We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Renters' Rights Bill - Will it screw me over?
Comments
-
Evidence from market professionals counters your anecdotal evidence.
https://thenegotiator.co.uk/news/rental-market/rental-stock-rises-25-despite-renters-rights-fears/
0 -
From 700 to 900 in Q3, out of 4.87 million rentals. That's an increase of 0.004%, or pretty much nothing.
1 -
Doesn't that contradict your claim the market is about to crash and landlords are fleeing the rental market?
Or are you trying to claim something else?0 -
And what's ironic, is that they're constantly banging on about nothing selling. On another forum, I was reading about someone who is trying to FTB in Edinburgh and the situation is dire up there. Most properties are going for 10% more than the homebuyers report, which means they can't get a mortgage, even with 12% deposit.
0 -
10% over is pretty standard for anything in Scotland that moves quickly.
Edinburgh is always way worse. When I was trying to buy in Edinburgh years ago landlords everything was going for absolutely silly figures over the valuation, like you didn't stand a chance unless you were at value + £70k. That was easily 20-30%.
It's a kind of broken system with the fringe driving huge 6-week rental demand, lots of year round rental demand for tourism, a cluster of universities and parliament.
(I think there's a bit of a disconnect between Scotland who under-value the starting price to bring in interest and England who over-value the starting price to offer a discount. I don't think either is wrong per se, but it makes any direct comparisons difficult.
For example, if you wanted £150k in Scotland you'd list at £140k and England at £160k.)3 -
Problem with this system is that the homebuyer report determines how much mortgage you can get. Hence why it's impossible for many FTBers to get on the ladder.
1 -
The pendulum swings between favouring tenants or landlords has been swinging away all my adult life that I', aware of. All these "experts" claiming doom and gloom are just guessing.
Landlords got massive benefits when Thatcher;s 1988 Housing Act came in, when interest rates dropped etc etc etc.. (Any landlords viewing claim to have reduced rents after interest rates dropped significantly?? Thought not.) Tenants benefited when deposit protection schemes came it etc etc .
People, it's always varied & always will. Any landlord banking on no changes will be sadly disappointed and clearly did no risk reduction planning.
NB On Interest rates in the 1970s under Thatcher's iron fist I had a for then "large" mortgage. Started at 10%. Within less than a year BoE rates jumped to 17%. 'Twas an "interesting" time….
3 -
My folks became student landlords simply because in the late 80s and early 90s, Polys and Tech Colleges turned into Universities. Then Tony decided that they should quadruple in size, without taking stock of the local housing situation.
With them working for the university, they realised they were in a position to buy a few ex-council houses, turn them into (what would become) HMOs and rent them out cheaply - and genuinely they did rent them for bottom of the market money so that they could pick and choose their tenants.
What they didn't realise was that those houses that they paid £50k for, 15 years later were suddenly worth upwards of £200k (they sold at the top of the market in 2007 in a specific area that had become gentrified).
And herein lies the issue though. In the early 90s, kids just weren't thinking about buying a house ASAP (I say that as someone who was in their early 20s). They left it and left it. Then realised they'd been priced out because of a housing boom (I fortunately bought in 1997, but many of my friends didn't).0 -
My claim is that landlords are not fleeing the rental market, in many cases because they have BTL debt to pay off ( some seem to be going bust though so not sure where that leaves your "too much demand" argument? ) and there are plenty of houses, how much rent costs is driven by wages so we will see how that plays out, but rents are falling at the moment as supply rises so you or anyone can do the arithmetic.
0 -
Every one of the 900 though probably thought they had bought into a one way money machine?
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards