Right to buy tenant plan to cost LLs £50 Billion

The-Joker

Rich2808 wrote: »

Alternatively Labour right to buy tenant plan saves first time buyers £50 billion?.....

There are 2.5 million landlords in the UK - and presumably 60 million plus who aren't - and a lot more renters/young people. Do the maths about where the votes are!

Not saying I agree with this specific policy as it won't work in practice - but lets not break out the violins for poor landlords as their days of generous tax breaks and making easy cash on the back of others productive work are coming to a halt.

This post sums up everything

Yes even though most don’t like JCorbn the numbers will vote for him because of all the things he is offering

This is why all the popularity pops don’t mean swag didly

Look at what happened in USA with hilery vs trump all the polls had trump losing same as JCornb at the moment

Sailtheworld

The-Joker wrote: »

So the £40K roof thing is not a myth

The previous owners of my place put on a new roof in 2006 (the first since it was built in the 1930s) and it cost about £7k and nothing since.

£40k seems like a reasonable budget to cover new roofs for the next 500 years. 400 years if you're unlucky.

The-Joker

Sailtheworld wrote: »

The previous owners of my place put on a new roof in 2006 (the first since it was built in the 1930s) and it cost about £7k and nothing since.

£40k seems like a reasonable budget to cover new roofs for the next 500 years. 400 years if you're unlucky.

No if you’re lucky then no wood worm or rot, not to mention wild weather increases

edgex

Chrysalis wrote: »

My opinion is the private market isnt fit for purpose for the masses.

You cant regulate it, as that would be too hard on the landlords. They would sell up in droves and perhaps even protest.
If its unregulated its too unfair to the tenants. Hence the need for social housing on better terms.

but it is regulated;
minimum EPC grade
gas safety
electrical safety is coming in
HMO regulations
LA landlord licensing
etc etc etc

Sailtheworld

The-Joker wrote: »

No if you’re lucky then no wood worm or rot, not to mention wild weather increases

I don't know where you're getting this from. If roofs needed replacing as often as you think about 1 in 4 houses would currently have scaffolding on them. In your lifetime how many times has the roof of your current house been replaced?

Same with boilers. I recently stripped out the central heating system (£350 for the scrap copper) and replaced it with a completely new system where I laboured for a plumber. £4.5k for all parts & labour and that covered the install of a new shower and rerouting of the gas supply as well. The last system was installed in about 1978. Gas consumption has dropped by about 3/4.

If you're renting then you're paying these costs so you'd better hope you've got this wrong.

edgex

GreatApe wrote: »

I will say again, a simple increase of the additional property tax would see private rental stocks shrink and probably quite rapidly

Go from +3% surcharge to +10% surcharge and you would find the rental sector would shrink by at least 100,000 units a year. Might not sound a lot but over a 10 year period it is a lot. The private rental sector would shrink from about 20% of the housing stock to about 15% of the housing stock. You don't really want to go lower than 15% as we need some private rentals to allow for students and people moving around for work and people starting out in life (can't expect someone to go from university dorms to ownership overnight they need to rent for a few years

But that extra is only going to be paid on purchases, so it would have no impact on what is already owned,
or what is built by landlords,
or if they negotiate a discount by being able to purchase with cash & quickly

The-Joker

edgex wrote: »

but it is regulated;
minimum EPC grade
gas safety
electrical safety is coming in
HMO regulations
LA landlord licensing
etc etc etc

Just goes to show your property is not an asset it is a liability

chucknorris

The-Joker wrote: »

Just goes to show your property is not an asset it is a liability

In the past 3 years we have sold 3 investment properties:

4 bed house in Hackney house bought for £110k (but about £40k spent on improvements), sold for just over £1m.

A 2 and 3 bed flat bought for £84k and £70k (about £30k spent on improvements), and sold for £440k and £530k (just exchanged contracts today).

There was also a lot of rental profit too.

The-Joker

chucknorris wrote: »

In the past 3 years we have sold 3 investment properties:

4 bed house in Hackney house bought for £110k (but about £40k spent on improvements), sold for just over £1m.

A 2 and 3 bed flat bought for £84k and £70k (about £30k spent on improvements), and sold for £440k and £530k (just exchanged contracts today).

There was also a lot of rental profit too.

You must have paid huge cap gains?

Imagine being forced to sell to your tenants at greatly reduced amounts?

Not long ago it looked very unlikely Jeremy Corbin could ever get in so right to buy was remote chance

Now everything is so uncertain anything is possible

MobileSaver

The-Joker wrote: »

Imagine being forced to sell to your tenants at greatly reduced amounts? ... very unlikely Jeremy Corbin could ever get in

I think you have seriously misunderstood; the tenant might get a good discount but Corbyn's proposal was that the landlord wouldn't lose out as you the tax-payer would cover that discount, not the landlord. :beer: