Buddy this is lose lose. No privacy, communist stuff here. Big brother. Less landlords, less properties to rent (when it's already dire in south east), even higher prices, no privacy or right to be left alone.
There needs to be an upsurge in social housing such as happened with the introduction of the Housing Act 1930 (also known as the Greenwood Act afer the then Housing Minister) which compelled Local Authorities to clear slums and poor housing and replace them with affordable publicly owned dwellings. The introduction of the Housing Act 1935 brought in minimum space and facilities standards (e.g. inside toilets and bathrooms and room sizes) which was quickly adopted by the private sector as people were choosing Council homes because they were of a higher specification. There should be no free market in any economics, but particularly not in housing, as was tragically demonstrated recently by Grenfell Tower.
My friend rented to a couple of gay guys with a rabbit, yes its relevant. They paid the deposit and the first month and nothing since. It took him 2 years to get them out and the court awarded him a manditory monthly payment from his tenants so low it will take 20 years to pay off what they owed. Further more, said rabbit had free range of the from room and then entire room was a rabbit toilet. They deliberately leaked water from the upstairs shower which destroyed the floor boards and ceiling beneath it. All of which needed replacing. They had parties at all night which drove their neighbour mental, that semi detached house also owned by my friend. Throwing used condoms over the wall into next doors back garden. The neighbour eventually moved out and he had trouble ever since getting people to stay for any length because of the gay party guys. All whilst his wife was pregnant and they were struggling to pay two mortgages. All before any of the recent changes to the rental laws. No political party cares about people trying to make ends meet or better themselves especially the left. These new laws will help destroy British landlords and we'll be left with over sees landlords only and protected demographics will continue to get away with murder no matter what changes are made.
Tax and insurance rate increases seem to be pushing investment homes back onto the market. All the profit from holding a rental property are being sucked away. Without cash flow, you'll be eager to get rid of the property now, while the prices are still relatively high.
37% of sellers dropped their prices in Taunton over the last month?! Wow.....the crash is officially in motion. I guess people being called back to the office is a huge factor - the dream is over for most people.
Well with the ever-changing global economy, tax laws and regulations can also vary, impacting how investments are taxed. It's essential to stay informed and plan tax strategies accordingly.
It's a vicious cycle. If people can't afford homes, they might delay retirement savings, but if they focus solely on saving for retirement without considering their housing situation, they might miss out on potential investment opportunities.
And let's not forget how the global economy plays into all of this. Economic instability, inflation, and market fluctuations can further complicate matters and add to people's financial worries.
The fact that there is already an excessive amount of demand awaiting its absorption, despite how everyone is frightened and calling the crash, is another reason why it is less likely to occur that way. 2008 saw no one, at least not the broad public, making this forecast, as I'll explain below. The ownership rate was noted to have peaked in 2004 in the other comment. Having previously peaked in the second quarter of 2020, we are currently at the median level. Between 2008 and 2012, it dropped by 3%, and by the second quarter of 2020, it had dropped from 68 to 65.
Investing in both real estate and stocks can be prudent choices, particularly when backed by a robust trading strategy that can navigate you through prosperous periods.
You're not doing anything wrong; the problem is that you don't have the knowledge needed to succeed in a challenging market. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn a high salary in these challenging conditions.
@@BernardFrederick-tk7un Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
Actually, I'm not sure if I'm allowed to mention this, but I'd recommend looking up Annette Marie Holt because she was a big deal in 2020. She manages my portfolio and serves as both my coach and my manager.
I take guidance from an advisor Annette Marie Holt To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
I have never put up rent on an existing tenant. I have had one 15years and another 12years. As I have no mortgages and find it hugely time consuming finding the kind of decent tenant I want I stick with people.. So, long termers are happy with low rent and I am happy with people I get on with. So speaks a hands on landlord that doesn't use an agency and is a DIY man and wife team.
You're are a exception then, I keep harping on this, because most rented homes are You're an exception then. I keep harping on this because most rented homes are mortgaged, and landlords are pressed against a wall to raise rents when interest rates rise. Due to the UK's unprecedented rise in home prices and the notion of housing ladder, small-scale landlords often forget that mortgaging to rent is a leveraged bet on the rise in property value and the tenant's ability (and willingness) to pay, relative to the mortgage size and repayments. This is not unlike borrowing money from a bank to buy shares, hoping that dividends and rising share prices will outpace the interest Put simple a very risky thing to do.
Too many landlords think all they have to do is buy a property and collect the rent. Poor investment strategies is the problem! If you base your ROI on a 1.5% mortgage things are always going to go wrong.
@@maskofsan1ty True, a landlord is reducing housing stock (and hopefully maintaining it too) but if the house were bought by the local council (and I'm all in favour of council housing), wouldn't it be the same. Only difference should be that a private landlord lends his own money to provide the capital to buy the house, whereas if the government does it, the money comes from whoever is financing our national debt. @mrgladstone4044 could sell the house and invest his money in gilt-edged bonds and it would be much the same thing except no one would hate him for being a landlord. Personally, I have no issue with landlords if they take their responsibilities seriously and provide a good service. They work within the same corrupt economic system as we all have to.
My landlord refuses to do anything in the house. Single glazing windows, mould in the bathroom and falsified records of the condition of the property. Housing is difficult where I live. My landlord put the rent up when the last bill was introduced, he gave me no notice and put it up by 15% but he was wanting the 15% transferred into a separate bank account. When we questioned this he said if we do not accept he will sell it to another landlord within his company and we will be evicted. Our lawyer dealt with it and we never heard from him since.
Ok so you want landlord sell the property to a huge company that will be happy to rent it to you, for an even higher price as their overhead will be huge, plus they will be even more difficult to deal with than the average landlord. So yeah, be careful for what you wish for... If you got mould it's usually "user error", caused by not heating the property enough coupled with not enough ventilation, coupled with drying clothes inside coupled with showering for 30 minutes without even opening the windows. I bought my first house 30 years ago. The walls in the bathroom was covered in black mould, single pane windows from 1953, terrible eh? I just cleaned it very well using strong soaps, then bleach. So when I showered I made sure the door and windows were always opened to make sure ventilation was good, plus I had a heater in there to keep it warm = no more mould ever despite single pane windows. It's not rocket science.
@@Vasioth Yes sure you would, as all these countries that had this system has abandoned it. Except for North Korea, even in Cuba people are allowed to own a property or a business. But sure, you know best eh?
@@WonderfulQuill-nq3fq I didn’t say that private people will buy, of course they will. The point is that it won’t lead to any lower prices as the market is still pressured because there are not nearly enough new build. To solve this problem the government need to expropriate land to build many more council houses, and NOT sell them later to the people that rent. Plus the council NEED to approve MANY more planning permissions for not only large companies to buy but let private people buy cheap plots to build on land that is not used for anything anyway. This will not be done so house prices in the UK will stay high for the foreseeable future, the insane immigration of course does not help, UK need to leave the European Human Right Act to make it possible to stop immigration, this will of course not be done either so there we are, a disaster happening in slow motorion.
We got someone out on a section 21 last year. It took 9 months start to finish. The bailiffs told us (by the time we got them) that in those 9 months, things had gotten even worse and the courts were now taking a year. You need to experience the system to realise just how screwed it is. The courts are completely broken.
This is all about pricing out the independant landlord and moving the housing stock under the control of government and large corporations "private public partnership"
@@justalitttleun either that or trying to fix a seriously fucked housing situation that benefits who at the moment ? Parasites are the only ones winning atm.
A renters database should also be setup so that landlord can check if the renter has a bad history of not paying rent or not looking after the property well.
I agree. Although agents already provide this to a limited extent by means of references. Contrarily, there should also be a Rentee's database where tenants can see if prospectictive LL's have a record of cutting corners on repairs such as failing to address black mould or infestations.
You've missed one rather f_ugly loophole that will benefit the Tenant who wishes to get away without paying much rent at all. The case where Tenants get into rent arrears into the 13th consecutive week of paying no rent, can then pay a small amount of rent to frustrate the legal system and trigger a fresh 13 weeks cycle. There is nothing to stop this going on ad infinitum, costing the Landlord legal fees each they try to take legal action to evict after 12 weeks of no rent. Labour are CLUELESS. I am getting scared. HELP 8~(
But if the total value is 3 months of arrears worth, even in the 4th month, if the small amount of rent is still over 3 months of arrears could you not still kick off the process? I'm not quite sure how this works.. it's all a bit unclear.
I had a landlord about 10 years ago. Nice chap. Helped me to kit the place out and get it looking more modern. Not all landlords are sith lords, and this will just scare away the good ones and attract the greedy ones (e.g. big corporations)
Exactly ❤ I'm a landlord and i do everything i can to keep my property nice for my tenant. I want them to feel like it's their home and I invest most of the money back into the property. With increasing interest rates and tax though I'm not going to be able to sustain long term as I don't want to have to increase rent to keep up to the increasing costs. I don't understand how people think if landlords sell up they will be able to buy a house easier. Exactly like you say they will be swallowed by investment companies and the rents will go even higher. I don't want to get rich of someone else and I'm certainly not doing. Not all landlords are horrible and it's upsetting to see this hateful attitude towards all landlords 😢 x
Agree here. Alot of landlords just moved for work, or to have kids, and it wasn't a good time to sell. I'm one of those. I look after my tenants. But I am super picky about who I rent to. I ask the estate agent how clean they look. And what their job is. I'm sorry to discriminate against grubby people or people with insecure work. But I cant afford the mortgage if you stop paying rent.
@@RandomWandrer I'm the same. Moved for work but couldn't sell at the time. Its not this money making thing everyone seems to think it is. I make nothing on the property and will probably lose money if the housing market dips when I do come to sell. But oh no...I should be ashamed of myself for providing housing to someone in return for money ! How dare i !
landlords are pretty bad from most peoples experience though - Ive rented a few times in my life & now have a mortgage. My experience is that most landlords dgaf, they're terrible at replying to urgent issues, take 3-5 business working days to get back to you and never want to deal with anything hands on. They just want money with little to no input.
In my experience, although there are plenty of bad small-time landlords, there are also plenty of good ones, which somewhat balances the scales, whereas landlords who are large corporations are pretty universally bad. The government generally does slightly better as a landlord... in wealthy areas. If you live in a poorer part of the city/county, then you're probably SOL. So yeah, I'm not enthused about trying to drive out the small-time landlords. The government should break up the larger landlord companies instead - wasn't it common knowledge that monopolies are bad for the market?
There just needs to be accountability and transparency. Bad landlords should be banned from letting properties and bad tenants should have to have strict conditions in place before they can rent.
Welcome to the homeless crisis. Thanks for standing with greed. Landlords should be taxed at a higher rate, more property more taxes. This will lead to more high density property which is what cities need, not houses
I would say no because it could be used to "poison" tenants future prospect, while right now only the government would have access to the database and having a tenet database only for the government would not be of any benefit to other landlords and tenants.
But landlords ask tenants for references, proof of income, bank statements, credit reports, huge deposits and other stuff before renting out so why would u need a tenant database? However, its the tenants who need the database to save them from being tied to a contract that could end them up in a hell hole for months! I have been there, some landlords are psyhos!
@@silver4831 I know. How awful. There must have been loads of forms to fill out. I'll just head back into my damp-ridden bedroom that my landlord has ignored for 2 years...
This is a brilliantly balanced video that looks at all the issues in a reasonable manner. It makes such a massive change from all the usual, frothing at the mouth type rants, you mostly see from landlords. Well done.
What will happen? The rental stock will massively decrease and tenants will complain. I'm not sure what the end goal is here.. perhaps they're clearing the way for blackrock to buy up residential property?
@@TheFatController. no its idiotic. that is landlord wet dream. first buyer will get it on a discount and therefore are not tenants anymore. use it or sell it, if you dont either you get 2 situations: risk of squatting depreciation and high taxation for unused property
rental stock has decresed far enough, this is forcing landlords to accept and keep more tenants then they are. Its not going to work, its clear that the greed from landlords that has caused such a hostile renting market will become stubborn tantrums with landlords selling. which will create more HMOs.
The main improvement is that a landlord can’t give notice any more randomly only because a tenant wants them to do something about rising damp or something else being broken. In Germany for example you can reduce rent payments according to the affected percentage of the property.
Great assessment, but I fear landlord will have to more selective on tenants they select , require bigger guarantors and increase rents to cover the possibility of larger losses if non payment arises . Renters are also going to be hit hard !
"I fear landlord will have to more selective on tenants they select , require bigger guarantors and increase rents to cover the possibility of larger losses if non payment arises ." Exactly! Welcome to Socialism.
Bigger deposits and more financial proofs plus guarantee. This goes hand in hand. Too many dodgy tenants. I have one thrashed my flat and I still have to wait to evict him.
The problem is that once the statutory periods expire, tenants don't leave. It then takes months or years to get the tenants out, even if they're not paying rent. I live in Spain and the laws here are so heavily weighted towards tenants that there is a serious shortage of rental property
That is indeed an issue, which is further exacerbated by the fact that most properties are mortgaged, then again I don't think it is wise to buy a property with a mortgage to then rent it out as it is a very risky position to be in.
But when you think about it, taking away tenants' rights wouldn't help to mitigate the property shortage, because tenants who are evicted then need to find another place to live, don't they? I mean unless you're happy for people to just get kicked out onto the streets, but that's not what you're suggesting is it?
@@modelflugzuegsamlungEasy evictions provides a strong incentive to pay your rent. Why should it be hard to refuse to hand over your property for free? If evicting were straightforward and easy, rental property would be a more attractive investment, and more people would become landlords, increasing both supply and competition among landlords. Both of these factors reduce rent prices.
Yep. And what happened after Sanchez brought in rent caps with the new ley de la vivienda,... supply disappeared. It became impossible to find anything
I have invested in 3 rental properties in England and the amount of work and the risk is not worth it. From this year I’m going to invest abroad instead
If you're going to sell a house let me know. My husband and I are looking to buy but nothing suitable yet because most properties are *for rent* :) win-win
Fair to say the protections for people on benefits (often disabled) do not go far enough. Makes no sense to discriminate against people with the closest thing to a guaranteed income.
Tenants who don’t pay rent should go against their credit score. Tenants can go and rent other properties with no punishment and do the same to another landlord
That’s my safety net against tenants who won’t pay - threaten with court and it WILL affect their credit score and they’ll never be able to rent again. Pay for legal protection and rent guarantee. Worth it
@@DaysOfDarknessUKyeah right. My landlord bought another house … never fixing anything in many years. And increased my rent. I don’t think they are paying taxes from rent income either.
When my son was a toddler we had a flat with slat windows which would slip out and create gaps in the winter. Asked via the agent to change the windows multiple times. Owner owned half our London street and had done for decades. Just uncaring and greedy! We had to move out because the cold was unbearable.
You can see that the Land Lords database will have a charge. I could easily see the following. 1. A charge to register you as a land lord. 2. A yearly renewal fee payable every year. 3. A fee to list/register any house/flat for rent. 4. A fee to keep any property on the list, payable yearly. 5. A fee to change details of any of 1 to 4 above. Then you can look forward to an ever increasing set of fees each year. So, who will end up paying these fees? There's going to be 2 options, the land lord, which will impact profitability of being land lord, or the renter which will put their rent up. Whoever pays, someone's going to lose.
It should be for landlords too. If a landlord is not fixing a leaking old pipe… percentages are removed from the rent. Or how I had to live for 1 month from 15th of December to 15 of January with broken boiler and washing machine at the same time. So we were cold, couldn’t have a shower or wash clothes for the whole month during Christmas and new years. I was washing clothes by hand and putting pots to boil water for our shower. I still had to pay the same amount for rent.
@@zeroounce8874 tbh I think pretty much all GOOD landlords would agree to that, it could work like an SLA in other business agreements where they have to have made an effort to remedy the problem in a timely fashion. That way they don't get penalised for matters outside their control (which would affect house owners in the same fashion), but are also heavily incentivized to fix issues in their homes.
@@zeroounce8874the problem can be that unscrupulous tenants withhold rent stating the boiler is broken but refuse to let tradesmen in to check the broken appliance. It's used as a way to not pay rent.
Thankfully sold two flats last year after yet another tenant stopped paying. Owed £3k, damage £3k. This was in an area where you pay to be a landlord and need a landlord license. I asked a simple question……. What is the point of Landlord License? Karen’s reply ‘ to ensure you conform’ ‘ ‘what about when the tenant doesn’t pay and owes 3k and has caused £3k worth of damage after I’d spent £3k doing it up before they moved in?’ ‘That’s not our problem, we are here to ensure you do what is required to be a Landlord’ No problem. I was a good Landlord, but sold up! The new Landlord is absolute nightmare by all accounts! In a nutshell, Councils need to look out for the good ones! Just saying!
Good tenants and good landlords seem punished in similar ways a good tenantt would have a bad landlord break the rules and despite laws in place be lucky to get support like when I last paid a deposit (over 10 years ago) I never got it back despite spending almost a week after I moved for hours a day cleaning, it was like there was a hole in a cupboard that I photo'd as proof of repairs not getting done, landlord took photo of same cupboard and said it was proof I damaged property, they find specs of dust that proves I never cleaned, holes in roof that was because I never let in roofers so tried billing me for entire roof repair of thousands, had cheap carpet so cheap infact the whole flat cost under £400 to do (I found the carpet locally and it was already 5 years old at that point) landlord claimed it was damaged and wanted £1500 to replace, he even took a photo of my microwave before I moved out then claimed I took "his" microwave when I moved out with a photo of it as "proof" Went to council and was told nothing they could do, he even lied and told them I owed rent arrears which was "true" in the sense that he lied to DWP and said I was working as he wanted rent paid direct to him even told me to my face I was on benefits therefore it's his money as he paid for it by taxes and I can't be trusted with it, so DWP opened a investigation and didn't pay me for a month which of course triggered the 2 months in arrears (basically 1 month and 1 day) so he got paid direct even though my benefits were reinstated literally about 2 days later and he when he saw me used to bring up each time how I was a bad tenant who had rent arrears, yet those arrears were paid off and only occured due to his own behaviour.
What do u mean that there won't be any no fault evictions? Perfectly good tenants will be still evicted if a landlord wants to sell or move back in. Why be so confusing, when what is really happening is fixed term tenancy contracts are being abolished?The abolishment may or may not be a good idea but please say what u mean.
Personally I think many landlords will sell up now. A bad tenant is a death sentence now so there will be fewer rental properties and only those with good incomes will get them. It’s too risky to have a non paying tenant especially with slow courts who will be backlogged.
@@zKsery I bet you this won't even solve the problem and vendors will just charge as much as they can. It will take a _huge_ concerted effort in market correction to move the needle and I'm not sure that'll happen.
@@halfbakedproductions7887 well rents keep going up anyways so what difference does it make. Better to have protections than not. Landlords keep raising rents every year for 16 years then wonder why the government makes these changes.
@@halfbakedproductions7887 That’s not how a market works. If a vendor wants to over price their property in a market with abundant supply then guess what, that property will just sit there doing nothing. Forced liquidations of landlords will meaningfully increase supply. That will adjust the mean price down towards those currently locked out of ‘affordability’. Working people owning their own roof.
The big problem is actually going to be the 2 month minimum stay for tenants. You could end up having to look for new tenants several times a year, void periods would end up being a huge issue. Add the costs of finding the new tenants and it makes things almost impossible for most.
I don’t think in practice this will be a big problem, as who wants to move on from a nice house after 2 months..? I don’t understand what you’re saying the the absolute worst case scenario.
@@OllieEllis You'd be amazed at how many people stay in AirBnB's or hotel rooms for a couple of months. Whether its because of business, holiday, getting there own house renovated. Using rentals instead would save them a fortune.
I've always rented mine unfurnished, never had a problem finding tenants. Don't need to think about damage to goods/contents. More importantly, tenants installing their own goods are far more likely to be finding a place to settle for the longer term and therefore more likely to be reliable. And of course, less cost to you when it comes time to find new ones. I don't have a problem with a landlord database towards protecting tenants but this needs to be paired with a tenant database to protect landlords. Even with this in place, the biggest problematic change is that you'd still need something like a section 21 as a last resort, relying on the courts will be a nightmare.
@@OllieEllis Nice house? I live in a house that's shit and not what I saw in picture, decpetion, shit landlord, If I had more money and time id sue the hell out of him, playing fucking power moves and getting us a tenant that's 50years old and has no hygiene and causes issues... I lvied with people that are 50+, I'm in my 20ties but this guy is obevious an issue... anyway... id gladly move out after 2months if that was the case, instead of a 6month contract. But I haven't watched the video. Woul dbe nice if we could move out after 2months on a 6month contract and get the money back lol coz this is just a nightmare here in Liverpool - Manchester has good landlord as far as I rented there, but liverpool is nuts!
I'm an accidental landlord and I agree with you that some of these changes are fair, they reflect the way that I and many responslandlords already treat their tenants. The only thing that concerns me is the delay in evicting someone who is arrears, the government should setup a compensation scheme whereby landlords who win the court case get paid for the loss of income due to a lengthy court process. I think that renting will become more difficult as landlords employ stricter vetting and credit checks. If liebour really wanted to improve the renting sector then they need to get councils to build proper council houses, not these ridiculous rent to buy type schemes.
I have had it in the past and had to use it, but it was not as simple to get recompense for a defaulting tenant. Many of the current tenants will not pass the stricter checks that will become inevitable followingsome of the proposed changes.@Lexis001
Will it be reasonable to assume the deposit will start increasing? It would be a very depressing on the tenants. I think if the government dictates those strict restrictions, they should compensate themselves - and then make the faulty tenants to compensate it to the government, or maybe there should be insurances set and landlords can embed its price into the rent... I feel for people who cannot pay the rent temporarily because of some changes in circumstances, but it should not be the business problem - if the govt needs to be less strict on them, they should really figure out a way to compensate the businesses for it - with writing the money off later if needed to simulate "benefits" payment starting early or something.
Being a landlord is an investment. Investments involve risk. Not all investments are good ones or work out. But I agree that what happened to you is pretty awful.
If I was a landlord, I'd be very wary of Labour's probable thin end of the wedge tactic. It will I am sure creep towards the situation of the 60s and 70s. Tenants will not find anywhere to rent because a person would have to be crazy to be a landlord.
Well houses will be owed by _someone,_ an introduction of land or property tax would make that _someone_ incentivised to rent out rather than letting the property be vacant, It would of course utterly depress the price (and thus value )of the property which has a different host of issues.
@@kacperpiotrowski7239 that someone won't be common folks. Corporations would snap them up like BlackRock for investment. The company that was helping to draw this legislation was... drum roll please... Grainger - the biggest privately owned rental provider. And let me tell you, as they own freehold of the property that leasehold I own - they are a nightmare to deal with, zero interest into improvement or even timely repair, plenty of suspiciously high price contracts for works that are less urgent (£50 to clean one window for example on mass contract). It is a cull of small landlords, nothing else.
As an ex estate agent who is a landlord and who pays an ARLA approved agent to find a tenant and has notified HMRC, none of this frightens me and the landlord registration is long overdue but there are going to certain communities who will be craping themselves and we in the industry know exactly who they are.
@@lonpfrb "fair and balanced system"? How does some people owning multiple houses and some people owning none factor into your "fair and balanced system"?
@@Mentocthemindtaker Indian people buy 8. to 10 houses while British people cannot even buy one. All the council homes are full up of scrounging foreigners.
What no one should want is big companies buying all the rental properties and avoiding these laws via clever lawyers and economy of scale. We need to put a tax on foreign buyers like the USA. Why is a billionaire in the same auction as a family who have lived in the areas for the whole lives. Make them pay more!
In my home country, Romania happens the same... Foreign investors buy entire buildings before they are even finished, i know someone who just buyed 25 flats, another french guy buyed 31 flats, as soon house prices will stagnate big guis will just buy everything within 5 years and double the housing prices,and corporations didnt even join the party 😅 Dono where we gona be in 20years...we wont afford even in ukraine a flat
Someones home? A tenant could stay 12-18 months without paying rent while landlord continues to pay tax, insurance, mortgage, maintaince, gas/electric checks, court fees, bailiff fees etc. If you fail to pay your mortgage could you stay in your home or will the bank take it?
Buying a house to rent shouldn't be done on a shoestring budget. If you can't afford to cover losses, then being a landlord might not be a good idea. Besides, if you have 1 bad tenant during the course of a mortgage, you're still pretty much getting a house for free. Most tenants are good people too. Banks should factor this into their lending process, any landlords that can't cover any potential issues shouldn't be able to get a mortgage on a property they want to rent out.
Typical BTL mortgages are interest-only (that's how this industry works). As a homeowner, I don't have the option to just pay a cheap monthly fee (sometimes even less than 50% of usual rent). So I wouldn't complain. I think that's the primary reason for this mess and interest-only mortgages should be banned for BTL as well (for all types of properties as well). In other countries, you can't do that (in most cases).
As a tenant of 28 years (in the same property) I have never really felt secure. Don't get me wrong, I have never had an issue with my landlord nor he with me but any change to make the tenant feel a tad more secure is good news in my book.
Already in place in Wales. It was rushed in, it was badly implemented, and so was constantly being changed, leaving tenants and landlords confused. They are still confused. There are many small landlords and they tend to be better here, as they tend to live in the same community. In my village the only poor property is social housing and one property owned by an absentee landlord who owns hundreds of properties.
Actually expect insanely high rents, demands for several months paid in advance and almost no properties on the market. Discrimination- any cam offer very high price and being on benefits never pay. As the landlord has to go through court it will take momths or years to evict. Large eviction period means extra insurance for the months with 0 rent so higher price. Spain made similar changes for eviction to protect the poor who can not pay. Now rents are times higher and people can not find rental offers. If any they want a very large deposit that most families can not afford. Most landlords just decided to sell their properties or keep them without renters inside.
We need to snatch back properties, force sales and start house building like never seen since WW2. An economy where mortgages are almost half the cost of rents is absolutely insane.
I have to say the same, those new regulations aren`t unreasonable. My big fear is 2 of my rentals are pre war properties and there is no way I can get those up to the new energy requirements. Wonder what will happen with those regulations?
@@telstar4772 Homeowners will buy it, the energy regulations are for tenants only. Of course, you will not sell for good money, they will also need to fix that house (put the insulation and other things). Or you can sell for other investors, again for a realistic money and they will do the insulation work, if you don't have enough cash for that.
Question... when giving 4 months notice before you move back into the property, doe that mean you can: A: Provide notice 8 months into the tenancy so that you can move in when the 12 months are up B: Wait until the 12 months have passed before you can serve the notice, meaning you can only recover the property 16 months after the start of the agreement
Over the years before I owned my own home the 2 month no-fault eviction clause was never invoked for 2 months. You always got 3 or 4 months notice because the landlord themselves is taking time to prepare. But that's because we paid on time and didn't wreck the place.
When I rented 10 years ago I was given 2 month's notice to leave 4 months after moving in. We had to panic and find somewhere else quickly. Both moves in 6 months cost a lot and were exhausting. The landlady just wanted to move back in again. Both properties needed updating massively aslo.
@@shaunsprogress A lot of landlords ignore the tenant's cost financially and physically having to move property twice in a year, especially within 6 months.
@@Krytern I got no money and I got one month left. Hope I can find a room to stay in and a job to get me enough money, otherwise I'm fucked xd Well, I got a contract now but gonna get only £1k for a few days of work, which is good money but that's not enogh xd
From the sounds of this, they're giving more rules towards benifit claimers and parents with children, but on the flip side it's going to make it ten times harder for the people who claim benefits as landlords won't want the extra stress they now come with
Could you please not phrase it like a threat? You know things are bad for most tenants and most landlords, we should be having a honest discusion on how to solve houseing issuees. For sake of everyone.
Hardly true, you can't charge more than people's income. If it gets bad, people will move to different areas, they will push up their salaries (strikes), or they will leave the UK (foreign people).
@@kacperpiotrowski7239 threat? (or was that not a reply to me?) I think these changes will only make it harder and more expensive for people to rent from good landlords.
@@guest21984Top comment by Connector-app: and it's true. However, the crux of the issue is not the law, it's the house prices and the fantasy of the housing ladder which puts people in a risky financial position by buying on leverage. as for threat I read it bit like"just you wait for us to rise the rents for that litle stunt"
I've moved flat about every year for what 5 years. The past 3 years there has 100% of the time been bidding wars (I am in London). They say "Put your best offer forwards" and to get a good chance of getting somewhere you just have to play the game. On average I found it was about 100-200 over asking. In some cases people offering 6-12 months up front. Very happy to hear they plan on not doing this!
How ridiculous . If a tenant isn't paying the rent the notice period should be reduced ,not increased. He should get the property back quicker. Why should the landlord get into financial difficulties ? Because councils don't want to provide housing ? It is not fair to the landlord to shoulder all such risks, for a low return. A cash ISA would be more rewarding than renting a property out .
Because landlord in on the line for his wealth only. The tennent has his life on the line, getting back from forclosed morguage is easier then comeing back from homelessness. It scars people for life. That said no one should lose their home no matter if they live in it or not. I still find idea of buying investment property on a loan as very risky idea.
@@akasickformif it is that easy why don't the "hard working" tenants have their own house, why do they have to rent in the first place??? Is it because they haven't been smart enough to plan ahead for the future? Is it because they cannot manage their finances so they cannot save a deposit? Is it because they are so lazy to work, they get DSS and government benefits to pay for everything? Is it because they have criminal records that they cannot get a loan or a job with a lender/company? Is it because they don't want the stress and responsibility of having a debt on their shoulders for the rest of their life not knowing what will happen to housing market? Truth of the matter is landlords are the working ones to get the deposit to do the leg work to get the house in the first place... so you lazy loosers blaming landlords for not having a house in your name is YOUR PROBLEM, not landlords. By the way I DO NOT blame or include those that are disabled or have had unfortunate circumstances in their lives like illnesses or psychopaths in their lives. However, majority of the bad tenants are not disabled, or had unfortunate life circumstances, therefore stop blaming landlords!
Whaat if the tenant lost their job? You can't compare not having and income AND a place to live during that difficult time to a "I didn't get 4 montly payments". It's very heartless and selfish.
@@akasickformhow’s that doing nothing when you work hard to buy that property as an investment? It’s called spending time and money wisely. Unlike those who like to rent and then you see them splashing their money on expensive items and holidays. You are basically saying let’s penalise people for.l saving up and investing wisely and justifying it as if they got the property given to them with no effort. Where is the sense in this ?
These changes make investment in residential property unwise. There are plenty of alternatives. The Government thinks that it is benefiting tenants but in the long term it will be harming the because supply of properties for rent will shrink. The way to benefit tenants is to do the opposite. Pull off the taxes pull of the regulation let the free market rip and many of the problems will be solved. But of course this is never going to happen.
"because supply of properties for rent will shrink" Very much not true. An economist will tell you that if landlords sell up, that will release properties onto the market and the lower demand reduce housing costs: would be renters can afford to buy instead. There seems to be a funny narrative amongst landlords that they are doing some kind of useful public service. They are not.
I'm a landlord and I can tell you now.... It is not an easy ride. I deem myself to be a fair and reasonable landlord and I've had some absolutely horrific people live in it and you guessed it!....a torrid time trying to remove them. I don't advise anyone being a landlord personally....and it's only gonna get worse. There'll be a mass exodus and therfore less properties up for rent on the market and then increased rents. Good luck!
This exactly. Too many people seem to think that every landlord is a fagan type offering only mouldy hell holes for high prices. Both parties need to have rules and protections.
its gonna be even harder then to find a house to rent for someone, and landlords will be even more careful, so its worse off on all sides.., maybe for tenants its better the law but its gonna be harder to rent..
@@VinyBankskeep hearing this non sense . most landlords are into buy-to-let scheme which incur costs if they don’t rent out their properties immediately due to mortgage payments. The longer they are picky about who they rent to, the more it costs them-it’s a race against time. They also have this misguided notion that renting to high-income tenants provides a safety net, but there are no guarantees for anyone, period
@@tengoodquestions it will be when there are less properties available - because demand will increase the market rate. clearly beyond your level of intellect
This sounds like it’s going to be very similar to the Rent Smart Wales system. It’s just added layers of bureaucracy for the committed landlord. The chance landlords will sell up, putting more pressure on the rental market, the serious landlords will swallow the extra cost and hassle, until it becomes untenable for them. I’ve owned 4 rentals in Wales for almost 15 years and each round of rental reform makes it less appealing to be a landlord. Ultimately, it will be the tenants who suffer when all the good rental stock and fair minded private landlords are gone, to be replaced by large housing associations with no vested interest in their tenants.
It is unlikely crappy landlords are going to pay attention to the new laws, and very little will be done to stop them. Our landlord and landlady made our lives hell. They lived next door, we never missed a payment even though we pointed out mould issues, water ingress issues, poor drinking water, ultra low water pressure, an oil leak from the oil tank which cost us £1000, which they never had the environmental hazard cleared up. Any time we brought it to their attention they got worse. Land lady came in the house without asking. Took pictures of our daughter’s bedroom window. Accosted me in the driveway and threatened me, which I recorded for the police. Watched them put up a ladder to our WiFi transmitter outside weeks before and practice going up and down the ladder. Then more verbal abuse in the street, three times. Then finally when we had to call the police when I was blocked by the landlady trying to enter the home, which I recorded and gave to the police. They then cut our WiFi cable stopping our telephone and internet services. Not to mention our landlady attempted to have me fired from my local job by claiming I was abusing her, of which there was no evidence of. With people like them out there, I cannot see how they would ever care what the government come up with. I contacted the police, the council, and our MP. No one did anything.
I'd be interested to know what they'd suggest happens to single property landlords who end up homeless due to no notice in the first 12 months - if you get a 4 months notice on your own property, or say are leaving a bad relationship etc. you might end up homeless in the mean time and yet the council don't have council houses so what happens then?!
The video says you can with 2 months with a valid reason. This would be a valid reason... duh. Sure it can't be done in a month but it's fairer for both sides 1 month notice wouldn't be enough for me to leave as I'd need to budget right,go to viewings,arrange time off work to move etc.
My rent has gone up twice this year so far. Also my home of 15 years is now being sold once it's had a new roof fitted this month as it's not safe. I have water coming through two ceilings and had no gas for four months as I can't afford it. I'm going through all this being on disability benefit on my own. I asked the landlord if he could reduce my rent when it goes up for sale so I can afford to actually move, he said no. I'm also going through bankruptcy all due to a stupid house that ain't worth what the rent is. I'm going to a food bank this morning for the first time too. Crazy times
Hang in there mate. These things are Cyclic. If you’re down now, it will improve shortly. Just hang in there. Was there myself not so long ago. I’m on the back up again now. Yours will come soon enough
We were asked to move out of a rental property after two weeks of moving in as the owner was selling... So they got us in to deliberately bridge the gap until they sold... Very rude
I saw similar changes happen in Spain, after which, many small landlords, reading the room, promptly sold, especially in poorer areas at greater risk of squatters. Rental prices quickly went through the roof due to shortage of properties leaving many unable to afford to rent anymore. Property prices followed suit leaving them unable to buy. Those who didnt sell started using agencies to insure their rent, (almost all do this now) these agencies wont rent to those claiming benefits, even when they can afford it. It has ruined lives in many instances, both landlords and renters, Ive unfortunately witnessed this personally.
Yes, this will raise rents. 1) This increases the risk incurred by landlords, which will reduce revenue. If you make it harder for me to evict a non-paying tenant, you increase the amount of time my property earns no money while I go through the eviction process. So I must charge a higher rent at the outset to offset that possibility. 2) With all this red tape and risk, you make renting property a less attractive investment relative to other available investments such as stocks. So I better earn a lot of money to make this investment attractive. That means I must be able to charge a high rent or I wont rent property at all. 3) The less attractive investing in rental property is, the less likely I will be to do it, and if I don't, there will be less supply of rental properties. Less supply means higher prices.
@Michael-jq1hl I don't have an empty home--because I didn't buy a property to let. Because, under these ridiculous bureaucratic conditions, letting property is an unattractive investment compared to other available investments.
@@CrowsDoMath the most idiotic approach I've ever heard. i would do the opposite . id reduce the rent and i can guarantee you the tenants would never want to move out or not paying rent. . But if you think you can control the tenant no you cant, the house becomes theirs and can choose to pay or not , you only have the court option 1 yr , and no money. at the end. you re a nice landlord they are nice back at treat you right.
@simondaniel446 "I guarantee you." What a compelling argument. Also, if you're going to respond, do your reader the courtesy of making your response readable.
@@rkyrss11913 this can be altered for this case. you can ask to be paid 6 months upfront and ask for monthly payments on the 4th month. So when the notice is served the tenant wouldn’t need to pay anymore rent and the landlord would be always 3 months ahead until the tenancy is terminated.
On the bidding, in Manchester trying to find a nice rented home has been a nightmare. Homes are listed with the rental price and then an “offers welcome clause” for how many months in advance you are willing to pay. We offered 6 months upfront and didn’t get it, god knows what was offered above that
@@joshuaellis3725 I don't know what you mean. The 7% figure was a reference by the poster above to rental yield. So if you bought a £100k house you would maybe get £7k in gross return per annum.
And tenants can bugger off early with just a months notice. Laws by socialists who never ran a business. Why don't they go after the large landowning aristocrats you might ask?
It took me 15 months to evict a non-paying tenant who left my property in a dreadful state. There is nothing to be done against tenants like that. I'm selling.
UK landlords have had a licence to make big money and dodge their responsibilities for the last few decades. Who knows a conscientious, decent landlord ? Most are grasping, negligent, and ruthless is evicting tenants who dare to be persistent in making complaints about e.g. damp or infestations.
Everything you said was totally false. I had a tenant for 15 years. I put the rent up ONCE in that time. As long as he was looking after it, I was happy to have him there and not rock the boat. The flat was always kept in good condition and had bi annual inspections by the letting agency. Not everyone is a virulent and greedy as you paint them.
I would say no because it could be used to "poison" tenants future prospect, while right now only the government would have access to the database and having a tenants database only for the government would not be of any benefit to other landlords and tenants. (another copy of reply to TheThinker-ce5kq)
Thats strange cos I am a tenant and the amount of documentation I have to provide to the land lord to ensure I can pay the rent and am a good tenant should suffice in confidence to let the property to me
@@damianbutterworth2434 YES credit rating is the key to be sure tenants can pay the rent .... and if they can't then, as far as I'm concerned, they can live in the street
Australian here, same thing with Labor over here, Michael Sukkar (25.09.24) is correct, Labor is going to tax mum & dad investors so much they will sell, then comes 'Build to Rent' policy, RBA Reform Bill, WEF international Corporations can come into Australia, Digital ID Bill, Identity Identification Bill, then TAX the individual home owners (deeds are forcefully kept by state, theft) so much they'll be forced to sell so the WEF corporation billionaires can have a field day on 'rent forever, be happy' it's all happening people & if you complain you will be fined imprisoned Lbr Misinformation Bill Submission close 30th September, please write your Submissions people
At the present time S8 takes on average 14 months in future that could be more like 2 years. You need to build into your exit plan 2 years of no rent payments.
So about 20k on cheap 2 up 2 down housing and then all court related costs. It’s going to take 5 years or more of profit to get rid of one bad tenant… think it’s time to sell.
Really? I always thought the opposite. A flat never quite feels like home when there’s a deadline by which I need to leave if the tenancy is not renewed.
Fair enough though, Landlords need some limits, if you're lucky enough to own more than 1 house and are getting passive income from it, renting it out at extortionate rates, you're fucking with peoples lives and need to be kept under control.
I am a small landlord and agree with a lot of the thoughts in this vlog. In my experience tenancies expire on their own; last one due to tenants’ ill health, moved in with relatives. The new process will work itself out. But I agree that it will see more landlords leave the PRS, I am not buying any more and when current tenants leave, the properties will be sold. Other commenters are correct in my view, big investment firms will buy up PRS portfolios making it harder for tenants to have their homes properly maintained.
@@whatfruit7965 Agreed. I live 15 mins from my properties and I am generally onsite to fix issues with 20 - 30mins. I’ve had showers replaced within a few hours of them failing and a boiler replaced 2 days after the old one failed. I know of tenants (not mine) that report issues to the institutional landlords and don’t get any response, yet the same landlord is very quick to increase rent.
Yes but you'll have the odd non-payer testing the new laws, obviously. For some it means open bar, that's after running a tab already. Yes if everything is fine, it's all dandy and you never need the law, but 1 out of 5 maybe 10 if you screen properly, in my experience will be a problem.
Yes - which is why they don't come under the 'no fault evictions', but the 'non paying - breach of contract - eviction' and the courts have to be used to enforce said contract. Landlords just used to circumvent the rights of the (bad) tenant under the contract by using their ability say they are going to move-in/sell and employ no-fault eviction to get them out....then change their minds and put it back on the renting market.
Section 21 and Section 8 have very different features especially timescale and cost. Many tenants want Section 21 to get into social housing without any fault against them. Thus free of rent on housing benefit. Section 8 makes the tenant voluntary homeless by braking the contract so not eligible for social housing.
It’s already hard enough to rent or sell homes. So much red tape and fees. Those costs are passed onto everyone onto the prices. These rules favour people not paying and honest renters will suffer.
You should be able to review Lanlords. Mine is terrible. Refused to repair the kitchen ceiling for a year and then gave me my notice period so they don't have to fix the Ceiling
I am a landlord and i work for meny meny landlords doing there building work .the government wants to get houses out of private ownership fast soon as big buisnesses own them all the Tennant s will be in trouble private landlords give pepole chances big companies dnt care protect your private landlords you will miss them when there are none ❤
I agree that non-human entities should be prevented from owning residential property, 100%. I also think there should be no private landlords. That would be a win for everyone.
Luckily my tenant moved in on a relatively low rent to start with and been there 12 years. They have not had a single rent increase during that time and guess that’s their reward for being good tenants. When the time comes, to rent a similar property, they will be face with a 100% increase to what they are now paying. Giving a good tenant a cheap hassle free rent has worked for me as I know rgey are looking after the property. If they decided to move, I’d sell up and pay the capital gains and forgo the pain Labour are inducing.
Exactly. Rational thinking landlords will discount the court system totally and only offer contracts to people with a very low likelyhood of causing them problems. Also to compensate them for this additional risk, rents will increase and supply will decrease amoung the lower quality tier of the market.
If every landlord would ask for that (or as other comment suggested only house owning guarantor), then you would be unable to find tenants who could "jump" that hoop. It would be fine if only you and minority of landlords would do it, but it would be impossible for every landlord to do it. Oh, and yes the courts are ineffective, which is a big problem for everyone.
Both of you bicker not undersranding why you bicker, the houseing market isn't working for most landlords and most tenants. The only people who it does work out is big landlords, and those who recive morgage payments.
I’ve been renting since college, and looking back, I realize I could have paid off a mortgage by now. Every time I’ve thought about buying a home, the market always seemed like it was on the verge of a crash. Now, once again, I'm considering buying in December, but I'm stuck in the same cycle of uncertainty. I’m not looking to invest in property, just to own my own home. With interest rates possibly dropping and house prices likely to rise, it’s hard to know what to do. At the same time, there’s talk of a potential market crash like in 2008, so I’m really confused.
Why don't you and someone you know buy one together and do it up? If you box clever, you can renovate with minimal experience when the circumstances are right, like having a good roof when you move in. You could buy cheap, plasterboard everything and use thick paint. Better yet, you could go on a short plastering course, practice in it, thus obtaining a valuable trade and increase the property's value. Seriously, there's videos on everything on UA-cam. Try this old house (www.youtube.com/@thisoldhouse) or the renovation couple (www.youtube.com/@TheRestorationCouple).
Quite an optimistic take... Law doesn't do much when a lot of landlords don't respect it, and the tenants don't have anyone to complain to when there's an issue.
Not true at all. The law protects bad tenants. I had a bad tenant who would not apply and get housing benefit and pay the rent. She did not pay even one month’s rent. It cost me 40k all together mortgage payments, solicitors costs, court costs. She used to call me at Christmas busting the electrical circuit, demanding a fix as her child’s medicine had to be refrigerated. I was finding contractors 10pm. Most damage considered wear and tear. We can not deduct 75 percent of the borrowing costs even though we are seen as business. My tenants called me yesterday saying the new fridges cable broken. It would not break unless the fridge was pulled out aggressively, of course I paid for it.
there that has solved the problem ..to all the woke lefties who think other peoples property belongs to the renter ..less property for rent means higher costs.. that is the real world... but not if you live in the unicorn world of the useless woke left
Not only should there be a database for bad tenants (only used for the tribunals and government agencies) but they also need to record vexatious tenants and landlords who use the court process excessively. (like delaying rent increases as you mentioned).
@@samuelmelton8353 Governments do well when they guide the market, not try to control it and become the middle man. They have never been good at building homes and creating good community homes. If you want people to get into their first home then good education on finances is the only way.
When it’s a resident landlord the notice period is much shorter. There is much more common sense in the law than you think. Previously assured shorthold tenancies were for three or six months and after that a rolling contract, only really making sense for people who were moving through quickly. The root cause for this situation is that it used to be much more common to buy a place in the UK than to rent - very different to other countries.
There is nothing done to help landlords. Terribly inadequate and dishonest. Section 24 of the Finance Act 2015 is a UK tax law that affects landlords by limiting their ability to deduct certain finance costs from their rental income. This means that landlords must pay tax on the full income they earn from their rental properties. Interest rates increased a lot since 2015. This section 24 has to be cancelled. Such discouraging considering the risk you take when keeping the responsibility of a property. I had a succession of bad tenants not paying their rent or not maintaining the home. The taxation is awful. Trying to sell before any raise of the CGT…
Why should _anyone_ want to help landlords‽ What a ridiculous, whiny post. Owning a rental property is an investment. Investment comes with risk. If you are not prepared to take the risk then don't invest. Or you could stop gambling with people's homes!
I'm confused a no fault eviction is when you have no reason right but then not receiving rent is not a reason? Isn't that a breach of contract and therefore suitable grounds for eviction?
It’s not someone’s home - its someone else’s property - it’s being rented for an agreed set term - like hiring a car for a set period. The car doesn’t belong to the renter - they have to give it back at the end of the agreement - or the car is considered stolen.
I agree-it's not a big or unfair change. Landlords will now ask for more references and do more checks on potential renters, which is not bad in itself. The big one is the courts - with almost every part of the public sector (over-)stretched, I've yet to learn how they want to manage what I expect to be a rather steep influx of cases. It's one thing to come up with a policy that looks beautiful on a piece of paper and entirely another to successfully implement, enforce, and govern it. The time will tell, but I fear that a fraction of bad actors (landlords and tenants) will quickly clog up the court system, making everyone wait months to move in or move on with the business. Anyway, a great video summary 👍
Totally agree. The courts issue will be resolved one way or another. As responsible landlords we should be looking after our properties and tennants anyway. The market will adjust to these changes as it always does. For myself it just means that I need to continue to diversify- and increase my properties to absorb any problem properties/tennants. And continue to strictly vet all prospective tennants.
The problem I see with reference and checks reminds me of my youth, come from a poor background so couldn't get someone to be a guaranteur so at best could get a dodgy landlord which meant I was ripped off and couldn't get a deposit, was a vicious cycle as many landlords wanted at least a background check/references which I couldn't provide, and if I was unemployed somehow I would have to pay 6 months rent in advance and how would I get that, if anything that would be more suspicious.
property "investment" does not create anything, it's not win-win, it is ALWAYS win-lose. For the "invester" to win, the "customers" (the renters) must lose. If there IS a need for rented properties, only the amount needed should be available. Forcing those who wish to buy into renting is immoral. The housing market is already the most regulated industry in the world ever, so adding a few more regulations (for example, limiting a landlord to owning one other residence of similar size to their own residence) to make the market more aligned to demand is not a bad thing.
Excellent explanation, quick and clear. One huge mistake: you say on balance good for tenants. Basic economics says the change will lead to lower availability of rental properties compared to what would have happened without the harsher law. That's bad for tenants and bad for landlords, bad for society.
You're right, it is bad for tenants - until the housing prices go down and those tenants become home-owners. So it's actually _excellent_ for tenants in the long-term. Bad for landlords = great for society.
Canada's Ontario has laws as such. The consequences include many, in the order of thousands have refused to let properties for renting. It's just safe and easy to keep the property Vacant than getting an eviction. Thousands upon thousands of basement units have vanished from the market for these overly anti landlord laws. The problem is so chronic that this year the govt has brought in a vacancy tax! People are still not letting out. They prefer to pay a tax, than fear a tenant. Recent incident in Toronto has 40,000 dollars in rental dues, plus gas and electric extra. The landlord tenancy board is chronically chocked and a date is at least 6 months away.
Greedy bloody land Lords my rent has gone up 25% in 3 years my salary has not. Happy to increase but will not decorate or re carpets when they have been down for 20 odd years.
25% increase in 3 years is nothing in the housing market. That's £400/month > £500/month in 3 years. When I was renting it once went from 400 > 500 > 600 each year. You got a bargain! However my wages also went up ~£150/month each year and I worked overtime to cover other things. You know you are allowed to ask your landlord if you want to decorate and ask him to contribute towards it. I did that when I was renting one year. Another time I worked with the landlord to paint the house when I was a student. He paid me I think a months rent and the house looked much better after.
I guess it's (at least partly) the return on investment and the increase in mortgage rates. If the landlord had put that in the right shares, he'd probably have got an increased return but we wouldn't hate him for it. That said, if he's not maintaining the property, he hasn't much sympathy from me as I don't agree with doing a job badly, even if he can't afford to do it well : ultimately you suffer as a result. I suppose, in a capitalist society, the logic is you should find a better landlord and hope the best landlords get the best tenants, but sadly it can be quite hard to know what you are getting into.
👍🏻 Get weekly property updates: bit.ly/3XrPHHG
🖥 Book a free investment strategy call: bit.ly/3zdYV2l
Buddy this is lose lose. No privacy, communist stuff here. Big brother. Less landlords, less properties to rent (when it's already dire in south east), even higher prices, no privacy or right to be left alone.
@@PropertyHubUK scum
@@cookiemonster7514lol what
There needs to be an upsurge in social housing such as happened with the introduction of the Housing Act 1930 (also known as the Greenwood Act afer the then Housing Minister) which compelled Local Authorities to clear slums and poor housing and replace them with affordable publicly owned dwellings. The introduction of the Housing Act 1935 brought in minimum space and facilities standards (e.g. inside toilets and bathrooms and room sizes) which was quickly adopted by the private sector as people were choosing Council homes because they were of a higher specification. There should be no free market in any economics, but particularly not in housing, as was tragically demonstrated recently by Grenfell Tower.
My friend rented to a couple of gay guys with a rabbit, yes its relevant. They paid the deposit and the first month and nothing since. It took him 2 years to get them out and the court awarded him a manditory monthly payment from his tenants so low it will take 20 years to pay off what they owed. Further more, said rabbit had free range of the from room and then entire room was a rabbit toilet. They deliberately leaked water from the upstairs shower which destroyed the floor boards and ceiling beneath it. All of which needed replacing. They had parties at all night which drove their neighbour mental, that semi detached house also owned by my friend. Throwing used condoms over the wall into next doors back garden. The neighbour eventually moved out and he had trouble ever since getting people to stay for any length because of the gay party guys. All whilst his wife was pregnant and they were struggling to pay two mortgages. All before any of the recent changes to the rental laws. No political party cares about people trying to make ends meet or better themselves especially the left. These new laws will help destroy British landlords and we'll be left with over sees landlords only and protected demographics will continue to get away with murder no matter what changes are made.
So the small landlords will sell, and we'll end up with big companies owning rental properties and controlling the market.
Yeah like Lloyds and BlackRock.
Maybe this is actually the purpose of the reform
And then you will see high rents, just like the energy companies
Well a land tax would be useful in that case.
This is exactly what is happening
Tax and insurance rate increases seem to be pushing investment homes back onto the market.
All the profit from holding a rental property are being sucked away. Without cash flow, you'll be eager to get rid of the property now, while the prices are still relatively high.
37% of sellers dropped their prices in Taunton over the last month?! Wow.....the crash is officially in motion. I guess people being called back to the office is a huge factor - the dream is over for most people.
Well with the ever-changing global economy, tax laws and regulations can also vary, impacting how investments are taxed. It's essential to stay informed and plan tax strategies accordingly.
It's a vicious cycle. If people can't afford homes, they might delay retirement savings, but if they focus solely on saving for retirement without considering their housing situation, they might miss out on potential investment opportunities.
Consider Consulting with a financial consultant, can provide personalized insights and help align your investment strategy with your retirement goals.
And let's not forget how the global economy plays into all of this. Economic instability, inflation, and market fluctuations can further complicate matters and add to people's financial worries.
The fact that there is already an excessive amount of demand awaiting its absorption, despite how everyone is frightened and calling the crash, is another reason why it is less likely to occur that way. 2008 saw no one, at least not the broad public, making this forecast, as I'll explain below. The ownership rate was noted to have peaked in 2004 in the other comment. Having previously peaked in the second quarter of 2020, we are currently at the median level. Between 2008 and 2012, it dropped by 3%, and by the second quarter of 2020, it had dropped from 68 to 65.
Investing in both real estate and stocks can be prudent choices, particularly when backed by a robust trading strategy that can navigate you through prosperous periods.
You're not doing anything wrong; the problem is that you don't have the knowledge needed to succeed in a challenging market. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn a high salary in these challenging conditions.
@@BernardFrederick-tk7un Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
Actually, I'm not sure if I'm allowed to mention this, but I'd recommend looking up Annette Marie Holt because she was a big deal in 2020. She manages my portfolio and serves as both my coach and my manager.
I take guidance from an advisor Annette Marie Holt To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
Won't the large investors just swoop in and buy up all those small investor homes once they panic and sell? Perhaps that is what they want.
yep
100% but the naivety in these comments suggests otherwise
wef - you will own nothing and be happy.
Or councils. I'd trust a big organisation to look after my home rather than an individual member of the public, at least it's their vocation.
So they should just limit how many properties massive corporations are allowed to purchase. Job done.
I have never put up rent on an existing tenant. I have had one 15years and another 12years. As I have no mortgages and find it hugely time consuming finding the kind of decent tenant I want I stick with people.. So, long termers are happy with low rent and I am happy with people I get on with. So speaks a hands on landlord that doesn't use an agency and is a DIY man and wife team.
You're are a exception then, I keep harping on this, because most rented homes are You're an exception then. I keep harping on this because most rented homes are mortgaged, and landlords are pressed against a wall to raise rents when interest rates rise.
Due to the UK's unprecedented rise in home prices and the notion of housing ladder, small-scale landlords often forget that mortgaging to rent is a leveraged bet on the rise in property value and the tenant's ability (and willingness) to pay, relative to the mortgage size and repayments. This is not unlike borrowing money from a bank to buy shares, hoping that dividends and rising share prices will outpace the interest
Put simple a very risky thing to do.
You're still reducing housing stock whilst providing no value.
Too many landlords think all they have to do is buy a property and collect the rent. Poor investment strategies is the problem! If you base your ROI on a 1.5% mortgage things are always going to go wrong.
Lemme rent from you 😂
@@maskofsan1ty True, a landlord is reducing housing stock (and hopefully maintaining it too) but if the house were bought by the local council (and I'm all in favour of council housing), wouldn't it be the same. Only difference should be that a private landlord lends his own money to provide the capital to buy the house, whereas if the government does it, the money comes from whoever is financing our national debt. @mrgladstone4044 could sell the house and invest his money in gilt-edged bonds and it would be much the same thing except no one would hate him for being a landlord.
Personally, I have no issue with landlords if they take their responsibilities seriously and provide a good service. They work within the same corrupt economic system as we all have to.
My landlord refuses to do anything in the house. Single glazing windows, mould in the bathroom and falsified records of the condition of the property. Housing is difficult where I live. My landlord put the rent up when the last bill was introduced, he gave me no notice and put it up by 15% but he was wanting the 15% transferred into a separate bank account. When we questioned this he said if we do not accept he will sell it to another landlord within his company and we will be evicted. Our lawyer dealt with it and we never heard from him since.
Ok so you want landlord sell the property to a huge company that will be happy to rent it to you, for an even higher price as their overhead will be huge, plus they will be even more difficult to deal with than the average landlord. So yeah, be careful for what you wish for... If you got mould it's usually "user error", caused by not heating the property enough coupled with not enough ventilation, coupled with drying clothes inside coupled with showering for 30 minutes without even opening the windows. I bought my first house 30 years ago. The walls in the bathroom was covered in black mould, single pane windows from 1953, terrible eh? I just cleaned it very well using strong soaps, then bleach. So when I showered I made sure the door and windows were always opened to make sure ventilation was good, plus I had a heater in there to keep it warm = no more mould ever despite single pane windows. It's not rocket science.
@truxton1000 if I could have my way we would introduce Mao's policy on every landlord in the country.
@@Vasioth Yes sure you would, as all these countries that had this system has abandoned it. Except for North Korea, even in Cuba people are allowed to own a property or a business. But sure, you know best eh?
@truxton1000 What makes you think they will sell to a large company? Perhaps a normal person will purchase the house? 🙄
@@WonderfulQuill-nq3fq I didn’t say that private people will buy, of course they will. The point is that it won’t lead to any lower prices as the market is still pressured because there are not nearly enough new build. To solve this problem the government need to expropriate land to build many more council houses, and NOT sell them later to the people that rent. Plus the council NEED to approve MANY more planning permissions for not only large companies to buy but let private people buy cheap plots to build on land that is not used for anything anyway. This will not be done so house prices in the UK will stay high for the foreseeable future, the insane immigration of course does not help, UK need to leave the European Human Right Act to make it possible to stop immigration, this will of course not be done either so there we are, a disaster happening in slow motorion.
We got someone out on a section 21 last year. It took 9 months start to finish. The bailiffs told us (by the time we got them) that in those 9 months, things had gotten even worse and the courts were now taking a year. You need to experience the system to realise just how screwed it is. The courts are completely broken.
Sell up then
@@Visual_Ghoul and what good is that going to do anyone? serious question, explain what good you think that would do
😂😂 Brilliant!
@@AdzP9It will mean more property on the market for first time buyers and probably lower house prices.
@@Chinhoyi62you like first time buyers
This is all about pricing out the independant landlord and moving the housing stock under the control of government and large corporations "private public partnership"
@@justalitttleun you got it
@@justalitttleun either that or trying to fix a seriously fucked housing situation that benefits who at the moment ? Parasites are the only ones winning atm.
Damn right - that’s exactly what it is
Not under the control of the Government but rather under the control of large corporations
Blackrock and Vanguard
A renters database should also be setup so that landlord can check if the renter has a bad history of not paying rent or not looking after the property well.
My landlord didn't pull permits to renovated her house. It goes both ways bud
Yes... We need to see all permits of the house, if all repairs were carried out by licenced tradesman... Can you provode it?
@AlexandruSilivestru-g1t No problem with permits because the house will be more sought after and rent will be higher .
I agree. Although agents already provide this to a limited extent by means of references.
Contrarily, there should also be a Rentee's database where tenants can see if prospectictive LL's have a record of cutting corners on repairs such as failing to address black mould or infestations.
@VeryIntellijent Should landlords come by daily to open windows?
As a landlord my biggest challenge here is the 3 months rent arrears before I can even serve a notice. Totally Ridiculous
Exactly that! Are they going to pass on the same luxury to the landlord with the banks? I doubt it.
@benhinchliffe7696 add the risk of it into the rent 💵💵💵💵
@@benhinchliffe7696 the banks will have the house before the eviction of tenants takes place
Agreed
And 4 months notice
That’s ridiculous
You've missed one rather f_ugly loophole that will benefit the Tenant who wishes to get away without paying much rent at all. The case where Tenants get into rent arrears into the 13th consecutive week of paying no rent, can then pay a small amount of rent to frustrate the legal system and trigger a fresh 13 weeks cycle. There is nothing to stop this going on ad infinitum, costing the Landlord legal fees each they try to take legal action to evict after 12 weeks of no rent. Labour are CLUELESS. I am getting scared. HELP 8~(
But if the total value is 3 months of arrears worth, even in the 4th month, if the small amount of rent is still over 3 months of arrears could you not still kick off the process? I'm not quite sure how this works.. it's all a bit unclear.
I had a landlord about 10 years ago. Nice chap. Helped me to kit the place out and get it looking more modern. Not all landlords are sith lords, and this will just scare away the good ones and attract the greedy ones (e.g. big corporations)
Exactly ❤ I'm a landlord and i do everything i can to keep my property nice for my tenant. I want them to feel like it's their home and I invest most of the money back into the property. With increasing interest rates and tax though I'm not going to be able to sustain long term as I don't want to have to increase rent to keep up to the increasing costs. I don't understand how people think if landlords sell up they will be able to buy a house easier. Exactly like you say they will be swallowed by investment companies and the rents will go even higher. I don't want to get rich of someone else and I'm certainly not doing. Not all landlords are horrible and it's upsetting to see this hateful attitude towards all landlords 😢 x
Agree here. Alot of landlords just moved for work, or to have kids, and it wasn't a good time to sell. I'm one of those. I look after my tenants. But I am super picky about who I rent to. I ask the estate agent how clean they look. And what their job is. I'm sorry to discriminate against grubby people or people with insecure work. But I cant afford the mortgage if you stop paying rent.
@@RandomWandrer I'm the same. Moved for work but couldn't sell at the time. Its not this money making thing everyone seems to think it is. I make nothing on the property and will probably lose money if the housing market dips when I do come to sell. But oh no...I should be ashamed of myself for providing housing to someone in return for money ! How dare i !
landlords are pretty bad from most peoples experience though - Ive rented a few times in my life & now have a mortgage. My experience is that most landlords dgaf, they're terrible at replying to urgent issues, take 3-5 business working days to get back to you and never want to deal with anything hands on. They just want money with little to no input.
In my experience, although there are plenty of bad small-time landlords, there are also plenty of good ones, which somewhat balances the scales, whereas landlords who are large corporations are pretty universally bad. The government generally does slightly better as a landlord... in wealthy areas. If you live in a poorer part of the city/county, then you're probably SOL.
So yeah, I'm not enthused about trying to drive out the small-time landlords. The government should break up the larger landlord companies instead - wasn't it common knowledge that monopolies are bad for the market?
There just needs to be accountability and transparency. Bad landlords should be banned from letting properties and bad tenants should have to have strict conditions in place before they can rent.
Welcome to the homeless crisis. Thanks for standing with greed. Landlords should be taxed at a higher rate, more property more taxes. This will lead to more high density property which is what cities need, not houses
Can we have a bad tenant database?
I would say no because it could be used to "poison" tenants future prospect, while right now only the government would have access to the database and having a tenet database only for the government would not be of any benefit to other landlords and tenants.
Best of luck with that mate
@@maclal2099On the Money! 👍✅ Snowballs chance in Hell
Start your own like someone else said happens in Canada. Insurance companies do it I`m sure.
But landlords ask tenants for references, proof of income, bank statements, credit reports, huge deposits and other stuff before renting out so why would u need a tenant database? However, its the tenants who need the database to save them from being tied to a contract that could end them up in a hell hole for months! I have been there, some landlords are psyhos!
I was a landlord for 12 years renting out 2 flats in kent,i sold them both it was the biggest headache ive ever had,never again
Oh poor thing...
@@silver4831 I know. How awful. There must have been loads of forms to fill out.
I'll just head back into my damp-ridden bedroom that my landlord has ignored for 2 years...
Care to tell us the story?
Only 2 flats as well. What a logistical nightmare!
never sell assets.
This is a brilliantly balanced video that looks at all the issues in a reasonable manner. It makes such a massive change from all the usual, frothing at the mouth type rants, you mostly see from landlords. Well done.
What will happen? The rental stock will massively decrease and tenants will complain. I'm not sure what the end goal is here.. perhaps they're clearing the way for blackrock to buy up residential property?
Loyds have already said they are going to buy up
As much as they can
@@TheFatController. no its idiotic. that is landlord wet dream. first buyer will get it on a discount and therefore are not tenants anymore. use it or sell it, if you dont either you get 2 situations: risk of squatting depreciation and high taxation for unused property
Yes and Lloyds.
rental stock has decresed far enough, this is forcing landlords to accept and keep more tenants then they are. Its not going to work, its clear that the greed from landlords that has caused such a hostile renting market will become stubborn tantrums with landlords selling. which will create more HMOs.
Essentially it’s moving towards fascism. The Mussolini definition with totalitarian government and corporatism
The main improvement is that a landlord can’t give notice any more randomly only because a tenant wants them to do something about rising damp or something else being broken. In Germany for example you can reduce rent payments according to the affected percentage of the property.
I was thinking a lot of these changes are similar to regulations already in place in Germany. Tenants have more rights there.
Communism is great 😂
Tennants are also expected to upkeep their property more than they are here.
@@roar40s ah yes, the Federal Republic of Germany, famous communist country 🤦
@@SketchyRob it is also extremely difficult to actually rent a property unless you want to live in some hole.
Great assessment, but I fear landlord will have to more selective on tenants they select , require bigger guarantors and increase rents to cover the possibility of larger losses if non payment arises . Renters are also going to be hit hard !
"I fear landlord will have to more selective on tenants they select , require bigger guarantors and increase rents to cover the possibility of larger losses if non payment arises ." Exactly! Welcome to Socialism.
yes we will have to ask for bigger deposits ...
Landlords should be selective it's their house.
Bigger deposits and more financial proofs plus guarantee. This goes hand in hand. Too many dodgy tenants. I have one thrashed my flat and I still have to wait to evict him.
@@meisu3287 I'm sorry to read you have had a property thrashed.
The problem is that once the statutory periods expire, tenants don't leave. It then takes months or years to get the tenants out, even if they're not paying rent.
I live in Spain and the laws here are so heavily weighted towards tenants that there is a serious shortage of rental property
That is indeed an issue, which is further exacerbated by the fact that most properties are mortgaged, then again I don't think it is wise to buy a property with a mortgage to then rent it out as it is a very risky position to be in.
But when you think about it, taking away tenants' rights wouldn't help to mitigate the property shortage, because tenants who are evicted then need to find another place to live, don't they? I mean unless you're happy for people to just get kicked out onto the streets, but that's not what you're suggesting is it?
@@modelflugzuegsamlungEasy evictions provides a strong incentive to pay your rent. Why should it be hard to refuse to hand over your property for free? If evicting were straightforward and easy, rental property would be a more attractive investment, and more people would become landlords, increasing both supply and competition among landlords. Both of these factors reduce rent prices.
Yep. And what happened after Sanchez brought in rent caps with the new ley de la vivienda,... supply disappeared. It became impossible to find anything
@maryskelcher8979 but the news & politicians keep saying the home shortage problem is caused the "tourists" (note the sarcasm)
Ban mortgages & ban BTL, then watch prices plummet to where they should be.
Ok
I have invested in 3 rental properties in England and the amount of work and the risk is not worth it. From this year I’m going to invest abroad instead
Where abroad do you have in mind?
@@GG-mx9fjmind your own business Abdul!!!
@@GG-mx9fjladyboys in thailand
If you're going to sell a house let me know. My husband and I are looking to buy but nothing suitable yet because most properties are *for rent* :) win-win
bye-bye, don't let the door hit you on the way out
Last one leaving the UK turn off the lights...if they are still working
Need to decommoditify basic affordable housing
Spot on!
100% Stop gambling with people's homes!
Fair to say the protections for people on benefits (often disabled) do not go far enough. Makes no sense to discriminate against people with the closest thing to a guaranteed income.
Tenants who don’t pay rent should go against their credit score. Tenants can go and rent other properties with no punishment and do the same to another landlord
That’s my safety net against tenants who won’t pay - threaten with court and it WILL affect their credit score and they’ll never be able to rent again.
Pay for legal protection and rent guarantee. Worth it
Absolute correct. It should be registered against their credit report just like anything else for everyone.
Landlords do exactly same. Not fixing anything over and over again.
Yes 100%
@@DogScreenTV landlords that don't meet standards should be imprisoned for health violations and child endangerment.
As a Tennant for two year asked the landlord to fix twenty +year windows because of draughts and still not done it rent is always paid
He probably has no money as it all goes on Mortgage Interest and Tax
@@DaysOfDarknessUKyeah right. My landlord bought another house … never fixing anything in many years. And increased my rent. I don’t think they are paying taxes from rent income either.
@DaysOfDarknessUK love the compassion
When my son was a toddler we had a flat with slat windows which would slip out and create gaps in the winter. Asked via the agent to change the windows multiple times. Owner owned half our London street and had done for decades. Just uncaring and greedy! We had to move out because the cold was unbearable.
@@DaysOfDarknessUK Nah they put it in their pockets and go to spain
You can see that the Land Lords database will have a charge. I could easily see the following.
1. A charge to register you as a land lord.
2. A yearly renewal fee payable every year.
3. A fee to list/register any house/flat for rent.
4. A fee to keep any property on the list, payable yearly.
5. A fee to change details of any of 1 to 4 above.
Then you can look forward to an ever increasing set of fees each year. So, who will end up paying these fees? There's going to be 2 options, the land lord, which will impact profitability of being land lord, or the renter which will put their rent up. Whoever pays, someone's going to lose.
In East London the council charges a registration fee of about £500 yearly for anyone renting out a room for abnb tenants
In some countries if the tenants don’t pay rent on time, a fine is paid for every day that goes by.
It should be for landlords too. If a landlord is not fixing a leaking old pipe… percentages are removed from the rent. Or how I had to live for 1 month from 15th of December to 15 of January with broken boiler and washing machine at the same time. So we were cold, couldn’t have a shower or wash clothes for the whole month during Christmas and new years. I was washing clothes by hand and putting pots to boil water for our shower. I still had to pay the same amount for rent.
@@zeroounce8874 tbh I think pretty much all GOOD landlords would agree to that, it could work like an SLA in other business agreements where they have to have made an effort to remedy the problem in a timely fashion. That way they don't get penalised for matters outside their control (which would affect house owners in the same fashion), but are also heavily incentivized to fix issues in their homes.
@@zeroounce8874the problem can be that unscrupulous tenants withhold rent stating the boiler is broken but refuse to let tradesmen in to check the broken appliance. It's used as a way to not pay rent.
In Brazil
Thankfully sold two flats last year after yet another tenant stopped paying.
Owed £3k, damage £3k. This was in an area where you pay to be a landlord and need a landlord license. I asked a simple question…….
What is the point of Landlord License?
Karen’s reply ‘ to ensure you conform’ ‘
‘what about when the tenant doesn’t pay and owes 3k and has caused £3k worth of damage after I’d spent £3k doing it up before they moved in?’
‘That’s not our problem, we are here to ensure you do what is required to be a Landlord’
No problem. I was a good Landlord, but sold up! The new Landlord is absolute nightmare by all accounts!
In a nutshell, Councils need to look out for the good ones! Just saying!
That's quite funny about new landlord!
They don't care, it's just another income tax for them to waste on their buddy's consulting company, offering silly services.
Good tenants and good landlords seem punished in similar ways a good tenantt would have a bad landlord break the rules and despite laws in place be lucky to get support like when I last paid a deposit (over 10 years ago) I never got it back despite spending almost a week after I moved for hours a day cleaning, it was like there was a hole in a cupboard that I photo'd as proof of repairs not getting done, landlord took photo of same cupboard and said it was proof I damaged property, they find specs of dust that proves I never cleaned, holes in roof that was because I never let in roofers so tried billing me for entire roof repair of thousands, had cheap carpet so cheap infact the whole flat cost under £400 to do (I found the carpet locally and it was already 5 years old at that point) landlord claimed it was damaged and wanted £1500 to replace, he even took a photo of my microwave before I moved out then claimed I took "his" microwave when I moved out with a photo of it as "proof" Went to council and was told nothing they could do, he even lied and told them I owed rent arrears which was "true" in the sense that he lied to DWP and said I was working as he wanted rent paid direct to him even told me to my face I was on benefits therefore it's his money as he paid for it by taxes and I can't be trusted with it, so DWP opened a investigation and didn't pay me for a month which of course triggered the 2 months in arrears (basically 1 month and 1 day) so he got paid direct even though my benefits were reinstated literally about 2 days later and he when he saw me used to bring up each time how I was a bad tenant who had rent arrears, yet those arrears were paid off and only occured due to his own behaviour.
What do u mean that there won't be any no fault evictions? Perfectly good tenants will be still evicted if a landlord wants to sell or move back in. Why be so confusing, when what is really happening is fixed term tenancy contracts are being abolished?The abolishment may or may not be a good idea but please say what u mean.
Personally I think many landlords will sell up now. A bad tenant is a death sentence now so there will be fewer rental properties and only those with good incomes will get them. It’s too risky to have a non paying tenant especially with slow courts who will be backlogged.
Landlords selling up is the whole point.
People could afford houses if it weren't for all the landlords lol
@@zKsery I bet you this won't even solve the problem and vendors will just charge as much as they can. It will take a _huge_ concerted effort in market correction to move the needle and I'm not sure that'll happen.
@@halfbakedproductions7887 well rents keep going up anyways so what difference does it make.
Better to have protections than not.
Landlords keep raising rents every year for 16 years then wonder why the government makes these changes.
@@zKsery very true! These greedy landlords are finally getting what’s coming to them!
@@halfbakedproductions7887 That’s not how a market works. If a vendor wants to over price their property in a market with abundant supply then guess what, that property will just sit there doing nothing.
Forced liquidations of landlords will meaningfully increase supply. That will adjust the mean price down towards those currently locked out of ‘affordability’. Working people owning their own roof.
The big problem is actually going to be the 2 month minimum stay for tenants. You could end up having to look for new tenants several times a year, void periods would end up being a huge issue. Add the costs of finding the new tenants and it makes things almost impossible for most.
I don’t think in practice this will be a big problem, as who wants to move on from a nice house after 2 months..? I don’t understand what you’re saying the the absolute worst case scenario.
@@OllieEllis You'd be amazed at how many people stay in AirBnB's or hotel rooms for a couple of months. Whether its because of business, holiday, getting there own house renovated. Using rentals instead would save them a fortune.
@hustlinmagic yeah I live in australia I might be interested in retirement renting a flat for 3 months every summer in the uk.
I've always rented mine unfurnished, never had a problem finding tenants. Don't need to think about damage to goods/contents. More importantly, tenants installing their own goods are far more likely to be finding a place to settle for the longer term and therefore more likely to be reliable. And of course, less cost to you when it comes time to find new ones. I don't have a problem with a landlord database towards protecting tenants but this needs to be paired with a tenant database to protect landlords. Even with this in place, the biggest problematic change is that you'd still need something like a section 21 as a last resort, relying on the courts will be a nightmare.
@@OllieEllis Nice house? I live in a house that's shit and not what I saw in picture, decpetion, shit landlord, If I had more money and time id sue the hell out of him, playing fucking power moves and getting us a tenant that's 50years old and has no hygiene and causes issues... I lvied with people that are 50+, I'm in my 20ties but this guy is obevious an issue... anyway... id gladly move out after 2months if that was the case, instead of a 6month contract.
But I haven't watched the video. Woul dbe nice if we could move out after 2months on a 6month contract and get the money back lol coz this is just a nightmare here in Liverpool - Manchester has good landlord as far as I rented there, but liverpool is nuts!
I'm an accidental landlord and I agree with you that some of these changes are fair, they reflect the way that I and many responslandlords already treat their tenants. The only thing that concerns me is the delay in evicting someone who is arrears, the government should setup a compensation scheme whereby landlords who win the court case get paid for the loss of income due to a lengthy court process. I think that renting will become more difficult as landlords employ stricter vetting and credit checks. If liebour really wanted to improve the renting sector then they need to get councils to build proper council houses, not these ridiculous rent to buy type schemes.
They don't and they won't
Don't you have landlord insurance?
I have had it in the past and had to use it, but it was not as simple to get recompense for a defaulting tenant. Many of the current tenants will not pass the stricter checks that will become inevitable followingsome of the proposed changes.@Lexis001
Landlord insurance? You're making profit off someone's home so you have to carry more of the responsibility, "accidental landlord" or not.
Will it be reasonable to assume the deposit will start increasing? It would be a very depressing on the tenants. I think if the government dictates those strict restrictions, they should compensate themselves - and then make the faulty tenants to compensate it to the government, or maybe there should be insurances set and landlords can embed its price into the rent...
I feel for people who cannot pay the rent temporarily because of some changes in circumstances, but it should not be the business problem - if the govt needs to be less strict on them, they should really figure out a way to compensate the businesses for it - with writing the money off later if needed to simulate "benefits" payment starting early or something.
Lost £46k on rent and damage. After eviction did not matter. They left UK as have citizenship other countries the debt means nothing
@@davidc4408 get a real job and pay taxes .
Being a landlord is an investment. Investments involve risk. Not all investments are good ones or work out. But I agree that what happened to you is pretty awful.
If I was a landlord, I'd be very wary of Labour's probable thin end of the wedge tactic. It will I am sure creep towards the situation of the 60s and 70s. Tenants will not find anywhere to rent because a person would have to be crazy to be a landlord.
Well houses will be owed by _someone,_ an introduction of land or property tax would make that _someone_ incentivised to rent out rather than letting the property be vacant, It would of course utterly depress the price (and thus value )of the property which has a different host of issues.
@@kacperpiotrowski7239whether the property is vacant or not got nothing to do with home shortage
@@kacperpiotrowski7239 I like the idea. Making living spaces an investment instead of a right is a sure fire way to make an economy break
@@kacperpiotrowski7239 that someone won't be common folks. Corporations would snap them up like BlackRock for investment. The company that was helping to draw this legislation was... drum roll please... Grainger - the biggest privately owned rental provider. And let me tell you, as they own freehold of the property that leasehold I own - they are a nightmare to deal with, zero interest into improvement or even timely repair, plenty of suspiciously high price contracts for works that are less urgent (£50 to clean one window for example on mass contract). It is a cull of small landlords, nothing else.
@@lkearney7299 more cheap houses for first time buyers .
As an ex estate agent who is a landlord and who pays an ARLA approved agent to find a tenant and has notified HMRC, none of this frightens me and the landlord registration is long overdue but there are going to certain communities who will be craping themselves and we in the industry know exactly who they are.
What about Tenant Registration for a fair and balanced system
@@lonpfrb "fair and balanced system"? How does some people owning multiple houses and some people owning none factor into your "fair and balanced system"?
Ex estate agent _and_ a landlord? What day of the week do you practice ritual sacrifice? 🤔
@@Mentocthemindtaker Indian people buy 8. to 10 houses while British people cannot even buy one. All the council homes are full up of scrounging foreigners.
What no one should want is big companies buying all the rental properties and avoiding these laws via clever lawyers and economy of scale.
We need to put a tax on foreign buyers like the USA. Why is a billionaire in the same auction as a family who have lived in the areas for the whole lives. Make them pay more!
In my home country, Romania happens the same... Foreign investors buy entire buildings before they are even finished, i know someone who just buyed 25 flats, another french guy buyed 31 flats, as soon house prices will stagnate big guis will just buy everything within 5 years and double the housing prices,and corporations didnt even join the party 😅
Dono where we gona be in 20years...we wont afford even in ukraine a flat
@@AlexandruSilivestru-g1t Thats rough. I hate people who horde houses. Houses are for living in and familes.
Someones home? A tenant could stay 12-18 months without paying rent while landlord continues to pay tax, insurance, mortgage, maintaince, gas/electric checks, court fees, bailiff fees etc.
If you fail to pay your mortgage could you stay in your home or will the bank take it?
Depends. Is the morgage on the house you live in or the one you rent out.
Could you tell me what taxes landlords pay that tennents don't I'm curious.
Buying a house to rent shouldn't be done on a shoestring budget. If you can't afford to cover losses, then being a landlord might not be a good idea. Besides, if you have 1 bad tenant during the course of a mortgage, you're still pretty much getting a house for free. Most tenants are good people too. Banks should factor this into their lending process, any landlords that can't cover any potential issues shouldn't be able to get a mortgage on a property they want to rent out.
Investment involves risk. If you are not prepared to take the risk then don't make the investment.
Typical BTL mortgages are interest-only (that's how this industry works). As a homeowner, I don't have the option to just pay a cheap monthly fee (sometimes even less than 50% of usual rent). So I wouldn't complain. I think that's the primary reason for this mess and interest-only mortgages should be banned for BTL as well (for all types of properties as well). In other countries, you can't do that (in most cases).
As a tenant of 28 years (in the same property) I have never really felt secure. Don't get me wrong, I have never had an issue with my landlord nor he with me but any change to make the tenant feel a tad more secure is good news in my book.
Already in place in Wales. It was rushed in, it was badly implemented, and so was constantly being changed, leaving tenants and landlords confused. They are still confused. There are many small landlords and they tend to be better here, as they tend to live in the same community. In my village the only poor property is social housing and one property owned by an absentee landlord who owns hundreds of properties.
Actually expect insanely high rents, demands for several months paid in advance and almost no properties on the market. Discrimination- any cam offer very high price and being on benefits never pay. As the landlord has to go through court it will take momths or years to evict. Large eviction period means extra insurance for the months with 0 rent so higher price. Spain made similar changes for eviction to protect the poor who can not pay. Now rents are times higher and people can not find rental offers. If any they want a very large deposit that most families can not afford. Most landlords just decided to sell their properties or keep them without renters inside.
We need to snatch back properties, force sales and start house building like never seen since WW2.
An economy where mortgages are almost half the cost of rents is absolutely insane.
I have to say the same, those new regulations aren`t unreasonable. My big fear is 2 of my rentals are pre war properties and there is no way I can get those up to the new energy requirements.
Wonder what will happen with those regulations?
Sell them dude
Sell 'em now and reinvest in more modern housing.
@@Krytern I don`t think its a long term investment for me anymore tbh
@@telstar4772 Homeowners will buy it, the energy regulations are for tenants only. Of course, you will not sell for good money, they will also need to fix that house (put the insulation and other things). Or you can sell for other investors, again for a realistic money and they will do the insulation work, if you don't have enough cash for that.
Question... when giving 4 months notice before you move back into the property, doe that mean you can:
A: Provide notice 8 months into the tenancy so that you can move in when the 12 months are up
B: Wait until the 12 months have passed before you can serve the notice, meaning you can only recover the property 16 months after the start of the agreement
Was seriously thinking of buying a property to rent out but don’t think I’ll bother now!
Dnt do it it's not easy money and it gets worse evry year go on more holidays enjoy your family
If you had the cash it won’t be a bad idea, I just don’t get why someone would take out a mortgage to let out a property.
@@shanepatrick641 it used to add up but no more
@stone678
That’s wonderful to hear!
@@hugh1997 why sir
Over the years before I owned my own home the 2 month no-fault eviction clause was never invoked for 2 months. You always got 3 or 4 months notice because the landlord themselves is taking time to prepare. But that's because we paid on time and didn't wreck the place.
When I rented 10 years ago I was given 2 month's notice to leave 4 months after moving in. We had to panic and find somewhere else quickly. Both moves in 6 months cost a lot and were exhausting. The landlady just wanted to move back in again. Both properties needed updating massively aslo.
@@shaunsprogress A lot of landlords ignore the tenant's cost financially and physically having to move property twice in a year, especially within 6 months.
Lucky you, meanwhile in reality, it is invoked constantly and you got lucky
@@Krytern I got no money and I got one month left. Hope I can find a room to stay in and a job to get me enough money, otherwise I'm fucked xd
Well, I got a contract now but gonna get only £1k for a few days of work, which is good money but that's not enogh xd
@@shaunsprogress That's lame and short sighted.
From the sounds of this, they're giving more rules towards benifit claimers and parents with children, but on the flip side it's going to make it ten times harder for the people who claim benefits as landlords won't want the extra stress they now come with
Them ignoring sorting out the courts just shows they do not care for the chaos that will follow. They are doing this on purpose.
If you think landlords are scared, wait until tenants see what this does to price.
…and a lot less houses / apartments to rent in good areas (where it’s more likely to have good landlords)
Could you please not phrase it like a threat?
You know things are bad for most tenants and most landlords, we should be having a honest discusion on how to solve houseing issuees. For sake of everyone.
Hardly true, you can't charge more than people's income. If it gets bad, people will move to different areas, they will push up their salaries (strikes), or they will leave the UK (foreign people).
@@kacperpiotrowski7239 threat? (or was that not a reply to me?)
I think these changes will only make it harder and more expensive for people to rent from good landlords.
@@guest21984Top comment by Connector-app: and it's true. However, the crux of the issue is not the law, it's the house prices and the fantasy of the housing ladder which puts people in a risky financial position by buying on leverage.
as for threat I read it bit like"just you wait for us to rise the rents for that litle stunt"
I've moved flat about every year for what 5 years. The past 3 years there has 100% of the time been bidding wars (I am in London). They say "Put your best offer forwards" and to get a good chance of getting somewhere you just have to play the game. On average I found it was about 100-200 over asking. In some cases people offering 6-12 months up front. Very happy to hear they plan on not doing this!
How ridiculous .
If a tenant isn't paying the rent
the notice period should be reduced ,not increased.
He should get the property back quicker.
Why should the landlord get into financial difficulties ?
Because councils don't want to provide housing ?
It is not fair to the landlord to shoulder all such risks, for a low return.
A cash ISA would be more rewarding than renting a property out .
Because landlord in on the line for his wealth only. The tennent has his life on the line, getting back from forclosed morguage is easier then comeing back from homelessness. It scars people for life.
That said no one should lose their home no matter if they live in it or not. I still find idea of buying investment property on a loan as very risky idea.
Getting someone else to pay off your mortgage whilst you sit around and do nothing comes with it's own challenges
Get a real job and quit your crying
@@akasickformif it is that easy why don't the "hard working" tenants have their own house, why do they have to rent in the first place??? Is it because they haven't been smart enough to plan ahead for the future? Is it because they cannot manage their finances so they cannot save a deposit? Is it because they are so lazy to work, they get DSS and government benefits to pay for everything? Is it because they have criminal records that they cannot get a loan or a job with a lender/company? Is it because they don't want the stress and responsibility of having a debt on their shoulders for the rest of their life not knowing what will happen to housing market? Truth of the matter is landlords are the working ones to get the deposit to do the leg work to get the house in the first place... so you lazy loosers blaming landlords for not having a house in your name is YOUR PROBLEM, not landlords. By the way I DO NOT blame or include those that are disabled or have had unfortunate circumstances in their lives like illnesses or psychopaths in their lives. However, majority of the bad tenants are not disabled, or had unfortunate life circumstances, therefore stop blaming landlords!
Whaat if the tenant lost their job? You can't compare not having and income AND a place to live during that difficult time to a "I didn't get 4 montly payments". It's very heartless and selfish.
@@akasickformhow’s that doing nothing when you work hard to buy that property as an investment? It’s called spending time and money wisely. Unlike those who like to rent and then you see them splashing their money on expensive items and holidays. You are basically saying let’s penalise people for.l saving up and investing wisely and justifying it as if they got the property given to them with no effort. Where is the sense in this ?
These changes make investment in residential property unwise. There are plenty of alternatives. The Government thinks that it is benefiting tenants but in the long term it will be harming the because supply of properties for rent will shrink. The way to benefit tenants is to do the opposite. Pull off the taxes pull of the regulation let the free market rip and many of the problems will be solved. But of course this is never going to happen.
"because supply of properties for rent will shrink" Very much not true. An economist will tell you that if landlords sell up, that will release properties onto the market and the lower demand reduce housing costs: would be renters can afford to buy instead. There seems to be a funny narrative amongst landlords that they are doing some kind of useful public service. They are not.
Why don't they just live in a council flat like a normal peasant until they have money for a mortgage?
I'm a landlord and I can tell you now.... It is not an easy ride. I deem myself to be a fair and reasonable landlord and I've had some absolutely horrific people live in it and you guessed it!....a torrid time trying to remove them.
I don't advise anyone being a landlord personally....and it's only gonna get worse. There'll be a mass exodus and therfore less properties up for rent on the market and then increased rents. Good luck!
This exactly. Too many people seem to think that every landlord is a fagan type offering only mouldy hell holes for high prices. Both parties need to have rules and protections.
its gonna be even harder then to find a house to rent for someone, and landlords will be even more careful, so its worse off on all sides.., maybe for tenants its better the law but its gonna be harder to rent..
It wont be harder to rent
@@VinyBankskeep hearing this non sense . most landlords are into buy-to-let scheme which incur costs if they don’t rent out their properties immediately due to mortgage payments. The longer they are picky about who they rent to, the more it costs them-it’s a race against time. They also have this misguided notion that renting to high-income tenants provides a safety net, but there are no guarantees for anyone, period
In Central London the number of prospective tenants per property has doubled this year due to the Con RRB approaching.
In a years time, double again..
@@tengoodquestions it will be when there are less properties available - because demand will increase the market rate. clearly beyond your level of intellect
This sounds like it’s going to be very similar to the Rent Smart Wales system. It’s just added layers of bureaucracy for the committed landlord. The chance landlords will sell up, putting more pressure on the rental market, the serious landlords will swallow the extra cost and hassle, until it becomes untenable for them. I’ve owned 4 rentals in Wales for almost 15 years and each round of rental reform makes it less appealing to be a landlord. Ultimately, it will be the tenants who suffer when all the good rental stock and fair minded private landlords are gone, to be replaced by large housing associations with no vested interest in their tenants.
Perfect analysis.
It is unlikely crappy landlords are going to pay attention to the new laws, and very little will be done to stop them. Our landlord and landlady made our lives hell. They lived next door, we never missed a payment even though we pointed out mould issues, water ingress issues, poor drinking water, ultra low water pressure, an oil leak from the oil tank which cost us £1000, which they never had the environmental hazard cleared up. Any time we brought it to their attention they got worse. Land lady came in the house without asking. Took pictures of our daughter’s bedroom window. Accosted me in the driveway and threatened me, which I recorded for the police. Watched them put up a ladder to our WiFi transmitter outside weeks before and practice going up and down the ladder. Then more verbal abuse in the street, three times. Then finally when we had to call the police when I was blocked by the landlady trying to enter the home, which I recorded and gave to the police. They then cut our WiFi cable stopping our telephone and internet services.
Not to mention our landlady attempted to have me fired from my local job by claiming I was abusing her, of which there was no evidence of.
With people like them out there, I cannot see how they would ever care what the government come up with. I contacted the police, the council, and our MP. No one did anything.
Just to also note, my wife and daughter are disabled.
I'd be interested to know what they'd suggest happens to single property landlords who end up homeless due to no notice in the first 12 months - if you get a 4 months notice on your own property, or say are leaving a bad relationship etc. you might end up homeless in the mean time and yet the council don't have council houses so what happens then?!
@@marvel4528 Yes it is a good point. Can we start regretting Thatcher's right to buy disaster now?
The video says you can with 2 months with a valid reason. This would be a valid reason... duh. Sure it can't be done in a month but it's fairer for both sides 1 month notice wouldn't be enough for me to leave as I'd need to budget right,go to viewings,arrange time off work to move etc.
@@AmateurHEROduelist ah I missed that. What's the timestamp please?
@@jackoh991 watch and pay attention to the video and you can get it yourself
@@AmateurHEROduelist useful. Not
My rent has gone up twice this year so far. Also my home of 15 years is now being sold once it's had a new roof fitted this month as it's not safe. I have water coming through two ceilings and had no gas for four months as I can't afford it. I'm going through all this being on disability benefit on my own. I asked the landlord if he could reduce my rent when it goes up for sale so I can afford to actually move, he said no. I'm also going through bankruptcy all due to a stupid house that ain't worth what the rent is. I'm going to a food bank this morning for the first time too. Crazy times
Hang in there mate. These things are Cyclic. If you’re down now, it will improve shortly. Just hang in there. Was there myself not so long ago. I’m on the back up again now. Yours will come soon enough
Same for my mum was 975 last year went up 1500 last November this November 1700 getting ridiculous. /:
@@noelht1 I am mate, thank you for your message.
@@johnat004 Sorry to hear this mate, crazy isn't it John.
@@johnat004 is that rupees or pounds ????
We were asked to move out of a rental property after two weeks of moving in as the owner was selling... So they got us in to deliberately bridge the gap until they sold... Very rude
My gosh the govt. seem to dislike the working people of this country 😢
You mean they hate landlords:)) landlords depleet stock and provide no value at all
This is a huge step forward I'm so glad they're doing something about the renting issue. Let's hope it works though
It just works - Britain, 2024
I saw similar changes happen in Spain, after which, many small landlords, reading the room, promptly sold, especially in poorer areas at greater risk of squatters. Rental prices quickly went through the roof due to shortage of properties leaving many unable to afford to rent anymore. Property prices followed suit leaving them unable to buy. Those who didnt sell started using agencies to insure their rent, (almost all do this now) these agencies wont rent to those claiming benefits, even when they can afford it. It has ruined lives in many instances, both landlords and renters, Ive unfortunately witnessed this personally.
Yes, this will raise rents. 1) This increases the risk incurred by landlords, which will reduce revenue. If you make it harder for me to evict a non-paying tenant, you increase the amount of time my property earns no money while I go through the eviction process. So I must charge a higher rent at the outset to offset that possibility. 2) With all this red tape and risk, you make renting property a less attractive investment relative to other available investments such as stocks. So I better earn a lot of money to make this investment attractive. That means I must be able to charge a high rent or I wont rent property at all. 3) The less attractive investing in rental property is, the less likely I will be to do it, and if I don't, there will be less supply of rental properties. Less supply means higher prices.
Enjoy your empty home or put another property for sell, either it's good especially if we get a new tax for extra houses
@Michael-jq1hl I don't have an empty home--because I didn't buy a property to let. Because, under these ridiculous bureaucratic conditions, letting property is an unattractive investment compared to other available investments.
@@CrowsDoMath the most idiotic approach I've ever heard. i would do the opposite . id reduce the rent and i can guarantee you the tenants would never want to move out or not paying rent. . But if you think you can control the tenant no you cant, the house becomes theirs and can choose to pay or not , you only have the court option 1 yr , and no money. at the end. you re a nice landlord they are nice back at treat you right.
@simondaniel446 "I guarantee you." What a compelling argument. Also, if you're going to respond, do your reader the courtesy of making your response readable.
@@simondaniel446 I WOLD PEE ALL OVER THE WALLS I WOULD POO
Seems okay if you can get a six month deposit from new tenants to cover the three months and then the court processing months.
That's a good idea!
You can only get a max of 5 weeks deposit.
You can definetely ask for 6 months upfront when there’s no credit history. I’ve paid it many times when I first move in to UK. Pretty standard.
Not rent. DEPOSIT.
@@rkyrss11913 this can be altered for this case. you can ask to be paid 6 months upfront and ask for monthly payments on the 4th month. So when the notice is served the tenant wouldn’t need to pay anymore rent and the landlord would be always 3 months ahead until the tenancy is terminated.
On the bidding, in Manchester trying to find a nice rented home has been a nightmare. Homes are listed with the rental price and then an “offers welcome clause” for how many months in advance you are willing to pay. We offered 6 months upfront and didn’t get it, god knows what was offered above that
You get a 7% sort of return on a rental, you get nearly 6% in an ISA risk free
Interest rates of 6% (probably 5% max now anyway) are not going to last very long.
@@joshuaellis3725 I wasn't replying to your question. Who cares about how you fund your investment? You are entitled to nothing.
@@joshuaellis3725 I don't know what you mean. The 7% figure was a reference by the poster above to rental yield. So if you bought a £100k house you would maybe get £7k in gross return per annum.
rental investment is a leverage. It is actually 28% return.
@@Wilson-ee6bfthat's a good figure!
Good info, ta! No fault and landlord registration been in Scotland for many years and the market still operates fine
How much is it to register ?
No it doesn't there's a housing emergency declared in many areas and rents have risen faster than the UK average
And tenants can bugger off early with just a months notice. Laws by socialists who never ran a business.
Why don't they go after the large landowning aristocrats you might ask?
@@andrewfallon2719 £80 for 3 years for each council where the properties are located
It took me 15 months to evict a non-paying tenant who left my property in a dreadful state. There is nothing to be done against tenants like that. I'm selling.
What about an HMO? The year that you need to give if you want to sell the place starts from the last tenant in? This doesn’t work for an HMO at all.
UK landlords have had a licence to make big money and dodge their responsibilities for the last few decades. Who knows a conscientious, decent landlord ? Most are grasping, negligent, and ruthless is evicting tenants who dare to be persistent in making complaints about e.g. damp or infestations.
Everything you said was totally false. I had a tenant for 15 years. I put the rent up ONCE in that time. As long as he was looking after it, I was happy to have him there and not rock the boat. The flat was always kept in good condition and had bi annual inspections by the letting agency. Not everyone is a virulent and greedy as you paint them.
its a shame there can’t be a database of bad tenants
I would say no because it could be used to "poison" tenants future prospect, while right now only the government would have access to the database and having a tenants database only for the government would not be of any benefit to other landlords and tenants. (another copy of reply to TheThinker-ce5kq)
Money lenders have Credit ratings so I don`t see a problem. Perhaps get them to show their Credit Rating for the time being.
Thats strange cos I am a tenant and the amount of documentation I have to provide to the land lord to ensure I can pay the rent and am a good tenant should suffice in confidence to let the property to me
@@damianbutterworth2434 YES credit rating is the key to be sure tenants can pay the rent .... and if they can't then, as far as I'm concerned, they can live in the street
@@Chantal2119 mate you're aren't helping landlord rep. quite part out loud.
Australian here, same thing with Labor over here, Michael Sukkar (25.09.24) is correct, Labor is going to tax mum & dad investors so much they will sell, then comes 'Build to Rent' policy, RBA Reform Bill, WEF international Corporations can come into Australia, Digital ID Bill, Identity Identification Bill, then TAX the individual home owners (deeds are forcefully kept by state, theft) so much they'll be forced to sell so the WEF corporation billionaires can have a field day on 'rent forever, be happy' it's all happening people & if you complain you will be fined imprisoned Lbr Misinformation Bill Submission close 30th September, please write your Submissions people
At the present time S8 takes on average 14 months in future that could be more like 2 years. You need to build into your exit plan 2 years of no rent payments.
So about 20k on cheap 2 up 2 down housing and then all court related costs. It’s going to take 5 years or more of profit to get rid of one bad tenant… think it’s time to sell.
Yes that is sadly true, but buying properties on mortgage to rent was risky back then as it is right now.
As a renter, I'm a bit worried. I liked to sign a contract for a set length of time.
Really? I always thought the opposite. A flat never quite feels like home when there’s a deadline by which I need to leave if the tenancy is not renewed.
Fair enough though, Landlords need some limits, if you're lucky enough to own more than 1 house and are getting passive income from it, renting it out at extortionate rates, you're fucking with peoples lives and need to be kept under control.
I am a small landlord and agree with a lot of the thoughts in this vlog. In my experience tenancies expire on their own; last one due to tenants’ ill health, moved in with relatives. The new process will work itself out. But I agree that it will see more landlords leave the PRS, I am not buying any more and when current tenants leave, the properties will be sold. Other commenters are correct in my view, big investment firms will buy up PRS portfolios making it harder for tenants to have their homes properly maintained.
@@whatfruit7965 Agreed. I live 15 mins from my properties and I am generally onsite to fix issues with 20 - 30mins. I’ve had showers replaced within a few hours of them failing and a boiler replaced 2 days after the old one failed. I know of tenants (not mine) that report issues to the institutional landlords and don’t get any response, yet the same landlord is very quick to increase rent.
Yes but you'll have the odd non-payer testing the new laws, obviously. For some it means open bar, that's after running a tab already. Yes if everything is fine, it's all dandy and you never need the law, but 1 out of 5 maybe 10 if you screen properly, in my experience will be a problem.
Isn't not paying rent "a fault" as opposed to "no fault"?
Yes - which is why they don't come under the 'no fault evictions', but the 'non paying - breach of contract - eviction' and the courts have to be used to enforce said contract. Landlords just used to circumvent the rights of the (bad) tenant under the contract by using their ability say they are going to move-in/sell and employ no-fault eviction to get them out....then change their minds and put it back on the renting market.
Section 21 and Section 8 have very different features especially timescale and cost.
Many tenants want Section 21 to get into social housing without any fault against them. Thus free of rent on housing benefit.
Section 8 makes the tenant voluntary homeless by braking the contract so not eligible for social housing.
It’s already hard enough to rent or sell homes. So much red tape and fees. Those costs are passed onto everyone onto the prices. These rules favour people not paying and honest renters will suffer.
You should be able to review Lanlords. Mine is terrible. Refused to repair the kitchen ceiling for a year and then gave me my notice period so they don't have to fix the Ceiling
I am a landlord and i work for meny meny landlords doing there building work .the government wants to get houses out of private ownership fast soon as big buisnesses own them all the Tennant s will be in trouble private landlords give pepole chances big companies dnt care protect your private landlords you will miss them when there are none ❤
@@stone678 🤣🤣🤣
no wonder you are a landlord with no real job, you didnt even had to learn to write properly, probably you spend your life milking somebodys milk
I agree that non-human entities should be prevented from owning residential property, 100%. I also think there should be no private landlords. That would be a win for everyone.
@@Mentocthemindtaker lol
@@simondaniel446 lol
Luckily my tenant moved in on a relatively low rent to start with and been there 12 years. They have not had a single rent increase during that time and guess that’s their reward for being good tenants. When the time comes, to rent a similar property, they will be face with a 100% increase to what they are now paying. Giving a good tenant a cheap hassle free rent has worked for me as I know rgey are looking after the property. If they decided to move, I’d sell up and pay the capital gains and forgo the pain Labour are inducing.
2 years rent upfront only from now on and at a much higher level than today. The courts are ineffective.
Exactly. Rational thinking landlords will discount the court system totally and only offer contracts to people with a very low likelyhood of causing them problems. Also to compensate them for this additional risk, rents will increase and supply will decrease amoung the lower quality tier of the market.
The people the government are trying to help and protect will possibly be worse off with this new policy.
If every landlord would ask for that (or as other comment suggested only house owning guarantor), then you would be unable to find tenants who could "jump" that hoop. It would be fine if only you and minority of landlords would do it, but it would be impossible for every landlord to do it.
Oh, and yes the courts are ineffective, which is a big problem for everyone.
Good luck with that😂
@@leebailey229 make it 10 years what the heck 🤣🤣
So protection for someone that won't pay, that same non payer will go to the council for housing. Typical labour
People who extort others to pay off their mortgage don't get a say
If you've got an issue with it, go and get a real job
@@akasickform extort? You have a choice not to live there! Now go get a house and pay a mortgage with at least 40% deposit!
Both of you bicker not undersranding why you bicker, the houseing market isn't working for most landlords and most tenants. The only people who it does work out is big landlords, and those who recive morgage payments.
I’ve been renting since college, and looking back, I realize I could have paid off a mortgage by now. Every time I’ve thought about buying a home, the market always seemed like it was on the verge of a crash. Now, once again, I'm considering buying in December, but I'm stuck in the same cycle of uncertainty. I’m not looking to invest in property, just to own my own home. With interest rates possibly dropping and house prices likely to rise, it’s hard to know what to do. At the same time, there’s talk of a potential market crash like in 2008, so I’m really confused.
Why don't you and someone you know buy one together and do it up? If you box clever, you can renovate with minimal experience when the circumstances are right, like having a good roof when you move in. You could buy cheap, plasterboard everything and use thick paint.
Better yet, you could go on a short plastering course, practice in it, thus obtaining a valuable trade and increase the property's value. Seriously, there's videos on everything on UA-cam. Try this old house (www.youtube.com/@thisoldhouse) or the renovation couple (www.youtube.com/@TheRestorationCouple).
Imagine having to have to provide a decent dwelling for your renters to live in!!!
Quite an optimistic take... Law doesn't do much when a lot of landlords don't respect it, and the tenants don't have anyone to complain to when there's an issue.
Not true at all. The law protects bad tenants. I had a bad tenant who would not apply and get housing benefit and pay the rent. She did not pay even one month’s rent. It cost me 40k all together mortgage payments, solicitors costs, court costs. She used to call me at Christmas busting the electrical circuit, demanding a fix as her child’s medicine had to be refrigerated. I was finding contractors 10pm. Most damage considered wear and tear. We can not deduct 75 percent of the borrowing costs even though we are seen as business. My tenants called me yesterday saying the new fridges cable broken. It would not break unless the fridge was pulled out aggressively, of course I paid for it.
Where is your evidence that a lot of LL don't respect the law?
My tenant leaves this week. It’s now for sale. My last one. Gradually sold up, not reinvested. Just not worth the hassle
there that has solved the problem ..to all the woke lefties who think other peoples property belongs to the renter ..less property for rent means higher costs.. that is the real world... but not if you live in the unicorn world of the useless woke left
Great to hear!
Not only should there be a database for bad tenants (only used for the tribunals and government agencies) but they also need to record vexatious tenants and landlords who use the court process excessively. (like delaying rent increases as you mentioned).
Ridiculous idea. The government's interest should be in helping people find homes - not profiteering landlords.
@@samuelmelton8353 Governments do well when they guide the market, not try to control it and become the middle man. They have never been good at building homes and creating good community homes.
If you want people to get into their first home then good education on finances is the only way.
@@Thebt7 _Governments do well when they guide the market, not try to control it and become the middle man._
> Wants a government database of renters.
Perhaps a required insurance scheme could operate that would idemnify landlords if rent not paid and reward good tenants with lower premiums.
@@wirplit Wouldn't this exist already if it was worth it?
The guy on the video seems profoundly decent btw.
He is licking the government arse
When it’s a resident landlord the notice period is much shorter. There is much more common sense in the law than you think. Previously assured shorthold tenancies were for three or six months and after that a rolling contract, only really making sense for people who were moving through quickly. The root cause for this situation is that it used to be much more common to buy a place in the UK than to rent - very different to other countries.
Further squeezes on landlords = rent increases😮
There is nothing done to help landlords. Terribly inadequate and dishonest. Section 24 of the Finance Act 2015 is a UK tax law that affects landlords by limiting their ability to deduct certain finance costs from their rental income. This means that landlords must pay tax on the full income they earn from their rental properties. Interest rates increased a lot since 2015. This section 24 has to be cancelled. Such discouraging considering the risk you take when keeping the responsibility of a property. I had a succession of bad tenants not paying their rent or not maintaining the home. The taxation is awful. Trying to sell before any raise of the CGT…
Could you elaborate what maintence did you expect out of those tenents of yours? Also does rant income counts towards your income tax?
Why should _anyone_ want to help landlords‽ What a ridiculous, whiny post. Owning a rental property is an investment. Investment comes with risk. If you are not prepared to take the risk then don't invest. Or you could stop gambling with people's homes!
I'm confused a no fault eviction is when you have no reason right but then not receiving rent is not a reason? Isn't that a breach of contract and therefore suitable grounds for eviction?
It’s not someone’s home - its someone else’s property - it’s being rented for an agreed set term - like hiring a car for a set period. The car doesn’t belong to the renter - they have to give it back at the end of the agreement - or the car is considered stolen.
Exactly. Which is why people hate landlords and owning multiple residential properties should be illegal. I'm glad someone gets it!
@@Mentocthemindtaker lol, I am not sure that's what the comment meant (but i'd like to hope it did)
I agree-it's not a big or unfair change. Landlords will now ask for more references and do more checks on potential renters, which is not bad in itself.
The big one is the courts - with almost every part of the public sector (over-)stretched, I've yet to learn how they want to manage what I expect to be a rather steep influx of cases. It's one thing to come up with a policy that looks beautiful on a piece of paper and entirely another to successfully implement, enforce, and govern it. The time will tell, but I fear that a fraction of bad actors (landlords and tenants) will quickly clog up the court system, making everyone wait months to move in or move on with the business.
Anyway, a great video summary 👍
Totally agree. The courts issue will be resolved one way or another. As responsible landlords we should be looking after our properties and tennants anyway. The market will adjust to these changes as it always does. For myself it just means that I need to continue to diversify- and increase my properties to absorb any problem properties/tennants. And continue to strictly vet all prospective tennants.
@@KharmaComa123 Got any tips for someone looking to buy their first investment property. Please.
The problem I see with reference and checks reminds me of my youth, come from a poor background so couldn't get someone to be a guaranteur so at best could get a dodgy landlord which meant I was ripped off and couldn't get a deposit, was a vicious cycle as many landlords wanted at least a background check/references which I couldn't provide, and if I was unemployed somehow I would have to pay 6 months rent in advance and how would I get that, if anything that would be more suspicious.
property "investment" does not create anything, it's not win-win, it is ALWAYS win-lose. For the "invester" to win, the "customers" (the renters) must lose.
If there IS a need for rented properties, only the amount needed should be available. Forcing those who wish to buy into renting is immoral.
The housing market is already the most regulated industry in the world ever, so adding a few more regulations (for example, limiting a landlord to owning one other residence of similar size to their own residence) to make the market more aligned to demand is not a bad thing.
Excellent explanation, quick and clear. One huge mistake: you say on balance good for tenants. Basic economics says the change will lead to lower availability of rental properties compared to what would have happened without the harsher law. That's bad for tenants and bad for landlords, bad for society.
You're right, it is bad for tenants - until the housing prices go down and those tenants become home-owners. So it's actually _excellent_ for tenants in the long-term. Bad for landlords = great for society.
We need a mass sell-off of hoarded rental properties so that those of us who want starter homes can actually get one at a reasonable price...
In Wales a local council introduced a increase on council tax for 2nd homes, the house market quadrupled...
nothing in this country is ever a reasonable price, it is rip off uk.
@@Alexander-yb1zc should be mandatory really...
Blackrock...buyers agents looking fr that kind of thing...
@@Alexander-yb1zc What an excellent idea!
Canada's Ontario has laws as such. The consequences include many, in the order of thousands have refused to let properties for renting. It's just safe and easy to keep the property Vacant than getting an eviction. Thousands upon thousands of basement units have vanished from the market for these overly anti landlord laws. The problem is so chronic that this year the govt has brought in a vacancy tax! People are still not letting out. They prefer to pay a tax, than fear a tenant. Recent incident in Toronto has 40,000 dollars in rental dues, plus gas and electric extra. The landlord tenancy board is chronically chocked and a date is at least 6 months away.
Greedy bloody land Lords my rent has gone up 25% in 3 years my salary has not. Happy to increase but will not decorate or re carpets when they have been down for 20 odd years.
25% increase in 3 years is nothing in the housing market. That's £400/month > £500/month in 3 years. When I was renting it once went from 400 > 500 > 600 each year. You got a bargain!
However my wages also went up ~£150/month each year and I worked overtime to cover other things.
You know you are allowed to ask your landlord if you want to decorate and ask him to contribute towards it. I did that when I was renting one year. Another time I worked with the landlord to paint the house when I was a student. He paid me I think a months rent and the house looked much better after.
It's grim. Where I am friends renting a £450 a month one-bed a decade again now need to find £1200, and they are not the worst off round here by far.
I guess it's (at least partly) the return on investment and the increase in mortgage rates. If the landlord had put that in the right shares, he'd probably have got an increased return but we wouldn't hate him for it. That said, if he's not maintaining the property, he hasn't much sympathy from me as I don't agree with doing a job badly, even if he can't afford to do it well : ultimately you suffer as a result. I suppose, in a capitalist society, the logic is you should find a better landlord and hope the best landlords get the best tenants, but sadly it can be quite hard to know what you are getting into.