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

AG47

I feel the same as: "I really cannot wait for the stampede as the BTL parasites all start panic selling when the bubble bursts." Another: "BTLs are just another business created for greed, not for homing people." Someone comments: "The worst type of human - those greedy, vulture like exploiters."

It's obvious why btlers are hated so much, it's because renters now outnumber owners and for a political party to win they just have to appeal to the largest number of voters.

The hate rhetoric wil continue until the next election, the Tory plan will backfire though because Labour will capitalise on this hate rhetoric with rent caps that are quite low so they can reduce the housing benefit outgoings.

There will be max rents allowed to be charged for each area, it doesn't matter if the LL can't afford his mortgage repayments, it's his fault for being greedy in the first place.

This is a win win situation, labour get tons of voters on their side, the housing bubble will burst and the banks will repossess millions of properties. The benefits bill will be reduced getting the deficit under control and the only ones who lose are the Greedy LLs.....

kinger101

AG47 wrote: »

It's obvious why btlers are hated so much, it's because renters now outnumber owners and for a political party to win they just have to appeal to the largest number of voters.

Of the 23.4 million homes in England and Wales, 8.3 million are rented. And half of those are let by social landlords.

http://www.ons.gov.uk/ons/rel/census/2011-census/detailed-characteristics-on-housing-for-local-authorities-in-england-and-wales/short-story-on-detailed-characteristics.html

The "voters" are not the electorate, by those that chose to put an X on the ballot form. The homeowning population is on average of a higher age than the renting population. And older people are more likely to show up at the polling booth.

chewmylegoff

AG47 wrote:

this is a win win situation, labour get tons of voters on their side, the housing bubble will burst and the banks will repossess millions of properties. The benefits bill will be reduced getting the deficit under control and the only ones who lose are the Greedy LLs.....

Well all the banks will probably be insolvent so we'll have another massive financial crisis as well which may turn out to be something of an inconvenience to the rest of us...

Masomnia

chewmylegoff wrote: »

Well all the banks will probably be insolvent so we'll have another massive financial crisis as well which may turn out to be something of an inconvenience to the rest of us...

And the very people who want to buy homes no doubt. Some of my friends are quite pro a house price crash, and I always tell them to be careful what they wish for. No good if prices tank and you lose your job because the economy goes with it!

AG47

chewmylegoff wrote: »

Well all the banks will probably be insolvent so we'll have another massive financial crisis as well which may turn out to be something of an inconvenience to the rest of us...

The banks will reposses millions of former btl properties, it will be like another bailout similar to when Gordon brown sold most of our gold to the banks dirt cheap.

AG47

chucknorris wrote: »

I'll be glad to have sold mine by the time I reach state pension age, but if I wait that long (8 years away), by then I would have been a landlord for 33 years, enough is enough, I look forward to not hearing about plumbing leaks, broken this and that ete.

you and thousands of other btlers all want out at the same time, the longer you leave selling up the less you will get.

The fact that mark Carney actually said he was worried about a wave of sellers all trying to compete by undercutting each other will become a self fulling prophecy

chewmylegoff

AG47 wrote: »

The banks will reposses millions of former btl properties, it will be like another bailout similar to when Gordon brown sold most of our gold to the banks dirt cheap.

But the price of all houses will go down the toilet as a result of your envisaged house price crash and therefore the houses that they repossess will be worth less than the outstanding mortgages so they will suffer losses. Furthermore the value of the security against the rest of their loan book will also be worth less than the loan book so now no one will want to lend money to that bank and it will be unable to function.

You may have noticed exactly this happening during 2007/8? Perhaps you will have heard about the enormous deficit we have been running every year since then and the massive debts we have racked up as a result?

chucknorris

AG47 wrote: »

you and thousands of other btlers all want out at the same time, the longer you leave selling up the less you will get.

The fact that mark Carney actually said he was worried about a wave of sellers all trying to compete by undercutting each other will become a self fulling prophecy

Thanks, but I reckon my investment decisions to date have proved good enough for me to back my own judgement. IMO there won't be a mass exodus, investment property is still very profitable, the only reason that I want to eventually sell is because I want to spend the equity before I die, if I was younger I wouldn't consider selling. Sure there will be some over leveraged landlords that may have to sell, but they will not be a significant proportion of the market.

In fact my wife who is 12 years younger than me has no intention of selling, and I will also probably be retaining 1.5 (including the one that I own jointly with my wife) investment properties, to maintain portfolio diversity. So I'm only talking about selling 3 flats, if the market did crash, I would probably do the reverse and buy.

EDIT:What makes you think that I would sell in a crashing market, that would just be daft.

Blacklight

People don't tend to complain or protest about things they like.

michaels

mwpt wrote: »

And yet they don't. So the sensible thing to do is check your reasoning, rather than tell everyone they're wrong. When the Tories were voted in, a mass hysteria by the left on social media started saying all voters had been duped and were stupid, instead of perhaps doing some self reflection and asking why people wanted something they didn't.

Food shops provide food in abundance at reasonable prices.

Houses become increasingly unaffordable to regular people, while landlords are still able to buy and hoard them (I'm talking about the SE, where I live, I can't speak for up north).

And yet I bet the food retail market overall makes a higher margin and return on capital than the property rental market so in terms of 'profiteering fro a basic human need' the food retailers are clearly much more culpable than landlords.