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Its much more than that, most are via UK companies.
Rant - London rent prices...
- Thread starter wire-screw
- Start date
Its much more than that, most are via UK companies.
Soldato
So about 0.5% are empty. That is well below the average for the UK.
Correct, I don't rent. I've just finished saving up a small fortune to buy my first house. It took a while and sacrifices were made. I don't know your personal background well enough to make any comments on your situation.
I have a friend though, not the brightest crayon in the box but he works. Saving for a house is probably a bit much, would mean sacrificing his life for 5/6 years to save for a reasonable deposit to live somewhere that is a bit further out, away from family and friends. He rents a place. He stays local and keeps his social life. Long term there might be issues, but he accepts it.
This is more out of curiosity and the way I feel the natural way the conversation is going, but why didn't you save for a mortgage? This isn't a dig.
Yep. Only 22,000 of the 700,000 empty properties in the UK are in London.
That's not that surprising given that you really have to be quite wealthy to leave a property in London not earning its rent potential (i.e. only affects super prime properties).
You assume that not saving up for a deposit at the same time as renting and dealing with the costs of life in general is a conscious decision rather than one born out of necessity.
Soldato
We have always rented. How many thousands of pounds must we have paid over the last couple of decades...
Just worked out how much rent we have paid in the current house that we have been in for 16 years. I reckon we've paid it off now...
Luckily we are looking to buy now, due to an inheritance, but it's 150 miles away from London!
Just worked out how much rent we have paid in the current house that we have been in for 16 years. I reckon we've paid it off now...
Luckily we are looking to buy now, due to an inheritance, but it's 150 miles away from London!
Soldato
He probably can't afford to?
The property market in the UK doesn't function as a means to provide homes for people to live in anymore, it just serves to make money for people with money.
There's nothing wrong with 50% of the population renting, it's the norm here. In Germany the property market is regulated in such a way that market prices increases <5% steadily and don't suffer boom bust cycles (unlike the UK, where they are encouraged). Steady, stable growth is the ideal platform for investment and plenty of homes get built. Properties are generally invested in by businesses, and individuals generally invest in businesses instead of property.
But then, Germans are fiscally very conservative, plan long-term, don't take on debt unless it's absolutely necessary, acknowledge that stable growth and investment in business is the best thing for the country long term. You know, are generally responsible.
There's nothing wrong with 50% of the population renting, it's the norm here. In Germany the property market is regulated in such a way that market prices increases <5% steadily and don't suffer boom bust cycles (unlike the UK, where they are encouraged). Steady, stable growth is the ideal platform for investment and plenty of homes get built. Properties are generally invested in by businesses, and individuals generally invest in businesses instead of property.
But then, Germans are fiscally very conservative, plan long-term, don't take on debt unless it's absolutely necessary, acknowledge that stable growth and investment in business is the best thing for the country long term. You know, are generally responsible.
Soldato
Then that's fine. Read my posts in their entirety. I am saying BTL caters to a market. I don't think they are as bad as people make out.
If your situation is such that you can't afford to save up for a mortgage, then regardless if you disagree with BTL, landlords are providing you a roof over your head, seeing as you have not got the option to save for a mortgage.
I don't blame anyone for buying to let, it's a sensible choice for an individual if you have the cash.
The problem is that life as a tenant is not pleasant in the UK, you have very little protection, can usually be turfed out at short notice, have no protection from rate hikes. You can only ever lose as long as the government insists on encouraging BTL and driving up prices. Help to buy may get people away from being forced to pay someone else's pension, but it continues to drive up prices.
The problem is that life as a tenant is not pleasant in the UK, you have very little protection, can usually be turfed out at short notice, have no protection from rate hikes. You can only ever lose as long as the government insists on encouraging BTL and driving up prices. Help to buy may get people away from being forced to pay someone else's pension, but it continues to drive up prices.
Source please? The 75% figure was banded around a lot in the last year or so. For example:
Foreign investors snap up 70% of all central London new build homes fuelling a surge in prices
Yes that is talking about 'prime' London but the bubble soon moves outwards into the 'suburbs' and prices are greatly affected.
Another example: Almost all 866 flats in Battersea Power Station development sold to foreign investors for £675m - and they haven't even been built yet
I live near the Royal Wharf development and if you read some of their blurb it's clearly aimed at foreign investors. I remember reading one line that compared Crossrail to 'your MRT' - meaning the metro system in Singapore. They don't even hide it.
Only in the UK would anyone think paying that much for a room is OK!
If I'm not mistaken Ed (the loser) Miliband stated he wanted much longer term tenancy such as 3yr minimum.
One point to note; the interest rates are so awful, and have been for the last decade; it's not worth investing large sums in bonds, whereas BTL does give a higher return.
Soldato
But his point was that since BTL has taken off in popularity, house prices have risen to the point where deposits required are out of reach for many more FTB.
You may see BTL landlords as providing a roof over you head but others see it as exploitation of market dynamics and a situation where they have no alternative to renting.
Buy up all the property that FTB can't afford, rent it back to them for more than they'd have paid for a mortgage, ???, PROFIT.
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Caporegime
I pay £770 all inc for:
Large room in a 4 bedroom Victorian terrace.
Nice street in Earlsfield, a 4 minute walk from the rail station.
My own shower-room.
Garden.
Large kitchen and dining room.
3 lovely house-mates.
Large room in a 4 bedroom Victorian terrace.
Nice street in Earlsfield, a 4 minute walk from the rail station.
My own shower-room.
Garden.
Large kitchen and dining room.
3 lovely house-mates.
Soldato
The media like to hype so the 70% is not representative. 3% are foreign owned and this is from the Bank of England. Source: Bank of England financial stability report.
I've read The Road to Wigan Pier and I'd rather pay the extra to live in London