Rant - London rent prices...
- Thread starter wire-screw
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I'm not saying there are definitely some. I was just arguing that if someone can afford to buy a 2nd home and rent it out then why shouldn't they?
Soldato
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Because it upsets the socialists to profit from one's labours.
Bit of a stretch to call having someone else pay off your mortgage on a necessary asset that historically only appreciates in value "one's labours".
Nobody would care about BTL landlords if there wasn't such a supply issue and the object in question wasn't literally a roof over your head.
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What could have been better was for you to think about these things before you applied to study in London expecting to maintain a lifestyle you can't afford.
Life is a series of choices about priorities. You generally can always have your most important one if you are willing to ruthlessly sacrifice elsewhere: want to live a good lifestyle as a student then there are cities for you, want to have the best opportunities then there are cities for you.
You could have looked into going to Germany and had your course paid for and had a good standard of living. Like I said the goal is to learn how to apply the applications of study rapidly and effectively to all aspects of life. Consider this a learning experience so when you decide what you want to do with your life and well you give it the due diligence that you would give to a piece of academic work: seeking more than one viewpoint, weighing those viewpoints against each other, seeing how you can apply that knowledge into reality, etc.
Soldato
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£1,000 a month to RENT
hahahahahahaha
Thanks OP, I honestly needed cheering up today
hahahahahahaha
Thanks OP, I honestly needed cheering up today
Soldato
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If I lived in London I would be living in a box under a bridge (and not one of those fancy old stone built bridges). Instead I live in the North East of England and have a 3 bed semi-detached. Never understand how any low paid worker/student can make ends meet down there.
Associate
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They're generally not buying it themselves though are they?. Someone else is through paying rent and they won't get to own it.
No you're right. But they saved up the ~10% deposit which sometimes isn't an easy feat (otherwise everyone would be a homeowner) and provided someone else who can't afford to save up a deposit with a roof over their head.
Then you got people who can afford to buy the house outright.
There's a market for it and people go for it. Everyone involved in that immediate transaction wins. Owner of the house has an investment and the people renting have a roof over their head.
The bigger picture? Yes it might have an impact on house prices. That much of an extent? Perhaps. But can you really blame people on an individual basis IMO. Government needs to build more houses.
Rather them than the people who buy houses and only use it for a couple weeks a year. But then again.. It's their money.
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if you lot read my links you'll understand why there is a BTL market and why the prices are high.
Well, before Gordon Brown gave landlords all these tax breaks and BTL really took off, funnily enough it was a heck of a lot easier to save a 10% deposit, and most people probably managed it. Graduate, work for a few years, buy first home. BTL completely sweeps away the bottom rung of the ladder, because the best BTL investments are 1-2bed flats. These are exactly the type of places that FTBs want. But they can't afford them anymore. You can even see it in prices. Where I used to live 2bed flats have now hit 500k but you can get 3-4bed houses for 600k.
I take it you don't rent? I'd be impressed if you can find a single person out there that wants to rent. It's forced upon people due to house prices being so high. I don't want to pay off some other ****s mortgage for him. I don't want to pay 50% of my income towards paying off his debt. Why would I? Do I really want to live in every home with the threat of 2 months notice hanging over me? No of course not. I actually just got kicked out of my flat after 5 years of living there. We got on really well with our landlords, then bam they want to refurbish so off we go. That place was my home. We had friends there, we had a local, restaurants where the staff knew us. But because rents keep going up we can't afford it anymore. So we're now on the other side of London feeling completely lost. We're not poor, we're not in danger of being homeless but this sort of thing is happening every day to normal working people. It's no way to live.
So no, not everyone wins thanks. /rant
When I went to Uni (2000), your parents' partner's income was exempted from calculations. Has that changed?
(didn't affect me, but I knew people for whom it did)
Associate
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Ok so what he's saying is that demand generated through increased migration should be reduced and that other countries, such as India, require you to be a resident before being able to purchase a property. Rather than allowing investors from Hong Kong buying up blocks of empty flats in central London.
How is that crazy?
Permabanned
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Once my current place runs out at £750 a month been here 5 years willing to go up to £850 if I must for it. With £260 rail. I will prob move back in to a shared house and spend £700-800 including bills. Because single bed are just to expensive and need about 45k to pay for a bed sit.
Foreign buyers are 3% of all London transactions. I'm really not sure any restrictions on them would have any effect. Any kind of restriction on investment from national or international people is only going to result in less properties being built. The market basically loses supply.
It only really affects the super prime market. Not what 99% of people could afford even if you arbitrarily cut their prices by 20%.
The link below suggests only 22,000 properties in London are truly vacant.
http://www.theguardian.com/uk-news/...-go-out-as-foreign-owners-desert-london-homes
Because it's a rant involving the term "uncontrolled immigration" which can be disproved in about three seconds.