Right to buy tenant plan to cost LLs £50 Billion

Arklight

This discussion could also be titled as, "Shock as people who loathe Jeremy Corbyn and would never vote for him ever find another policy to hate, courtesy of another Rupert Murdoch newspaper."

No buy to let landlord is going to vote Labour anyway so it makes sense to focus policy on people who will vote Labour.

Green_Bear

Cakeguts wrote: »

In any event it would only work once.



Once all the decent properties had gone no landlord would invest in buying anymore so the next generation of renters would be stuck with nowhere to rent at all because the previous generation would still be living in all the houses that no one wanted to buy.

I think the idea is that those houses the LLs no longer wanted to BTL, would now become affordable to FTBs - hence the numbers forced to rent would become negligible.

Green_Bear

PasturesNew wrote: »

It's unworkable and ridiculous. Nobody will buy something, to then be forced to "give it away" in X years' time.

Whether more will sell or not and whether rentals become scarcer is irrelevant because there will still be the same number of homes - and so more people will buy.

But nobody is going to buy something today, be fully and wholly responsible for it until such time as somebody can just swoop in and get it at a low price.

Anybody who can count to 10 could work that one out.

Yes, the point of the policy is to convert more renters to home owners.
But you seem to suggest the policy is impossible, by pointing out the desired result..

Green_Bear

Arklight wrote: »

This discussion could also be titled as, "Shock as people who loathe Jeremy Corbyn and would never vote for him ever find another policy to hate, courtesy of another Rupert Murdoch newspaper."

No buy to let landlord is going to vote Labour anyway so it makes sense to focus policy on people who will vote Labour.

True.
Via 'Cambridge Analytica' type focused social media advertising.
These days politicians can say different things to different people.

Green_Bear

Arklight wrote: »

This discussion could also be titled as, "Shock as people who loathe Jeremy Corbyn and would never vote for him ever find another policy to hate, courtesy of another Rupert Murdoch newspaper."

No buy to let landlord is going to vote Labour anyway so it makes sense to focus policy on people who will vote Labour.

If you look on the 'Property Tribes' website, there are a lot of LLs suggesting things like restrictive covenants etc to try and find loopholes to this (not yet enacted) policy.

Of course, this is mostly nonsense as a new statue law over-rides previous legislation (in the UK at least).

My own opinion, is that when it gets to the stage of ''yes, but I'll do x,y,z to find a loophole'' - it's probably time to reassess why you want to remain invested in such a politically risky asset class...?

Filo25

I'm not a BTLer but on the face of it, this seems to be another populist economically stupid policy.

On the upside it isn't looking hugely likely that Labour will be getting a majority anytime soon, and I would guess stuff like this isn't going to be too popular with some of their potential coalition partners if they get close enough to be able to form a govt with support from other parties.

Thrugelmir

DannyGold wrote: »

Momentum is a powerful and increasingly independent political force that is radically transforming the Labour party, with local groups challenging party orthodoxies, flouting national membership rules and fighting to get their activists selected.

Are you bringing the traditional hard core Labour voters with you though. Many are now themselves Middle Class. Own more than one property, enjoy good public sector pensions, have regular foreign holidays. A far cry from Corbyn's heroes era of mine , steel, factory and print workers.

Will they bring themselves to trust JC and look after their interests too.

RealElement47

Right to buy for private tenants is a great way for British citizens to buy foriegn owned property for a huge discount.

It's going to be a wealth transfer from wealthy foriegn property owners to UK tenants.

Green_Bear

Thrugelmir wrote: »

Are you bringing the traditional hard core Labour voters with you though. Many are now themselves Middle Class. Own more than one property, enjoy good public sector pensions, have regular foreign holidays. A far cry from Corbyn's heroes era of mine , steel, factory and print workers.

Will they bring themselves to trust JC and look after their interests too.

No. Probably not.
But their offspring may do...

Green_Bear

RealElement47 wrote: »

Right to buy for private tenants is a great way for British citizens to buy foriegn owned property for a huge discount.

It's going to be a wealth transfer from wealthy foriegn property owners to UK tenants.

It may be, IF Labour win and win with a sufficient majority to push through such radical (for the UK) legislation.

The market consensus seems non too concerned about a Labour victory. Just take a look at the National Grid share price. Hardly falling through the floor, is it?