Housing benefit to private landlords

wotsthat

mrlegend123 wrote: »

I would leave the country.......I'm close to leaving now lol

This ought to be added to the list of what makes a Crash Troll - they're always on the verge of leaving the country.

System

I'm a correction troll not a crash troll. You need to start a new list for correction trolls.

mwpt

mrlegend123 wrote: »

I'm a correction troll not a crash troll. You need to start a new list for correction trolls.

Where do you live?

I accept that London and the South East are very expensive. Not a lot of property for sale and lots of well paid people wanting to buy property, combined with cheap and easy credit means prices are high.

Up north, the same doesn't seem to apply. If you live up north, could you post some examples of property that you believe is overpriced, in areas you are familiar with?

System

My home town is the NE and I am based in the SE (forces).

cells

mwpt wrote: »

I wonder if cells will ever get over his obsession with chasing house prices forever with ever cheaper and easier credit. When his measures don't work as prices climb higher, then he will request cheaper credit.

Who said anything about the price of credit?

If you ever become king, I'll immediately go out and get my Wimbledon Village mansion with 0% down, 0.1% interest only mortgage.

You wont be able to because you wont be able to afford the repayments on a £20m mansion even at 0% interest.

I also wonder if cells who is a private landlord would stop being so sensitive when people mention measures that might negatively impact them. I wonder if he will stick to the point of debating whether housing benefit is required where a free market approach might have better outcomes for more people.

I've put forward the most damaging policy to myself and would not oppose it if it came in and that is the policy of selling down the social stock in London from ~24% to ~10% that would make me personally a lot poorer but it would be the right thing to do

Regarding reducing housing benefit to private landlords. Without spending weeks on the topic (I doubt any of us will) I will put forward the following points to consider. In most regions is HB a net cost at all considering the landlords pay 40% of its back and pay stamp duty and pay CGT while the social landlords pay none of that. 2: how many households are you realistically able to move from inner London to stoke on trent and will these people be living in private rentals in stoke or social or what? 3: how quickly should the poor be forced to move out of London surely not all on the same weekend so how many years. 4: why should the poor private renters be forced out while the same poor people in social homes stay put. 5: assuming it happens what is the new equilibrium point in london, ie if rents fall surely there will be a change in the number of people currently leaving london due to the high prices and others who are not coming due to the high prices.6: what happens to the tax take from landlords with lower rents and who fills in the gap? etc etc

mwpt

cells wrote: »

You wont be able to because you wont be able to afford the repayments on a £20m mansion even at 0% interest.

Interest only champ.

And how do you know how much I could afford if it were repayment?

wotsthat

mrlegend123 wrote: »

I'm a correction troll not a crash troll. You need to start a new list for correction trolls.

You're just a house hunter who would like prices to be cheaper and have bought into a narrative as to how and why they should be. Talking your book.

A crash is or isn't going to happen regardless of what you think so if you want to buy somewhere you may as well get on with it. Of course, if you're confident you know there's a crash-a-coming good luck to you. Is there a Mrs. Leg End - how long do you think she'll go along with this nonsense?

Crashy sold in the late nineties and has rented ever since. Wasn't much older than you when he did this - he's 50ish now - don't be that guy.

System

I am not a house hunter and never spoke about a crash so I do not know what your are on about there

I can buy a house with cash in my hometown in the NE or get a mortgage for a house in the SE where I am based. I save & invest £1000s each month and make good gains. I want a downturn so I can make more money.

cells

mwpt wrote: »

Interest only champ.

The most important factor is self cert not IO. We need self cert to return (or accept a permanent swing to more renters)

Interest only is far behind the need for self cert. I think its reasonable that it returns because people can already kind of do interest only by simply refinancing to the original sum every 2 years (or however long their fixed product period is)

Self cert on repayment with 20% down, IO upto a certain age with 20% down. Or a 'normal' repayment mortgage with 0% down

And how do you know how much I could afford if it were repayment?

Not many people can afford £67k a month (0% interest) repayment mortgage on a £20m mansion, if you can good for you.

System

Cells - where were you during the last financial crisis? Lol