For newbies, be aware that this is a grossly oversimplified scenario. For one thing, you can't get a mortgage on an investment property without at least 25% down payment. Two, it's easy to see comps for house purchase prices, but it takes a lot of research to understand the comps on rent prices. The trick is to find a place where renting is more expensive than buying, but those places are less common because of this very type of scenario. Three, you have to remember that rent number he's using is supposed to be net income, not gross. So you have to think about costs for taxes, insurance, maintenance and vacancy when you're researching investments. All that said, real estate investing is a good tool for wealth accumulation. But it isn't foolproof.
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I think all is comparative. As a child of the fifties our parents really did not earn very much. The ones who had mortgages paid less than now but proportionally still a big chunk of income. I guess with time a hundred thousand pounds will seem a lot less to our next generation.
@@lindenbutters9396 you had so much better. Your generation has squeezed this country dry, and if people could wake up out of their daydream they'd realise just how stacked it is against them.
What's the point in a contract if the landlord can break a clause so easily? Contract states 5% rent rise cap. Landlord wants over double that. Contract says no so he just evicts them with no reason to get that rent rise anyway. So what's the entire point of a contract if it means nothing?
5% increase of both parties agree. The landlord doesn't agree and wants more money then tenants will have to move on after the end of current contract.
A contract is an agreement between two parties and to be honoured by both sides. The agreement before renting was the rent would not be increased by more than 5%. If the landlord wanted to rise it by more than that he'd need to negotiate a new contract and justify that large rent rise to the tenants for them to understand. Landlords need protections from bad tenants but tenants shouldn't be able to have their contract broken just because the landlords wants to! If a contract is to protect the landlord then why is there a clause stating he can't take more money...
What the fuck are you talking about? nobody forces a tenant to sign anything and both sides have notice periods. Its the landlords property not the tenants
The reason for landlords evicting tenants is not panic: it’s reality. The laws the government made regarding EPC’s states they must at least be a C in order to rent them to tenants. Secondly, mortgage interest rates are extremely high right now. Landlords don’t make a fortune from renting unless they charge very high rents (£900+). The government has screwed both tenants and landlords because landlords will be fined £30,000 PER HOUSE if they’re renting to tenants at an EPC less than C. Oh and the cost of improving an EPC from a D to a C can be upwards of £10,000. Most landlords don’t have that kind of cash. The EPC thing is part of the net zero. The government are deliberately making decisions that are screwing small time landlords and tenants and young first time buyers. The government are playing both sides, here’s what they’re doing: 1) they are reducing the availability of rented properties by increasing restrictions on smaller landlords, this allows the big time landlords to raise their rents (higher demand, lower supply) - higher return for big time landlords. 2) they’ve increased interest rates so only the 1% can afford them. This prevents first-time investors buying property, prevents small time landlords growing quick enough to stay ahead and pay down their mortgages. It also drives the property prices down which means some small time landlords HAVE to sell up because their LTV ratio isn’t satisfied. Banks won’t lend without leverage. Also, it makes property cheaper for the big time landlords so they’re able to capture more of the market share. Eventually, property prices will rise high again and the small time landlords will have been pushed further behind and the big time landlords will have leap decades ahead keeping them on top. 3) inflation, they’re draining everybody out of their savings with inflation so nobody can afford to buy or invest. So instead they’ll have to rent and work which is a never-ending cycle that benefits big time landlords and cripples the middle and lower classes. Pushing first time buyers even further back. 4) Subpar house building; the government is not giving the economic boost and political support construction needs to make more houses. This keeps supply down and prices high, forcing majority of people into renting forcing them to work all their lives. It’s all designed specifically to empower the elites and cripple the majority of the people. It’s not right and this country needs a revolution because nothing is being done to the interests of the British public
@@andyquattro8748 that’s the old criteria, the new criteria that came out in the last 6 months requires minimum of C. Also, exemptions may be given but given how irrational the UK government have been the last few years would you gamble your livelihood on the discretion of one person who decides what grade your EPC is based on the criteria that the government have set out?
Blame Serco and Clearsprings etc who are bulk contracting private landlords for housing illeagal migrants. They can afford to pay the landlords any high amount as UK taxpayers are footing the bill. Therefore even less property to rent for ordinary people. The migrants get all their utility bills, council tax, broadband etc paid by us the taxpayers too.
I doubt people are topping themselves because they are homeless, figures show the vast majority of suicides are by people who have a home. Homelessness brings with it a lack of responsibility.
Here in Sydney, Australia, real estate agents are encouraging landlords to raise rents by 40-100% because of the rising cost-of-living, and the 3-4% rise in interest rates! Most wage-earners have been struggling to receive any wage-rises over the last 5+ years!
Same here the Uk. Librarian, nothing for years . No play and brought in flexi part time staff. Over 300, local libraries shut down. Under a coalition between Conservatives and so called Libral Democrats. Shame on them all and the people that voted for them.
I have a section 21, My landlord has given them to ALL his tenants and there are many of us and he is selling up and getting out. So that is a significant amount of families all looking for the same size rentable properties in the same area at the same time and rents are going sky high, many have moved north away from their families, jobs and support to an unknown future. This country's housing is a mess.
The real underlying problem seems to be how mortgages work in the UK. Fixed mortgages expiring every few years and having to get a new rate just seems crazy to me as an American. Our mortgages are 15-30 years long. One of the biggest reasons for the housing crisis in the US was the over use of adjustable rate mortgages where the interest would shoot up after several years. If landlords can’t afford their mortgages they’re going to need to jack up the rents.
Why is the bank obligated to give you a fixed rate for THIRTY years? They can't even predict what the market will be like next week, but THIRTY years?? Lol. Moreover, it's not the banks fault you want more money than you actually have, and are willing to put up your home as collateral. Try living your life debt-free instead of complaining about interest rates on the money you borrowed from others.
If landlords can't afford their mortgages they shouldn't be buying second properties and then charging people extortionate rates as a means of an income.
@@melaniepage6933 landlords usually can afford the mortgage when they buy a property. But over the years the taxes keep going up and then if your interest rate shoots through the roof your screwed. It’s a good thing for the average landlord to be a regular person who is just using the property as an investment. The alternative is for landlords to only be the super rich or an investment firm. In that case you’ll see landlords trying to monopolize rentals and jack up rents 40% or more because there is no competition. That’s actually happening is certain parts of the United States. It’s much better to have hundreds or thousands of small time landlords. That way if you have a bad landlord you can go find another one. When there’s only 2 or 3 investment firms who own all the properties there will be no where to go to find a better place to live.
@@kirishima638 I had an interview with a letting agency n Cambridge, interviewer said a lot city types rent in Cambridge, £2000+ a month means nothing to them. USAF fighter pilots also get a massive allowance for rent, they too rent a lot of place in Cambridge.... Etc
Brighton depresses me every time I go there for a day out. It reminds me of London in that it’s never developed and yet everything is so expensive. Rents included.
The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people-at least in California, where I currently reside-are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!
It’s getting wild by the day. The prices of homes are quite ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%). Sometimes i wonder if to just invest my spare cash into the stock market and wait for a housing crash or just go ahead to buy a home anyways.
Personally, I can connect to that. When I began working with " Vivian Carol Gioia," a fiduciary financial counsellor, my advantages were certain. In these circumstances, I would always advise getting professional help so they can steer you through choppy markets and just give you indicators and strategies for knowing when to enter and exit the market.
Personally, I can connect to that. When I began working with " Vivian Carol Gioia," a fiduciary financial counsellor, my advantages were certain. In these circumstances, I would always advise getting professional help so they can steer you through choppy markets and just give you indicators and strategies for knowing when to enter and exit the market.
I have learned from past experience that basing market judgements and decisions solely on rumors and hearsay can lead to detrimental results. In 2020, I fell victim to such a situation and was left holding worthless positions in the market. To overcome this, I sought the assistance of a professional advisor and made significant changes to my portfolio. Over the past two years, I have worked with this advisor and have seen a growth of $750k in my portfolio, demonstrating that profitable opportunities can be found in both bullish and bearish market conditions, it is a matter of strategic investment approach.
Uncertainty... it took me 5 years to stop trying to predict what bout to happen in market based on charts studying, cause you never know. not having a mentor cost me 5 years of pain I learn to go we’re the market is wanting to go and keep it simple with discipline.
Does anyone believe that society would fail because landlords can't buy houses to let? Is it plausible to think that if the growing majority of people who are struggling would be put to live in the streets, it'd be their own fault and problem? It'd be acceptable to have millions of people on the streets, who have REAL jobs, who contribute to society and landlords with empty houses? The sooner people start saying NO to this system the quicker it will fail.
Landlords are selling or increasing rents because of new laws linked to zero emissions ratings. Any house below a C rating will be fined £30 000. Also interest rates have gone up.
So? Thatcher only sold off about 1.5 million homes. Since she left office, over 10 million people have been added to the population, mostly through immigration. Funny how you people ignore that demand side of the "housing crisis".
She made a lot of former council house renters very rich indeed. None of them complained that they could buy their homes cheap. I was one of them and now have a portfolio of 23 homes that I rent out, all based on my first profit on that council house. Thanks Maggie T.
@@kevinsyd2012 There's people a lot richer than you, and your renters are the people who made you rich. If they can't pay it anymore, where does that leave you?
Government need to step in an help encourage landlords to stay in the market. Without private landlords this country would have a housing/homeless crisis. Face it, we are now over populated and not enough housing. The councils are not building enough social housing to keep up with our increasing birth rate and refugees coming to our country. We are very quickly running out of space to build houses due to green belts etc. Im a landlord myself and i have little to no interest in continuing for much longer. In the last 6 months my mortgage has increased by £340 per month. I only increased my tenants rent by £50 as if she was to pay anymore it would just be unaffordable for her. BOTTOM LINE..... We need our landlords!
Yes but the laws are not protecting the landlords at all, some people come in a property and don’t pay for their rent for 6 months, the landlord has a mortgage to pay before you know if they have lost the house
We need landlords, the only ones who say this are landlords themselves... No, nobody needs you. You need the people, to gain profit, because you addicted to money
Some of us know that. It’s not just profit, when there’s slack in the numbers you can afford social responsibility. Current conditions means there’s fewer of us that can do that.
@@jimthompson9370 Current conditions were preventable to some degree. This situation has people at each others throats, like a lot of other things. Something tells me that the super rich are not too bothered.
@@SuzanneO707 - the rich never are. I think it was completely avoidable. The ‘kicking the can down the road’ practice that successive governments have used to maintain power for over thirty years now, sees the chickens coming home to roost. It’s not just housing either.
That would never have happened in Germany the renters rights are much bigger then the landlords one. People can not get kicked out unless the landlord has own use of the flat!
It had, and still has a stigma here, if you rent your at the whims of another citizen with no fair legislation. Many essential things have gone the same way. It is having a great impact on the young people, but also the same selfishness is affecting people of all ages, many of whom didn't want it , could see this coming and tried to call it out. Now look where we are at.
But it would happen you stupid pillock because no landlord is going to stay in the market where the rights are all with the tenant. Landlords are not social services
@@carolr7823 There is never only one side of the story, but renting properties shouldn't be a way to earn a living, people should have the basic right to own their own property and the basic duty to look after it
if I have the right to housing, can I enter your house and just be there, because it is my right? The only thing dumber is the right to food, people are made of meat, I want to exercise my right, claims?
I had to move almost every month when I was a student ..it has to work both ways so landlord and tenants are both happy ,some tenants trash the property and some landlords ignore damp and general repair jobs ..so complex but governments need to find a solution to give balanced rights ..there are too many horror stories going on and students that study need security while they do that ,difficult when the goal posts keep moving .
@@Spaceman-jk5fbthey could always go out and well you know get a job like non landlords. Not everyone thinks they are entitled to an income and retirement fund for sitting on their backsides 😂 they work for it.
@@Spaceman-jk5fb so you admit that they want an income stream and retirement fund at zero cost. I have a pension for my retirement, I have to make contributions from part of my income. Why should landlords get that contribution to their retirement fund paid for by someone else and not have to use part of their income from their actual job.
@@Spaceman-jk5fb wow they worked to build up enough for a 10% deposit. Then take out a buy to let mortgage and expect someone else to pay for the remaining 90% of the house which will increase in value as well as provide profit for income and for it to be risk free. You really are deluded.
I’m sorry but if someone has bought a house and they want it back they should be able to get their house back. Pure and simple if the government wants no fault evictions they should build more social housing.
If the landlords mortgage has gone up then unfortunately the renters will have to foot the bill. Otherwise the landlord will need to sell ! Not all landlords are rogues !
Wrong. Landlordism is an investment and like other investments they all come with risks. So they need to accept that they like the risk of running businesses may make a loss sometimes.
@@David-bi6lf of course it’s an investment . So they wont foot the bill if it’s an investment. If the mortgage goes up then so will the rent . Or they will sell. If unfortunately the tenants can’t afford the rise then the landlords will be put in a situation to either evict or sell. Then more properties will be sold due to unaffordable ‘buy to let’ mortgages, and then there will be less rental properties be available. It’s an ominous catch 22 situation .
Well yeh that’s the idea, this “Conservative” government wants to encourage landlords to sell in order to increase home ownership and drive down house prices. But it wont really change house prices at all. Skyrocketing house prices is only a symptom of the main issues rather than the cause. How do you fix the housing crisis? Build more homes. Limit migration. Encourage family dynamics (to increase occupancy density). Let people die of natural old age rather than prolonging life into the late 80s and beyond. However, no politican has the balls to act on the above.
Dont worry guys ! : "Prince William has launched a major five-year campaign to end homelessness, which he says should not exist in a "modern and progressive society" ..." So good news, the royal family owns 30 estates and im sure we can all move in with the prince caring so deeply!
I had a landlord, house was rented out at below market price about £100 - £200, no tenancy agreement. He stated that he doenst do repairs (house is in good condition when he rents) and when he says go I have to go and no deposit. Sounds dodgy ? Nah best landlord Id ever had. He gave me 2 months notice to leave (4 years being there) after I went he checked out the property and found that I had damaged a wall. We agreeded on £150, settled. Why cant all landlords be like this?
@@creightonjason you seem like the ideal tenant. The housing situation is a massive problem. No doubt the government will introduce some meaningless policy and ignore the situation for a couple months
My husband is selling up as we are losing too much money. However, tenants have more power than landlords. Our tenants have refused to move out and stopped paying their rent and now we have to find money to go to court and pay a mortgage we can't afford. We are tenants too, so we see things from both sides. But I would never stop paying my rent or make things difficult for my landlady if she asked me to leave. The home I rent doesn't belong to me, it belongs to my landlord and they have every right to ask for it back. Being a landlord is just not worth it anymore. The sooner we get our tenants out the sooner we can sell it and be stress-free.
The idea that there should be a law that protects tenants no matter what is ludicrous. If I’m renting my property out, I should have the right to decide who gets to live in it. It’s my property, I paid for it, the renter shouldn’t have more rights to it than I do. There should be fairness for tenants, but anyone who has read the proposed bill should understand that what it will do is minimise private ownership and give the government room to take over.
Property ownership has already been minimised. Property taxes are basically a form of protection racket where you pay to keep the house that YOU bought. Absolutely disgusting law.
The governemt kicked off massive rental inflation by changing the taxes from on profit to on turnover. They caused this mess by driving landlords from the market, now people want more help from the government. What we need is more landlords to increase supply to drive down rents, and the way to do this is to simply reverse the last 5 years of goverment intervention.
@@Stuark54 We need more landlords for the private rental sector and more social housing. Most people don't want council housing, they want to rent something nice in a good location near work and entertainment. Not everything is about social housing, that's only part of the rental market.
@@user-gz6tx6yp3vor we could just cut deposit requirements to zero, introduce a law that requires everyone to be charged the same interest rate on mortgages regardless of salary or equity and raise interest rates up to 7% before passing a new law that requires interest rates to remain above 2% at all time indefinitely, unless serious crisis requires otherwise.
The couple might have been better off agreeing the 12% increase - despite it being against the capped 5% contract terms - because if the rental is not too big for them, and so downsizing was not viable at a cheaper rent than the hiked market rate the landlord is now asking, they were unlikely to achieve a lower rent for a similar sized property elsewhere unless they move away from the area, where they might then need to factor in heightened travel costs to get to work or college. Plus they still face all of the same insecurities. So better to stay put, surely! Furthermore, they might have suggested a more creative solution of their current landlord who they have got to know which might not be achievable elsewhere : to simply loan the landlord the 7% over capped rate whilst the crisis was on, and then to reclaim that money back from the landlord, once mortgage interest rate rises ease off. That way the couple get to stay in the same place they'v made a home and the landlord gets to survive by keeping them there and to avoid voided periods. Not ideal, perhaps, unless they were renting an oversized property where they could simply move to smaller and cheaper rental, but there was no other better solution for them and just moving for moving sake after receiving a s.21 for not agreeing the above capped rate was not doing them any favours.
I completely agree with you. Negociate as you said, with the owner, is a solution after all. In life if you want something, you have to shake yourself a bit and get it not just cry for someone or somewhat help you with the situation
If the couple accepts a 12% increase, what if the landlord asks for a 25% increase next year? And then a 50% the year after that? (And yes, I've seen that kind of rent increase happen). Where does it end? The couple was doomed from the start.
We viewed a flat in the BN16 postal code this week that someone had died in, they letting agents hadn’t cleaned the blood of the bed nor cleared the fridge and wanted £800 a month, we’re in the same boat as the two featured!
The joys of feudalism. Rent controls are now essential in this country. If we are been paid 'minimum wages' why is it right to charge 'maximum rents'. This is not right. Only parliament (80% landlords) can address this injustice.
You're missing the point...if the interest is going up every sec, what do expect landlords to do? I think the mortgage system need to be overhauled to affect change on bigger level. Landlords are the problem here.
That is idiotic. If you fix rents at a level that is not profitable for landlords they will sell up and leave fewer properties available to rent, and because you've just banned the market mechanism by which prices would otherwise settle upwards the result would be rental properties being no longer available. Congratulations, you've just destroyed the private rented sector. What will you turn your hand to next?
I'm a landlord and I charge whatever the market dictates. Some properties do better than others but overall the goal is to maintain the mortgages, insurances, management fees, maintenance and reserves for major works. The properties are in high traffic areas near employment/entertainment with revolving door tenants generally career people under 30. You can't rent control luxury properties in business locations, as they are needed to support workers in these locations. I think there is a general misunderstanding of the PRS and think all landlords are the same. This broad view has caused quire a few problems which has worked against tenants as a result.
@@user-gz6tx6yp3v Oh. thanks for that. I generally undeststsnd that this shouldn't have happened in first place, if people were paid a decent wage. Such as child care, elder carers etc. On peanuts. Whilst others are raking it in and could set some money aside, we would t have to talk like this now.
Government should stop landlords from having more than 2 buy to let mortgages. Because end of the day it’s the tenant who pays their mortgages and rising rent will make impossible to have a mortgage if their own. They bring NHS workers from abroad also will have an impact on housing. One NHS worker from India 🇮🇳 will come with 5 family members, later on they will take their in laws too. So 10 New members need ti be housed and given NHS services too.
It is very misleading to suggest that it is only the rise in mortgage interest rates that is causing the need to increase rental levels. This short sighted analysis does not help anyone and avoids other key issues. Property providers have many high costs before they make a penny profit. Most of these costs are increasing all the time: insurance, repairs (labour/equipment), redecoration, cleaning, never mind voids. And so it goes on.
It's nothing to do with mortgage costs. Most rentals are 2/3 times the monthly mortgage costs so landlords already feed off their tenants. They just get more greedy.
Do you really believe that? The rent I get might be higher than my mortgage but by the time I pay management fees and ground rent I break even. And if any thing needs repairing that month I loose out. And a lot of landlords are in the same position.
@@captainkirk4519 exactly it ridiculous there passing on increasing stress on to renters thts literally killing ppl all for greed ND instant gratification ND looking smart less is more
Puhlease, since my btl mortgage more than doubled, I'm having to pay extra to cover my mortgage payment and other costs each month. I'm not raising the rent right now because I have great tenants and I'm not selling because it's a good house in an area with a good future. However when they decide to leave, the rent for the new tenants will have to go up about 50%.
Just a case of the British system failing the British people, and as these two young people grow older there will be more injustice for them to endure. Meanwhile the "royal family" live in their happy little palaces... 😠
@@roryboytubeHe's talking about the British system of government and the housing market. Don't ever make the mistake of thinking you aren't the dumbest person in any given conversation.
And what more can we expect from a corrupt management government, when there main aim is to make money, an have people struggling to live, You work to live, Not live to work, the quicker people realise this management government is not interested in people’s welfare, they’ll wake up.
1. Too many landlords seem to view renting their properties as a no risk, no responsibilities and no work source of free income. 2. However much landlords like to blame extenuating circumstances, landowners have always sold at the top of the market, as they're doing now, and bought when prices are low. 3. These properties do not magically disappear once sold - either a new tenant with a new landlord or a new homeowner will move in.
No risk ? Eh tenant can move in , destroy the place and not pay rent for many months. Can’t get money back off people , only judgments that can’t be enforced. You don’t know what you talking about.
My heart breaks for this couple. 💔 and bit upset with the government.. They accept asylum seekers, feed and house them using people's money and now they easily turn the citizens to be homeless
Oh f*ck off, stop blaming asylum seekers, for a decades-old issue. The problem is the lack of rent control making renters powerless, plus the Tories fuck up with the economy raising mortgages. Stop punching down.
@@erdevon3257 80,000 prisoners have their own accommodation, people who are evicted get temporary accommodation, in my 48 years on Earth I've never seen a family living on the streets.
It's impossible to have an opinion about the case of the person asked for 12% rent hike, without knowing how much rent is being paid currently and for how many years it's been left unchanged. Over the last 4 years the value of money has decreased due to inflation alone while some landlords have kept rents the same because they didn't want to make it harder for their tenants during covid etc. This could be the case that they are paying 2019 rent in 2023 and now the landlord realises that their mortgage is unaffordable (their problem not the tenants, but it's a reality that can't be ignored). So the 12% rent rise is not necessarily greed, we don't know the full picture. I really doubt that landlord was doing 5% every year for the last 3 years and then this year they do 12%
Buy to let is a con. The tenant ends up paying the profit to the bank and the middle man so called landlord, people need to set up makeshift tent anywhere to show their anger towards politics driven by the banks
I would have never been able to buy if my landlord hadn't kept the rent flat. Even though, I am buying at one of the worst times ever, I am so glad to no longer have that Damocles sword over my head. I really feel for my friends still renting
Most landlords aren't wealthy individuals. They have just saved up enough for a down payment and have good enough credit to buy a rental. They count on the rent to meet the cost of the property. If the costs of the property go up then the rent also has to go up. They aren't running a charity. It isn't their responsibility to provide housing for these tenants. These idiots should have accepted the 12% increase or tried to make an offer that was above the 5% that could have maybe worked for both the landlord and them.
Those landlords are the saps that believe they can make capitalism work for the ordinary person, so borrowed in order to try and make money on the back of others. A lot of them are going to have to sell and after having repaid the mortgage, will find themselves no better off than before. Lesson learnt.
The numbers don’t lie. All the LL’s selling up and leaving the market are affecting rental prices, as well as the interest rates. They’re horrendous. Clearly the government is worried and starting to ease up on the pressure. All the recent changes have proved more counterproductive than beneficial. High rents are here to stay and they’ll only get worse.
I’ve little or no sympathy for the landlords…..they had a contract and a 5% raise cap is fair (more than they’d get in a wage raise!). If they did pay the increase and mortgage rates reduced, would they get a downgrade in rent………not bl%%dy likely!!
@@roryboytube Thats the plan roryboytube. Ofcourse, I will also vote for lawmakers who will build more public housing and change zoning laws to let developers build more apartments
Section 8 of The 1988 Housing Act provides for a landlord to repossess a property because the tenant has broken the terms of the letting (usually unpaid rent). A Section 21 notice is formal notification that the landlord intends to bring the tenancy to an end when the term of the letting expires. However, it was widely used by scumbag landlords to get out tenants who had requested repairs. The so-called renters reform bill is an effort to secure better terms and conditions for all tenants in the rental sector.
this is misinformation. This bill actually increased the rights of landlord, as now they can turn out tenants with 2 months notice if his extended family wants the accomodation. And the property can be re-listed after as little as 3 months. And my understanding is, tenants can be served notice immediately, without the initial fixed term. So less stability for tenats, high season airBnB opportunities for landlords.
As a landlord with one property i charge 650 a month. Mortgage payment is 400. After factor and agency fees i make 100£ per month. Thats with no repairs etc. So my net cash profit is £1200 a year but tax bill is £2000! And thats with a 2.99% Mortgage. What most ppl dont understand is that section 25 has made it impossible for small-time landlords to invest the profits into the property. I have very little savings and lose 800 a year cash on the property. I have zero incentive to improve the property. And yes. I know im lucky to have a poperty to rent
@Gibbo1 not looking for sympathy 😊 just making the point that the government doesn't incentivise lower rents nor property improvements anymore. You used to be able to deduct improvements from your tax bill. Not anymore. (Generally speaking)
@Gibbo1 think we cross wires. not saying it's hard on the landlords. Its hard on the tenants because the government doesn't incentivise good landlords due to regulation.
Absolute rubbish. Most landlords aren't big greedy corporations as the current media frenzy would have you believe. A large percentage of Landlords are normal working people who have another house for one reason or another. There has been a continuous attack on Landlords over the last few years with massive tax hikes, over regulation, long expensive waits to evict bad Tennants. A Tennant can decided to stop paying their rent and it can take over a year for the landlord to get THEIR property back with little to no adverse affect to the tenant. Meanwhile the poor landlord has to shoulder all the financial burden. Now there's huge increases in Mortgage rates to deal with. Landlords are selling up all over the country which is driving up rents, increased competition for new lets. As someone else mentioned it's a perfect storm. The likes of Shelter, Generation Rent and our wonderfully short sighted Government are the reason it has got to this.
Not sure I see the issue - lease was expired otherwise it could not be changed; Landlord is facing increased bills and expenses - 12% in the current climate does not sound excessive as it is basically inflation. They were blunt in response to the 5% contained in the expired shorthold lease which is below inflation; and crushed when he said he can't do that and needs to find new tenants. Pretty sure if they came back and said can we do 8% because it is a little tight the Landlord would have negotiated. I get the pressure but then feel for the owner as well - he might be renting this place to pay for his elderly mother's health treatment which has jumped by inflation or more - who knows! Landlords are people as well.
'Pretty sure if they came back and said can we do 8% because it is a little tight the Landlord would have negotiated.' On the other hand, it's Brighton where lots of people can afford the increased rent. Landlords can pretty much get what they want.
We got one so now me and my 3 children a little less than a month to move out with nowhere to go. I was told he would renew in October so was a shock when I got the letter and just 2 months to be out. Things need to change because with no affordable/ suitable houses available where are families meant to go 😢😢
Private landlords should not be confused with social services. I see a future where the only landlord is the state. They are the only organisation that will be prepared to put up with unreasonable tenants. It will be to the detriment of taxpayers, and will result in a lowering of the quality of rental stock.
I am a landlord and its really tempting to sell. We get no encouragement, no financial help despite having to comply with expensive modifications and often are faced with expensive repairs when our houses are rendered squalid and filthy by bad tenants. We are not all rich by any means and many of us feel we do not deserve the bad press. Some of us were pleased to provide homes for the homeless.After years of being a landlord in my😅 small way I feel I've been a doormat! We all have had horrendous tenants as well as really lovely ones, been cheated,lied to and also thanked and appreciated in equal measure.
@@amazighman2- as a landlord I hear these horror stories. I don’t understand it. It’s a team thing and we have an obligation to each other. I’ve been very lucky, but have had a few scumbag tenants. People will be people. 🤷🏿
100%. People think landlords are the problem and they’ll save “so much more” with a mortgage and it’s all our fault for charging too much rent but it can be very expensive to be a landlord.
@@amazighman2 Do you know how many scumbag renters there are? Yet we don't mock and denigrate you at every possible opportunity. The gall of you people to live in other people's homes, not have to do any of the maintenance, and then bemoan the 'plight of the renter' all day, is just laughable.
Where I live (Ontario, Canada), I’ll never be a landlord and I can perfectly understand why the landlord in the video is selling off. Being a a landlord IS a real job that comes a lot of risk. A very difficult job in fact. And when a property is particularly risky, the rent will reflect that. That’s how business works. Landlords are business people, not social workers.
To be honest I'm glad this happening. Its easy for me to buy a cash purchase properly now. I always lost out to gready landlords in the past. I can't do a mortgage at the moment due to poor credit. I'm now on my way to having my first place. It's a shame about the tenants being kicked out but the government need reforms on mortgages and buy to let places. The bubble has burst and all those landlords are now selling up. It also time to rethink about council housing because this has also why so many are renting privately. The tenants are ones that have been worst off in this.
Payed all my rent on time for 5 years straight and received an section 21 landlord trying to up the rent by £200 and there repairs in the property that haven’t been fixed for over 2 years which I’ve already told him about no repairs have been done and he trying to up the rent what an joke
Between 2019-23 350,000 Landlords exited. So a lot of excitement over this. According to spareroom.and other bodies 20% more will exit. This should encourage tenants to buy their own homes.
Unfortunately the real issue underlying this problem in the UK is the uneven distribution of wealth and as a consequence property ownership. An uneven distribution not based on productive output I might add.
For the landlords you re pointing here, this is not an issue 😂 you may believe its unfair, as hard as possible, thats clearly not what will make them hand over their properties to you, in this actual society, you know😂
@@christir2142 No but the higher interest rates and downwards financial pressure will strip many of them of their ownership of those properties. Perhaps I should put a laughing face at the end of this sentence.
what you said is funny I mean, landlords obviously produced more output than tenants, factually they are in positive ownership of properties , those properties that tenants now envy and wish hardly for, did not pop up magically like you tend to say . Its just facts(and also not some nostradamus predicts😁)
The thing about negotiations is that taking a hard position often means terminating the agreement. On the 12% increase, I wouldn't have gone in with a firm no. I would've countered with a step-wise offer: I can meet you on the 12% increase if you can do a 5% increase for the first month, 8% on month 2, 10% on month 3, and then 12% on month 4 and forward, no backpay, so I have time to work the additional cost into my monthly budget. If the backpay is of serious concern to the landlord, I'd agree to pay it on the remaining months of the lease if they can just show me on paper that they're already in the red ahead of a new lease term.
Mortgage interest rates have gone up and the fear of the RRB has lead us to selling all 12 of our properties and unfortunately as a result some have been left homeless, this government announced this bill at the totally wrong time during a cost of living crisis. Well done your now hurting landlords and renters.
seems like we have five times the homes than necessary standing in long term unoccupied status… take the second homes, we cant have that as a society when working people dont have a FIRST home!
I don't even live in the UK but you want to live under a dictatorship or communist State? That is what you will have if you want the government to force people to sell their 2nd or 3rd homes. That's some Putin, and China''s Xi Jinping stuff there.
Thats communism. Move to North Korea. Shall we take your second TV or second car just because some people can't afford either. How about raiding your fridge to give to the poor? Second homes were on the market, everyone had a chance to purchase them. Nobody took the stock away.
In less than 30 years the population has grown by 22 million people. There are too many people and not enough houses, which is the ONLY factor that can explain why both purchase prices AND rents have risen. Scapegoating landlords is driving them out of the sector, leading to an even greater shortage of properties for rent, which has further accelerated rent increases. We need net zero immigration now, or this will only get worse.
Too many people? Are you talking about innocent children, just born into it? Do they not deserve life chances? I'm not saying immigration should be unregulated, but this nation is not a closed island. And never has been, for reasons I won't have the time to explain. Not scapegoating landlords, but scapegoating people who genuinely need a roof over their heads, and build a future is not the answer.
@@SuzanneO707 I am not scapegoating anyone, just pointing out the numbers. The UK birth rate is now less than 1.6 children per woman. The replacement birth rate is 2.1 children per woman. Without immigration our population would actually be falling. Ergo, our population growth is driven by entirely immigration and not births. Sure, the UK is not a closed island. 250k people leave every year, so we could allow 250k people in and have a stable population, more in fact given our low birth rate. But net migration - NET migration - in the year to June was 750k, requiring us to build almost 4 new cities the size of Bournemouth, Bolton or Aberdeen just to keep up. And we would have to repeat that every year. So, please, you tell me, is that feasible?
A lot of population growth is because people are living longer and there’s a big bulge of baby boomers, which has caused a big growth in the non-productive population. Killing off everyone over 60 would be better than stopping immigration as immigrant tend to work and produce in the economy.
The price to pay when the Government punishes landlords, forgetting they have taken up the slack from the lack of council housing as a result of poor Government decisions..... extreme un-joined up thinking.
Should have just paid the 12%, if the landlord can't afford the mortgage it's either get new tenants or sell the house which will probably cause them to leave the home as well.
Many students are a nightmare. We are retired and live in a flat. We had 4 Saudi Arabian young men "students" move in below, it was terrible. Every night they would go. Out about 9 pm and return around 3 am usually drunk and once carrying in comatose girls. My wife had a nervous breakdown. It was only because of section 21 that we eventually got peace back. Proving that renters are a nuisance is almost impossible and incredibly time consuming. So don't think it's all one way.
It is not "renters" that are a nuisance. Saudi Arabian are very well known for their nightlife "party" whether a student or not, so your scenario was mostly predictable and unfortunately you now have a bad perception of "renters" when most likely lots of them would have been delighted to rent from you and have a good experience
This is not a renter issue. It's a bad neighbor issue! If they owned the place it would be even worse. I've had to move before because of neighbors, who owned their flat, were a nightmare.
We need a rent cap like in other parts of Europe and, ideally, the state becoming the provider of housing and acting as the landlord. This private model is failing people left, right and centre
As far as the horrific interest rates on mortgages are concerned, I vote we take Kwasi Kwarteng + Liz Truss to court for literally ruining millions of people's lives, especially especially renters who have nowhere to go! 😤
If you think a PM in situ for 2 weeks is responsible, then you've fallen for the trick. She was a scapegoat and the powers that be that like us in our places, paying higher taxes and not being able to build companies using tax breaks and therefore creating competition for those at the top, did not like her plans to change that. Their plan was nothing new, they were simply wanting to do the same as Ireland, Brussels, Singapore and the UAE. Go and look at those places and tell me it was a bad plan for us. It wasn't, but the general UK public don't seem to have a grasp of anything outside of their controlled bubble.
@@user-gz6tx6yp3v Education, and critical thinking is not allowed for us great unwashed. White washing and taking the general piss out of the population.
The problem is that the properties were overpriced and the debt on them was only serviceable at very low rates. Prices need to come down a bit and rates need to never go so low again. Those that end up losing their homes will be victims of bad monetary policy.
@@bozboz47 Well working in the new build sector myself it may surprise you when I say they are not over priced. You wouldn't believe the low margins they make with the exception of the likes of Persimmon for example who make around 20% profit. Most make less than 12%. The cost of land is getting so high near infrastructure, because there isn't much. Labour, materials, social housing payments are all much higher that it is very hard to turn a profit and deliver homes at reasonable prices. There's several sites I've consulted on that they have cut off further house building because they would make a loss in each house.
You need to study economics...the seed was planted when we began QE as a normal policy in the 80s & this was exacerbated during the Covid panic & overreaction in terms of stimulus. Inflation was a forgone conclusion as soon as furlough & near 0% interest rates were decided & the only tool available to deal with inflation in this case was/is interest rates, however ineffectual & clunky it may be. In short, Truss & KamiKwasi were merely punished by the markets for inconsistent policy-making that flew against the prevailing BoE measure, which was a short-term issue.
I own two flats in Portugal that are currently rented. I have a mortgage on both properties. With the interest rates increase, with Portugal government capping the rent increase in 2% and with the 25% tax I pay every year on the rental income, I currently have to send money to Portugal since the rents don't cover my expenses. Of course I have the goods and long term I have assets. However, I am considering close both flats and just pay the mortgages without tenants. Capping the increase won't solve the rental problem. Landlords would just take the property out of the rental market. Government should create incentives to home owners to rent their houses. Example: dont pay taxes if the flat is rented 30% below market. Government should also build more housing. The problem is demand/offer. And also Government should give incentives to companies willing to move their HQ far from big cities.
I’m sure they were ecstatic and thrilled to get a letter telling them they had to get out of their home…😒 Why would he even ask them that ridiculous question?
Greedy landlords… greedy government… I’ve had a section 21 and my landlady has sold our house. Me and my family are hard working, never ever not paid our rent, have glowing references and yet living in the south east we can’t find anywhere as the greedy estate agents have bought in loads of impossible rules and a system that declines you for any box you haven’t ticked. Unreal. We can’t even live in a caravan legally!! Anything we think of is a dead end.
State agencies fulled the high price market for rental as the make 10/15% a month for every property they let so why is even allowed and never mentioned???
The renting side is simple, cap the annual rent at 8% of the value of the property. That then makes it about sorting mortgage rates so that landlords aren’t losing money and property values so that 8% of the value as rent doesn’t equate to a huge sum.
Then all you have to do is get retailer's to cap appliances,lumber, flooring, plumbing, electrical, HVAC units, roofing, and service companies that perform repairs (roofers,plumber's, electrician's, carpenter's, landscaper's, septic\sewer companies) to cap their labor rates to 8% profit and everyone is all set.
You can get 6% + if you put your money in a safe savings account. Why would you want to have the hassle of buying and renting something out . I looked into about 15 years ago and decided it was too much hassle, and unless you want to do it without a letting agent the return wasn’t worth it
Greedy landlords and government. Lots of people ate pushed out of our homes. I lost my home I lived in for 10 years and now I'm living in a hmo, because its all I can afford now because of the increasing rents, and now the rent is so high I can't have a flat of my own now. I lost my interest life because of the pandemic, the cost of living etc, and it's going to get worse. I remember when I first moved out. I paid 7 pound a week for my bedsit, and my first 1 bed flat was 400 a month. So yer it's a bloody joke.
The landlords have probably been faced with increased costs, interest payments added red tape etc... I make less profit than I did 5 years ago and the rent has gone up 30%. ALL of that increase goes to RentSmart Wales, the taxman and the banks.
So quit your moaning and sell up then, sweetie. No one cares that your investment isn't as profitable as it used to be. Perhaps try investing in something that isn't completely morally objectionable.
@@hdudidi well they have to at least break even so they pass the costs on the poor landlords that can't be arsed to buy a house and make all the sacrifices necessary to afford the deposit etc...
@@hdudidi wasn't asking for sympathy, I was pointing out that you are directing your hatred at the wrong people because you haven't looked into the problem and you've just copied everyone else. Do you hate the petrol station when the price of oil goes up ? Across the country?
For newbies, be aware that this is a grossly oversimplified scenario. For one thing, you can't get a mortgage on an investment property without at least 25% down payment. Two, it's easy to see comps for house purchase prices, but it takes a lot of research to understand the comps on rent prices. The trick is to find a place where renting is more expensive than buying, but those places are less common because of this very type of scenario. Three, you have to remember that rent number he's using is supposed to be net income, not gross. So you have to think about costs for taxes, insurance, maintenance and vacancy when you're researching investments. All that said, real estate investing is a good tool for wealth accumulation. But it isn't foolproof.
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@boxingtruth2167 Agree, biggest Ponzi-scheme ever!
@@DorathyJoy I went to school with Margaret back in the 50's, how is the ol' gal? does she still have that glass eye?
It’s a bad time to be a young generation that is dealing with this. My generation had it quite easy compared to this. Government failed once again.
They deserve it for being gay
Plan B, people? Don't ya know , you have been screwed over?
I think all is comparative. As a child of the fifties our parents really did not earn very much. The ones who had mortgages paid less than now but proportionally still a big chunk of income. I guess with time a hundred thousand pounds will seem a lot less to our next generation.
@@lindenbutters9396 you had so much better. Your generation has squeezed this country dry, and if people could wake up out of their daydream they'd realise just how stacked it is against them.
well at least we dont need to work full time. im only part time now, taking it easy.
What's the point in a contract if the landlord can break a clause so easily? Contract states 5% rent rise cap. Landlord wants over double that. Contract says no so he just evicts them with no reason to get that rent rise anyway. So what's the entire point of a contract if it means nothing?
5% increase of both parties agree.
The landlord doesn't agree and wants more money then tenants will have to move on after the end of current contract.
A contract is an agreement between two parties and to be honoured by both sides. The agreement before renting was the rent would not be increased by more than 5%. If the landlord wanted to rise it by more than that he'd need to negotiate a new contract and justify that large rent rise to the tenants for them to understand. Landlords need protections from bad tenants but tenants shouldn't be able to have their contract broken just because the landlords wants to! If a contract is to protect the landlord then why is there a clause stating he can't take more money...
It's better than what they did in New York just before rent control.
Burn the property to the ground.
What the fuck are you talking about? nobody forces a tenant to sign anything and both sides have notice periods.
Its the landlords property not the tenants
Do you understand section 24? I doubt it!
The reason for landlords evicting tenants is not panic: it’s reality. The laws the government made regarding EPC’s states they must at least be a C in order to rent them to tenants. Secondly, mortgage interest rates are extremely high right now. Landlords don’t make a fortune from renting unless they charge very high rents (£900+).
The government has screwed both tenants and landlords because landlords will be fined £30,000 PER HOUSE if they’re renting to tenants at an EPC less than C. Oh and the cost of improving an EPC from a D to a C can be upwards of £10,000. Most landlords don’t have that kind of cash.
The EPC thing is part of the net zero. The government are deliberately making decisions that are screwing small time landlords and tenants and young first time buyers.
The government are playing both sides, here’s what they’re doing:
1) they are reducing the availability of rented properties by increasing restrictions on smaller landlords, this allows the big time landlords to raise their rents (higher demand, lower supply) - higher return for big time landlords.
2) they’ve increased interest rates so only the 1% can afford them. This prevents first-time investors buying property, prevents small time landlords growing quick enough to stay ahead and pay down their mortgages. It also drives the property prices down which means some small time landlords HAVE to sell up because their LTV ratio isn’t satisfied. Banks won’t lend without leverage. Also, it makes property cheaper for the big time landlords so they’re able to capture more of the market share. Eventually, property prices will rise high again and the small time landlords will have been pushed further behind and the big time landlords will have leap decades ahead keeping them on top.
3) inflation, they’re draining everybody out of their savings with inflation so nobody can afford to buy or invest. So instead they’ll have to rent and work which is a never-ending cycle that benefits big time landlords and cripples the middle and lower classes. Pushing first time buyers even further back.
4) Subpar house building; the government is not giving the economic boost and political support construction needs to make more houses. This keeps supply down and prices high, forcing majority of people into renting forcing them to work all their lives.
It’s all designed specifically to empower the elites and cripple the majority of the people. It’s not right and this country needs a revolution because nothing is being done to the interests of the British public
Yes I truly believe they do this by design, no other explanation
This is most nuaced understanding of the rental crisis in the UK that I have read and it is so true
Landlords only need an E to rent out their property and can get an exemption if they show it is too expensive to do the work to get to an E.
@@andyquattro8748 that’s the old criteria, the new criteria that came out in the last 6 months requires minimum of C. Also, exemptions may be given but given how irrational the UK government have been the last few years would you gamble your livelihood on the discretion of one person who decides what grade your EPC is based on the criteria that the government have set out?
You have a big brain for UA-cam comment section 👏
housing costs are getting insane and within 10 years if nothing changes...the suicide rates and homelessness will rise....
Just join the military or get a trade job.
Blame Serco and Clearsprings etc who are bulk contracting private landlords for housing illeagal migrants. They can afford to pay the landlords any high amount as UK taxpayers are footing the bill. Therefore even less property to rent for ordinary people. The migrants get all their utility bills, council tax, broadband etc paid by us the taxpayers too.
I doubt people are topping themselves because they are homeless, figures show the vast majority of suicides are by people who have a home. Homelessness brings with it a lack of responsibility.
@@A1Kira How would joining the military help someone buy a home?
@@MrxxVENUSxx Military houses you, do that and work there for some years and you should be able to afford a place to rent.
Here in Sydney, Australia, real estate agents are encouraging landlords to raise rents by 40-100% because of the rising cost-of-living, and the 3-4% rise in interest rates!
Most wage-earners have been struggling to receive any wage-rises over the last 5+ years!
= more commission for agents!
Same here the Uk. Librarian, nothing for years . No play and brought in flexi part time staff. Over 300, local libraries shut down. Under a coalition between Conservatives and so called Libral Democrats. Shame on them all and the people that voted for them.
@@stigmontgomery7901 Exactly why the greedy agents are doing it!
surely this is good news though ?
@@888ssss You can't be serious, as there's now record numbers of homeless people living rough or in their cars! 😠
I have a section 21, My landlord has given them to ALL his tenants and there are many of us and he is selling up and getting out. So that is a significant amount of families all looking for the same size rentable properties in the same area at the same time and rents are going sky high, many have moved north away from their families, jobs and support to an unknown future. This country's housing is a mess.
The real underlying problem seems to be how mortgages work in the UK. Fixed mortgages expiring every few years and having to get a new rate just seems crazy to me as an American. Our mortgages are 15-30 years long. One of the biggest reasons for the housing crisis in the US was the over use of adjustable rate mortgages where the interest would shoot up after several years. If landlords can’t afford their mortgages they’re going to need to jack up the rents.
Why is the bank obligated to give you a fixed rate for THIRTY years? They can't even predict what the market will be like next week, but THIRTY years?? Lol.
Moreover, it's not the banks fault you want more money than you actually have, and are willing to put up your home as collateral. Try living your life debt-free instead of complaining about interest rates on the money you borrowed from others.
@@_ArsNovayou gonna pay everyone's debt..... 😂 And make debt free
If landlords can't afford their mortgages they shouldn't be buying second properties and then charging people extortionate rates as a means of an income.
@@Batman-vr6jp Sure, as soon as pigs fly. Or people can just stop spending money they don't have, then bemoan extrinsic factors when they can't pay.
@@melaniepage6933 landlords usually can afford the mortgage when they buy a property. But over the years the taxes keep going up and then if your interest rate shoots through the roof your screwed. It’s a good thing for the average landlord to be a regular person who is just using the property as an investment. The alternative is for landlords to only be the super rich or an investment firm. In that case you’ll see landlords trying to monopolize rentals and jack up rents 40% or more because there is no competition. That’s actually happening is certain parts of the United States. It’s much better to have hundreds or thousands of small time landlords. That way if you have a bad landlord you can go find another one. When there’s only 2 or 3 investment firms who own all the properties there will be no where to go to find a better place to live.
Within 4 seconds and the BBC made a mistake; Brighton is in East Sussex! 🤦♂
Brighton is an absolute nightmare to rent in. I lived there for years but eventually was priced out
Do you want to talk about it 😂
Where did you end up moving?
Try Cambridge ! Prices there make Londoners weep
@@creightonjason Tell me about it. I would love to live in Cambridge but it's far too expensive.
@@kirishima638 I had an interview with a letting agency n Cambridge, interviewer said a lot city types rent in Cambridge, £2000+ a month means nothing to them. USAF fighter pilots also get a massive allowance for rent, they too rent a lot of place in Cambridge.... Etc
Brighton depresses me every time I go there for a day out. It reminds me of London in that it’s never developed and yet everything is so expensive. Rents included.
The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people-at least in California, where I currently reside-are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!
It’s getting wild by the day. The prices of homes are quite ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%). Sometimes i wonder if to just invest my spare cash into the stock market and wait for a housing crash or just go ahead to buy a home anyways.
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Personally, I can connect to that. When I began working with " Vivian Carol Gioia," a fiduciary financial counsellor, my advantages were certain. In these circumstances, I would always advise getting professional help so they can steer you through choppy markets and just give you indicators and strategies for knowing when to enter and exit the market.
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Uncertainty... it took me 5 years to stop trying to predict what bout to happen in market based on charts studying, cause you never know. not having a mentor cost me 5 years of pain I learn to go we’re the market is wanting to go and keep it simple with discipline.
My rent went up £50 in May. I was told by the landlord it's due to inflation...he knew my benefits would rise by 10% in April ..it's pure greed
Why should you get a 10% windfall but no one else?
Me too! x
Why do you think that’s any of your business?
That was to spaceman… apparently hitting reply doesn’t @ the person…
You have the cheek to call a 10% rise in benefits to combat inflation a windfall. You are a disgrace.
Does anyone believe that society would fail because landlords can't buy houses to let? Is it plausible to think that if the growing majority of people who are struggling would be put to live in the streets, it'd be their own fault and problem? It'd be acceptable to have millions of people on the streets, who have REAL jobs, who contribute to society and landlords with empty houses? The sooner people start saying NO to this system the quicker it will fail.
Landlords are selling or increasing rents because of new laws linked to zero emissions ratings. Any house below a C rating will be fined £30 000. Also interest rates have gone up.
@@honeybunch6473 great! Housing shouldn’t be a business and landlord will never be a job.
Thatcher created the rentier class by selling of our social housing.
Yes, yes and yes.
So? Thatcher only sold off about 1.5 million homes. Since she left office, over 10 million people have been added to the population, mostly through immigration. Funny how you people ignore that demand side of the "housing crisis".
She was the figurehead for a bunch of pillagers, that created a monster. And its come back to bite us all. Happy days.🙄
She made a lot of former council house renters very rich indeed. None of them complained that they could buy their homes cheap. I was one of them and now have a portfolio of 23 homes that I rent out, all based on my first profit on that council house. Thanks Maggie T.
@@kevinsyd2012 There's people a lot richer than you, and your renters are the people who made you rich. If they can't pay it anymore, where does that leave you?
Government need to step in an help encourage landlords to stay in the market. Without private landlords this country would have a housing/homeless crisis. Face it, we are now over populated and not enough housing. The councils are not building enough social housing to keep up with our increasing birth rate and refugees coming to our country. We are very quickly running out of space to build houses due to green belts etc.
Im a landlord myself and i have little to no interest in continuing for much longer. In the last 6 months my mortgage has increased by £340 per month. I only increased my tenants rent by £50 as if she was to pay anymore it would just be unaffordable for her.
BOTTOM LINE..... We need our landlords!
Landlords are parasites. Good riddance.
Yes but the laws are not protecting the landlords at all, some people come in a property and don’t pay for their rent for 6 months, the landlord has a mortgage to pay before you know if they have lost the house
Is not the tenant problem your mortgage.The tenant DO NOT OWN YOUR HOUSE,why you're rising the rent ? It's your problem how you purchased your house.
We need landlords, the only ones who say this are landlords themselves... No, nobody needs you. You need the people, to gain profit, because you addicted to money
@@RedEyeificationwhy are landlord raising rent? Have you been living under a rock. Have you seen the mortgage interest rates? Obviously not!
Landlords, just remember, you are in it for the profit but the tenants are in it because it's their home.
Your asking for empathy now and some social conscience. Up to government to facilitate it, if they don't. Its boom or bust.
Some of us know that. It’s not just profit, when there’s slack in the numbers you can afford social responsibility. Current conditions means there’s fewer of us that can do that.
@@jimthompson9370 Current conditions were preventable to some degree. This situation has people at each others throats, like a lot of other things. Something tells me that the super rich are not too bothered.
@@SuzanneO707 - the rich never are. I think it was completely avoidable. The ‘kicking the can down the road’ practice that successive governments have used to maintain power for over thirty years now, sees the chickens coming home to roost. It’s not just housing either.
@@jimthompson9370 I agree, its pretty scary and inhumane that basic needs are being controlled this way, Water is another one.
That would never have happened in Germany the renters rights are much bigger then the landlords one. People can not get kicked out unless the landlord has own use of the flat!
Germany is no longer a country and the people are slaves of the EU (Soviet)
Don't worry, all those Syrian refugees and their Muslim high birth rate will elevate demand pressure, and things will change.
It had, and still has a stigma here, if you rent your at the whims of another citizen with no fair legislation. Many essential things have gone the same way. It is having a great impact on the young people, but also the same selfishness is affecting people of all ages, many of whom didn't want it , could see this coming and tried to call it out. Now look where we are at.
But it would happen you stupid pillock because no landlord is going to stay in the market where the rights are all with the tenant.
Landlords are not social services
And in England we don’t has our Jews! But we don’t complain!
Are we supposed to feel sorry for the landlords? Why its even a business to make money of living quarters, it is a human right
It never has been a 'right'
@@Mute040404 If even housing isn't a right, why would people still feel obligated to pay tax, and maintain this system?
I feel sorry for the landlords. Being a landlord is not a charity. And many tenants don't pay their rent and trash the property.
@@carolr7823 There is never only one side of the story, but renting properties shouldn't be a way to earn a living, people should have the basic right to own their own property and the basic duty to look after it
if I have the right to housing, can I enter your house and just be there, because it is my right? The only thing dumber is the right to food, people are made of meat, I want to exercise my right, claims?
I had to move almost every month when I was a student ..it has to work both ways so landlord and tenants are both happy ,some tenants trash the property and some landlords ignore damp and general repair jobs ..so complex but governments need to find a solution to give balanced rights ..there are too many horror stories going on and students that study need security while they do that ,difficult when the goal posts keep moving .
Simple, more council houses rent to NORMAL people and not smackheads etc
Landlords need to be abolished.
@@Spaceman-jk5fbthey could always go out and well you know get a job like non landlords. Not everyone thinks they are entitled to an income and retirement fund for sitting on their backsides 😂 they work for it.
@@Spaceman-jk5fb so you admit that they want an income stream and retirement fund at zero cost. I have a pension for my retirement, I have to make contributions from part of my income. Why should landlords get that contribution to their retirement fund paid for by someone else and not have to use part of their income from their actual job.
@@Spaceman-jk5fb wow they worked to build up enough for a 10% deposit. Then take out a buy to let mortgage and expect someone else to pay for the remaining 90% of the house which will increase in value as well as provide profit for income and for it to be risk free. You really are deluded.
Stop supporting holiday homes. Use hotels or old guest houses.
I’m sorry but if someone has bought a house and they want it back they should be able to get their house back. Pure and simple if the government wants no fault evictions they should build more social housing.
If someone has bought a house and want it back rather than do the repairs requested, that route is now closed.
If the landlords mortgage has gone up then unfortunately the renters will have to foot the bill. Otherwise the landlord will need to sell ! Not all landlords are rogues !
Wrong. Landlordism is an investment and like other investments they all come with risks. So they need to accept that they like the risk of running businesses may make a loss sometimes.
@@David-bi6lf of course it’s an investment . So they wont foot the bill if it’s an investment. If the mortgage goes up then so will the rent . Or they will sell. If unfortunately the tenants can’t afford the rise then the landlords will be put in a situation to either evict or sell.
Then more properties will be sold due to unaffordable ‘buy to let’ mortgages, and then there will be less rental properties be available.
It’s an ominous catch 22 situation .
@@carolinegreen239just reduce the criteria for deposits and allow people to buy their landlords out, seems fairly simple.
@@Tedmason897 lol if someone cant afford rent what makes you think they can afford payments on a house to banks. delusional
@@David-bi6lflandlords can evict people with notice. It isn't nice but it's their property at the end of the day.
it's clear at this point that no one in the government cares about renters, we just don't matter.
These legislative changes drive down the volume of rental properties.
Well yeh that’s the idea, this “Conservative” government wants to encourage landlords to sell in order to increase home ownership and drive down house prices. But it wont really change house prices at all. Skyrocketing house prices is only a symptom of the main issues rather than the cause. How do you fix the housing crisis?
Build more homes.
Limit migration.
Encourage family dynamics (to increase occupancy density).
Let people die of natural old age rather than prolonging life into the late 80s and beyond.
However, no politican has the balls to act on the above.
Dont worry guys ! : "Prince William has launched a major five-year campaign to end homelessness, which he says should not exist in a "modern and progressive society" ..." So good news, the royal family owns 30 estates and im sure we can all move in with the prince caring so deeply!
Phew! That's all sorted then! 😉
775 rooms in Buck Palace...there's a decent start, right there!
I had a landlord, house was rented out at below market price about £100 - £200, no tenancy agreement. He stated that he doenst do repairs (house is in good condition when he rents) and when he says go I have to go and no deposit. Sounds dodgy ? Nah best landlord Id ever had. He gave me 2 months notice to leave (4 years being there) after I went he checked out the property and found that I had damaged a wall. We agreeded on £150, settled. Why cant all landlords be like this?
Very interesting. I suppose the agreement you made and your long stay built mutual trust. Good example of a healthy tenant-landlord relationship
@@AbdirahmanIdris-ku9xm I paid rent on the nail every time, kept the place clean and tidy etc, do miss the place
@@creightonjason you seem like the ideal tenant. The housing situation is a massive problem. No doubt the government will introduce some meaningless policy and ignore the situation for a couple months
My husband is selling up as we are losing too much money. However, tenants have more power than landlords. Our tenants have refused to move out and stopped paying their rent and now we have to find money to go to court and pay a mortgage we can't afford. We are tenants too, so we see things from both sides. But I would never stop paying my rent or make things difficult for my landlady if she asked me to leave. The home I rent doesn't belong to me, it belongs to my landlord and they have every right to ask for it back. Being a landlord is just not worth it anymore. The sooner we get our tenants out the sooner we can sell it and be stress-free.
I see. You tried to make money by borrowing money to charge others rent. Doesn't see like a very smart move to me.
Good.
Poor landlord pigs gonna cry 😓🥺
@@doc14295 What a stupid comment. Grow up.
The idea that there should be a law that protects tenants no matter what is ludicrous. If I’m renting my property out, I should have the right to decide who gets to live in it. It’s my property, I paid for it, the renter shouldn’t have more rights to it than I do. There should be fairness for tenants, but anyone who has read the proposed bill should understand that what it will do is minimise private ownership and give the government room to take over.
Property ownership has already been minimised. Property taxes are basically a form of protection racket where you pay to keep the house that YOU bought. Absolutely disgusting law.
The governemt kicked off massive rental inflation by changing the taxes from on profit to on turnover. They caused this mess by driving landlords from the market, now people want more help from the government.
What we need is more landlords to increase supply to drive down rents, and the way to do this is to simply reverse the last 5 years of goverment intervention.
OR...
**less** landlords and more affordable housing. Landlords are nothing but parasites on society.
Sounds as if you Brits need a change in power that will reverse every decision the Tories made since they were voted in!
Need less landlords and more council houses plus the end of right to buy.
@@Stuark54 We need more landlords for the private rental sector and more social housing. Most people don't want council housing, they want to rent something nice in a good location near work and entertainment.
Not everything is about social housing, that's only part of the rental market.
@@user-gz6tx6yp3vor we could just cut deposit requirements to zero, introduce a law that requires everyone to be charged the same interest rate on mortgages regardless of salary or equity and raise interest rates up to 7% before passing a new law that requires interest rates to remain above 2% at all time indefinitely, unless serious crisis requires otherwise.
"I've got seven properties I'm losing money on month by month." 😂 Thoughts and prayers.
@@lucymwangi4726 I'm not disputing the truth of their situation. I'm just joking that I don't care.
yep, thoughts and prayers for the tenants who will soon be evicted.
The couple might have been better off agreeing the 12% increase - despite it being against the capped 5% contract terms - because if the rental is not too big for them, and so downsizing was not viable at a cheaper rent than the hiked market rate the landlord is now asking, they were unlikely to achieve a lower rent for a similar sized property elsewhere unless they move away from the area, where they might then need to factor in heightened travel costs to get to work or college. Plus they still face all of the same insecurities. So better to stay put, surely!
Furthermore, they might have suggested a more creative solution of their current landlord who they have got to know which might not be achievable elsewhere : to simply loan the landlord the 7% over capped rate whilst the crisis was on, and then to reclaim that money back from the landlord, once mortgage interest rate rises ease off. That way the couple get to stay in the same place they'v made a home and the landlord gets to survive by keeping them there and to avoid voided periods.
Not ideal, perhaps, unless they were renting an oversized property where they could simply move to smaller and cheaper rental, but there was no other better solution for them and just moving for moving sake after receiving a s.21 for not agreeing the above capped rate was not doing them any favours.
I completely agree with you. Negociate as you said, with the owner, is a solution after all. In life if you want something, you have to shake yourself a bit and get it not just cry for someone or somewhat help you with the situation
If the couple accepts a 12% increase, what if the landlord asks for a 25% increase next year? And then a 50% the year after that? (And yes, I've seen that kind of rent increase happen). Where does it end? The couple was doomed from the start.
We viewed a flat in the BN16 postal code this week that someone had died in, they letting agents hadn’t cleaned the blood of the bed nor cleared the fridge and wanted £800 a month, we’re in the same boat as the two featured!
can't you throw the bed out and get your own and tell the agents the bed is your own, that's what i did.
Don't listen to the comment below.
With you.
You could go to the local papers with this story if you have photos
The joys of feudalism.
Rent controls are now essential in this country.
If we are been paid 'minimum wages' why is it right to charge 'maximum rents'.
This is not right. Only parliament (80% landlords) can address this injustice.
They are vested interest. Great comment. I was getting depressed until I got to this. I'm going no further. Best wishes. Yikes.
You're missing the point...if the interest is going up every sec, what do expect landlords to do? I think the mortgage system need to be overhauled to affect change on bigger level. Landlords are the problem here.
That is idiotic. If you fix rents at a level that is not profitable for landlords they will sell up and leave fewer properties available to rent, and because you've just banned the market mechanism by which prices would otherwise settle upwards the result would be rental properties being no longer available. Congratulations, you've just destroyed the private rented sector. What will you turn your hand to next?
I'm a landlord and I charge whatever the market dictates. Some properties do better than others but overall the goal is to maintain the mortgages, insurances, management fees, maintenance and reserves for major works.
The properties are in high traffic areas near employment/entertainment with revolving door tenants generally career people under 30.
You can't rent control luxury properties in business locations, as they are needed to support workers in these locations.
I think there is a general misunderstanding of the PRS and think all landlords are the same. This broad view has caused quire a few problems which has worked against tenants as a result.
@@user-gz6tx6yp3v Oh. thanks for that. I generally undeststsnd that this shouldn't have happened in first place, if people were paid a decent wage. Such as child care, elder carers etc. On peanuts. Whilst others are raking it in and could set some money aside, we would t have to talk like this now.
Government should stop landlords from having more than 2 buy to let mortgages. Because end of the day it’s the tenant who pays their mortgages and rising rent will make impossible to have a mortgage if their own.
They bring NHS workers from abroad also will have an impact on housing.
One NHS worker from India 🇮🇳 will come with 5 family members, later on they will take their in laws too. So 10 New members need ti be housed and given NHS services too.
It’s a capitalist country- you can’t limit people’s opportunity to gain money. That is just absurd.
If tenants can afford to pay a landlord's mortgage then they can afford to pay their own mortgage. Relax lending criteria for first time buyers.
How dare the working/lower middle classes try to better themselves economically. Properties should be left to Companies owned by the wealthy
It is very misleading to suggest that it is only the rise in mortgage interest rates that is causing the need to increase rental levels. This short sighted analysis does not help anyone and avoids other key issues. Property providers have many high costs before they make a penny profit. Most of these costs are increasing all the time: insurance, repairs (labour/equipment), redecoration, cleaning, never mind voids. And so it goes on.
Hello how are you doing?
It's nothing to do with mortgage costs. Most rentals are 2/3 times the monthly mortgage costs so landlords already feed off their tenants. They just get more greedy.
Do you really believe that? The rent I get might be higher than my mortgage but by the time I pay management fees and ground rent I break even. And if any thing needs repairing that month I loose out. And a lot of landlords are in the same position.
The don't own a home bc u can't really afford it
@@tikibaby888 landlords shouldn't own two homes if the can't afford them both. Any rental income should just be a bonus.
@@captainkirk4519 exactly it ridiculous there passing on increasing stress on to renters thts literally killing ppl all for greed ND instant gratification ND looking smart less is more
Puhlease, since my btl mortgage more than doubled, I'm having to pay extra to cover my mortgage payment and other costs each month. I'm not raising the rent right now because I have great tenants and I'm not selling because it's a good house in an area with a good future. However when they decide to leave, the rent for the new tenants will have to go up about 50%.
Just a case of the British system failing the British people, and as these two young people grow older there will be more injustice for them to endure. Meanwhile the "royal family" live in their happy little palaces... 😠
Since when was renting a "British system?"
You mean they don't rent properties anywhere else?
🤦♂️
@@roryboytubeHe's talking about the British system of government and the housing market.
Don't ever make the mistake of thinking you aren't the dumbest person in any given conversation.
And what more can we expect from a corrupt management government, when there main aim is to make money, an have people struggling to live, You work to live, Not live to work, the quicker people realise this management government is not interested in people’s welfare, they’ll wake up.
@@roryboytube actually yes. the land reclamation act essentially wiped out 90% of small free landholders. it is indeed a very british system.
Yeah man, it's all due to the system and oh yeah, the royal family, too.
being a landlord is no longer worth it, its been getting worse for years now. Less landlords = higher rents you will pay!
1. Too many landlords seem to view renting their properties as a no risk, no responsibilities and no work source of free income.
2. However much landlords like to blame extenuating circumstances, landowners have always sold at the top of the market, as they're doing now, and bought when prices are low.
3. These properties do not magically disappear once sold - either a new tenant with a new landlord or a new homeowner will move in.
No risk ? Eh tenant can move in , destroy the place and not pay rent for many months. Can’t get money back off people , only judgments that can’t be enforced. You don’t know what you talking about.
Ronald I mean Ramona has a point
More regulation will only make it worse and landlords will exit the market like I did.
To much interference from government is counterproductive.
Hey how are you doing?
Obviously some « new arrivals » will have their rent paid by the taxpayer and the landlord is rubbing his hands together
😂😂😂 cry some more blame the immigrants
@@jak4403 Well, the immigrants do need a roof over their head, so they are adding to an already dire situation.
My heart breaks for this couple. 💔 and bit upset with the government.. They accept asylum seekers, feed and house them using people's money and now they easily turn the citizens to be homeless
We can house everybody.
No we can’t. Sadly we can’t even house brits.
Oh f*ck off, stop blaming asylum seekers, for a decades-old issue. The problem is the lack of rent control making renters powerless, plus the Tories fuck up with the economy raising mortgages. Stop punching down.
@@Spaceman-jk5fbDont be silly
@@erdevon3257 80,000 prisoners have their own accommodation, people who are evicted get temporary accommodation, in my 48 years on Earth I've never seen a family living on the streets.
It's impossible to have an opinion about the case of the person asked for 12% rent hike, without knowing how much rent is being paid currently and for how many years it's been left unchanged. Over the last 4 years the value of money has decreased due to inflation alone while some landlords have kept rents the same because they didn't want to make it harder for their tenants during covid etc. This could be the case that they are paying 2019 rent in 2023 and now the landlord realises that their mortgage is unaffordable (their problem not the tenants, but it's a reality that can't be ignored). So the 12% rent rise is not necessarily greed, we don't know the full picture. I really doubt that landlord was doing 5% every year for the last 3 years and then this year they do 12%
Buy to let is a con. The tenant ends up paying the profit to the bank and the middle man so called landlord, people need to set up makeshift tent anywhere to show their anger towards politics driven by the banks
Go on then, that'll free up another place.
Thing is with buy to let you don't make much profit out of it!
I think HIS name is RAMON, not Ramona!
She didn't own her home. The landlord has a right to sell. This happened to us. She needs a reality check.
Exactly landlords are a business not a charity..of course they are going to pass increased costs ie buy to let mortgage increase cost onto tenants.
It's a shame that this guy and girl are getting evicted
You little troll, you...we know what you're doing! 😁
😂 y
LOL
Grow up. 🙄
how will they watch bbc if they are all evicted?
I would have never been able to buy if my landlord hadn't kept the rent flat. Even though, I am buying at one of the worst times ever, I am so glad to no longer have that Damocles sword over my head. I really feel for my friends still renting
Most landlords aren't wealthy individuals. They have just saved up enough for a down payment and have good enough credit to buy a rental. They count on the rent to meet the cost of the property. If the costs of the property go up then the rent also has to go up. They aren't running a charity. It isn't their responsibility to provide housing for these tenants. These idiots should have accepted the 12% increase or tried to make an offer that was above the 5% that could have maybe worked for both the landlord and them.
Those landlords are the saps that believe they can make capitalism work for the ordinary person, so borrowed in order to try and make money on the back of others. A lot of them are going to have to sell and after having repaid the mortgage, will find themselves no better off than before. Lesson learnt.
The numbers don’t lie. All the LL’s selling up and leaving the market are affecting rental prices, as well as the interest rates. They’re horrendous. Clearly the government is worried and starting to ease up on the pressure. All the recent changes have proved more counterproductive than beneficial. High rents are here to stay and they’ll only get worse.
Social housing is able to provide secure long term housing for low rents
@@WhichDoctor1 - agreed.
@@robertjones2053 Mass homelessness here we come.
I’ve little or no sympathy for the landlords…..they had a contract and a 5% raise cap is fair (more than they’d get in a wage raise!). If they did pay the increase and mortgage rates reduced, would they get a downgrade in rent………not bl%%dy likely!!
Hello how are you doing?😊
Canadian here. Landlords of big towns like Toronto ask for too much in rent. Im moving again and very soon who knows where Id be
Then move to another city
There's no point commenting. Some smarty pants, as all the the awnsers. Good luck.
@@roryboytube Thats the plan roryboytube. Ofcourse, I will also vote for lawmakers who will build more public housing and change zoning laws to let developers build more apartments
torontonian here. join me in taiwan. 😂
Bit late on reporting the rent crisis, been a crisis for a few years
Light on detail. Section 8, section 21, renters reform bill? WHAT ARE THEY? 🤷🏾♂️🤷🏾♂️🤷🏾♂️
Section 8 of The 1988 Housing Act provides for a landlord to repossess a property because the tenant has broken the terms of the letting (usually unpaid rent). A Section 21 notice is formal notification that the landlord intends to bring the tenancy to an end when the term of the letting expires. However, it was widely used by scumbag landlords to get out tenants who had requested repairs. The so-called renters reform bill is an effort to secure better terms and conditions for all tenants in the rental sector.
@@eattherich9215 Very insightful. Thank you 🙏🏾
this is misinformation. This bill actually increased the rights of landlord, as now they can turn out tenants with 2 months notice if his extended family wants the accomodation. And the property can be re-listed after as little as 3 months. And my understanding is, tenants can be served notice immediately, without the initial fixed term. So less stability for tenats, high season airBnB opportunities for landlords.
As a landlord with one property i charge 650 a month. Mortgage payment is 400. After factor and agency fees i make 100£ per month. Thats with no repairs etc. So my net cash profit is £1200 a year but tax bill is £2000! And thats with a 2.99% Mortgage. What most ppl dont understand is that section 25 has made it impossible for small-time landlords to invest the profits into the property. I have very little savings and lose 800 a year cash on the property. I have zero incentive to improve the property. And yes. I know im lucky to have a poperty to rent
Hold on, i'm just mopping the tears up
@Gibbo1 not looking for sympathy 😊 just making the point that the government doesn't incentivise lower rents nor property improvements anymore. You used to be able to deduct improvements from your tax bill. Not anymore. (Generally speaking)
@@rulsey23 That's the risk you take when you borrow for an investment
@Gibbo1 think we cross wires. not saying it's hard on the landlords. Its hard on the tenants because the government doesn't incentivise good landlords due to regulation.
Well, landlords cares only about the profit.
Absolute rubbish. Most landlords aren't big greedy corporations as the current media frenzy would have you believe.
A large percentage of Landlords are normal working people who have another house for one reason or another.
There has been a continuous attack on Landlords over the last few years with massive tax hikes, over regulation, long expensive waits to evict bad Tennants. A Tennant can decided to stop paying their rent and it can take over a year for the landlord to get THEIR property back with little to no adverse affect to the tenant. Meanwhile the poor landlord has to shoulder all the financial burden. Now there's huge increases in Mortgage rates to deal with.
Landlords are selling up all over the country which is driving up rents, increased competition for new lets. As someone else mentioned it's a perfect storm. The likes of Shelter, Generation Rent and our wonderfully short sighted Government are the reason it has got to this.
Well yes exactly, they took a financial risk so why not.
@@Spaceman-jk5fbthey can out and get a job then. Why are landlords so special that they expect other people to feed their children.
Not sure I see the issue - lease was expired otherwise it could not be changed; Landlord is facing increased bills and expenses - 12% in the current climate does not sound excessive as it is basically inflation.
They were blunt in response to the 5% contained in the expired shorthold lease which is below inflation; and crushed when he said he can't do that and needs to find new tenants.
Pretty sure if they came back and said can we do 8% because it is a little tight the Landlord would have negotiated. I get the pressure but then feel for the owner as well - he might be renting this place to pay for his elderly mother's health treatment which has jumped by inflation or more - who knows! Landlords are people as well.
'Pretty sure if they came back and said can we do 8% because it is a little tight the Landlord would have negotiated.' On the other hand, it's Brighton where lots of people can afford the increased rent. Landlords can pretty much get what they want.
The landlord is talking crap, If he was losing money he would have sold them off
You're great! You should become financial.advisor, obviously your a baron when it comes wealth success!! The next chancellor for sure!
We got one so now me and my 3 children a little less than a month to move out with nowhere to go. I was told he would renew in October so was a shock when I got the letter and just 2 months to be out. Things need to change because with no affordable/ suitable houses available where are families meant to go 😢😢
Why do landlords need to exist?
We are not building enough houses, we build millions of cars, why cant we build millions of houses ?
Private landlords should not be confused with social services. I see a future where the only landlord is the state. They are the only organisation that will be prepared to put up with unreasonable tenants. It will be to the detriment of taxpayers, and will result in a lowering of the quality of rental stock.
I'd much more prefer that.
Rent control never works and reduces the number of rentals, always. Supply and demand dictate rent prices not government.
I am a landlord and its really tempting to sell. We get no encouragement, no financial help despite having to comply with expensive modifications and often are faced with expensive repairs when our houses are rendered squalid and filthy by bad tenants. We are not all rich by any means and many of us feel we do not deserve the bad press. Some of us were pleased to provide homes for the homeless.After years of being a landlord in my😅 small way I feel I've been a doormat! We all have had horrendous tenants as well as really lovely ones, been cheated,lied to and also thanked and appreciated in equal measure.
I have had horrendous landlords which I can only call scumbags
@@amazighman2- as a landlord I hear these horror stories. I don’t understand it. It’s a team thing and we have an obligation to each other. I’ve been very lucky, but have had a few scumbag tenants. People will be people. 🤷🏿
100%. People think landlords are the problem and they’ll save “so much more” with a mortgage and it’s all our fault for charging too much rent but it can be very expensive to be a landlord.
@@Roserytemptation most if not all are scumbags
@@amazighman2 Do you know how many scumbag renters there are? Yet we don't mock and denigrate you at every possible opportunity. The gall of you people to live in other people's homes, not have to do any of the maintenance, and then bemoan the 'plight of the renter' all day, is just laughable.
Where I live (Ontario, Canada), I’ll never be a landlord and I can perfectly understand why the landlord in the video is selling off. Being a a landlord IS a real job that comes a lot of risk. A very difficult job in fact. And when a property is particularly risky, the rent will reflect that. That’s how business works. Landlords are business people, not social workers.
To be honest I'm glad this happening. Its easy for me to buy a cash purchase properly now. I always lost out to gready landlords in the past. I can't do a mortgage at the moment due to poor credit. I'm now on my way to having my first place. It's a shame about the tenants being kicked out but the government need reforms on mortgages and buy to let places. The bubble has burst and all those landlords are now selling up. It also time to rethink about council housing because this has also why so many are renting privately. The tenants are ones that have been worst off in this.
Payed all my rent on time for 5 years straight and received an section 21 landlord trying to up the rent by £200 and there repairs in the property that haven’t been fixed for over 2 years which I’ve already told him about no repairs have been done and he trying to up the rent what an joke
Great to live in England now that 1984 has come and gone.
Gone?! '1984' has only just got started!
Between 2019-23 350,000 Landlords exited. So a lot of excitement over this. According to spareroom.and other bodies 20% more will exit. This should encourage tenants to buy their own homes.
Unfortunately the real issue underlying this problem in the UK is the uneven distribution of wealth and as a consequence property ownership. An uneven distribution not based on productive output I might add.
For the landlords you re pointing here, this is not an issue 😂 you may believe its unfair, as hard as possible, thats clearly not what will make them hand over their properties to you, in this actual society, you know😂
@@christir2142 No but the higher interest rates and downwards financial pressure will strip many of them of their ownership of those properties. Perhaps I should put a laughing face at the end of this sentence.
what you said is funny I mean, landlords obviously produced more output than tenants, factually they are in positive ownership of properties , those properties that tenants now envy and wish hardly for, did not pop up magically like you tend to say . Its just facts(and also not some nostradamus predicts😁)
The thing about negotiations is that taking a hard position often means terminating the agreement.
On the 12% increase, I wouldn't have gone in with a firm no. I would've countered with a step-wise offer: I can meet you on the 12% increase if you can do a 5% increase for the first month, 8% on month 2, 10% on month 3, and then 12% on month 4 and forward, no backpay, so I have time to work the additional cost into my monthly budget. If the backpay is of serious concern to the landlord, I'd agree to pay it on the remaining months of the lease if they can just show me on paper that they're already in the red ahead of a new lease term.
Mortgage interest rates have gone up and the fear of the RRB has lead us to selling all 12 of our properties and unfortunately as a result some have been left homeless, this government announced this bill at the totally wrong time during a cost of living crisis. Well done your now hurting landlords and renters.
I live in Brighton ❤
seems like we have five times the homes than necessary standing in long term unoccupied status… take the second homes, we cant have that as a society when working people dont have a FIRST home!
I don't even live in the UK but you want to live under a dictatorship or communist State? That is what you will have if you want the government to force people to sell their 2nd or 3rd homes. That's some Putin, and China''s Xi Jinping stuff there.
Fool.
Thats communism. Move to North Korea.
Shall we take your second TV or second car just because some people can't afford either.
How about raiding your fridge to give to the poor?
Second homes were on the market, everyone had a chance to purchase them. Nobody took the stock away.
Sorry about this, people have to stand up for their rights and shelter is one of them.
Demand is already high, but you want to live in a touristy spot with an ocean view? It's even higher. Be prepared to pay.
In less than 30 years the population has grown by 22 million people. There are too many people and not enough houses, which is the ONLY factor that can explain why both purchase prices AND rents have risen. Scapegoating landlords is driving them out of the sector, leading to an even greater shortage of properties for rent, which has further accelerated rent increases. We need net zero immigration now, or this will only get worse.
Too many people? Are you talking about innocent children, just born into it? Do they not deserve life chances? I'm not saying immigration should be unregulated, but this nation is not a closed island. And never has been, for reasons I won't have the time to explain. Not scapegoating landlords, but scapegoating people who genuinely need a roof over their heads, and build a future is not the answer.
@@SuzanneO707 I am not scapegoating anyone, just pointing out the numbers. The UK birth rate is now less than 1.6 children per woman. The replacement birth rate is 2.1 children per woman. Without immigration our population would actually be falling. Ergo, our population growth is driven by entirely immigration and not births.
Sure, the UK is not a closed island. 250k people leave every year, so we could allow 250k people in and have a stable population, more in fact given our low birth rate. But net migration - NET migration - in the year to June was 750k, requiring us to build almost 4 new cities the size of Bournemouth, Bolton or Aberdeen just to keep up. And we would have to repeat that every year. So, please, you tell me, is that feasible?
A lot of population growth is because people are living longer and there’s a big bulge of baby boomers, which has caused a big growth in the non-productive population. Killing off everyone over 60 would be better than stopping immigration as immigrant tend to work and produce in the economy.
The price to pay when the Government punishes landlords, forgetting they have taken up the slack from the lack of council housing as a result of poor Government decisions..... extreme un-joined up thinking.
i'd like to bet most of us would do the same if we saw a huge loss against our properties
Should have just paid the 12%, if the landlord can't afford the mortgage it's either get new tenants or sell the house which will probably cause them to leave the home as well.
Real estate is becoming the new oil, huge amounts of money for destroying society
@@Spaceman-jk5fb😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂
@@Spaceman-jk5fb tories are genuinely stupid
@@Spaceman-jk5fb look at the country rn, they’re doing a great jobs aren’t they? 🤡
@@Spaceman-jk5fb nice troll buddy
Many students are a nightmare. We are retired and live in a flat. We had 4 Saudi Arabian young men "students" move in below, it was terrible. Every night they would go. Out about 9 pm and return around 3 am usually drunk and once carrying in comatose girls. My wife had a nervous breakdown. It was only because of section 21 that we eventually got peace back. Proving that renters are a nuisance is almost impossible and incredibly time consuming.
So don't think it's all one way.
It is not "renters" that are a nuisance. Saudi Arabian are very well known for their nightlife "party" whether a student or not, so your scenario was mostly predictable and unfortunately you now have a bad perception of "renters" when most likely lots of them would have been delighted to rent from you and have a good experience
This is not a renter issue. It's a bad neighbor issue! If they owned the place it would be even worse.
I've had to move before because of neighbors, who owned their flat, were a nightmare.
We need a rent cap like in other parts of Europe and, ideally, the state becoming the provider of housing and acting as the landlord. This private model is failing people left, right and centre
As far as the horrific interest rates on mortgages are concerned, I vote we take Kwasi Kwarteng + Liz Truss to court for literally ruining millions of people's lives, especially especially renters who have nowhere to go! 😤
If you think a PM in situ for 2 weeks is responsible, then you've fallen for the trick. She was a scapegoat and the powers that be that like us in our places, paying higher taxes and not being able to build companies using tax breaks and therefore creating competition for those at the top, did not like her plans to change that.
Their plan was nothing new, they were simply wanting to do the same as Ireland, Brussels, Singapore and the UAE.
Go and look at those places and tell me it was a bad plan for us.
It wasn't, but the general UK public don't seem to have a grasp of anything outside of their controlled bubble.
@@user-gz6tx6yp3v Education, and critical thinking is not allowed for us great unwashed. White washing and taking the general piss out of the population.
The problem is that the properties were overpriced and the debt on them was only serviceable at very low rates. Prices need to come down a bit and rates need to never go so low again. Those that end up losing their homes will be victims of bad monetary policy.
@@bozboz47 Well working in the new build sector myself it may surprise you when I say they are not over priced.
You wouldn't believe the low margins they make with the exception of the likes of Persimmon for example who make around 20% profit. Most make less than 12%.
The cost of land is getting so high near infrastructure, because there isn't much. Labour, materials, social housing payments are all much higher that it is very hard to turn a profit and deliver homes at reasonable prices.
There's several sites I've consulted on that they have cut off further house building because they would make a loss in each house.
You need to study economics...the seed was planted when we began QE as a normal policy in the 80s & this was exacerbated during the Covid panic & overreaction in terms of stimulus. Inflation was a forgone conclusion as soon as furlough & near 0% interest rates were decided & the only tool available to deal with inflation in this case was/is interest rates, however ineffectual & clunky it may be. In short, Truss & KamiKwasi were merely punished by the markets for inconsistent policy-making that flew against the prevailing BoE measure, which was a short-term issue.
I own two flats in Portugal that are currently rented. I have a mortgage on both properties. With the interest rates increase, with Portugal government capping the rent increase in 2% and with the 25% tax I pay every year on the rental income, I currently have to send money to Portugal since the rents don't cover my expenses. Of course I have the goods and long term I have assets. However, I am considering close both flats and just pay the mortgages without tenants. Capping the increase won't solve the rental problem. Landlords would just take the property out of the rental market. Government should create incentives to home owners to rent their houses. Example: dont pay taxes if the flat is rented 30% below market. Government should also build more housing. The problem is demand/offer. And also Government should give incentives to companies willing to move their HQ far from big cities.
Need to make room for all of the Doctors, Architects, and lawyers fleeing war torn France! Which of course is fully endorsed by the BBC!
None of these professionals can function without support workers.
Prices on everything are rising, not just housing.
yes electricity bills oh my god, i cannot believe i am paying so much................🤣
Why are British homes so horribly cramped? The overall building quality also seems rather poor. Greetings Johnny in Norway.
Government dont target energy companies that made eye watering profits like British Gas.
I’m sure they were ecstatic and thrilled to get a letter telling them they had to get out of their home…😒
Why would he even ask them that ridiculous question?
Landlords don't evict good tenants. I'm guessing these 2 weren't the best of tenants.
Pretty sure brighton is East Sussex...
Greedy landlords… greedy government… I’ve had a section 21 and my landlady has sold our house. Me and my family are hard working, never ever not paid our rent, have glowing references and yet living in the south east we can’t find anywhere as the greedy estate agents have bought in loads of impossible rules and a system that declines you for any box you haven’t ticked.
Unreal. We can’t even live in a caravan legally!! Anything we think of is a dead end.
have u supported mass immigration for the last few decades?
State agencies fulled the high price market for rental as the make 10/15% a month for every property they let so why is even allowed and never mentioned???
The renting side is simple, cap the annual rent at 8% of the value of the property.
That then makes it about sorting mortgage rates so that landlords aren’t losing money and property values so that 8% of the value as rent doesn’t equate to a huge sum.
Then all you have to do is get retailer's to cap appliances,lumber, flooring, plumbing, electrical, HVAC units, roofing, and service companies that perform repairs (roofers,plumber's, electrician's, carpenter's, landscaper's, septic\sewer companies) to cap their labor rates to 8% profit and everyone is all set.
Read Thomas Sowell Basic Economics and then go to San Francisco and have a look at the property prices before you harp on about rent caps
You can get 6% + if you put your money in a safe savings account. Why would you want to have the hassle of buying and renting something out . I looked into about 15 years ago and decided it was too
much hassle, and unless you want to do it without a letting agent the return wasn’t worth it
@@davefish8107where are you getting 6%?
Can you explain how your maths works with section 24?
Greedy landlords and government. Lots of people ate pushed out of our homes. I lost my home I lived in for 10 years and now I'm living in a hmo, because its all I can afford now because of the increasing rents, and now the rent is so high I can't have a flat of my own now.
I lost my interest life because of the pandemic, the cost of living etc, and it's going to get worse. I remember when I first moved out. I paid 7 pound a week for my bedsit, and my first 1 bed flat was 400 a month.
So yer it's a bloody joke.
The landlords have probably been faced with increased costs, interest payments added red tape etc... I make less profit than I did 5 years ago and the rent has gone up 30%. ALL of that increase goes to RentSmart Wales, the taxman and the banks.
Aww poor landlords
🎻
So quit your moaning and sell up then, sweetie. No one cares that your investment isn't as profitable as it used to be. Perhaps try investing in something that isn't completely morally objectionable.
@@hdudidi well they have to at least break even so they pass the costs on the poor landlords that can't be arsed to buy a house and make all the sacrifices necessary to afford the deposit etc...
@@hdudidi wasn't asking for sympathy, I was pointing out that you are directing your hatred at the wrong people because you haven't looked into the problem and you've just copied everyone else. Do you hate the petrol station when the price of oil goes up ? Across the country?