repossessing them and just renting them out for the new lower capped rents.

Some flats are OK. I remember going round to someones flat some time back and their flat had 3 levels in it, so seemed very much like a house.

However, what would put me off BUYING a flat would be the leasehold, the joint responsibility in some cases for repairs & maintenance. I know someone who this year got caught out as the windows in all the flats had to be replaced, and he HAD to cough up regardless of whether he wanted new windows or not.

Flats with a lift? Forget it.

Then you have the less than desirable people you could end up living around. It's just too much hassle. I'd rent one though. At least I could get out after 6 months with no worries or hassle.

Hence they end up as BTLs. However, if you look on the house buying forum on here, even then, existing landlords suggest other landlords stay well away from flats.

One company managing the entire lot of flats is a different matter altogether.

BananaRepublic

Electrum wrote: »

Yes I think the point is people dont want to BUY flats, they only want to rent them.

When rent controls come in there will be mass seling of flats but nobody will want to buy them. Many people will want to rent them for the new lower rents, but who on earth will want to buy them? I can see the big banks repossessing them and just renting them out for the new lower capped rents.

I would happily buy a flat were I 20 years younger, and starting out on the home ownership ladder. I know people who bought flats and did very well. I think you will find that many people prefer to own a small flat, with a mortgage, than pay a landlord for the privelege of renting the same flat.