Why the bad news for landlords is just beginning

Out,_Vile_Jelly

GreatApe wrote: »

the children wont care one bit if they move house. owners with kids do move house, do you go lecture them about how unsettling it is for them to put their kids through that?

Surely you can see there's a difference between an OO choosing to move house because of job/family etc and those in a rented property potentially having to move every year or so at the behest of their LL?

GreatApe

ukcarper wrote: »

I take it you don't have children.

I recall moving house twice when I was in Primary School and then again when in Secondary school and do not recall it was of any inconvenience to myself. Its another sob story with no merit, wont someone think of the children!

GreatApe

Out,_Vile_Jelly wrote: »

Surely you can see there's a difference between an OO choosing to move house because of job/family etc and those in a rented property potentially having to move every year or so at the behest of their LL?

99.5% of renters in a given year are not evicted by landlords using the courts that means on average a tenant would be evicted once every 200 years. In my own sample the eviction or notice rate stands at close to 0%

But even if there are tenants who are evicted who would like to stay its not anywhere near the inconvenience or cost as that of an owner having to move. An owner who looses their job and finds another 60 miles away will have to sell and buy closer which will mean in London costs of at least some £15k and in many cases in excess of £30k+ to do the move! Plenty of reasons that owners need to move which are out of their control too!

dktreesea

The-Joker wrote: »

Buying is much larger risk than renting

I would have said it can be, rather than "is". For the first quarter of 2016, repossessions were at a record low, 2,100 properties in England and Wales made up of 600 buy to letters and 1,500 homeowners. Presumably for all those people, buying a property turned out to be a risk too far.

westernpromise wrote: »

That's not what Crashy Time has found. He sold to rent 20 years ago. If he'd stayed bought in he'd now own outright the place he sold, and would have a big pile of cash as well. As it is, he has a small pile of cash and faces indefinite renting.

It is to avoid that that people buy.

Fair enough, not to mention not being able to be kicked out by a landlord, and, hopefully, having a stable interest rate rather than rent that goes up with inflation.


But again, this always assumes that interest rates on mortgages will stay nice and low. An uptick of even just 2% in interest rates on mortgages, for those now on a variable rate, could cause housing repossessions to soar.


There's a lot of factors to paying rent or a mortgage. Keeping your source of income, no uptick in interest rates, the landlord not suddenly wanting to sell up, being able to get good tenants into buy to let properties. There are still plenty of people who buy into the property market and end up losing, rather than making money.

ukcarper

GreatApe wrote: »

I recall moving house twice when I was in Primary School and then again when in Secondary school and do not recall it was of any inconvenience to myself. Its another sob story with no merit, wont someone think of the children!

I never move when I was a kid I wish we had as the house we lived in was a dump. I think the problem comes if the kids have to change schools.

GreatApe

ukcarper wrote: »

I never move when I was a kid I wish we had as the house we lived in was a dump. I think the problem comes if the kids have to change schools.

yes that could be a problem but its not only for renters plenty of owners have to move for plenty of reasons if anything the rental market is more liquid and thus it would probably be easier to find a rental near where you want to be.

Also it does not necessarily have to be a problem it can be quite a positive thing I know one chap who has a kid who is/was a bit dim according to him and was getting bullied at his school. they moved house 100 miles away for work reasons and the kid is apparently doing a lot better with grades and friends at the new school.

ukcarper

GreatApe wrote: »

99.5% of renters in a given year are not evicted by landlords using the courts that means on average a tenant would be evicted once every 200 years. In my own sample the eviction or notice rate stands at close to 0%

But even if there are tenants who are evicted who would like to stay its not anywhere near the inconvenience or cost as that of an owner having to move. An owner who looses their job and finds another 60 miles away will have to sell and buy closer which will mean in London costs of at least some £15k and in many cases in excess of £30k+ to do the move! Plenty of reasons that owners need to move which are out of their control too!

How many end of tenancy notices end in the courts.

ukcarper

GreatApe wrote: »

yes that could be a problem but its not only for renters plenty of owners have to move for plenty of reasons if anything the rental market is more liquid and thus it would probably be easier to find a rental near where you want to be.

Also it does not necessarily have to be a problem it can be quite a positive thing I know one chap who has a kid who is/was a bit dim according to him and was getting bullied at his school. they moved house 100 miles away for work reasons and the kid is apparently doing a lot better with grades and friends at the new school.

The difference is choosing when to move as apposed to being told when to move.

GreatApe

ukcarper wrote: »

How many end of tenancy notices end in the courts.

I dont know but a quick google shows the social sector evicts more than the private sector.

I did also add my own stats which is that close to zero have been served end of tenancy notices by myself. In fact only one person ever who was a bit nuts so im not sure he even counts.

So are landlords evicting/ending-tenancies here there and everywhere or is it largely a myth?

Out,_Vile_Jelly

GreatApe wrote: »

So are landlords evicting/ending-tenancies here there and everywhere or is it largely a myth?

This isn't the kind of data that ends up in the public domain; it's largely in the books of letting agents, or in the regular posts on the renting board here.

Presumably you rent yourself if it's so much less hassle?