Buying just ONE rental property can make you a homeowner, business owner, investor AND landlord/property manager in ONE move Get out of cash and into assets, it can be very lucrative…….
The housing market crash is not going to mean more people might be able to afford houses. It's going to mean further monopolization of house ownership under corporate investors.
I agree with you, started in 2018 with a single condo with aid from a top expert. Currently retired from a 14 year IT career in 2020 at 42yo. Now have a 6fam, 3fam, duplex, 4 condos and 13 rental units. I’m cash flowing around $400k a year and creeping up to 3m in net worth as the assets appreciate and the liabilities shrink.It's crazy to see that rents and values have risen over time and truly do make you wealthy when you buy real estate and wait
Hi @@barbborstein7640 good stuff. Investing in property is something I have always wanted to do, I work hard and managed to save with hopes that I will be able to follow through. Came across your comment and if it’s not a problem, I’ll like to know the professional whom you work with. I could definitely use the help of one right now ….. I look forward to your reply. Thank you
IMO, It’s always advisable to get a property expert that will assist you in selling residential buy to lets and invest it in the right sort of commercial property instead. In other words imploring aid from a well experienced RA is likely going to save you time, manage the risk and also help you lock in consistent lucrative outcomes. It’s indeed a smart money move anyone can make!
I have briefly been an accidental landlord when I got married but it was an immediate disaster. That house got sold as the tenant was persuaded to leave quite quickly. Now I am in a position where I could buy a house and rent it out but I cannot think of a bigger mugs game. I am staying put and slowly spending the money on holidays and hobbies. The major problem is there are only so many good tenants, many have no intention of ever paying rent and enjoy damaging properties. They can find a park bench as far as I am concerned.
The overlords in this country do not want the serfs owning a second home, they need to keep serfs as serfs to maintain their own wealth. That's why they now tax all of the rent instead of the profit off rent to put serfs off buying a second property
Whether you believe the reset conspiracy or not - its clear that upward costs and reduced landlord assistance 'section 24' aligns with the principal of again shifting autonomy and wealth out of the middle class and into the pockets and portfolio of large corporates etc hope I'm wrong but it doesn't look good.
@Darryl Revok Phones - Leased. Cars - Leased. Homes - Rented. Credit and debit cards. You will own nothing and be happy because that is what the majority 'wants'. Conspiracy hystericalsts you mean.
@@MisterNumber6 middle class don't feed me nothing kid I pay their share if anything. Anyway enjoy your clowshow of a leadership contest. What's the main issue again? Not the economy that's been trashed by them, not the NHS, not inflation from Bozo and co overprinting intrinsicallyworthless state monopolytokens. What is it again? Ahh yes, cutting taxes that's it. Just remember all society's are only 3 square meals away from revolution
I live in Northern Ireland and work in Dublin. The housing crisis in Dublin is way ahead of us in the UK. Chatting to my colleagues in Dublin, no matter how high the rent escalates there will be a tennant. A lot of my colleagues are paying €950 for a room. I also know a landlord who is charging €1100 per room (en suite) he has four rooms let in a ok area, on the outskirts of Dublin . My colleagues are spending nearly half their monlthy salery on rent therefore unable to save for a deposit. I hope this is not the future for the UK, it's so unfair.
Yep, my Son’s the same in the UK, half his salary goes to these money making parasites and yet they’ll have you know they are in it to provide a service 😂
Exactly. Can’t understand why they complain. There will always be someone willing to pay whatever the rent simply because people need to live somewhere. If they’re selling up their properties, another landlord will take over and keep the ball rolling.
Also trying to get out, its just not worth the investment sunk into that house with 0 profit after tax. Imagine taxing Google on Gross profit? But its okay to do that to a small business.
Question:- My EPC states Energy Efficiency Rating Band C, Environmental Impact Rating Band D. So it's a Band C property, I assume? I'm an accidental landlord, letting the property I used to live in. I've never had a problem with bad tenants or void periods, but as I'm in my late 70s I have decided to sell when I can. I don't want the expense of having to replace the gas boiler (especially not with a heat pump!) and not being able to serve a Section 21 Notice when the tenancy falls due for renewal is just too much uncertainty for me. Maybe I'll look again at the small print about selling with tenant in situ.
It's a C rating. But the government will change the goal posts & requirements. So do not spend any money on improvements until you know the new goal posts. Do not sell a property with a tenant in situ. It is worth less than if empty.
It’s almost deliberate. There are companies both here and in the US creating “vulture funds” just waiting for a crash to vacuum up delinquent properties. The rental sector will be controlled by corporations not individuals then, rent control.
I own 97 rental properties. I am selling 75% of my portfolio which means 23 of my tenants will have to find somewhere else to live. The government have made things impossible for private landlords
I have long said that this is engineered - you are right, it IS deliberate. The large corporations (who put pension money into hedgefunds and property or anything which potentially make money) virtually run the Government, they have enormous clout and the Government run scared of what they can do to the general financial situation in the country as a whole.
I had a tenant in my rental property for 7 Years. Needed to sell it due to all the financial reasons mentioned. I did not put their rent up in 7 years as they had Money problems and a small child. I always repaired the property. They were always late paying their rent, but I never charged them extra. I forgot to place the deposit in a scheme and once the tenant found out took me for £7,500, I also had to pay his deposit back. He told me he had left via a text message and left thousands of pounds worth of damage, and did not pay their last Months rent, I approached a solicitor who told me it would cost me more in Legal fees than I would get back, and the tenant would plead poverty. I tried to get compensation via the courts, but the justice system is broken and everything stacked against Landlords, it is very hard to deal with a lying tenant.
Ultimately the system has turned against landlords, and that’s because making passive income (which is actually someone else’s active income) is essentially parasitic. Put your money into stocks and bonds: investments which actually benefit from your money, rather than taking properties away from young families for your own profit.
World's smallest violin is playing just for you. I'm sure how much the property appreciated in the last 12 months more than covered any losses and then some. You must feel so hard done by what with having multiple roofs to choose from to sleep under.
@@seancrowe3353 Renting should be cheaper than buying. People are sick to death of throwing away good money after bad having to rent off parasites who just want other people to pay the mortgage on their 2nd, 3rd, 4th, 5th houses. You want decent Tennants? Then stop taking people for a ride by exploitation of their situation. It's really that simple!
Mostly, it is about squeezing out the small landlord, as the large companies are managing actively the quality of their portfolio and have the funding to invest in upkeep. And with the shortage of houses on the market, it is doubtful that the government would look to make it easier on buy-to-let investors and bring more to the market that would drive the prices even higher
The great reset "by 2030 people will own nothing and be happy" The big corporations will own everything. That's there agenda at least , Backed by corrupt governments. People need to keep pushing back and make others aware.
You will never be able to squeeze out the small landlords. Do you even know how many small landlords there are ? Many have owned for 20 years and never sell , letting their children inherent . Many are everyday people who own a few properties .
I bought a Couple of properties 2015 and have never increased my rent. I charge £25 above dhss (benefits) and my tenants gas, elect, plumbing and drains are covered by BG so they don't wait for urgent repairs
My Northern Vicrorian terraced houses will never achieve Band C of the EPC as currently prescribed - it's just not financially or practically possible. They're roof insulated; DG'd, and have efficient boilers but I've warned my tenants that I might be bailing.
Tax relief on interest pretty much gone ✅ Interest rates creeping up ✅ Minimum EPC ratings ✅ additional 3% STLD ✅ potential house values at their peak sell whilst it’s good ✅ Possible and likely changes to capital gains tax tick ✅ Impact on cost of living so more risk ✅ LTV changing with new mortgage rates/house prices I just want to say a massive well done to the government. 👏 keep turning that screw! you have what you wanted, yet there is now a supply and demand issue for rental properties.
TBF I don't understand why people complain about the partial loss of tax relief; it was a ridiculous relief in the first place. You can't leverage any other investment and claim tax relief on the interest. However I would agree on many of the other points.
@@dst5596 businesses can and for smaller landlords, this is their business. It made complete sense, reduced the pension burden, provided housing and has been removed. Crazy decision making in my view.
If I remember right the housing market was quite calm until tv programmes was showing how to earn extra income by buying a second home and renting it out for extra income or penton top ups .. This virtually doubled house prices within a few years ...houses are homes not buisnesses..just saying
You do not "remember right". Legislation changed to bring in AST. This gave a power to evict which then allowed ordinary people to borrow for a BTL house. Before this there was a huge shortage of rental housing. This then came along with a period of affordable and easy borrowing in the early 2000s. These two factors brought lots more into the BTL market. BTL landlords do not push up prices. Never have and never will. There may be some local areas (say around universities) where the housing stock is very attractive for renting but not for buying, but mostly landlords are never a dominant player in the housing market. Indeed landlords cannot afford expensive houses - they do not pay. The opposite is true, in the years after the 2008 crash the property market was kept alive by some sales to landlords buying up cheap housing. This greatly helped the market. Landlords do not stop anyone buying a house. They fulfill a need. Or should all students be made to buy their digs? My tenants consider their houses to be their homes. They choose to not worry about the boiler breaking or the roof leaking and pay me to do that. Some people buy a new car, some lease a new car. It is a choice. Just saying.
The problem for the rental landlord is the rules and regulations that they glibbly put in place that cost time and money to comply with. Two spring to mind that is the rule that a certificate has to be produced certifing that the smoke and CM sensors have been tested on the very day the tenants first move in. Also, that a manual has to be provided for every electrical item and these are normally missing on each of one or two year cycle of tenancies. All time and money. Most tenants applying for the lower rental properties are on benefits and these are usually bad news because they have little respect for the property meaning every three years complete redecoration, deep cleaning/replacing of carpets, broken toilet seats, chipped baths etc, replacing smashed entry phones.etc etc. They think they are living in council property. An end of a tenancy is the start of a nightmare! So for me a prospective tenant on benefits is a no-no. I would rather leave the property empty!
You either adapt to the new letting laws or sell up. It is just creating a level playing field for private sector, council and housing association lets. It should have been done decades ago. The new laws are already operating in Scotland and the rest of the UK will follow suit. Have a look at Citizens Advice Scotland to get an idea of what changes are going ahead.
@@berty1422 Correct, you have have a choice, either you take it or you leave it. That's all cool, but you're not allowed to complain when a lot of people are deciding to leave it due to all the rules and regulations that you've put in place.
It's the legal process of eviction that puts me off. Coupled by the issues raised such as tax, insurance, agents fee, EPC, etc. is definitely not worth it. I'm struggling with a tenant who has money but has decided he doesn't want to pay period. He has destroyed the place. Can we get him out, no. The process could take years. Will I do it again, NO!
Can evict them at the end of there fixed term contract serve them there notice then they’ll appeal it then get a court order it’ll cost you about £400 in total. Or pay the local gangster £500 and tell him to evict the tenant sure they’ll be gone the next day with a friendly threat from the local nut case
@@1fluffypuss great question😂, Always do your due diligence and know the area well and make sure it’s not the local gangster you let your property to,would be my answer
I've been a landlord for over 20 years and I have sold every property with a Mortgage because if the tax penalties. I have 3 left mortgage free which will be sold if and when the tenants give notice. The government clearly don't want private landlords so I will give them what they want and they can deal with the housing shortage.
People get told they can't have a mortgage as they won't be able to afford the £800 a month mortgage, and so are forced to rent for £1600 per month... Believe me, private landlords are NOT providing a service to anybody
There are plenty of people coming into the country so that's why rents are going up. My mate rented out to his house to a family from Hong Kong who paid 12 months in advance after offering nearly double the rent.
@ Ben Carter Exactly. ! UK Population in 1976 was 56 million. UK Population today 67 million and rising . And yet that's not even mentioned in this discussion. ?!?!?
Interested in hearing your experience about this if you’d be happy to share? I’m currently wanting to get into student housing, saving up for my first few deposits as we speak (I’m 25 if that matters!). I’m quite worried seeing these sorts of statements, but it makes a lot of sense.
Two and a half years ago I wrote an article stating that what we are about to witness has got nothing to do with health but the biggest transfer of wealth from ordinary people to the very wealthy. I’ve seen nothing to change my view.
Thanks Phil for helping to bring awareness to this incoming rental crisis. We’ve started the process of selling our property portfolio, which will take around 7-8 years for tax reasons. We’ve had enough, but the main reasons are the section 24 (tax), full council tax on empty properties, over regulation/legislation, end of section 21, EPC uncertainty and the final straw being the council licensing scheme. Last one out is a mug….
Same here but I'm probably playing into their hands tax wise by selling up all at once because I just can't be bothered anymore. As well as what you've said above, rent controls being discussed in Wales and Scotland as well as longer notice periods for a landlord in Wales and in Scotland they're talking about preventing landlords from evicting tenants even if they have rent arrears. These things could make property prices drop and the investment unsafe. I'm already out of Scotland and am selling up in England now.
I’m sure what Debra is referring to is with all these changes it might get to the point that it’s very difficult to evict a tenant. Not that you can’t evict a tenant.
The first point is incorrect. When house prices go up it means that first time buyers struggle to get on the ladder, so when they leave the home of Mum and Dad the only place most can go is the private rental sector. That demand pushes rental values up.
Nope, as the private sector landlords dump their properties - the price will go DOWN. It is supply and demand. With the coming recession, the artificial housing bubble will hit the floor. Many properties will go into negative equity. If you are a private landlord and haven't sold up by now - its too late.
I read about similar, landlord offered lots of money if they housed migrants. Current tenant told to leave unless they could match the money the migrant would bring them. They couldn’t so the British tenant faces homelessness
@@seancrowe3353 not to parasites that are making $1000+ a month of the back of others hard work maybe. But to some it's a lot of money. Try not to have such a narrow bandwidth of conscious.
Let’s look at this: House prices are going up. However, relative to inflation house prices are rising at extremely slow rates. Interest are going up. However, relative to inflation interest rates are now at historically low levels. I’ve just re-mortgaged a property at 2.9% fixed for 5 years; that’s minus 3% in real terms, as for the onerous regulations. If you look after your properties properly and have quality properties regulations with regards to EPCs, gas and electricity regulations then there isn’t any thing to worry about. I think the comment about George Osbourne summed up Vanessa’s grip on the facts; George O retired as CofE 6 years ago. Well managed, reasonably leveraged quality houses with sound due diligence carried out on tenants will invariably provide a sound long-term income capital growth and income investment. If a 10% ‘adjustment’ over the short term will hurt you, then you’re not doing the Maths.
House prices are going up or are remaining about the same. Inflation is running at 10% - plus PA. I don't know how these things will look after the next ten years.
Our agent told that flat we are living in is on the market. We have to leave 2 months after the property sold. Me and my friend who I live with are bouncing and suffering being in a state of a limbo. I am waiting for a surgery to be performed in September and need to have settled flat after it's performed. We are model tenants and always pay on time (precise standing order). This unfairness made me suffer from embitterment, anxiety and uncertainty.
I rent a room inn London for work and the Landlord is selling. The rent for a double room has gone from £600 pm to £700 and even £750pm near me and a lot want contribution to household bills. That is Nuts! The wages have not gone up to be able to cover that sort of price hike!
I have sold off half my properties, if the tenant leaves I sell up, I tried to evict a problem tenant about 3 years ago, they went to the council who said they didnt have to leave, I had to sell it with them in to get rid of the problem, then a full council tax on any empty property, stamp duty, tenants moving with no notice and leaving you with a big bill for decorating and new carpets. There should be more rights for landlords, let the council put them in hotels it will cost them more and give them a bigger headache.
Yap...weve had enough...weve never put rents up...once people are in them...but had them trashed...first covid year...we let out a property and could not visit...my husband has terminal illness...thought they were a nice young couple with a child...all false and passports too...it was used to grow cannabis...the house was in a state...my husband put back his treatment so we could work on the house...and work we did...I went on my own many time to the tip with all the rubbish they left behind...am in my sixtys...had enough with people...were not rich people...worked hard in factories for many years...👎
Nope Ian. You are just crying because you have been dragged kicking and screaming to a level playing field. Gone will be the days of Cowboy letting, and the private landlords have to abide by the SAME rules as Council and Housing Association lets. The Tenant has security of tenure. No more kicking out a family at landlords whim. It is just a level playing field. No point in crying about the new rules - you abide by them or sell the property. The ones selling up are the landlords that do not care about their tenants, - only how much money they can make. The new rules will sort out the wheat from the chaff.😄😄
@@berty1422 The Council and Housing Associations, are exempt the rules that private landlords have to abide by in areas where the Home Safe Scheme is enforced. I will be selling my property off, I will leave it to experts like yourself, enjoy. 😎😎😎😎 I will put my feet up
(from California USA) Ian, your comments are so spot on. We face similar challenges here, but we landlords slog thru until--like you, we just 'sell up' (a new term to me, here we say 'sell out'). In the States, it's leading to fewer and fewer small landlords because the burden of cost can't be supported by 'mom & pop' landlords. What replaces them is large commercial firms who wield their power forcefully. This 'only corporate land lording' phenomenon is just now being considered as a driver of the boom in our homeless population. Seems in neither country have the law makers awakened to the reality that THEY are legislating rental housing out of existence. A dear friend of mine started buying single family homes here in CA in his early 20's. By the time he was 40 he owned over 100 beautiful small homes in California's central valley. Today he is 55 and has sold every one of them. it just did not pay to be in the landlord sector any longer.
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Landlords have benefited from a set of circumstances provided by the state with a very low bar for entry into the position of collecting revenues from other individuals wages. Those circumstances are clearly changing. Time to adapt... is a change in circumstances so bad, at least it keeps life interesting!
Landlords aren’t scam bag. They are thrifty with their money so they invest & save unlike you who hopped to bar & night club to blow up their weekly takings. ! Let’s see where and how these those SHELTER & Generation Renters are going to get a roof over their weed smoking model renters! Landlords can and will sell their properties and invest somewhere else.
it’s the equivalent of out of town large shopping developments. they intentionally kill off small businesses and then raise prices. right now, institutional investors are squeezing out small landlords to corner the rental market. then the rent will go up for everyone. institutional investors will also drive up house prices initially. Local authorities are complicit by making it hard to enforce contracts and evict bad debtors.
Another looming problem with EPCs is this. Suppose a landlord spends the £10K but cannot get to a C rating. He applies to the Council for an exemption. However, the over-worked Council take ages to deal with the application. D-day passes and the landlord continues to let and/or grants a new tenancy in expectation of getting the exemption. Now suppose the Council won't grant the exemption. Landlord is now in breach and liable for a fine of up to £30,000. If s21 has been abolished what is the landlord to do? He cannot evict the tenant. Will he be subject to multiple fines, perhaps increasing? No wonder landlords are selling up. Even more will do so when this scenario becomes a reality.
I wonder what will happen with 1977 Rent Act tenants who have the absolute right to security of tenure for the rest of their lives? Yet this net zero policy encompasses these types of tenancies too, potentially undermining the purpose of the Act for the tenant who might be dwelling in an old Victorian house that can't be made up to a C band EPC rating. Certainly the landlord won't invest this money, not when they are only getting a low Rent Controlled fair rent. It is worrying times all round. I suspect that the Council will have to purchase the property with 1977 Rent Act tenants and maybe sell it to the tenant at a knock down price or pay them a lot of money to leave the property. That is what I am hoping for, anyway. That means I will own my flat outright. I am seeking legal advice as to the likelihood of being able to stay in the property. I might even negotiate with my landlord a much lower rent than he can currently charge just to agree to refuse access to builders to carry out these works at huge cost to the landlord making exemption a greater likelihood. But there has to be something in it for me, not just for the landlord.
I've been a landlord since 1986 and have been through some difficult times, but the next 5 years appear to be a nightmare. Nobody knows what to plan for. Thank you for a informative presentation, At least I am no on my own
@@andrewrogers837 I have provided long-term home who other organisations failed and I charge less than the local housing association do I have seen homelessness from a close position . What do you do to help a stranger?
local council s don't have any properties so the sector needs private landlords, It's not rocket science Why don't you ask the local council or your Mp to build some more houses instead of assuming all a landlord does is sit on his hands,
It’s not surprising, considering tenants not paying rent during Covid. Here in the US, we are going to be able to start to evict starting this June. The only option was to only have month to month leases and not renew leases when tenants stopped paying.
Epc ratings.. So these ratings only apply to private landlords? Do they apply to homeowners? Do they apply to council/housing trust housing stock? Do they apply to commercial property?
If they are selling, either another landlord buys or a renter. The home does not go anywhere. It is just landlord's noise. Landlordship and second home ownership should be heavily taxed and 0 deposit mortgages should be offered.
Thank you for all your comments on this video. The government is currently running a call for evidence and review of landlord income taxation and we would invite everyone to take part in it here: www.gov.uk/government/consultations/review-of-property-income-survey-and-call-for-evidence
Private landlords should get jobs and work for their money instead of living off the backs of others wages. Private rented sector coupled with lack of publicly owned house building has made housing unaffordable and mass homelessness. It’s a totally unnecessary sector that lines the pockets of a few at the expense of the many.
@@andrewrogers837 are you a public servant, civil? You should find yourself a proper job and you may afford a mortgage yourself instead of being so lazy relying on the government maybe.
Landlord! Such a funny term, straight out of the medieval times. We all require accommodation and are prepared to pay a reasonable price for whatever type of accommodation we desire! Whether we buy or rent does not make one iota of difference in the end, only who profiteers and how much.
Thank you Phil and Vanessa for highlighting this very serious situation. I've worked in the BTL sector since 2005, assisting investors with their portfolios. The changes due to Section 24, the bad press from the Govt & media towards private sector landlords, lack of regulation of property trainers, the leasehold issues (ground rents and the EWS1/remedial works fiasco) and the unknowns for unworkable proposed EPC changes, are all negatively impacting investors in this sector. I don't believe this country's rental housing sector can function without these private landlords, many of whom are doing their utmost to comply with the many rules & regulations. The Govt's lack of understanding of how the BTL sector works beggars belief, and it needs to change, with more joined up thinking. One other point - I'm aware of a lot of private landlords who switched their long term rental properties to holidays lets during lockdowns. Many of these will, in time, revert to ASTs, once the demand for staycations reduces, but in the meantime, it's reduced the number of long term rental properties available to renters.
Sold a rented property in Nottingham last year. I used to live in it and It was a lovely property. But it was no longer viable. There was also the £800 landlord registration imposed by Nottingham City Council that was a deciding factor. Sold it and paid off my mortgage on my home for peace of mind. Happy days.
@@jackfrostcm108 paid off the mortgage on my main home. Then the monthly amount saved means I saved fast to pay off the mortgage on a second home. So now two homes with no mortgages and no stresses.
I'm not surprised to see a video with this title based on my experience! We've rented out our first home (1 bed flat) for the last 11 years and in recent years it's been valued at zero due to subsidence in the block. I would give up being a landlord in a blink of an eye if I could! I've only today worked out my back dated HMRC costs since section 24 kicked in and I now somehow need to find 2.5k to send to the HMRC for a 1 bed flat! I clear less than £100 a month before tax is deducted so from where I'm standing being a 'landlord' equates to both stress and time only to barely break even or make a loss. P.s. we've not put the rent up in 2-3 years but I'm going to need to counteract these extra costs so its going up next year.
Thanks to Phil for raising awareness of this issue. The government is currently running a call for evidence and review of landlord income taxation and we would invite everyone to take part in it here: www.gov.uk/government/consultations/review-of-property-income-survey-and-call-for-evidence
l've been a landlord since 2014 and l've got a property currently let out in Bournemouth ( a two bed apartment near the main station , taking 825 a month, ground rent 100 per month. Rent must be due to go up ) . l'm thinking of selling now as a buy to let ,with the same tenant in place ( who is good and always pays the rent on time and has been there two years nearly and she keeps the apartment in good order !) ! It's getting very scary now. The good times are over ! !! With these new laws and interest rates going , plus new laws on boilers and other things ! Be happy with about 205 /210 ,000 !! Any takers ?
No names, no pack-drill, but I'm VERY nearby. This year there's an extreme accommodation crisis in Bournemouth. You can see a contributory factor by walking around that immediate area or visiting Asda. Two out of every three people is an African or a south Asian. That's NOT a waycist comment. It's a neutral observation.
@@raypurchase801 Well it's near the main station .Wellington Road. My concerns at the moment are rising interest ratess that are making my mortgage payments much higher !!! The thing that has saved me is my pension lump sum and pension payments , which l took early . l was a short step from getting repossessed. Things were / are getting desperate . That desperate l was thinking of returning to the UK to work for a least two years . lt's got worse then since l was last in Bournemouth , 2014 ! They have destroyed this country !! l remember in the 1990s you could get an appointment in my local surgery the next day !! When l rang them in 2014 for an appointment they said l had to wait ELEVEN days for the next available!! When l did get to the doctor's surgery eventually christ you should have seen the waiting room !! Full of foreigners !! No wonder the wait was 11 days !! One saving grace from it all - it may keep house prices high !!
Blair also ruined the rental sector when he wanted to “empower” council tenants by paying the rent to them instead of the landlord and once the tenant got the cash guess what they did with it?
Most stupid thing ever giving poor, dumb Tennant's rent money to squander on booze and drugs. They already never paid bills or catalogue/sky payments!!! Unbelievable DSS error.
I rented off scumbag landlords back in the late 70/80s . Took one to court and got my rent reduced by 70% and he was forced to build 2 new bathrooms and toilets . I despise and detest landlords , making easy money from peoples misery . Good luck with your greedy little selfish existance .
@@johnbowkett80 personally I hope all these leeches DO sell up. Maybe then there will be a glut and prices will become more affordable. To landlords houses are not someone's home, they are purely cash cows that they believe they should have no responsibility towards the people renting them. My heart bleeds for all these landlords....NOT
Renting property is a business. A landlord has a lot of time and hard earned money invested. It should be treated like any other business as regards tax deductions and interest relief.
Renting property is a business?this is the problem , this is the foundation of a life , the rock on which we build a society , it's a business to those with accumulated wealth who want to take it easy in life , 1 hour working day with a lunch break , landlords are not a necessary part of the economic model they just are milking the housing shortage and thinking they are Robin Hood
@@dolphine675 You have absolutely no clue. The conservative government in the 1988 housing act created the assured short hold tenancy. This gave banks a way of lending to individuals to buy and let property. By this and other means they encouraged individuals to invest in property as way of ensuring future prosperity and an income during retirement. Most landlords are hard working people and are not wealthy. They are merely trying to provide for their future. Now the government has decided that all this wealth tied up in property is needed to stimulate the economy so hey presto, let's make buy to let unprofitable and move this money into stocks. Oh and as an added silver lining give all our corporate mates chance to take over. Best of luck if your a tenant of a Saudi wealth fund or social housing. At the moment the worst rated properties are local authority run. Guess why, not rocket science.
@@davidowen2859 when you say I have no clue you must mean you think it's worse than I do ? Yeah the problem is a political one , government created this problem of creating parasites at the foundation of being born , a third of your life will be spent paying for the use of a home which was built and paid for in most cases multiple generations ago , the whole idea of housing stock being a way of funding the non productive in society is obscene. Houses are built from things that are dug out of the ground to provide shelter and security for the occupier not the bankers and their middle men , the present situation in the UK is capitalism at its worst , those who gather wealth expecting the young to be crippled with debt before they even start working or trying to provide security for their own life
Vanguard ftse global all cap, I sold property portfolio after years, even during current market drop I’m still up by more per year in stock market than rental property, plus its passive
Every Landlord is a Volunteer we stay because we want to stay If govt pushes hard enough more will leave the sector Govt then has a problem with tenants who dont have homes I would say this to Govt be very careful for what you wish
You stay because you make money, or can't think of anything better to do, you are helping yourself not the government, private renting isn't the tory dream, buying a place is.
@@Deadeye1967 Tories dislike landlords and yes they want Home Ownership I stay because i make my liveing from property a great number of others stay in a job to make there money thats life I look at the mess the Tories have made of the Rental Market I had one property to rent and the agent had 40 viewings in one morning Before Covid i would look at Rightmove on my own patch and there was normally around 15 properties on the market to rent today there are Two and the rents are 25% higher then before Covid I dont have a housing problem but the Govt and Councils have one now and its due to Taxation S24 Them in Govt know best and dont listen to reason and yes your right its because of home ownership dream which a great number of folk in the UK will never have for one reason or another they cant Borrow and thats the issue which is never dicussed
@@Jeffybonbon I am not sure how less tax relief for you helps the housing crisis. People can borrow but they can't get the deposits needed because they are in a renting trap. Wages haven't gone up in line with rent prices especially where I am in Chelmsford, a 2 bed flat was £500 a month 10 years ago, now its £1000+, a one bed flat is about £800, I take home £1250 as an NHS worker. My wages were £1100 10 years ago. I am stuck in a HMO sharing with 5 others, , im in my 50's, would you like that?
EPCs are garbage. Previously that didn't matter but soon it will as there will be many properties that cannot be made a grade C or will have to spend thousands to do so. This could have a big impact on the availability of rental properties and drive up rents further.
Yes - i mean i’ve been quoted over a years income (over 10K) to take a property from a high D to a low C. The estimated saving to the tenant is £140 a year. These will have to be extensive things such as a heat pump and internal or external cladding Since I have already have done all of the other low-cost, effective things such as basic insulation, double glazing room thermostats, LED lights et cetera et cetera. The payback period on these proposed ‘improvements’ is essentially never. I am expected to pay out thousands so someone else can save hundreds - I have calculated that it would take over 92 years for someone else (remember the landlord gets no benefit) to recoup the amount I would have to spend at that level of energy saving and the estimated lifespan of the product that is supposed to deliver that saving is only 25 years AT BEST. It’s daft!
@@NekonataVirino I see blocks of flats with ratings from B to E, yet the flats are all essentially the same with the same assumptions on the EPC. Some of hose rated E say they can "potentially" be a D. The operative word in RdSAP seems to be "reduced". Hard to believe this will not be challenged legally. Also to be challenged will be the recommended improvements. It is rather like fining someone for speeding when the device used to measure the speed is not calibrated or reliable. The whole system seems to be about generating fake data so the government can convince itself we are getting to net zero.
I'm not saying they won't but I struggle to see how the government can implement this without the potential of lots of people being made homeless if for example its not rentable without the required epc rating
The proposed changes are a very lightweight set of changes compared to the rules in a country looks Germany. All I can say is, fight them tooth and nail, because the situation (as an owner in Germany) has reached a point where populists are calling for the confiscation of private rental property, while the corporations encourage this viewpoint to buy cheap from private owners fleeing the sector
In my opinion, too many people bought buy to let’s and this has definitely raised prices. Without this, the price of a typical first time buyer home would be set by its affordability to the first time buyer. This has caused misery for many potential buyers who have then been forced to rent instead. I do think that many landlords will now get their fingers burned because of falling prices and reducing returns.
Long term tenancies are okay if you have good tenants. Everything in support of tenants is great if you have good tenants. What about the tenant from hell scenario. I don't blame banks for only allowing 12 month ASTs. The legal process needs to change. The high risk lies with the landlord. As for wanting to help Ukrainian refugees, don't be gullible and assume all are good. How will they be vetted? Be wise.
Simple answer is too much hassle for too little return in what can be a risky investment with all the protection on the renter's side. Every year there was a new commitment and duty to be made and adhered to, which made it completely unattractive. I sold up and glad I did.
Can you give any examples of renters protection that has been introduced in recent years please? I don't see any of these as a renter in a HMO. I just see rents going up each year and wages haven't been.
"Landlords are selling up so there is less property to rent and there are less new landlords coming in, so rents will go up". That makes no logical sense, these properties are not vanishing. They are been bought by people who might have rented but couldn't get a property, so there are less renters. We could need far less landlords if property was reasonably affordable to the average worker.
Only vacuous people like you can think like this! Do you even know how renters are buzzing like bees looking for an accommodation in London? We the landlords know the situation.
Yes landlords seem to think they are saviours for the government and to renters, but with less of them snapping up cheap properties the more chance of first timers getting a look in.
I am have been an energy assessor since their introduction in 2007 and run a property inspection company, we have carried out 10's of thousands if EPC's. I would be happy to discuss the situation with the epc issues discussed in this video. Please let me know if this would be of interest Thank you
Every EPC report I read recommends solar panels etc. not being funny why should landlords do this to bring EPC up to spec when private residents/owners don’t. How about government make house builders put solar energy on the roofs reason they don’t is because of cost!
I understand your frustration, however the points you raise are for central government, as energy assessors we collect data to complete EPC's, we do not make the rules, but we can help investors and landlords achieve the best possible way to improve the EPC of a property by spending as little as possible. There are a lot of myths that need clarification and understandably many angry investors and landlords.
@@davidfoggett1722 not having a go at assessors, it’s just so hard to improve it, a new boiler and energy saving light bulbs increased EPC by 1 point 🤯
Never agreed to BTL mortgages where the renter is paying the landlords mortgage. Landlords can't lose due to house price inflation. Social housing needs revamping, local government needs to build many one and two bedroom decent homes and charge a more affordable rent.
@@LG-Musique A poor landlord? House buying should not be used as an investment but as a means to having a roof over your head. House prices should only increase by natural inflation.
@@rightfuljohnny Even if absolutely everyone could get a mortgage, there would always be a need for rentals. People who work away from home, people moving short term, people going to university etc.
When we got our first buy to let, my husband was earning about the national average and I was on £12k below the national average, so yeah, not all landlords are rich.
Wouldn’t it be grand if government decision making teams took the time to speak with people like you Vanessa, and Phil, and those you refer to here and see behind the first punch at the longer term impact. They have taxed the life out of landlords but broke many by letting non paying tenants to stay right through covid. I know of one who lost 2 years rent and then the mortgage repossessed and he lost credit status too.
Never heard of in work tax credits and Housing Benefit ! Family with 3 kids in my street gets £ 2200 a month on Universal credit !! Benefits Culture in action.
Government interfered with the rental market and their ham fisted meddling is now causing major problems. The scariest thing to hear really is 'I'm from the government and I'm here to help', because they always screw everything up.
Thank you Phil and Vanessa! It will be interesting in the Midlands and the the North of England where thousands of flats on the rented market in old industrial buildings are not C graded EPC, this is going to cause a massive problem if they disappear from the market as in some areas you can not find a flat for rent now and the demand is huge, due to a young population just out of university looking for their first place to rent!
Very few tenants want to stay long term 75% of tenants actually become owners (or get given a council property) in less than 10 years of renting privately
@@brendanoneil3489 Yes it is surprising but it makes sense If you assume 78% of pensioners own their own home which is the case in the UK and you assume close to zero 18 year old own a home It means as these 18 year old grow older and older they buy more and more homes until 78% of them own a home 17% have a social home with very low rents and only 5% rent privately and many of those actually rent for a price of £0 per month. I don't recall exactly but a very large number of rents homes on the UK somewhere around 500k privately rented homes are rented for zero mostly grown adults buying a home for their elderly parents and not charging them rent
Of course tenants dont want to stay long term, its too expensive using private accomodation. Much cheaper to get a council property instead. But change is coming and rightly so, giving private tenants the same rights as Housing associaton and council house tenants. The new system has been running in Scotland for a while now and is being rolled out to the rest of the UK. It is a long time coming, the private sector was unregulated and unfair to tenants. In many ways the private sector brought it on themselves, using Section 21 to kick out families on a whim.
@@adem-Savs The majority of tenants ultimately end up buying their own home No one wants to rent until they die Irrespective of how you tinker with the laws and regulations the fact will still remain that most tenants will move out of privately rented homes to either social or ownership
If a landlord sells all his property that is good thing as they are bought by someone else they are still there they are not demolished. Maybe a former tenant or a landlord as they don’t sit empty with so everything is good.
Perhaps the government should get into the housing and rental market properly. Imagine the rental income generated if they operated as efficiently and effectively as the private sector...! 😳
Landlords are selling up because of ongoing Government meddling. Look at what's happened in the last 5 years. It's not just one thing that is causing the problem, it's several factors that will be different for each landlord. Government won't be happy until they've broken the PRS.
I am working full-time as well as a part-time landlord. My tenant hasn't paid rent for nearly 1 year, rental areas as at now September 2022 is about £9k. Tried to evict her and went to court in October 2021, her and her legal aid from citizen advice simply said yo the judge that she disagree the rental arrears amount, the judge decided to have a full trial 6 months later, I have to withdraw my case as my solicitor wants £7k as retainers. I hired another internet lawyer who is charge based on actions not on hourly rate of £250 plus vat. Have been waiting nearly 6 months for my next court hearing in November 2022. My section 21 served has been expired and re-issued another one cost additional £400. The law is so unfair and Don't become a landlord!
It’s both structural and cyclical - there is a rotation as many landlords rotate out after having a number of good years, others will come in but in smaller numbers, however the cost and incentive to be a landlord is so low now that it’s not worth the effort for the returns. Plus we will have a housing crash in the coming year - so many are selling up before they have a portfolio drop of 25%, at the same time increased costs of refurbishing properties with the new standards required by the government. The world around us is in economic turmoil and we are in a recession, with potential stagflation and a depression. Deflation will come in but late. It’s a messy economic situation and landlords will be bruised and this will lead to low stock for 2023, 2024 and 2025. 2026 and 27 may pick up again.
I am a small time landlord had parents who were landlords back in the seventies.If we want to get an understanding of the present economic climate you have to understand what money is.Coming off a gold standard in 1971 is a big root of our woes inflation is a government/ central bank phenomenon of money creation.The system has been a good one but is now breaking.Learn Austrian economics and all will be clearer.Property is a good investment but not the only one.Wish you all the best with your investments
The section 24 tax or the Osborne tax as I call it is crippling me! If it just halved the rate of tax relief it wouldnt be so bad but the calculation firstly ignores ALL of the interest, so I go straight into the 40% band and then 20% of the interest is deducted. It is far worse than it looks on paper and not fair!
Couple that with interest rate rises it's pointless having a rental property. David Cameron stood at his lecturn and said " we need more private landlords" . When that happened we were looked at as greedy so taxed beyond belief.
The whole U.K. property market and the politics behind is just insane. For a start a property market in balance there should be at average 7-8% empty properties, in the U.K. there are hardly any empty properties in the U.K. as most people that see an empty house get angry and says “it should not be empty as it’s a caste of resources”. The result is that prices go up as there is a constant pressure on the few properties that actually are empty. There is many many more problems too. The precious “green belt” politics is another reason, if you look at any map of almost any area in the U.K. there is loads of land that can be built on. But local councils are constantly stopping any attempt to build on the land that is free. And no, it’s not farming land, most of this land is used for absolutely nothing. And the problems goes on an on, low IQ is a huge problem in the U.K.
I have always felt uneasy about how the rental sector and house prices have burgeoned in recent decades depriving first time buyers from their first step onto the property ladder. Some friends even regard it as immoral. I can remember well how a friend's daughter nearly got gazumped by would-be buy-to-letters. Luckily, the vendors were still emotionally attached to the house and sent them packing as they didn't want their old home to become a run-down rental property. But this went on all over the country and has resulted in the great reduction in the "property owning democracy" that Mrs Thatcher espoused. Past governments should have gradually introduced tax disincentives to discourage the rental sector long ago. This is also creating a time-bomb for future government spending: I have been able to retire comfortably and early because I was able to pay off the mortgage on my one and only house. It has been surprising how little you can live on (at least before energy price rises) if you don't have a big rental/mortgage overhead. When renters come up to retirement what are they going to do? Go on working or will they be entitled to claim rent as a benefit? That's going to scupper the government's plans to try and reduce the old age pension burden by increasing retirement age and I certainly don't like the idea of more government money going straight into landlords' pockets.
I worked in social housing for 20+ years and Ive seen this happen, when someone reaches 50 they go hell for leather to housing them in council housing as private rent will cause problems like you say.
You are right but this no longer works when millions of low skilled immigrants are pouring in. How can they ever buy property on the minimum wage as most are. The Labour party makes out that these folks are all doctors and dentists lol. Anyone who has ever tried to see either will know that's not true lol.
I like the points you made , seems to me that society is divided by the cost of housing and if you wish to stifle creativity just make a man work 65 hours a week for 40 years to pay for his bed
I am a first time buyer and a cash buyer unusually - who has been trying to buy a very modest two bedroom house in the cheapest areas of the north west. For the past year I have constantly been competing with landlords/developers who are given first refusal by state agents or can afford to buy reno properties at a higher price as they have good deals with regular builders etc. This is even in the boom with property price at a premium, but also with good odds of reselling at a profit. I see no sign of any apparent measures improving my chances at buying a property and I really am not being choosy, you have no idea. Yes stock is limited right now but for the houses I am looking at, the cheapest on the market, it is landlords and developers who are preventing me every time from being able to buy. One house I put an offer in, the developer who was renovating next door put in a higher offer than me - the estate agent didnt even put forward my offer when it was the highest and lied about it to me. The estate agents get backhanders for giving their regulars first refusal etc. So have the measures to help really gone to far? Of course not, not in terms of having a significant impact on FTB, but landlords were never going to be genuinely interested in people who rent getting away from the bind of paying their mortgages and having a property of their own themselves instead, were they? More measure needed to ensure first time buyers can buy imo including changes in how estate agents operate. The wider issue of capitalism is the overriding issue of course. We are all trying to have something for ourserselves n a grossly unequal system designed so that having something for yourself means someone else must suffer. Of course many want far too much for themselves though it never makes them close to happy. Building wealth is an addiction.
Certainly in london property has super-peaked and coupled with the fact that a lot of wealthy foreign property owners are selling high end properties. I am not sad to see a property sell-off as it may give my daughter the opportunity to get on the housing market when it drops. No one sheds a tear for buy to let landlords...
All the BLT people have done is create more demand for property by competing with each other and pushed up values. They claim that they are 'helping renters' by providing property for them to rent, but the only reason so many people need to rent is because they have been priced out of buying a home of their own.
@@dotcom4389 business is greed and capitalism is greed I’m sorry to say. I disagree with you as everyone wants to make money. If property investment is no longer a good business due to tenant friendly laws and anti landlord government intervention then landlords will simply sell up and invest in something else
@@dotcom4389 it’s the market, government and regulation that have caused these problems not landlords. Landlords can only do what the market dictates and the market is driven by supply and demand which in turn is driven by government intervention. Landlords cannot increase rent without the market demand for it. Let’s hope more landlords sell and more first time buyers buy properties then if that is the solution. However don’t forget there are so many renters out there who do not want to buy a property and just want to keep renting.
This is great news for the market for buyers who need a home. As landlords offload, these properties will become available and prices will be corrected down to where they belong, at least 20% lower. Fantastic.
Due to the supply and demand the houses will be sold at market value. Bigger landlords will swallow up properties too. This selling process has been taking place since the introduction of section 24 tax changes around 2017/8 - have you seen a drop in prices?
Prices in my area are not going down this is despite a large number of landlords selling up, the letting stock is right down and people are starting to ask on rental sites if there is any properties to rent anywhere! The only thing that may affect the cost of houses is the cost of living and the interest rates going up nothing to do with landlords leaving the market. Unfortunately there will always be people who will only rent properties, it’s these people I feel sorry for because the rental properties will not be there in the future.
@@Kully11 For sure, the bigger fish will have the wherewithal to weather the storm. How this plays out as per the wider market, will become apparent within the next 6 months or so. I could be wrong but that’s not my call as I’m no expert; many so called experts have got it wrong since the pandemic. These are strange times indeed.
Prices might continue higher. Immigration. Labour costs shortages materials inflation. Family splits. I still see houses high due to shortages and demand. Every country I visit it's there's a shortage of houses. Maybe larger baby boomer houses will drop
Come to Morecambe hundreds of landlords made to sell up and now Morecambe is half housing association or council estate. The housing association is now the only one to get government grants for housing and it used to be for local people. If you want to see the testing ground look at a seaside town.
The BTL market is now so endemic in Britain. It does nothing to help first time buyers onto the property ladder, does nothing for tenant security, rents are generally more than a mortgage. Investors buying property with tenants in situ, further adding to tenant insecurity, is immoral. More should be done to help tenants buy their rental properties. Having approx. 30-40 people vying for every single rental is driving up monthly rent to ludicrous amounts. None of this is helping anybody except those at the top of the tree sitting on a huge property portfolio. There should be a limit on how many properties one can own.
In one line you say "having approx. 30-40 people vying for every single rental is driving up rent to ludicrous amounts" which implies there aren't enough rental properties available, by your own estimate, you think we are short buy 30 to 40 homes per person looking to rent. But you then go on to say their should be a limit on how how many properties one can own. Doesn't make any sense. If you are short by such a large amount of rental properties then really you want as many available on the market as you can get. And putting limits in place does the opposite of what you need
@@Chris-yr8qo the issues with the housing market, particularly for young people and first time buyers, are rents are too high, too many people vying for each property, unavailability of affordable first time buyer property. Landlords, typically buy up the first time buyer properties and in great numbers leaving a shortage of housing stock. Cutting out first time buyers from the market causes this gridlock we see today, renters are stuck in rentals and new renters are stuck in HMOs. The social housing, managed by inept housing associations is nothing less than diabolical. If money, actual cash, was worth more in the bank and houses looked upon as homes not capital assets the problem may ease.
@@cherylparker8025 you said it again too many people vying for each property. So why would you restrict people from buying properties to rent them out?
@@cherylparker8025 all you'll do introducing restrictions is locking average people from entering the market, for example, having a buy to let as part of your pension, and giving the banks and government total control and ownership of housing
Ive been a landlord since i was in my 20,s thats 40 plus years ago ive had a problem with Severn Trent Water Ltd in that time .Who refuse to acknowledge or investigate an issue with hydralic lift off the mains sewer causing flooding.1million plus for legal action against them with legal technicality being used to seek to bankrupt me before the case is heard in court.
Landlords are still buying property, I have friends who are constantly buying. Fewer landlords = more demand in the market. Also, FTB's have a huge advantage over BTL investors in the market. Who would you rather sell to -Someone who is emotionally attached to your house, or someone who just see's it as an investment? There are way more FTB's than BTL properties year on year so the whole "landlords are taking away houses from FTB's" is now an invalid argument.
Can someone please explain how I would go about selling my property with the tenant in situ? Is it done through a traditional estate agent or is there another method?
Well, you can sell via a commercial estate agent with the tenant in place. Ask for a value. If it’s low then you will have to give your tenant notice to quit.
Hi Diane, Firstly, the basic premise is "make your funds work very hard for you, so you don't have to work so hard". Secondly, invest in areas you are comfortable to invest your funds, whatever avenue/sector that is. If you can diversify into two or more sectors, all the better. Thirdly, if you are not up to speed in regard to self-investing in whichever sector you chose, find people you (absolutely) trust !!! to invest for you. Then, decide how much you want to invest, because ALL investments carry varying levels of risk... If you are interested in property investment feel free to chat some more.
First thing I'd doo is not advertise the fact I had a spare 100k ul get loads of men wanting to meet you and eventually try marry you actually what are you doing sataday and it's nothing to do with your 100k its love at first sight I promise
hahahaha! storm in a tea cup.... I'm a landlord. Rent has stayed the same for 6 years! if I was to bring it up now to market value, I'd get another £1200 per year. Rather have the same tenant!! at least I can proudly say I'm not a greedy landlord! I've fixed my mortgage for 5 years, have another 3 years - just have to get consent to lease yearly.
I wanted to give a tenant 3 years ast , no mortgage on property, the letting agency refused to set it up and insisted I renew every year giving them money each time to renew it. Anywsy I think its all crazy atm and I'm staying out I'll stick my money in stock markets instead once they crash a bit further lol. Only dangerous waters ahead for everyone with all the regs and rising interest rates, I would not be surprised to see a lot of empty houses or with squatters in ie tenants who cannot afford the tent but will not leave and Gov will stipulate that you cannot throw them out.
Landlord uncertainty/Problems: 1) Tax beating 2) EPC ditching inefficient housing, 3) HMO super high regs, 4) Short term Lettings like Air BNB breach of planning & criminal proceedings 5) Councils being about to issue fines like parking tickets 6) council landlord register being used to harass private landlords and up fees for not being fast responder to letters or future fines proposed, will make professional landlords ditch as it will be to hard to be without a mark against one’s name affecting the rest of your private life. After 30 years, I can see the writing on the wall soon, Time to ditch.
@@derin111 not on this occasion, without sounding rude. If it’s different, less competition, the last thing would be to detail to all, in a public forum. 😉
@@balrajmaan467 OK, fair enough. I understand 😂 It's just that once my divorce is settled I will have my own home plus one existing BTL (had for several years) and probably enough cash to buy one more outright with no borrowing. Now I'm not so sure that's the right thing to do after watching this video. So, I scratching my head for alternatives. My background was in Medicine (retired doctor) so I'm not very clued up or savvy in terms of the investment world so I'm just trying to get ideas from anywhere I can really....short of going to a Casino! Anyway, very best of luck with your future plans. 👍
In the area i am in then there are Friday clubs that have a number of members paying in cash to take turns at purchasing houses for rental as the funds of the Friday club reach a specific amount.Some believe its more about money laundering .
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Buying just ONE rental property
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Get out of cash and into assets, it can be very lucrative…….
The housing market crash is not going to mean more people might be able to afford houses. It's going to mean further monopolization of house ownership under corporate investors.
Indeed the real estates market is so lucrative and powerful because it only takes roughly $100k to control over millions of dollar assets.
I agree with you, started in 2018 with a single condo with aid from a top expert. Currently retired from a 14 year IT career in 2020 at 42yo. Now have a 6fam, 3fam, duplex, 4 condos and 13 rental units. I’m cash flowing around $400k a year and creeping up to 3m in net worth as the assets appreciate and the liabilities shrink.It's crazy to see that rents and values have risen over time and truly do make you wealthy when you buy real estate and wait
Hi @@barbborstein7640 good stuff.
Investing in property is something I have always wanted to do, I work hard and managed to save with hopes that I will be able to follow through. Came across your comment and if it’s not a problem, I’ll like to know the professional whom you work with. I could definitely use the help of one right now ….. I look forward to your reply. Thank you
IMO, It’s always advisable to get a property expert that will assist you in selling residential buy to lets and invest it in the right sort of commercial property instead. In other words imploring aid from a well experienced RA is likely going to save you time, manage the risk and also help you lock in consistent lucrative outcomes. It’s indeed a smart money move anyone can make!
I have briefly been an accidental landlord when I got married but it was an immediate disaster. That house got sold as the tenant was persuaded to leave quite quickly. Now I am in a position where I could buy a house and rent it out but I cannot think of a bigger mugs game. I am staying put and slowly spending the money on holidays and hobbies. The major problem is there are only so many good tenants, many have no intention of ever paying rent and enjoy damaging properties. They can find a park bench as far as I am concerned.
The overlords in this country do not want the serfs owning a second home, they need to keep serfs as serfs to maintain their own wealth. That's why they now tax all of the rent instead of the profit off rent to put serfs off buying a second property
Whether you believe the reset conspiracy or not - its clear that upward costs and reduced landlord assistance 'section 24' aligns with the principal of again shifting autonomy and wealth out of the middle class and into the pockets and portfolio of large corporates etc hope I'm wrong but it doesn't look good.
Awww didums the middle class are getting the shafting they have been giving the working class for decades. Cry me a river.
@Darryl Revok Phones - Leased. Cars - Leased. Homes - Rented. Credit and debit cards. You will own nothing and be happy because that is what the majority 'wants'. Conspiracy hystericalsts you mean.
@@moss1066 Middle class pay the taxes that help the working class. Upper class don't pay taxes. Don't bite the hand that feeds
@@MisterNumber6 middle class don't feed me nothing kid I pay their share if anything.
Anyway enjoy your clowshow of a leadership contest. What's the main issue again? Not the economy that's been trashed by them, not the NHS, not inflation from Bozo and co overprinting intrinsicallyworthless state monopolytokens. What is it again? Ahh yes, cutting taxes that's it.
Just remember all society's are only 3 square meals away from revolution
@@MisterNumber6 💯 agree.
I live in Northern Ireland and work in Dublin. The housing crisis in Dublin is way ahead of us in the UK.
Chatting to my colleagues in Dublin, no matter how high the rent escalates there will be a tennant. A lot of my colleagues are paying €950 for a room. I also know a landlord who is charging €1100 per room (en suite) he has four rooms let in a ok area, on the outskirts of Dublin . My colleagues are spending nearly half their monlthy salery on rent therefore unable to save for a deposit. I hope this is not the future for the UK, it's so unfair.
Yep, my Son’s the same in the UK, half his salary goes to these money making parasites and yet they’ll have you know they are in it to provide a service 😂
Unfortunately this is already the situation in the UK, especially London.
Exactly. Can’t understand why they complain. There will always be someone willing to pay whatever the rent simply because people need to live somewhere.
If they’re selling up their properties, another landlord will take over and keep the ball rolling.
Less rentals higher immigration= better retirement for landlords
Also trying to get out, its just not worth the investment sunk into that house with 0 profit after tax. Imagine taxing Google on Gross profit? But its okay to do that to a small business.
Question:- My EPC states Energy Efficiency Rating Band C, Environmental Impact Rating Band D. So it's a Band C property, I assume? I'm an accidental landlord, letting the property I used to live in. I've never had a problem with bad tenants or void periods, but as I'm in my late 70s I have decided to sell when I can. I don't want the expense of having to replace the gas boiler (especially not with a heat pump!) and not being able to serve a Section 21 Notice when the tenancy falls due for renewal is just too much uncertainty for me. Maybe I'll look again at the small print about selling with tenant in situ.
what did you decide?
It's a C rating. But the government will change the goal posts & requirements. So do not spend any money on improvements until you know the new goal posts. Do not sell a property with a tenant in situ. It is worth less than if empty.
It’s almost deliberate. There are companies both here and in the US creating “vulture funds” just waiting for a crash to vacuum up delinquent properties. The rental sector will be controlled by corporations not individuals then, rent control.
I own 97 rental properties. I am selling 75% of my portfolio which means 23 of my tenants will have to find somewhere else to live. The government have made things impossible for private landlords
@@carlyndolphin Deliberately Phil.
@@skiiddy I’m selling because I’m making a loss since the government changed the tax rules
@@carlyndolphin we’ve held in a limited company since 2004 but I appreciate that if you haven’t used a company, the tax changes have been devastating.
I have long said that this is engineered - you are right, it IS deliberate. The large corporations (who put pension money into hedgefunds and property or anything which potentially make money) virtually run the Government, they have enormous clout and the Government run scared of what they can do to the general financial situation in the country as a whole.
I had a tenant in my rental property for 7 Years. Needed to sell it due to all the financial reasons mentioned. I did not put their rent up in 7 years as they had Money problems and a small child. I always repaired the property. They were always late paying their rent, but I never charged them extra.
I forgot to place the deposit in a scheme and once the tenant found out took me for £7,500, I also had to pay his deposit back. He told me he had left via a text message and left thousands of pounds worth of damage, and did not pay their last Months rent,
I approached a solicitor who told me it would cost me more in Legal fees than I would get back, and the tenant would plead poverty.
I tried to get compensation via the courts, but the justice system is broken and everything stacked against Landlords, it is very hard to deal with a lying tenant.
Ultimately the system has turned against landlords, and that’s because making passive income (which is actually someone else’s active income) is essentially parasitic. Put your money into stocks and bonds: investments which actually benefit from your money, rather than taking properties away from young families for your own profit.
World's smallest violin is playing just for you. I'm sure how much the property appreciated in the last 12 months more than covered any losses and then some. You must feel so hard done by what with having multiple roofs to choose from to sleep under.
@@moss1066 you really are a short sighted small minded little man aren’t you, I have a feeling you’ll be lonely forever
Ignore Wayne. He's just jealous. But you should have evicted the second or third time they were late
@@seancrowe3353 Renting should be cheaper than buying. People are sick to death of throwing away good money after bad having to rent off parasites who just want other people to pay the mortgage on their 2nd, 3rd, 4th, 5th houses. You want decent Tennants? Then stop taking people for a ride by exploitation of their situation. It's really that simple!
Mostly, it is about squeezing out the small landlord, as the large companies are managing actively the quality of their portfolio and have the funding to invest in upkeep. And with the shortage of houses on the market, it is doubtful that the government would look to make it easier on buy-to-let investors and bring more to the market that would drive the prices even higher
Thanks for sharing
That's exactly what it seems ro be about!
small businesses are being squeezed out everywhere by large monopolies
The great reset "by 2030 people will own nothing and be happy" The big corporations will own everything. That's there agenda at least , Backed by corrupt governments. People need to keep pushing back and make others aware.
You will never be able to squeeze out the small landlords. Do you even know how many small landlords there are ? Many have owned for 20 years and never sell , letting their children inherent . Many are everyday people who own a few properties .
I bought a Couple of properties 2015 and have never increased my rent. I charge £25 above dhss (benefits) and my tenants gas, elect, plumbing and drains are covered by BG so they don't wait for urgent repairs
My Northern Vicrorian terraced houses will never achieve Band C of the EPC as currently prescribed - it's just not financially or practically possible. They're roof insulated; DG'd, and have efficient boilers but I've warned my tenants that I might be bailing.
Tax relief on interest pretty much gone ✅
Interest rates creeping up ✅
Minimum EPC ratings ✅
additional 3% STLD ✅
potential house values at their peak sell whilst it’s good ✅
Possible and likely changes to capital gains tax tick ✅
Impact on cost of living so more risk ✅
LTV changing with new mortgage rates/house prices
I just want to say a massive well done to the government. 👏 keep turning that screw!
you have what you wanted, yet there is now a supply and demand issue for rental properties.
Thanks for sharing
TBF I don't understand why people complain about the partial loss of tax relief; it was a ridiculous relief in the first place. You can't leverage any other investment and claim tax relief on the interest. However I would agree on many of the other points.
I had assumed most landlords had now moved into the limited company side of things because of the section 24 changes
@@dst5596 businesses can and for smaller landlords, this is their business. It made complete sense, reduced the pension burden, provided housing and has been removed. Crazy decision making in my view.
@@dst5596 it's a cost. Called expenses, same as if you already paid tax on your investment money, duh.
If I remember right the housing market was quite calm until tv programmes was showing how to earn extra income by buying a second home and renting it out for extra income or penton top ups .. This virtually doubled house prices within a few years ...houses are homes not buisnesses..just saying
Wrong. Homes are businesses.
You do not "remember right". Legislation changed to bring in AST. This gave a power to evict which then allowed ordinary people to borrow for a BTL house. Before this there was a huge shortage of rental housing.
This then came along with a period of affordable and easy borrowing in the early 2000s.
These two factors brought lots more into the BTL market.
BTL landlords do not push up prices. Never have and never will. There may be some local areas (say around universities) where the housing stock is very attractive for renting but not for buying, but mostly landlords are never a dominant player in the housing market. Indeed landlords cannot afford expensive houses - they do not pay.
The opposite is true, in the years after the 2008 crash the property market was kept alive by some sales to landlords buying up cheap housing. This greatly helped the market.
Landlords do not stop anyone buying a house. They fulfill a need. Or should all students be made to buy their digs?
My tenants consider their houses to be their homes. They choose to not worry about the boiler breaking or the roof leaking and pay me to do that. Some people buy a new car, some lease a new car. It is a choice.
Just saying.
Yes they refit a house in 30 minutes, piece of cake
The problem for the rental landlord is the rules and regulations that they glibbly put in place that cost time and money to comply with. Two spring to mind that is the rule that a certificate has to be produced certifing that the smoke and CM sensors have been tested on the very day the tenants first move in. Also, that a manual has to be provided for every electrical item and these are normally missing on each of one or two year cycle of tenancies. All time and money. Most tenants applying for the lower rental properties are on benefits and these are usually bad news because they have little respect for the property meaning every three years complete redecoration, deep cleaning/replacing of carpets, broken toilet seats, chipped baths etc, replacing smashed entry phones.etc etc. They think they are living in council property. An end of a tenancy is the start of a nightmare! So for me a prospective tenant on benefits is a no-no. I would rather leave the property empty!
That's written from experience! You missed out corner of a slate painted fireplace that's 125 years old in a bedroom!!!
You either adapt to the new letting laws or sell up.
It is just creating a level playing field for private sector, council and housing association lets. It should have been done decades ago.
The new laws are already operating in Scotland and the rest of the UK will follow suit. Have a look at Citizens Advice Scotland to get an idea of what changes are going ahead.
@@berty1422 Correct, you have have a choice, either you take it or you leave it. That's all cool, but you're not allowed to complain when a lot of people are deciding to leave it due to all the rules and regulations that you've put in place.
It's the legal process of eviction that puts me off. Coupled by the issues raised such as tax, insurance, agents fee, EPC, etc. is definitely not worth it. I'm struggling with a tenant who has money but has decided he doesn't want to pay period. He has destroyed the place. Can we get him out, no. The process could take years. Will I do it again, NO!
Sorry to hear this - thanks for sharing
Why will it take years, Rachel? If you don't mind me asking.
Can evict them at the end of there fixed term contract serve them there notice then they’ll appeal it then get a court order it’ll cost you about £400 in total.
Or pay the local gangster £500 and tell him to evict the tenant sure they’ll be gone the next day with a friendly threat from the local nut case
@@1fluffypuss great question😂,
Always do your due diligence and know the area well and make sure it’s not the local gangster you let your property to,would be my answer
I've been a landlord for over 20 years and I have sold every property with a Mortgage because if the tax penalties. I have 3 left mortgage free which will be sold if and when the tenants give notice. The government clearly don't want private landlords so I will give them what they want and they can deal with the housing shortage.
Sorry to hear this - but thanks for sharing your situation.
People get told they can't have a mortgage as they won't be able to afford the £800 a month mortgage, and so are forced to rent for £1600 per month... Believe me, private landlords are NOT providing a service to anybody
Your making profit from people who don’t have a deposit themselves misery, and you expect sympathy, get outta here
@@smd4246 maybe people like you should save better and not spend recklessly on takeaways booze etc
@@smd4246 making profit? U mean providing a service?
There are plenty of people coming into the country so that's why rents are going up. My mate rented out to his house to a family from Hong Kong who paid 12 months in advance after offering nearly double the rent.
@ Ben Carter
Exactly. ! UK Population in 1976
was 56 million. UK Population today 67 million and rising . And yet that's not even mentioned in this discussion. ?!?!?
@@2msvalkyrie529 the government is also not building affordable housing
Same thing here - 1 year up front from Chinese tenants. They’ve now bought - and the property is up for sale.
A landlord should be, as in the old days financed 100% by cash. If you need to borrow to buy a house for letting then get out of the market
For me, local authority rules are a big part. New HMO rules made it expensive and difficult to rent to students, so we quit and sold up.
Interested in hearing your experience about this if you’d be happy to share?
I’m currently wanting to get into student housing, saving up for my first few deposits as we speak (I’m 25 if that matters!).
I’m quite worried seeing these sorts of statements, but it makes a lot of sense.
I didn't quit. I bought more.
Sooner or later the government will realise they need landlords
Thanks for sharing your views
they need first time buyers to actually buy a property... not landlords who are looking to rent.
@@Bobby-op6ip very true as well not enough council houses tho so they need landlords
They have landlord's they are called corporations waiting to buy,,,,,,,,,,,,
No they won’t because the big corporations are moving in swiftly and they will end up being Landlords and push the small landlords out.
Two and a half years ago I wrote an article stating that what we are about to witness has got nothing to do with health but the biggest transfer of wealth from ordinary people to the very wealthy. I’ve seen nothing to change my view.
👍......I'm already wealthy . So brilliant news.!
Thanks Phil for helping to bring awareness to this incoming rental crisis. We’ve started the process of selling our property portfolio, which will take around 7-8 years for tax reasons. We’ve had enough, but the main reasons are the section 24 (tax), full council tax on empty properties, over regulation/legislation, end of section 21, EPC uncertainty and the final straw being the council licensing scheme. Last one out is a mug….
Same here but I'm probably playing into their hands tax wise by selling up all at once because I just can't be bothered anymore.
As well as what you've said above, rent controls being discussed in Wales and Scotland as well as longer notice periods for a landlord in Wales and in Scotland they're talking about preventing landlords from evicting tenants even if they have rent arrears. These things could make property prices drop and the investment unsafe. I'm already out of Scotland and am selling up in England now.
Sorry to hear this - thank you for sharing.
Not worth it indeed Tanya.
@@debra2832 if they can’t evict tenants, how can they get them out?
I’m sure what Debra is referring to is with all these changes it might get to the point that it’s very difficult to evict a tenant. Not that you can’t evict a tenant.
The first point is incorrect. When house prices go up it means that first time buyers struggle to get on the ladder, so when they leave the home of Mum and Dad the only place most can go is the private rental sector. That demand pushes rental values up.
Nope, as the private sector landlords dump their properties - the price will go DOWN. It is supply and demand.
With the coming recession, the artificial housing bubble will hit the floor. Many properties will go into negative equity.
If you are a private landlord and haven't sold up by now - its too late.
I read about similar, landlord offered lots of money if they housed migrants. Current tenant told to leave unless they could match the money the migrant would bring them. They couldn’t so the British tenant faces homelessness
Thanks for sharing
Not heard that but for me the dream is having tenants in for the long term that look after the place.
£350 is not lots of money
@@seancrowe3353 not to parasites that are making $1000+ a month of the back of others hard work maybe. But to some it's a lot of money. Try not to have such a narrow bandwidth of conscious.
Let’s look at this: House prices are going up. However, relative to inflation house prices are rising at extremely slow rates. Interest are going up. However, relative to inflation interest rates are now at historically low levels. I’ve just re-mortgaged a property at 2.9% fixed for 5 years; that’s minus 3% in real terms, as for the onerous regulations. If you look after your properties properly and have quality properties regulations with regards to EPCs, gas and electricity regulations then there isn’t any thing to worry about. I think the comment about George Osbourne summed up Vanessa’s grip on the facts; George O retired as CofE 6 years ago. Well managed, reasonably leveraged quality houses with sound due diligence carried out on tenants will invariably provide a sound long-term income capital growth and income investment. If a 10% ‘adjustment’ over the short term will hurt you, then you’re not doing the Maths.
Yeah the Osborne comment was weird.
House prices are going up or are remaining about the same.
Inflation is running at 10% - plus PA.
I don't know how these things will look after the next ten years.
George Osborne introduced the Landlord Tax.
@@poopoomcgrew not weird at all. Osborne introduced the 'Landlord Tax'.
Our agent told that flat we are living in is on the market. We have to leave 2 months after the property sold. Me and my friend who I live with are bouncing and suffering being in a state of a limbo. I am waiting for a surgery to be performed in September and need to have settled flat after it's performed. We are model tenants and always pay on time (precise standing order). This unfairness made me suffer from embitterment, anxiety and uncertainty.
The. Sad. Thing. Is. That. No tenent. I alot.
I rent a room inn London for work and the Landlord is selling. The rent for a double room has gone from £600 pm to £700 and even £750pm near me and a lot want contribution to household bills. That is Nuts! The wages have not gone up to be able to cover that sort of price hike!
I have sold off half my properties, if the tenant leaves I sell up, I tried to evict a problem tenant about 3 years ago, they went to the council who said they didnt have to leave, I had to sell it with them in to get rid of the problem, then a full council tax on any empty property, stamp duty, tenants moving with no notice and leaving you with a big bill for decorating and new carpets. There should be more rights for landlords, let the council put them in hotels it will cost them more and give them a bigger headache.
Yap...weve had enough...weve never put rents up...once people are in them...but had them trashed...first covid year...we let out a property and could not visit...my husband has terminal illness...thought they were a nice young couple with a child...all false and passports too...it was used to grow cannabis...the house was in a state...my husband put back his treatment so we could work on the house...and work we did...I went on my own many time to the tip with all the rubbish they left behind...am in my sixtys...had enough with people...were not rich people...worked hard in factories for many years...👎
Nope Ian. You are just crying because you have been dragged kicking and screaming to a level playing field.
Gone will be the days of Cowboy letting, and the private landlords have to abide by the SAME rules as Council and Housing Association lets.
The Tenant has security of tenure. No more kicking out a family at landlords whim.
It is just a level playing field.
No point in crying about the new rules - you abide by them or sell the property.
The ones selling up are the landlords that do not care about their tenants, - only how much money they can make.
The new rules will sort out the wheat from the chaff.😄😄
@@berty1422 The Council and Housing Associations, are exempt the rules that private landlords have to abide by in areas where the Home Safe Scheme is enforced. I will be selling my property off, I will leave it to experts like yourself, enjoy. 😎😎😎😎 I will put my feet up
(from California USA)
Ian, your comments are so spot on. We face similar challenges here, but we landlords slog thru until--like you, we just 'sell up' (a new term to me, here we say 'sell out'). In the States, it's leading to fewer and fewer small landlords because the burden of cost can't be supported by 'mom & pop' landlords. What replaces them is large commercial firms who wield their power forcefully. This 'only corporate land lording' phenomenon is just now being considered as a driver of the boom in our homeless population.
Seems in neither country have the law makers awakened to the reality that THEY are legislating rental housing out of existence. A dear friend of mine started buying single family homes here in CA in his early 20's. By the time he was 40 he owned over 100 beautiful small homes in California's central valley. Today he is 55 and has sold every one of them. it just did not pay to be in the landlord sector any longer.
@@brentfisher6484 Thanks Brent, I am buying wrecks, renovating and selling on, leave the renting to someone else
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Good content
We need more people like you here on UA-cam, Nice video
Landlords have benefited from a set of circumstances provided by the state with a very low bar for entry into the position of collecting revenues from other individuals wages. Those circumstances are clearly changing. Time to adapt... is a change in circumstances so bad, at least it keeps life interesting!
Lol interesting
Landlords aren’t scam bag. They are thrifty with their money so they invest & save unlike you who hopped to bar & night club to blow up their weekly takings. ! Let’s see where and how these those SHELTER & Generation Renters are going to get a roof over their weed smoking model renters! Landlords can and will sell their properties and invest somewhere else.
it’s the equivalent of out of town large shopping developments. they intentionally kill off small businesses and then raise prices. right now, institutional investors are squeezing out small landlords to corner the rental market. then the rent will go up for everyone. institutional investors will also drive up house prices initially. Local authorities are complicit by making it hard to enforce contracts and evict bad debtors.
Local authorities are complicit by making it hard to enforce contracts and evict bad debtors. - How comes ?
Another looming problem with EPCs is this. Suppose a landlord spends the £10K but cannot get to a C rating. He applies to the Council for an exemption. However, the over-worked Council take ages to deal with the application. D-day passes and the landlord continues to let and/or grants a new tenancy in expectation of getting the exemption. Now suppose the Council won't grant the exemption. Landlord is now in breach and liable for a fine of up to £30,000. If s21 has been abolished what is the landlord to do? He cannot evict the tenant. Will he be subject to multiple fines, perhaps increasing? No wonder landlords are selling up. Even more will do so when this scenario becomes a reality.
I wonder what will happen with 1977 Rent Act tenants who have the absolute right to security of tenure for the rest of their lives? Yet this net zero policy encompasses these types of tenancies too, potentially undermining the purpose of the Act for the tenant who might be dwelling in an old Victorian house that can't be made up to a C band EPC rating. Certainly the landlord won't invest this money, not when they are only getting a low Rent Controlled fair rent. It is worrying times all round. I suspect that the Council will have to purchase the property with 1977 Rent Act tenants and maybe sell it to the tenant at a knock down price or pay them a lot of money to leave the property. That is what I am hoping for, anyway. That means I will own my flat outright. I am seeking legal advice as to the likelihood of being able to stay in the property. I might even negotiate with my landlord a much lower rent than he can currently charge just to agree to refuse access to builders to carry out these works at huge cost to the landlord making exemption a greater likelihood. But there has to be something in it for me, not just for the landlord.
I've been a landlord since 1986 and have been through some difficult times, but the next 5 years appear to be a nightmare. Nobody knows what to plan for. Thank you for a informative presentation, At least I am no on my own
Sadly you are not. Thanks for the feedback
You could try getting a job Dave and working for your money instead of taking a slice of somebody else’s wages for doing nothing.
@@andrewrogers837 I have provided long-term home who other organisations failed and I charge less than the local housing association do I have seen homelessness from a close position . What do you do to help a stranger?
@@andrewrogers837
LOL
Your so ignorant
Anyone who makes a statement like yours clearly has no clue what it takes to maintain a house
local council s don't have any properties so the sector needs private landlords, It's not rocket science Why don't you ask the local council or your Mp to build some more houses instead of assuming all a landlord does is sit on his hands,
It’s not surprising, considering tenants not paying rent during Covid. Here in the US, we are going to be able to start to evict starting this June. The only option was to only have month to month leases and not renew leases when tenants stopped paying.
Thanks for sharing
Brilliant idea.
Rent is just far to expensive for the consumer, And the demand for EPC to be higher means landlord have to find money they dont have
Epc ratings..
So these ratings only apply to private landlords?
Do they apply to homeowners?
Do they apply to council/housing trust housing stock?
Do they apply to commercial property?
Good point!
If they are selling, either another landlord buys or a renter. The home does not go anywhere. It is just landlord's noise. Landlordship and second home ownership should be heavily taxed and 0 deposit mortgages should be offered.
Thank you for all your comments on this video. The government is currently running a call for evidence and review of landlord income taxation and we would invite everyone to take part in it here: www.gov.uk/government/consultations/review-of-property-income-survey-and-call-for-evidence
Private landlords should get jobs and work for their money instead of living off the backs of others wages. Private rented sector coupled with lack of publicly owned house building has made housing unaffordable and mass homelessness. It’s a totally unnecessary sector that lines the pockets of a few at the expense of the many.
@@andrewrogers837 are you a public servant, civil? You should find yourself a proper job and you may afford a mortgage yourself instead of being so lazy relying on the government maybe.
Vanessa is very knowledgeable and well spoken. She grasps the issues. These are the people we need in government. Not career politicians.
Thank you - we'll pass that on
My tenants Al DSS.
I've never raised rent in 10 years.
One bonus to DSS tenants. My rent never stopped getting payed through covid
Landlord! Such a funny term, straight out of the medieval times.
We all require accommodation and are prepared to pay a reasonable price for whatever type of accommodation we desire! Whether we buy or rent does not make one iota of difference in the end, only who profiteers and how much.
What ??
Many years ago tax relief was abolished for owner occupiers.
Landlords have benefitted for a long time in comparison.
Why?
For too many years, corporations have only been taxed on their net, we should tax them on gross by that logic?
Thank you Phil and Vanessa for highlighting this very serious situation. I've worked in the BTL sector since 2005, assisting investors with their portfolios. The changes due to Section 24, the bad press from the Govt & media towards private sector landlords, lack of regulation of property trainers, the leasehold issues (ground rents and the EWS1/remedial works fiasco) and the unknowns for unworkable proposed EPC changes, are all negatively impacting investors in this sector. I don't believe this country's rental housing sector can function without these private landlords, many of whom are doing their utmost to comply with the many rules & regulations. The Govt's lack of understanding of how the BTL sector works beggars belief, and it needs to change, with more joined up thinking. One other point - I'm aware of a lot of private landlords who switched their long term rental properties to holidays lets during lockdowns. Many of these will, in time, revert to ASTs, once the demand for staycations reduces, but in the meantime, it's reduced the number of long term rental properties available to renters.
You're welcome - we will give this more coverage so do subscribe to the channel to stay up to date
Sold a rented property in Nottingham last year. I used to live in it and It was a lovely property. But it was no longer viable. There was also the £800 landlord registration imposed by Nottingham City Council that was a deciding factor. Sold it and paid off my mortgage on my home for peace of mind. Happy days.
What does one do with the funds after selling?
@@jackfrostcm108 paid off the mortgage on my main home. Then the monthly amount saved means I saved fast to pay off the mortgage on a second home. So now two homes with no mortgages and no stresses.
@@wildgeeseod67 thank you so much 😄
I'm not surprised to see a video with this title based on my experience! We've rented out our first home (1 bed flat) for the last 11 years and in recent years it's been valued at zero due to subsidence in the block. I would give up being a landlord in a blink of an eye if I could! I've only today worked out my back dated HMRC costs since section 24 kicked in and I now somehow need to find 2.5k to send to the HMRC for a 1 bed flat! I clear less than £100 a month before tax is deducted so from where I'm standing being a 'landlord' equates to both stress and time only to barely break even or make a loss. P.s. we've not put the rent up in 2-3 years but I'm going to need to counteract these extra costs so its going up next year.
Thanks to Phil for raising awareness of this issue. The government is currently running a call for evidence and review of landlord income taxation and we would invite everyone to take part in it here: www.gov.uk/government/consultations/review-of-property-income-survey-and-call-for-evidence
Thanks for sharing
l've been a landlord since 2014 and l've got a property currently let out in Bournemouth ( a two bed apartment near the main station , taking 825 a month, ground rent 100 per month. Rent must be due to go up ) . l'm thinking of selling now as a buy to let ,with the same tenant in place ( who is good and always pays the rent on time and has been there two years nearly and she keeps the apartment in good order !) ! It's getting very scary now. The good times are over ! !! With these new laws and interest rates going , plus new laws on boilers and other things ! Be happy with about 205 /210 ,000 !! Any takers ?
No names, no pack-drill, but I'm VERY nearby. This year there's an extreme accommodation crisis in Bournemouth. You can see a contributory factor by walking around that immediate area or visiting Asda.
Two out of every three people is an African or a south Asian. That's NOT a waycist comment. It's a neutral observation.
@@raypurchase801 Well it's near the main station .Wellington Road. My concerns at the moment are rising interest ratess that are making my mortgage payments much higher !!! The thing that has saved me is my pension lump sum and pension payments , which l took early . l was a short step from getting repossessed. Things were / are getting desperate . That desperate l was thinking of returning to the UK to work for a least two years . lt's got worse then since l was last in Bournemouth , 2014 ! They have destroyed this country !! l remember in the 1990s you could get an appointment in my local surgery the next day !! When l rang them in 2014 for an appointment they said l had to wait ELEVEN days for the next available!! When l did get to the doctor's surgery eventually christ you should have seen the waiting room !! Full of foreigners !! No wonder the wait was 11 days !! One saving grace from it all - it may keep house prices high !!
Blair also ruined the rental sector when he wanted to “empower” council tenants by paying the rent to them instead of the landlord and once the tenant got the cash guess what they did with it?
Most stupid thing ever giving poor, dumb Tennant's rent money to squander on booze and drugs. They already never paid bills or catalogue/sky payments!!! Unbelievable DSS error.
I suppose tenants wasted the money on eating and keeping alive eh ?
@@johnbowkett80 I’m only interested in them paying their rent.
I rented off scumbag landlords back in the late 70/80s . Took one to court and got my rent reduced by 70% and he was forced to build 2 new bathrooms and toilets . I despise and detest landlords , making easy money from peoples misery . Good luck with your greedy little selfish existance .
@@johnbowkett80 personally I hope all these leeches DO sell up. Maybe then there will be a glut and prices will become more affordable. To landlords houses are not someone's home, they are purely cash cows that they believe they should have no responsibility towards the people renting them. My heart bleeds for all these landlords....NOT
Renting property is a business. A landlord has a lot of time and hard earned money invested. It should be treated like any other business as regards tax deductions and interest relief.
Renting property is a business?this is the problem , this is the foundation of a life , the rock on which we build a society , it's a business to those with accumulated wealth who want to take it easy in life , 1 hour working day with a lunch break , landlords are not a necessary part of the economic model they just are milking the housing shortage and thinking they are Robin Hood
@@dolphine675 You have absolutely no clue. The conservative government in the 1988 housing act created the assured short hold tenancy. This gave banks a way of lending to individuals to buy and let property. By this and other means they encouraged individuals to invest in property as way of ensuring future prosperity and an income during retirement. Most landlords are hard working people and are not wealthy. They are merely trying to provide for their future. Now the government has decided that all this wealth tied up in property is needed to stimulate the economy so hey presto, let's make buy to let unprofitable and move this money into stocks. Oh and as an added silver lining give all our corporate mates chance to take over. Best of luck if your a tenant of a Saudi wealth fund or social housing. At the moment the worst rated properties are local authority run. Guess why, not rocket science.
@@davidowen2859 when you say I have no clue you must mean you think it's worse than I do ? Yeah the problem is a political one , government created this problem of creating parasites at the foundation of being born , a third of your life will be spent paying for the use of a home which was built and paid for in most cases multiple generations ago , the whole idea of housing stock being a way of funding the non productive in society is obscene.
Houses are built from things that are dug out of the ground to provide shelter and security for the occupier not the bankers and their middle men , the present situation in the UK is capitalism at its worst , those who gather wealth expecting the young to be crippled with debt before they even start working or trying to provide security for their own life
Ok the future looks bleak for landlords so we take out our money by selling up and put it where?!! That’s the real
Conundrum
Vanguard ftse global all cap, I sold property portfolio after years, even during current market drop I’m still up by more per year in stock market than rental property, plus its passive
@@iMetal87 depends on the roce
@Boxing Truth depends on the roce
The future is not looking rosy for tenants either. Many will be facing homelessness.
Every Landlord is a Volunteer we stay because we want to stay If govt pushes hard enough more will leave the sector Govt then has a problem with tenants who dont have homes I would say this to Govt be very careful for what you wish
Volunteers don't get paid.
@@Deadeye1967 I was in the army and i volunteered and was paid its called choice
You stay because you make money, or can't think of anything better to do, you are helping yourself not the government, private renting isn't the tory dream, buying a place is.
@@Deadeye1967 Tories dislike landlords and yes they want Home Ownership I stay because i make my liveing from property a great number of others stay in a job to make there money thats life I look at the mess the Tories have made of the Rental Market I had one property to rent and the agent had 40 viewings in one morning Before Covid i would look at Rightmove on my own patch and there was normally around 15 properties on the market to rent today there are Two and the rents are 25% higher then before Covid I dont have a housing problem but the Govt and Councils have one now and its due to Taxation S24 Them in Govt know best and dont listen to reason and yes your right its because of home ownership dream which a great number of folk in the UK will never have for one reason or another they cant Borrow and thats the issue which is never dicussed
@@Jeffybonbon I am not sure how less tax relief for you helps the housing crisis. People can borrow but they can't get the deposits needed because they are in a renting trap. Wages haven't gone up in line with rent prices especially where I am in Chelmsford, a 2 bed flat was £500 a month 10 years ago, now its £1000+, a one bed flat is about £800, I take home £1250 as an NHS worker. My wages were £1100 10 years ago. I am stuck in a HMO sharing with 5 others, , im in my 50's, would you like that?
The big one coming is the cost of raising EPC ratings
EPCs are garbage. Previously that didn't matter but soon it will as there will be many properties that cannot be made a grade C or will have to spend thousands to do so. This could have a big impact on the availability of rental properties and drive up rents further.
Yes - i mean i’ve been quoted over a years income (over 10K) to take a property from a high D to a low C. The estimated saving to the tenant is £140 a year. These will have to be extensive things such as a heat pump and internal or external cladding Since I have already have done all of the other low-cost, effective things such as basic insulation, double glazing room thermostats, LED lights et cetera et cetera.
The payback period on these proposed ‘improvements’ is essentially never.
I am expected to pay out thousands so someone else can save hundreds - I have calculated that it would take over 92 years for someone else (remember the landlord gets no benefit) to recoup the amount I would have to spend at that level of energy saving and the estimated lifespan of the product that is supposed to deliver that saving is only 25 years AT BEST. It’s daft!
@@NekonataVirino I see blocks of flats with ratings from B to E, yet the flats are all essentially the same with the same assumptions on the EPC. Some of hose rated E say they can "potentially" be a D. The operative word in RdSAP seems to be "reduced".
Hard to believe this will not be challenged legally. Also to be challenged will be the recommended improvements. It is rather like fining someone for speeding when the device used to measure the speed is not calibrated or reliable. The whole system seems to be about generating fake data so the government can convince itself we are getting to net zero.
Thanks for sharing
I'm not saying they won't but I struggle to see how the government can implement this without the potential of lots of people being made homeless if for example its not rentable without the required epc rating
Which actions would you take if your aim is to assist the banks to become major property market stakeholders/landlords in a few years time?
Or any large companies like John Lewis. Or foreign investment funds.
Exactly local banks will be hit by introduction of cbd’s push small landlords out to keep big boys happy
The proposed changes are a very lightweight set of changes compared to the rules in a country looks Germany. All I can say is, fight them tooth and nail, because the situation (as an owner in Germany) has reached a point where populists are calling for the confiscation of private rental property, while the corporations encourage this viewpoint to buy cheap from private owners fleeing the sector
Sold up myself as the law is biased towards unscrupulous tenants that can get away without paying
Hi does EPC also effect mixed commercial residential properties?? Thanks
In my opinion, too many people bought buy to let’s and this has definitely raised prices. Without this, the price of a typical first time buyer home would be set by its affordability to the first time buyer. This has caused misery for many potential buyers who have then been forced to rent instead. I do think that many landlords will now get their fingers burned because of falling prices and reducing returns.
Make a new government legislation so any new build developments can’t sell to landlords or housing corporates…..that would free up a few houses….
Long term tenancies are okay if you have good tenants. Everything in support of tenants is great if you have good tenants. What about the tenant from hell scenario. I don't blame banks for only allowing 12 month ASTs. The legal process needs to change. The high risk lies with the landlord. As for wanting to help Ukrainian refugees, don't be gullible and assume all are good. How will they be vetted? Be wise.
Thanks for sharing
I have mine managed so guess I should know more about these things but just had a new tenant in a property that wanted a 2 year contract so I agreed
@@leehartshorn1479 2 year contract - That means nothing except the first 6 months
Simple answer is too much hassle for too little return in what can be a risky investment with all the protection on the renter's side.
Every year there was a new commitment and duty to be made and adhered to, which made it completely unattractive.
I sold up and glad I did.
Can you give any examples of renters protection that has been introduced in recent years please? I don't see any of these as a renter in a HMO. I just see rents going up each year and wages haven't been.
"Landlords are selling up so there is less property to rent and there are less new landlords coming in, so rents will go up". That makes no logical sense, these properties are not vanishing. They are been bought by people who might have rented but couldn't get a property, so there are less renters. We could need far less landlords if property was reasonably affordable to the average worker.
Exactly
Fewer
Only vacuous people like you can think like this! Do you even know how renters are buzzing like bees looking for an accommodation in London? We the landlords know the situation.
Yes landlords seem to think they are saviours for the government and to renters, but with less of them snapping up cheap properties the more chance of first timers getting a look in.
I am have been an energy assessor since their introduction in 2007 and run a property inspection company, we have carried out 10's of thousands if EPC's.
I would be happy to discuss the situation with the epc issues discussed in this video.
Please let me know if this would be of interest
Thank you
Thank you
Every EPC report I read recommends solar panels etc. not being funny why should landlords do this to bring EPC up to spec when private residents/owners don’t. How about government make house builders put solar energy on the roofs reason they don’t is because of cost!
I understand your frustration, however the points you raise are for central government, as energy assessors we collect data to complete EPC's, we do not make the rules, but we can help investors and landlords achieve the best possible way to improve the EPC of a property by spending as little as possible. There are a lot of myths that need clarification and understandably many angry investors and landlords.
@@davidfoggett1722 not having a go at assessors, it’s just so hard to improve it, a new boiler and energy saving light bulbs increased EPC by 1 point 🤯
Never agreed to BTL mortgages where the renter is paying the landlords mortgage. Landlords can't lose due to house price inflation. Social housing needs revamping, local government needs to build many one and two bedroom decent homes and charge a more affordable rent.
Thanks for sharing
So only rich people who can buy a house out right should be landlords?
@@LG-Musique A poor landlord? House buying should not be used as an investment but as a means to having a roof over your head. House prices should only increase by natural inflation.
@@rightfuljohnny Even if absolutely everyone could get a mortgage, there would always be a need for rentals. People who work away from home, people moving short term, people going to university etc.
When we got our first buy to let, my husband was earning about the national average and I was on £12k below the national average, so yeah, not all landlords are rich.
Wouldn’t it be grand if government decision making teams took the time to speak with people like you Vanessa, and Phil, and those you refer to here and see behind the first punch at the longer term impact.
They have taxed the life out of landlords but broke many by letting non paying tenants to stay right through covid. I know of one who lost 2 years rent and then the mortgage repossessed and he lost credit status too.
Thank you
Wouldn't it just.
What's the point of minimum wage for the poor if their is no rent control?
Never heard of in work tax credits and Housing Benefit ! Family with 3 kids in my street gets
£ 2200 a month on Universal credit !! Benefits Culture in action.
The catastrophe was the property owning democracy and the killing off of council houses... Good old Maggie
Government interfered with the rental market and their ham fisted meddling is now causing major problems. The scariest thing to hear really is 'I'm from the government and I'm here to help', because they always screw everything up.
Thank you Phil and Vanessa! It will be interesting in the Midlands and the the North of England where thousands of flats on the rented market in old industrial buildings are not C graded EPC, this is going to cause a massive problem if they disappear from the market as in some areas you can not find a flat for rent now and the demand is huge, due to a young population just out of university looking for their first place to rent!
Exactly. Serious demand in my Midlands market town, but nothing available.
17:30 I didn't hear abt the £2.5k golden shake 4 Landlords. Pls provide link? Thnx
www.propertytribes.com/councils-offering-golden-welcomes-to-lls-t-127631777.html
Very few tenants want to stay long term
75% of tenants actually become owners (or get given a council property) in less than 10 years of renting privately
Thanks for sharing
surely not?
@@brendanoneil3489 Yes it is surprising but it makes sense
If you assume 78% of pensioners own their own home which is the case in the UK and you assume close to zero 18 year old own a home
It means as these 18 year old grow older and older they buy more and more homes until 78% of them own a home 17% have a social home with very low rents and only 5% rent privately and many of those actually rent for a price of £0 per month. I don't recall exactly but a very large number of rents homes on the UK somewhere around 500k privately rented homes are rented for zero mostly grown adults buying a home for their elderly parents and not charging them rent
Of course tenants dont want to stay long term, its too expensive using private accomodation. Much cheaper to get a council property instead.
But change is coming and rightly so, giving private tenants the same rights as Housing associaton and council house tenants.
The new system has been running in Scotland for a while now and is being rolled out to the rest of the UK.
It is a long time coming, the private sector was unregulated and unfair to tenants. In many ways the private sector brought it on themselves, using Section 21 to kick out families on a whim.
@@adem-Savs The majority of tenants ultimately end up buying their own home
No one wants to rent until they die
Irrespective of how you tinker with the laws and regulations the fact will still remain that most tenants will move out of privately rented homes to either social or ownership
If a landlord sells all his property that is good thing as they are bought by someone else they are still there they are not demolished. Maybe a former tenant or a landlord as they don’t sit empty with so everything is good.
Perhaps the government should get into the housing and rental market properly. Imagine the rental income generated if they operated as efficiently and effectively as the private sector...! 😳
Thanks for sharing
This woman is a legend. So bang on.
We'll pass that on
Landlords are selling up because of ongoing Government meddling. Look at what's happened in the last 5 years. It's not just one thing that is causing the problem, it's several factors that will be different for each landlord. Government won't be happy until they've broken the PRS.
Certainly feels like it.
Thanks for sharing your veiws
I am working full-time as well as a part-time landlord. My tenant hasn't paid rent for nearly 1 year, rental areas as at now September 2022 is about £9k. Tried to evict her and went to court in October 2021, her and her legal aid from citizen advice simply said yo the judge that she disagree the rental arrears amount, the judge decided to have a full trial 6 months later, I have to withdraw my case as my solicitor wants £7k as retainers. I hired another internet lawyer who is charge based on actions not on hourly rate of £250 plus vat. Have been waiting nearly 6 months for my next court hearing in November 2022. My section 21 served has been expired and re-issued another one cost additional £400. The law is so unfair and Don't become a landlord!
It’s both structural and cyclical - there is a rotation as many landlords rotate out after having a number of good years, others will come in but in smaller numbers, however the cost and incentive to be a landlord is so low now that it’s not worth the effort for the returns. Plus we will have a housing crash in the coming year - so many are selling up before they have a portfolio drop of 25%, at the same time increased costs of refurbishing properties with the new standards required by the government. The world around us is in economic turmoil and we are in a recession, with potential stagflation and a depression. Deflation will come in but late. It’s a messy economic situation and landlords will be bruised and this will lead to low stock for 2023, 2024 and 2025. 2026 and 27 may pick up again.
Thank you for sharing
I am a small time landlord had parents who were landlords back in the seventies.If we want to get an understanding of the present economic climate you have to understand what money is.Coming off a gold standard in 1971 is a big root of our woes inflation is a government/ central bank phenomenon of money creation.The system has been a good one but is now breaking.Learn Austrian economics and all will be clearer.Property is a good investment but not the only one.Wish you all the best with your investments
The section 24 tax or the Osborne tax as I call it is crippling me! If it just halved the rate of tax relief it wouldnt be so bad but the calculation firstly ignores ALL of the interest, so I go straight into the 40% band and then 20% of the interest is deducted. It is far worse than it looks on paper and not fair!
Couple that with interest rate rises it's pointless having a rental property. David Cameron stood at his lecturn and said " we need more private landlords" . When that happened we were looked at as greedy so taxed beyond belief.
Phil, didn’t you recommend or endorse the Harlequin property? How did that end up?
I sold my last rental property. 🥳Now free from government oppression and dictatorship
The whole U.K. property market and the politics behind is just insane. For a start a property market in balance there should be at average 7-8% empty properties, in the U.K. there are hardly any empty properties in the U.K. as most people that see an empty house get angry and says “it should not be empty as it’s a caste of resources”. The result is that prices go up as there is a constant pressure on the few properties that actually are empty. There is many many more problems too. The precious “green belt” politics is another reason, if you look at any map of almost any area in the U.K. there is loads of land that can be built on. But local councils are constantly stopping any attempt to build on the land that is free. And no, it’s not farming land, most of this land is used for absolutely nothing. And the problems goes on an on, low IQ is a huge problem in the U.K.
I have always felt uneasy about how the rental sector and house prices have burgeoned in recent decades depriving first time buyers from their first step onto the property ladder. Some friends even regard it as immoral. I can remember well how a friend's daughter nearly got gazumped by would-be buy-to-letters. Luckily, the vendors were still emotionally attached to the house and sent them packing as they didn't want their old home to become a run-down rental property. But this went on all over the country and has resulted in the great reduction in the "property owning democracy" that Mrs Thatcher espoused. Past governments should have gradually introduced tax disincentives to discourage the rental sector long ago. This is also creating a time-bomb for future government spending: I have been able to retire comfortably and early because I was able to pay off the mortgage on my one and only house. It has been surprising how little you can live on (at least before energy price rises) if you don't have a big rental/mortgage overhead. When renters come up to retirement what are they going to do? Go on working or will they be entitled to claim rent as a benefit? That's going to scupper the government's plans to try and reduce the old age pension burden by increasing retirement age and I certainly don't like the idea of more government money going straight into landlords' pockets.
I worked in social housing for 20+ years and Ive seen this happen, when someone reaches 50 they go hell for leather to housing them in council housing as private rent will cause problems like you say.
You are right but this no longer works when millions of low skilled immigrants are pouring in. How can they ever buy property on the minimum wage as most are. The Labour party makes out that these folks are all doctors and dentists lol. Anyone who has ever tried to see either will know that's not true lol.
I like the points you made , seems to me that society is divided by the cost of housing and if you wish to stifle creativity just make a man work 65 hours a week for 40 years to pay for his bed
I am a first time buyer and a cash buyer unusually - who has been trying to buy a very modest two bedroom house in the cheapest areas of the north west. For the past year I have constantly been competing with landlords/developers who are given first refusal by state agents or can afford to buy reno properties at a higher price as they have good deals with regular builders etc. This is even in the boom with property price at a premium, but also with good odds of reselling at a profit.
I see no sign of any apparent measures improving my chances at buying a property and I really am not being choosy, you have no idea. Yes stock is limited right now but for the houses I am looking at, the cheapest on the market, it is landlords and developers who are preventing me every time from being able to buy. One house I put an offer in, the developer who was renovating next door put in a higher offer than me - the estate agent didnt even put forward my offer when it was the highest and lied about it to me. The estate agents get backhanders for giving their regulars first refusal etc. So have the measures to help really gone to far? Of course not, not in terms of having a significant impact on FTB, but landlords were never going to be genuinely interested in people who rent getting away from the bind of paying their mortgages and having a property of their own themselves instead, were they?
More measure needed to ensure first time buyers can buy imo including changes in how estate agents operate. The wider issue of capitalism is the overriding issue of course. We are all trying to have something for ourserselves n a grossly unequal system designed so that having something for yourself means someone else must suffer. Of course many want far too much for themselves though it never makes them close to happy. Building wealth is an addiction.
Certainly in london property has super-peaked and coupled with the fact that a lot of wealthy foreign property owners are selling high end properties. I am not sad to see a property sell-off as it may give my daughter the opportunity to get on the housing market when it drops. No one sheds a tear for buy to let landlords...
Thanks for sharing your views
All the BLT people have done is create more demand for property by competing with each other and pushed up values. They claim that they are 'helping renters' by providing property for them to rent, but the only reason so many people need to rent is because they have been priced out of buying a home of their own.
No one sheds a tear for landlords indeed until there are little supply of rental properties when rental prices will increase further.
@@dotcom4389 business is greed and capitalism is greed I’m sorry to say. I disagree with you as everyone wants to make money. If property investment is no longer a good business due to tenant friendly laws and anti landlord government intervention then landlords will simply sell up and invest in something else
@@dotcom4389 it’s the market, government and regulation that have caused these problems not landlords. Landlords can only do what the market dictates and the market is driven by supply and demand which in turn is driven by government intervention. Landlords cannot increase rent without the market demand for it. Let’s hope more landlords sell and more first time buyers buy properties then if that is the solution. However don’t forget there are so many renters out there who do not want to buy a property and just want to keep renting.
Sold our flat in London, just did not want to deal with tenants that were told not to leave until the bailiffs arrive.
This is great news for the market for buyers who need a home. As landlords offload, these properties will become available and prices will be corrected down to where they belong, at least 20% lower.
Fantastic.
Due to the supply and demand the houses will be sold at market value. Bigger landlords will swallow up properties too. This selling process has been taking place since the introduction of section 24 tax changes around 2017/8 - have you seen a drop in prices?
Prices in my area are not going down this is despite a large number of landlords selling up, the letting stock is right down and people are starting to ask on rental sites if there is any properties to rent anywhere! The only thing that may affect the cost of houses is the cost of living and the interest rates going up nothing to do with landlords leaving the market. Unfortunately there will always be people who will only rent properties, it’s these people I feel sorry for because the rental properties will not be there in the future.
@@Kully11 For sure, the bigger fish will have the wherewithal to weather the storm. How this plays out as per the wider market, will become apparent within the next 6 months or so. I could be wrong but that’s not my call as I’m no expert; many so called experts have got it wrong since the pandemic. These are strange times indeed.
@@tanya5343 Agreed, there are many economic factors leading to the perfect storm which, imo is unavoidable.
Prices might continue higher. Immigration. Labour costs shortages materials inflation. Family splits. I still see houses high due to shortages and demand. Every country I visit it's there's a shortage of houses. Maybe larger baby boomer houses will drop
Come to Morecambe hundreds of landlords made to sell up and now Morecambe is half housing association or council estate. The housing association is now the only one to get government grants for housing and it used to be for local people. If you want to see the testing ground look at a seaside town.
The BTL market is now so endemic in Britain. It does nothing to help first time buyers onto the property ladder, does nothing for tenant security, rents are generally more than a mortgage. Investors buying property with tenants in situ, further adding to tenant insecurity, is immoral. More should be done to help tenants buy their rental properties. Having approx. 30-40 people vying for every single rental is driving up monthly rent to ludicrous amounts. None of this is helping anybody except those at the top of the tree sitting on a huge property portfolio. There should be a limit on how many properties one can own.
In one line you say "having approx. 30-40 people vying for every single rental is driving up rent to ludicrous amounts" which implies there aren't enough rental properties available, by your own estimate, you think we are short buy 30 to 40 homes per person looking to rent. But you then go on to say their should be a limit on how how many properties one can own.
Doesn't make any sense. If you are short by such a large amount of rental properties then really you want as many available on the market as you can get. And putting limits in place does the opposite of what you need
@@Chris-yr8qo the issues with the housing market, particularly for young people and first time buyers, are rents are too high, too many people vying for each property, unavailability of affordable first time buyer property. Landlords, typically buy up the first time buyer properties and in great numbers leaving a shortage of housing stock. Cutting out first time buyers from the market causes this gridlock we see today, renters are stuck in rentals and new renters are stuck in HMOs. The social housing, managed by inept housing associations is nothing less than diabolical. If money, actual cash, was worth more in the bank and houses looked upon as homes not capital assets the problem may ease.
@@cherylparker8025 you said it again too many people vying for each property. So why would you restrict people from buying properties to rent them out?
@@Chris-yr8qo because there are not enough first time buyer properties on the market
@@cherylparker8025 all you'll do introducing restrictions is locking average people from entering the market, for example, having a buy to let as part of your pension, and giving the banks and government total control and ownership of housing
Ive been a landlord since i was in my 20,s thats 40 plus years ago ive had a problem with Severn Trent Water Ltd in that time .Who refuse to acknowledge or investigate an issue with hydralic lift off the mains sewer causing flooding.1million plus for legal action against them with legal technicality being used to seek to bankrupt me before the case is heard in court.
Landlords are still buying property, I have friends who are constantly buying. Fewer landlords = more demand in the market.
Also, FTB's have a huge advantage over BTL investors in the market. Who would you rather sell to -Someone who is emotionally attached to your house, or someone who just see's it as an investment?
There are way more FTB's than BTL properties year on year so the whole "landlords are taking away houses from FTB's" is now an invalid argument.
Thanks for your sharing your views on this
Can someone please explain how I would go about selling my property with the tenant in situ? Is it done through a traditional estate agent or is there another method?
Well, you can sell via a commercial estate agent with the tenant in place. Ask for a value. If it’s low then you will have to give your tenant notice to quit.
When it comes to investing, what’s your say to anyone with over *100K $* looking for the best ways to invest it and as well make good earnings off it?
Hi Diane, Firstly, the basic premise is "make your funds work very hard for you, so you don't have to work so hard".
Secondly, invest in areas you are comfortable to invest your funds, whatever avenue/sector that is. If you can diversify into two or more sectors, all the better.
Thirdly, if you are not up to speed in regard to self-investing in whichever sector you chose, find people you (absolutely) trust !!! to invest for you.
Then, decide how much you want to invest, because ALL investments carry varying levels of risk...
If you are interested in property investment feel free to chat some more.
First thing I'd doo is not advertise the fact I had a spare 100k ul get loads of men wanting to meet you and eventually try marry you actually what are you doing sataday and it's nothing to do with your 100k its love at first sight I promise
Oooooiookiloooliiko
@@stone678 just what I was thinking, she sounds gorgeous.
@@metube9541 lol lol
hahahaha! storm in a tea cup.... I'm a landlord. Rent has stayed the same for 6 years! if I was to bring it up now to market value, I'd get another £1200 per year. Rather have the same tenant!! at least I can proudly say I'm not a greedy landlord! I've fixed my mortgage for 5 years, have another 3 years - just have to get consent to lease yearly.
Exactly, landlords whinge when they have to work to maintain the gravy train
I wanted to give a tenant 3 years ast , no mortgage on property, the letting agency refused to set it up and insisted I renew every year giving them money each time to renew it.
Anywsy I think its all crazy atm and I'm staying out I'll stick my money in stock markets instead once they crash a bit further lol.
Only dangerous waters ahead for everyone with all the regs and rising interest rates,
I would not be surprised to see a lot of empty houses or with squatters in ie tenants who cannot afford the tent but will not leave and Gov will stipulate that you cannot throw them out.
Thanks for sharing
Landlords are selling off to take profits while the price of properties are soo high.
Landlord uncertainty/Problems:
1) Tax beating
2) EPC ditching inefficient housing,
3) HMO super high regs,
4) Short term Lettings like Air BNB breach of planning & criminal proceedings
5) Councils being about to issue fines like parking tickets
6) council landlord register being used to harass private landlords and up fees for not being fast responder to letters or future fines proposed, will make professional landlords ditch as it will be to hard to be without a mark against one’s name affecting the rest of your private life.
After 30 years, I can see the writing on the wall soon, Time to ditch.
May I ask you what you are thinking of investing in as an alternative once you’ve sold up? Thanks
@@derin111 not on this occasion, without sounding rude. If it’s different, less competition, the last thing would be to detail to all, in a public forum. 😉
@@balrajmaan467 OK, fair enough. I understand 😂
It's just that once my divorce is settled I will have my own home plus one existing BTL (had for several years) and probably enough cash to buy one more outright with no borrowing.
Now I'm not so sure that's the right thing to do after watching this video. So, I scratching my head for alternatives.
My background was in Medicine (retired doctor) so I'm not very clued up or savvy in terms of the investment world so I'm just trying to get ideas from anywhere I can really....short of going to a Casino!
Anyway, very best of luck with your future plans. 👍
@@derin111 depends on your tax income status from retirement pensions I guess. Or maintenance costs, increase in future rent / property value.
In the area i am in then there are Friday clubs that have a number of members paying in cash to take turns at purchasing houses for rental as the funds of the Friday club reach a specific amount.Some believe its more about money laundering .