Don't fancy paying stamp duty again.
It's not a bad thing. It might make people wonder why Councils are still banned from building and running more Council houses.
More pain for renters as landlords look to sell up
Rising borrowing costs and plans for stricter rules are affecting the rental sector, surveyors say.www.bbc.co.uk
Imagine my surprise
And then maybe they can think about not voting Tory, and scrapping Right to Buy, and getting building Council houses once more.
Private landlords can have the top end of the market, that's fine. Modest houses for working families shouldn't be in the hands of private landlords. It never should have been. Let's face it, a large number of the houses landlords are currently "providing" to working households, are ex-Council houses anyhow...
Yet again you’re mentioning the “top” end of the market and how (in your opinion) its ok for landlords to rent out these properties.
Can you shed a bit more light on that thought, including what you consider top end?
And yes, it would seem that a very large number of ex council houses bought under RTB are being rented out which does rather go against the original intention of the scheme, so you’ll hear no argument there.
That said, it’s hardly the crime of the century for people to see an opportunity to prosper and grab it with both hands.
I’m not going to start parroting about the need for more houses to be built as that’s fairly obvious.
Cite?
Soldato
- Joined
- 23 May 2006
- Posts
- 7,214
I don't disagree that we need more council housing... and the right to buy scheme would only have made sense if for every home sold another council property was built in its place . this didn't happen so I do agree the scheme was a poor one long term
(despite our family doing well out of it. my dad bought his council house that he has lived in since it was built in 1946, and my house is also an ex council house (it was the town's headmaster house that came with the school job) , not that that matters)
so sure despite rending out a flat and living in a purchased ex council house I agree with you in part. but your complaint is with the wrong people. it is the government and the council's you want to get on to.
private landlords will continue to be needed so long as the government continue to not supply rentals
and you can't expect private landlords to just give up out of the goodness of their hearts.. not least because if they do, another one may just buy it up anyway. All the experts seem to be saying that if the current private LLs do all walk away it will be a disaster for those renting.
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From memory, and in good faith, it's been govt policy for years. Councils can build, but are not allowed to increase their overall provision. If they build they have to sell.
Not that it matters, because under Right to Buy Councils often can't find the money to replace what they're forced to sell anyway.
I'll see if I can find some sources over the weekend.
Soldato
This thread is a bit eye opening
Caporegime
Interesting times ahead if landlords are basically forced to sell.
Forced to sell to who though?
If their mortgage rates are ~ 10%, they'll just pass those costs onto the renters
Caporegime
Individuals, residential mortgage should have a better rate than a BTL one.
Those products are being pulled at the moment too though, especially for FTB. We are on the edge of a housing market crash like we saw in 2008 and everyone is going to get burnt (except the banks, of course).
Caporegime
Most probably, if not even worse. Those who have money to spend at the bottom are going to be ££££'s in again.
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Caporegime
Imagine a monstrous drop like 20% in house prices. We would be sent all the way back to 2020 prices 
Jokes aside, we have a house we rent out and its been on a tracker for years now which was great when rates were nothing. Not so great now. We will have to consider what we do with that remaining mortgage because currently I think we are paying 5.5% but that could go up.
Jokes aside, we have a house we rent out and its been on a tracker for years now which was great when rates were nothing. Not so great now. We will have to consider what we do with that remaining mortgage because currently I think we are paying 5.5% but that could go up.
Soldato
- Joined
- 23 May 2006
- Posts
- 7,214
my wifes flat fortunately does not have a lot left on it. we really should pull our fingers out and pay it off TBH. No way i would contemplate entering the rental property buying market now however...
Soldato
So pleased I sold my rental property in 2022, which was on a tracker, but prices in 2022 still hadn’t recovered to 2007 levels so a drop would make it even worse.Imagine a monstrous drop like 20% in house prices. We would be sent all the way back to 2020 prices
Jokes aside, we have a house we rent out and it’s been on a tracker for years now which was great when rates were nothing. Not so great now. We will have to consider what we do with that remaining mortgage because currently I think we are paying 5.5% but that could go up.
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Tbh its one of the only reasons I would sell the lambo, to free up all that capital and hoover up half a dozen properties.
Soldato
Well my days as a "landlord" are now numbered. I don't really like calling myself a landlord, I rented it out as a means of keeping the property when I moved in with the now ex girlfriend. Turns out it was a wise decision instead of selling up.
I've been renting a place for 2 years since the separation to figure out if I want to try and buy a 2nd house to live in. The recent rise in interest rates has made that decision for me.
Now to break the news to the very good tenant I've had for the last 3 years
EDIT: I'll be moving back into the property, not selling.
I've been renting a place for 2 years since the separation to figure out if I want to try and buy a 2nd house to live in. The recent rise in interest rates has made that decision for me.
Now to break the news to the very good tenant I've had for the last 3 years
EDIT: I'll be moving back into the property, not selling.
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Soldato
Tbh nothing is that predictable, it wouldn't surprise me if they continued rising, the market is strange.
Soldato
I would worry about it when you have a genuine buyer.