We rented a former council flat that the owner had bought for £65k back in the 90's. We rented that flat for 5 years and paid £50k in rent by the time we'd saved up enough for a deposit for our own place. That flat is now worth £400k Landlords want sympathy? GTFO.
Same got into negative equity after buying my first house in late 2006 then separating from my partner, spent 16 years paying back debt and saving a new £30k deposit just trying to buy again, the house we are living in now we started renting 10 years ago and looking up the sale online the landlord bought it that same year for £180k in the10 years since we have paid £120k in rent and the house is now worth £400k. Yet I am only now able to look to take out my own mortgage again with the banks arguing if I can really afford it.
Should when buying the home have stipulated that you have to live in the home not renting it out as was bought cheaply if lived in it for years paying rent. If wanted to buy to let then should have been made to pay back to the council it's full market value.
I've just acquired a beautiful one bedroom flat looking down a valley to the sea, through Brighton & Hove Council. The only reasons I've got one? I'm disabled, a pensioner and homeless! Don't have a rolling six month contract.
Saying housing benefit covers twice the rent isn't actually accurate. Local Housing Allowance for a one bedroom flat here in Thanet is £475, rent is generally £600 per month. I have to pay £125 out of my disability payments for a property that isn't suitable and isn't maintained. I am on the council register but will probably have a wait of at least 5 years, after the 3 I've already waited. Building and restoring social housing is the only way out of this crisis.
There is no need for a lot. There is no need to have more than one car, there is no need to have a pet, there is no need to have a tattoo, there is no need to have a kid. And the list could go on and on when you take every thing, put in under the microscope and then forced to strongly justify if it's truly a need or just a want, or a luxury. Are you willing to equalize all of this ?
Exactly!! So stop buying properties and expecting socialism for you that you can’t afford, others are not going to pay fur your dreams. I’m against tennancy period!! That means I’m against you renting to others and you want a 2 nd property then get a second job it’s your responsibility. Don’t cry about it your not entitled
Giving someone else your hard earned money so they can pay their ow n mortgage = financial slavery. It's ridiculous how banks won't lend for a mortage, because they don't think applicants can afford monthly payment, yet renters are unhappily throwing away thousands in rent without arrears.
That happen everywhere in the world not everyone can afford buying house people are lucky in the uk government do help with help to buy scheme other country people don’t have ability to buy your own house unless you are super rich like gulf
The word land lord alone gets my back up.Not building cheap housing has caused all this racketeering in the first place.A bloody disgrace.Then you buy a house and the bank rips you off with the interest rate they charge,The whole system is corrupt to the core.And not one politician from all sides got the guts to change it because they can't.
Its more complex than that the issue wasn't right to buy it was the huge discounts and then not replacing the housing stock plus siphoning off the money they did get to central government
I own my own home now because years ago my auntie was allowed to buy her council house, it was a great scheme in theory, for those who wanted a forever home for their family, but unscrupulously used by buy to let developers.
@@mikewalf It wasn't your auntie's house. It never was. It shouldn't be yours either. It was the country's asset to let people live with a reasonable cost and now it has all gone. Hope you feel proud that you have deprived working class people of reasonably priced accommodation.
People say "just move up north" or something similar where prices are cheaper. But for degree educated people A LOT of the opportunities are in London and so are all of their professional network. Moving out of London for ME in 2020 has been a huge reason as to why I cannot find work (I have two degrees in Quantum Computing from UCL at a 90% grade). The opportunities just outside London in Essex are incredibly small and competitive. Yes I can commute but employers want 18 hour days which just isn't feasible when commuting. I have zero money and am in private debt and student debt. I need a roughly 20k injection of cash to start a decent job and then wait for a few pay checks to rent a place in London. Someone who hasn't been in this position just won't understand the complex issues that young people face today.
If you look at old programmes from the seventies you will see a lot of people living in single rooms and multi-occupancy housing, this is nothing new, grow up and get on with it, something that old Gammons like me say is just wait until this lot start paying bills, well that London you live in is now mainly an immigrant city with the British priced out or moved out and it has nearly half a million illegal immigrants living in it, you might be able to live there if it wasn't for that, welcome to reality, enjoy your stay
Get a less stressful job in Leeds or Manchester, buy a reasonably priced property, and enjoy a better quality of work/life balance. No one is going to build you a house in central London I’m afraid. Plenty going on outside of the capital nowadays.
No landlord should stay in the market. Most seem to think they're altruistically doing renters a favour when, in reality, they're exploiting those who are yet to get on the property ladder.
I work a very hard job as a carer doing 12hr night-shifts... single guy 45 yrs old.. no family... no savings... i have to pay about 38% of my monthly wage on my rent. Sometimes I feel like 'What's the point'. Luckily I have a decent landlord, but... i have no security because at any time he could choose to sell up and give me a month's notice to find somewhere else. It's always a worry!
Didn't someone recently try and take to court using the ability to pay rent as proof he could take out a mortgage . As that wasn't a criteria the banks were allowing ?
My challenge to you is finding out how many of the ex council houses are now owned by tory MP's and therefore being in receipt of more public money going into their hands as private landlords.
Of course that’s what is going on. The whole paradigm of the state paying out an eye watering 30 billion (up from 12 in the mid 2010s) to private landlords is completely against the Tory ethos and you would think that would be the first thing they would tackle by implementing social housing that help to pay for itself after a number of years……unless of course they are making money themselves from this gross transfer of wealth from the public purse to private landlords
I live on a council estate house next door is privately owned, has 8 students paying £600 per month each so their monthly rent on 3 bedroom x council house is£4800 my rent is £600 per month! Person who owns this house owns many other houses just on this estate. Right to buy is responsible for that,these houses have ended up not belonging to family’s but exploiters! Your completely right that how housing benefit works. Nobody who can afford to buy would pay rent.
Can't be said enough, there is no reason at all to think the Labour Party as it is currently run will do anything at all to address these devastating systemic problems.
Why they probably already have a plan if I were opposition leader the shadow bench would be working on plans that could be implemented immediately I took power? Financially the economy is in such a mess that all that can be done with it is to reverse the worst of Brexit but you can do a hell of a lot with planning laws and stop property companies land banking. You don't always need money to make a difference but it helps
@@SlowhandGreg You've had to concede yourself here that Labour won't make any serious investments, they've been pretty clear that's already off the table. They'll just tinker around the edges and slow down the rate of decline.
How do you know for sure? What all Starmer or any others in Labour plan to do hasn't fully been vetted and shared with general public. For all we know, they may have a brilliant plan and don't need to share it yet. Damn Tories may claim it and say it was originally their idea.
Labour have already said that housing is NOT a business activity, it is a human right to have 'free' accommodation. Meanwhile according to human needs after food the next level is shelter which IS the motivation for most people to be productive and pay for whatever and wherever they can afford. Most LL have interest only mortgages and at best if everything works in their favour and they work for free they are fortunate to have a budgeted 1% towards capital costs. All tenants have realised that there are no commercial businesses 'offering' rental properties as there is no profit.
@@kbtred51 Labour have also ruled out any major spending to fix any of the huge systemic collapses we are seeing across every public service. Even the best their supporters can manage in their defense is "how do you know they're not secretly planning something amazing?"
Second homes on the Isle of Wight described as " bolt holes" were going for 600 k in lockdown. We have one of the lowest wage average in the country. No council housing at all as it was all transferred to HAs . 65 people applying for each home. Second homes are a scourge here. But as they say, you can't eat the scenery. I don't trust Starmer to be bothered when he gets in.
In my town, Airbnb is a big problem too, ever since it became trendy to arty (and, ironically, very right-on, "leftwing") londoners for their second homes.
Landlords subsidising renters since when? Since 6 months ago? What about the decades of profiteering, that came first - answer that question. Why should they subsidise. The answer is, because they can afford to!
I am a landlord and I cant afford to do that. Not all landlords have a portfolio, many are one time landlords with a property they are using as a pension pot
Agreed, would make a wave and turn the tide almost instantly. I’d take it further and keep doubling council tax for every property after the 2nd lol. Reduce maximum mortgage to income ratios down to 3X annual earnings. And councils ramp up a buy back programme.
Another thing not mentioned is restrictive planning regs. Where are all the strawbale houses with rainwater collection, on site power generation and composting toilets? Housing can be comfortable sustainable and cheap, but that doesn't suit... the banks! Sorry to spam your comments Owen, but you need to go a bit deeper on the disease behind the symptoms.
You can't just dump on all landlords though, I've never inherited anything, but brought my first house cheep and, after living in it for 10 years, had a fair bit of equity. So as its so hard to get any fair investment I brought a rental, then another. I don't take the piss with rent but still had to take the hit with a bad Tennant last year. I work full time and subsidise my mortgage with rental income that I had to find 40% deposit for. Is it so wrong to make some money on an investment?
That’s fair enough but don’t dress it up as if you are doing anyone especially tenants any favours you are in the search for profits and speculative future gains. It happens to be in the sector of a basic requirement for human beings to thrive. Zero sympathy for any landlords.
Hi Owen if you want to be absolutely disgusted at the attitudes of selfish landlords, head on over to the forum at openrent - it's full of gold. Having said that - One of the biggest issues with housing is that for people on UC - utterly broken. And it really is the system that is broken, even potentially well-meaning private landlords perceive taking on a lot of risk taking on someone on UC, so they avoid it due to horror stories. Like said, the obvious solution is to buy and build social housing and abolish right to buy, this will lower rents, or at least raise standards as there will be less desperate people on UC willing to put up with disgusting conditions to avoid becoming homeless. To run against the mold slightly, playing devils advocate - many people argue that we should build cheap housing. But really, it's building ANY housing, if you build 100,000 expensive homes, then 100,000 cheaper homes become available. Arguably building not the cheapest raises the living standards across the board. We need more houses, any type imo, and councils need to own and keep houses for people on UC.
@@jean-lucpicard5510 That is a tiny % of overall immigration and it is not the immigrants fault it is the fault of the political class that sees immigration as a way to prop up the rediculous pyramid scheme they have constructed.
The only way I can see to push landlords out of the property market and allow more first time buyers in, is to restrict rent so much its not economically viable for those who simply rely on the passive income and allow the landlords to sell the property back to the council who could potentially then offer a payment plan for the current tenants to eventually buy the property (with growing part ownership as they pay) or continue as council tenants, continuing the cycle of money into the economy.
They already had this. It was part buy, part rent. The idea was that over time a tenant would buy the home in increments 25% at a time. The drawback was that the rent portion became so high that it was virtually impossible to buy the home. Some housing associations would only allow tenants to buy up to a maximum of 50% and made a tidy profit from the remainder paid in rent. Another drawback was if you bought a percentage of the property you had to sell it back to the housing association (usually for less than you paid originally). It was one of the biggest cons going.
@@samanthahardy9903 That’s why I said rent restrictions would be needed. I’m very aware of the failure of part buy because I almost got into one but realised how unviable it is
MORTGAGE!! Made up from two French words. First "Mort" which means DEATH. Second "GAGE" which is GRIP. SO Mortgage is a DEATHGRIP. And landlords and estate agents tell you to get one. The continent does it differently, and no matter what you think of Brexshite, the continent does it better.
When he says that landlords pay off their mortgage that is rare with 3 or 4% yeilds and the amount beyond the interest even in a business being taxed the rents usually only cover the interest payments not paying off the capital and most of these mortgages are interest only so they are merely making an inflationary play but that is all btls of flats on Hackney won't be paying a 25 year repayment mortgage after the tax on the rent that is for sure!
I own a house that I rent out to a key worker and family and completely agree with the discussion. We bought it specifically for the now sister-in-law to rent and she claimed housing benefit. It remains an asset but the increasing interest only mortgage will need paying off in 8 years.I pay tax on that rent and will pay Capital Gains when I sell it. I had to put the rent up recently to reflect the mortgage increase but found that the letting agent wanted to make a juicy commission through changing the contract!
I'm sorry? You put the rent up during a cost of living crisis for a key worker probably making far less than the average UK salary? Why should they be expected to pay off your mortgage? Reckon you're still making a profit on it though right? Utterly despicable.
@@CheeseyMilkshakes No.I''m not making a profit although I am making an income to maintain the place and keep it from damp and mould and safe. Please get some perspective. We bought that house in 2006 for my sister in law and neice who were going through a hard time. Didn't even need a deposit back then but that isn't my fault and the Council paid her rent. It's an interest only mortgage that I have to pay off in full, so no - I am not making a proffit. I owe the bank £147k
Right to buy was a great idea, implemented very badly. If the money were reinvested into more social housing stock it would have certainly reduced the situation we're in now.
The 'money' was taken and used for other purposes like getting re-elected. Something being forgotten is that they were disposed of because they were a large drain on public expenditure to try and maintain with huge vandalism and abuse.
@@kbtred51 that was certainly one of the reasons given, and to some extent it was true (especially in certain areas) but it didn't take in to account the socioeconomic causes or the lack of investment to that exacerbated it. (I'm by no means defending shitty tenants or their behaviour).
Does this argument of not needing monthly profit apply in any other business ? Do you tell a gas station owner that they dont need to make monthly profit selling the fuel because the business is paying for the gas station mortgage and in the long run they will own a valuable property ? Or the farmers that they dont need to make profit on the produce theg sell because .. long term .. they will own the land ?
rent controls are needed based on average earnings on a regional basis. Stop giving tax breaks to 2nd home owners, they should not be able to claim maintenance costs / improvements back.
If a landlord is making that much of a “loss” , what is he doing in today’s market ….he must have an enormous mortgage and therefore own an expensive asset that has increased in value every year !
@@kbtred51 Which is the point. When the market is dominated by these developers that build/own flats with the intent to rent, what will people be able to buy?
Yeah I can't even afford to pay rent let alone quality for a mortgage I have to stay with my parents at 39 and have difficulty getting back to work as I have Aspergers syndrome which doesn't do me any favours in finding work and I am currently waiting for a diagnosis for my collapses I have a subdermal implant called a loop recorder so I am having difficulties until the doctors can come up with a treatment for me.
The long and short of it all is there are to many people and not enough property to go round. Build more houses and look to slow immigration. With nett migration of nearly 1.2 million over the last two years, how will things get better. Most landlords will not own their properties after 25 years , they will in large be paying interest only mortgages as the rental income for many could not support a repayment mortgage. Let’s also remember who the biggest beneficiary of buy to lett is. It is the taxpayer HMRC. All rental income is taxed , every BTL that is sold is subject to CGT. All the agents are taxed , vat. Gas certificates , EPCs etc etc. we need more houses for the population this will bring prices down for both renters and buyers. If there were no BTL properties we would still be short of houses. We need a better supply to satisfy demand for all.
Why don't landlords just pay the mortgage and let tenants live in their property rent free since they'll own this asset after 20 or so years? I'm being sarcastic by the way.
Another thing not mentioned is the complete absence of sound money. When you have sound money you can save and that was always the way the lower classes got a foot on the property ladder. What are you going to make a thirty-year saving in today GBP? Don't make me laugh.
"Wealthy Landlords" - Let's remember the vast majority of landlords own 1 home. It's usually the like of trade workers who have used it for a pension pot.
So you want to rent out a house at such an unaffordable rate for the majority of people in full time work, that the tax payer is expected to subsidise your business?
@@stevebbuk I believe in tax, but not for subsidising landlords. A 50% top rate tax for the highest earning 10% . & it should go towards building social housing rather than lining the pockets of leeches.
I know people working class who might move in with their partners and therefore happy to rent one of their houses to someone and get the mortgage paid on that house and to me there just as bad and greedy as the rackman landlords sometimes the working class make me sick.
@Essiggurke In London, they could get a large cardboard box, say one that a military tank had been wrapped in spray it with a waterproof material and then put it up for sale the recipient of this cardboard box could then rent it out to all the desperate people fighting the rat race there,they then could get a bigger cardboard box say one that was wrapped round a extra large tank,and rent that out,soon this entrepreneur,could have loads of cardboard boxes being rented out,then he could make a giant house out of polystyrene and get even more rent,he would soon have an empire of cardboard boxes and polystyrene boxes and be a multi millionaire would it cure the housing problem probably not but it would make him loads of dosh that's all that matters does it not.
So this landlord is saying he is losing money unless he passes on this cost to the renter. This is not a viable business. So if he thinks a renter can just go and get a mortgage and buy a house surely he can get a proper job and not fail at being a businessman
Why shouldnt he expect to make some profit out of it, running a house is a nitemare, you have to deal with all sorts of random people and their expectations, tennats falling out and not mixing, tennants just uping and leaving not paying months of rent and what they cant get themselves a giant bag of cocaine with your deposit, stop whinging fs.
If you insist on living in London and are not willing to consider living anywhere else then you won’t be able to afford a house. You can buy houses in Middlesbrough for 50k even today as I have done. Still got a job, still working.
Brave don’t talk nonsense the reason people work in London is because that is where most of the jobs are . North East and North West of England no work
We rented a former council flat that the owner had bought for £65k back in the 90's.
We rented that flat for 5 years and paid £50k in rent by the time we'd saved up enough for a deposit for our own place.
That flat is now worth £400k
Landlords want sympathy? GTFO.
Same got into negative equity after buying my first house in late 2006 then separating from my partner, spent 16 years paying back debt and saving a new £30k deposit just trying to buy again, the house we are living in now we started renting 10 years ago and looking up the sale online the landlord bought it that same year for £180k in the10 years since we have paid £120k in rent and the house is now worth £400k. Yet I am only now able to look to take out my own mortgage again with the banks arguing if I can really afford it.
Should when buying the home have stipulated that you have to live in the home not renting it out as was bought cheaply if lived in it for years paying rent. If wanted to buy to let then should have been made to pay back to the council it's full market value.
We can just buy a house? That makes so much since why didn't we think of that lol
Am I just rich and out of touch? No, it's the poors who are wrong.
@bladitsa beefting ah, are you a member of Hustler's University too
I’m sure other people have commented, but w3 need to bring back local authority/council housing
I've just acquired a beautiful one bedroom flat looking down a valley to the sea, through Brighton & Hove Council. The only reasons I've got one? I'm disabled, a pensioner and homeless! Don't have a rolling six month contract.
@@capt.bart.roberts4975 So what you're saying is... if I find a way to age myself by 40 years and then shoot myself in the leg I'll get a house lol.
Saying housing benefit covers twice the rent isn't actually accurate. Local Housing Allowance for a one bedroom flat here in Thanet is £475, rent is generally £600 per month. I have to pay £125 out of my disability payments for a property that isn't suitable and isn't maintained. I am on the council register but will probably have a wait of at least 5 years, after the 3 I've already waited. Building and restoring social housing is the only way out of this crisis.
Jo, have you applied for Discretionary Housing Payments? This covers the shortfall between the LHA and higher market rent prices.
There is no need for anyone to own more than one house.
Certainly not is housing pressure areas
and no need for anyone to live in someone else's house.
There is no need for a lot. There is no need to have more than one car, there is no need to have a pet, there is no need to have a tattoo, there is no need to have a kid. And the list could go on and on when you take every thing, put in under the microscope and then forced to strongly justify if it's truly a need or just a want, or a luxury. Are you willing to equalize all of this ?
Exactly!! So stop buying properties and expecting socialism for you that you can’t afford, others are not going to pay fur your dreams. I’m against tennancy period!! That means I’m against you renting to others and you want a 2 nd property then get a second job it’s your responsibility. Don’t cry about it your not entitled
I think there should be a limit. Or to only let you own what you can buy (so people wouldn’t be taking out multiple mortgages for renters to pay).
Giving someone else your hard earned money so they can pay their ow n mortgage = financial slavery. It's ridiculous how banks won't lend for a mortage, because they don't think applicants can afford monthly payment, yet renters are unhappily throwing away thousands in rent without arrears.
I believe it's also called indentured servitude
That happen everywhere in the world not everyone can afford buying house people are lucky in the uk government do help with help to buy scheme other country people don’t have ability to buy your own house unless you are super rich like gulf
The word land lord alone gets my back up.Not building cheap housing has caused all this racketeering in the first place.A bloody disgrace.Then you buy a house and the bank rips you off with the interest rate they charge,The whole system is corrupt to the core.And not one politician from all sides got the guts to change it because they can't.
Easy for him to say when his rich parents gave him an easy head start
Just stop being poor man.
I blame Thatcher with her right to buy council homes.
Its more complex than that the issue wasn't right to buy it was the huge discounts and then not replacing the housing stock plus siphoning off the money they did get to central government
Right to buy to let.
Selling off our national assets impoverished the country immeasurably.
I own my own home now because years ago my auntie was allowed to buy her council house, it was a great scheme in theory, for those who wanted a forever home for their family, but unscrupulously used by buy to let developers.
@@mikewalf It wasn't your auntie's house. It never was. It shouldn't be yours either. It was the country's asset to let people live with a reasonable cost and now it has all gone. Hope you feel proud that you have deprived working class people of reasonably priced accommodation.
People say "just move up north" or something similar where prices are cheaper. But for degree educated people A LOT of the opportunities are in London and so are all of their professional network. Moving out of London for ME in 2020 has been a huge reason as to why I cannot find work (I have two degrees in Quantum Computing from UCL at a 90% grade). The opportunities just outside London in Essex are incredibly small and competitive. Yes I can commute but employers want 18 hour days which just isn't feasible when commuting. I have zero money and am in private debt and student debt. I need a roughly 20k injection of cash to start a decent job and then wait for a few pay checks to rent a place in London.
Someone who hasn't been in this position just won't understand the complex issues that young people face today.
If you look at old programmes from the seventies you will see a lot of people living in single rooms and multi-occupancy housing, this is nothing new, grow up and get on with it, something that old Gammons like me say is just wait until this lot start paying bills, well that London you live in is now mainly an immigrant city with the British priced out or moved out and it has nearly half a million illegal immigrants living in it, you might be able to live there if it wasn't for that, welcome to reality, enjoy your stay
Oh and don't worry about the reply when the great debater Jones see's those he will shadow ban me,, he loves open and free discussion, not.
Get a less stressful job in Leeds or Manchester, buy a reasonably priced property, and enjoy a better quality of work/life balance.
No one is going to build you a house in central London I’m afraid.
Plenty going on outside of the capital nowadays.
@@BraveCounsel I would love to! But I'd need to save around at least £5k (i'm helping my parents pay rent too)
@@JohnSmith-fd4ls sod off you’re not a serious person
No landlord should stay in the market. Most seem to think they're altruistically doing renters a favour when, in reality, they're exploiting those who are yet to get on the property ladder.
I work a very hard job as a carer doing 12hr night-shifts... single guy 45 yrs old.. no family... no savings... i have to pay about 38% of my monthly wage on my rent. Sometimes I feel like 'What's the point'. Luckily I have a decent landlord, but... i have no security because at any time he could choose to sell up and give me a month's notice to find somewhere else. It's always a worry!
The selling off of council houses was a TOTAL disgrace. Those houses belonged to the British people. This is the result.
They were bought by British people, most of 'em people who had paid for the house they were living in many times over.
Didn't someone recently try and take to court using the ability to pay rent as proof he could take out a mortgage . As that wasn't a criteria the banks were allowing ?
My challenge to you is finding out how many of the ex council houses are now owned by tory MP's and therefore being in receipt of more public money going into their hands as private landlords.
Prob have more luck with their friends and family...... see ppe
Of course that’s what is going on. The whole paradigm of the state paying out an eye watering 30 billion (up from 12 in the mid 2010s) to private landlords is completely against the Tory ethos and you would think that would be the first thing they would tackle by implementing social housing that help to pay for itself after a number of years……unless of course they are making money themselves from this gross transfer of wealth from the public purse to private landlords
why don’t we just all become landlords? surely that would help. i mean, what else do you want us to do? build more houses?!
No! You couldn't possibly build more housing. How dare you aspire for a greater quality of life!
Ah yes the ol’ “if you’re homeless, just buy a house” maxim.
I was witness to a relative wanting to rent a property for a very reasonable price and the agent insisting on renting at a much higher price.
I live on a council estate house next door is privately owned, has 8 students paying £600 per month each so their monthly rent on 3 bedroom x council house is£4800 my rent is £600 per month!
Person who owns this house owns many other houses just on this estate.
Right to buy is responsible for that,these houses have ended up not belonging to family’s but exploiters!
Your completely right that how housing benefit works.
Nobody who can afford to buy would pay rent.
Can't be said enough, there is no reason at all to think the Labour Party as it is currently run will do anything at all to address these devastating systemic problems.
Why they probably already have a plan if I were opposition leader the shadow bench would be working on plans that could be implemented immediately I took power?
Financially the economy is in such a mess that all that can be done with it is to reverse the worst of Brexit but you can do a hell of a lot with planning laws and stop property companies land banking. You don't always need money to make a difference but it helps
@@SlowhandGreg You've had to concede yourself here that Labour won't make any serious investments, they've been pretty clear that's already off the table. They'll just tinker around the edges and slow down the rate of decline.
How do you know for sure? What all Starmer or any others in Labour plan to do hasn't fully been vetted and shared with general public. For all we know, they may have a brilliant plan and don't need to share it yet. Damn Tories may claim it and say it was originally their idea.
Labour have already said that housing is NOT a business activity, it is a human right to have 'free' accommodation. Meanwhile according to human needs after food the next level is shelter which IS the motivation for most people to be productive and pay for whatever and wherever they can afford.
Most LL have interest only mortgages and at best if everything works in their favour and they work for free they are fortunate to have a budgeted 1% towards capital costs.
All tenants have realised that there are no commercial businesses 'offering' rental properties as there is no profit.
@@kbtred51 Labour have also ruled out any major spending to fix any of the huge systemic collapses we are seeing across every public service. Even the best their supporters can manage in their defense is "how do you know they're not secretly planning something amazing?"
Second homes on the Isle of Wight described as " bolt holes" were going for 600 k in lockdown. We have one of the lowest wage average in the country. No council housing at all as it was all transferred to HAs . 65 people applying for each home. Second homes are a scourge here. But as they say, you can't eat the scenery. I don't trust Starmer to be bothered when he gets in.
In my town, Airbnb is a big problem too, ever since it became trendy to arty (and, ironically, very right-on, "leftwing") londoners for their second homes.
the landlord argument is basically "im allowed to so it's correct" and then they just add waffle on top because that sounds bad
Housing should be treated as a human right. We need to abolish Landlordism and build more Social Housing.
Landlords subsidising renters since when? Since 6 months ago? What about the decades of profiteering, that came first - answer that question. Why should they subsidise. The answer is, because they can afford to!
I am a landlord and I cant afford to do that. Not all landlords have a portfolio, many are one time landlords with a property they are using as a pension pot
End buy to let mortgages
Double council tax for second homes
Build more social housing
Agreed, would make a wave and turn the tide almost instantly. I’d take it further and keep doubling council tax for every property after the 2nd lol.
Reduce maximum mortgage to income ratios down to 3X annual earnings.
And councils ramp up a buy back programme.
Another thing not mentioned is restrictive planning regs. Where are all the strawbale houses with rainwater collection, on site power generation and composting toilets? Housing can be comfortable sustainable and cheap, but that doesn't suit... the banks! Sorry to spam your comments Owen, but you need to go a bit deeper on the disease behind the symptoms.
You can't just dump on all landlords though, I've never inherited anything, but brought my first house cheep and, after living in it for 10 years, had a fair bit of equity. So as its so hard to get any fair investment I brought a rental, then another. I don't take the piss with rent but still had to take the hit with a bad Tennant last year. I work full time and subsidise my mortgage with rental income that I had to find 40% deposit for. Is it so wrong to make some money on an investment?
That’s fair enough but don’t dress it up as if you are doing anyone especially tenants any favours you are in the search for profits and speculative future gains. It happens to be in the sector of a basic requirement for human beings to thrive.
Zero sympathy for any landlords.
Everything is a basic requirement for human beings from water,food,clothes etc...
Hi Owen if you want to be absolutely disgusted at the attitudes of selfish landlords, head on over to the forum at openrent - it's full of gold. Having said that - One of the biggest issues with housing is that for people on UC - utterly broken. And it really is the system that is broken, even potentially well-meaning private landlords perceive taking on a lot of risk taking on someone on UC, so they avoid it due to horror stories. Like said, the obvious solution is to buy and build social housing and abolish right to buy, this will lower rents, or at least raise standards as there will be less desperate people on UC willing to put up with disgusting conditions to avoid becoming homeless.
To run against the mold slightly, playing devils advocate - many people argue that we should build cheap housing. But really, it's building ANY housing, if you build 100,000 expensive homes, then 100,000 cheaper homes become available. Arguably building not the cheapest raises the living standards across the board. We need more houses, any type imo, and councils need to own and keep houses for people on UC.
It’s not stupid, it’s deliberate.
Maybe a cut to immigration would reduce demand and enable house builders to catch up a bit
Oh dear, its the rubber boat peoples fault again isn't it?
@@jean-lucpicard5510 That is a tiny % of overall immigration and it is not the immigrants fault it is the fault of the political class that sees immigration as a way to prop up the rediculous pyramid scheme they have constructed.
The only way I can see to push landlords out of the property market and allow more first time buyers in, is to restrict rent so much its not economically viable for those who simply rely on the passive income and allow the landlords to sell the property back to the council who could potentially then offer a payment plan for the current tenants to eventually buy the property (with growing part ownership as they pay) or continue as council tenants, continuing the cycle of money into the economy.
You mean like a Ponzi scheme?
They already had this. It was part buy, part rent. The idea was that over time a tenant would buy the home in increments 25% at a time. The drawback was that the rent portion became so high that it was virtually impossible to buy the home. Some housing associations would only allow tenants to buy up to a maximum of 50% and made a tidy profit from the remainder paid in rent. Another drawback was if you bought a percentage of the property you had to sell it back to the housing association (usually for less than you paid originally). It was one of the biggest cons going.
@@samanthahardy9903 That’s why I said rent restrictions would be needed.
I’m very aware of the failure of part buy because I almost got into one but realised how unviable it is
MORTGAGE!! Made up from two French words. First "Mort" which means DEATH. Second "GAGE" which is GRIP. SO Mortgage is a DEATHGRIP. And landlords and estate agents tell you to get one. The continent does it differently, and no matter what you think of Brexshite, the continent does it better.
We need Georgism/LVT to sort this.
During the crash they should have just given every adult the house they lived in or part thereof and had a massive reset.
who is 'they' with this 'gift'.
Go live in N. Korea.
Also, business rentals... I've just been priced out of existence through sheer greed. 😢
I would have liked to see the whole interview as I think a lot of stuff has been left out.
Wait I could have just bought a house? Oh, silly me.
When he says that landlords pay off their mortgage that is rare with 3 or 4% yeilds and the amount beyond the interest even in a business being taxed the rents usually only cover the interest payments not paying off the capital and most of these mortgages are interest only so they are merely making an inflationary play but that is all btls of flats on Hackney won't be paying a 25 year repayment mortgage after the tax on the rent that is for sure!
I own a house that I rent out to a key worker and family and completely agree with the discussion. We bought it specifically for the now sister-in-law to rent and she claimed housing benefit. It remains an asset but the increasing interest only mortgage will need paying off in 8 years.I pay tax on that rent and will pay Capital Gains when I sell it. I had to put the rent up recently to reflect the mortgage increase but found that the letting agent wanted to make a juicy commission through changing the contract!
I'm sorry? You put the rent up during a cost of living crisis for a key worker probably making far less than the average UK salary? Why should they be expected to pay off your mortgage? Reckon you're still making a profit on it though right? Utterly despicable.
@@CheeseyMilkshakes No.I''m not making a profit although I am making an income to maintain the place and keep it from damp and mould and safe. Please get some perspective. We bought that house in 2006 for my sister in law and neice who were going through a hard time. Didn't even need a deposit back then but that isn't my fault and the Council paid her rent. It's an interest only mortgage that I have to pay off in full, so no - I am not making a proffit. I owe the bank £147k
Right to buy was a great idea, implemented very badly. If the money were reinvested into more social housing stock it would have certainly reduced the situation we're in now.
The 'money' was taken and used for other purposes like getting re-elected. Something being forgotten is that they were disposed of because they were a large drain on public expenditure to try and maintain with huge vandalism and abuse.
@@kbtred51 that was certainly one of the reasons given, and to some extent it was true (especially in certain areas) but it didn't take in to account the socioeconomic causes or the lack of investment to that exacerbated it.
(I'm by no means defending shitty tenants or their behaviour).
There’s this thing called a DEPOSIT 🤦🏻♀️ which you can’t save for when you have nothing to save at the end of each month.
I think the issue is those charging 1500 for a 4 bed house then putting it up every six months
This is giving if your homeless just buy a house energy
I also remember that in the 80s in London there was an abundance of squats. It was easy to live and work in London and pay no rent at all.
Those were areas purchased by the government often for abandoned investments and previous civil or defence use.
Does this argument of not needing monthly profit apply in any other business ? Do you tell a gas station owner that they dont need to make monthly profit selling the fuel because the business is paying for the gas station mortgage and in the long run they will own a valuable property ? Or the farmers that they dont need to make profit on the produce theg sell because .. long term .. they will own the land ?
Solution for most of our problems: PUBLIC BANKS, you're welcome.
Land value tax will fix this.
rent controls are needed based on average earnings on a regional basis. Stop giving tax breaks to 2nd home owners, they should not be able to claim maintenance costs / improvements back.
Land value tax is the best policy for fixing the land/housing market.
Rent should be caped at the price of the landlords mortgage
My local council (Clackmannanshire) are buying back ex council properties.
If a landlord is making that much of a “loss” , what is he doing in today’s market ….he must have an enormous mortgage and therefore own an expensive asset that has increased in value every year !
Will they touch on "Built to Rent" scheme too?
Now called 'shared ownership' which is really 90-95% 'renting'.
@@kbtred51 Which is the point. When the market is dominated by these developers that build/own flats with the intent to rent, what will people be able to buy?
Yeah I can't even afford to pay rent let alone quality for a mortgage I have to stay with my parents at 39 and have difficulty getting back to work as I have Aspergers syndrome which doesn't do me any favours in finding work and I am currently waiting for a diagnosis for my collapses I have a subdermal implant called a loop recorder so I am having difficulties until the doctors can come up with a treatment for me.
The long and short of it all is there are to many people and not enough property to go round.
Build more houses and look to slow immigration. With nett migration of nearly 1.2 million over the last two years, how will things get better.
Most landlords will not own their properties after 25 years , they will in large be paying interest only mortgages as the rental income for many could not support a repayment mortgage.
Let’s also remember who the biggest beneficiary of buy to lett is.
It is the taxpayer HMRC.
All rental income is taxed , every BTL that is sold is subject to CGT.
All the agents are taxed , vat. Gas certificates , EPCs etc etc.
we need more houses for the population this will bring prices down for both renters and buyers.
If there were no BTL properties we would still be short of houses.
We need a better supply to satisfy demand for all.
Why don't landlords just pay the mortgage and let tenants live in their property rent free since they'll own this asset after 20 or so years? I'm being sarcastic by the way.
My last two tenants earned more than me
Stop going to Costa!!
Maybe someone should incentivize landlords to sell their properties.
Someone is the government that's why there is less available
OH BTW THOSE ON UC CAN GET THE RENT PAID DIRECT TO LANDLORD
State subsidised exploitation
Oh by the way back at you....Market rate for one bed flat in my borough, £1250 per month. Amount my council are prepare to pay - £650.
would love to buy a house but you'de be suppressed how many wont lend minimum wage zero hour contract worker money to buy a house .
Renting in the UK now feels like serfdom.
It’s like that everywhere
Capitalism at its worst, or as they would see it, at its best!
Lots of this nonsense would be simple to fix.
Eg, BANNING viewing fees dor properties!
Another thing not mentioned is the complete absence of sound money. When you have sound money you can save and that was always the way the lower classes got a foot on the property ladder. What are you going to make a thirty-year saving in today GBP? Don't make me laugh.
Interesting video
"Wealthy Landlords" - Let's remember the vast majority of landlords own 1 home. It's usually the like of trade workers who have used it for a pension pot.
Profiteers
ooooh I could buy a house loool
Investment (buy to let in this case) has risk 🤷♂️
So you want a house in the area of your choosing or the taxpayer has to stump up to meet your wish..
So you want to rent out a house at such an unaffordable rate for the majority of people in full time work, that the tax payer is expected to subsidise your business?
@@zivkovicable The landlord should pay tax like everyone else. Who do you think is going to pay for the new dwellings you want built?
@@stevebbuk I believe in tax, but not for subsidising landlords. A 50% top rate tax for the highest earning 10% . & it should go towards building social housing rather than lining the pockets of leeches.
I know people working class who might move in with their partners and therefore happy to rent one of their houses to someone and get the mortgage paid on that house and to me there just as bad and greedy as the rackman landlords sometimes the working class make me sick.
@Essiggurke In London, they could get a large cardboard box, say one that a military tank had been wrapped in spray it with a waterproof material and then put it up for sale the recipient of this cardboard box could then rent it out to all the desperate people fighting the rat race there,they then could get a bigger cardboard box say one that was wrapped round a extra large tank,and rent that out,soon this entrepreneur,could have loads of cardboard boxes being rented out,then he could make a giant house out of polystyrene and get even more rent,he would soon have an empire of cardboard boxes and polystyrene boxes and be a multi millionaire would it cure the housing problem probably not but it would make him loads of dosh that's all that matters does it not.
What’s wrong with Owen Jones’ voice?
Planet passive cash?
So this landlord is saying he is losing money unless he passes on this cost to the renter. This is not a viable business. So if he thinks a renter can just go and get a mortgage and buy a house surely he can get a proper job and not fail at being a businessman
Immoral..predatious and has been added to the GDP!
Why shouldnt he expect to make some profit out of it, running a house is a nitemare, you have to deal with all sorts of random people and their expectations, tennats falling out and not mixing, tennants just uping and leaving not paying months of rent and what they cant get themselves a giant bag of cocaine with your deposit, stop whinging fs.
If you insist on living in London and are not willing to consider living anywhere else then you won’t be able to afford a house.
You can buy houses in Middlesbrough for 50k even today as I have done.
Still got a job, still working.
@Cullan Wiltshire Of course not, but equally not everyone can live in central London without prices rising either.
You shouldn't have to be rich just to afford to live in your own town. Also not everyone wants to live in Middlesbrough. No offense
Brave don’t talk nonsense the reason people work in London is because that is where most of the jobs are . North East and North West of England no work
@@miakeogh6844 Plenty of work outside London if you look for it.
We even have colour television and dial up internet these days.
@Lilith .J Very snobbish response to a real world solution.
I’ll laugh when black rock takes properties from these land lords😂😂😂😂😂 who wins now?
The average house deposit in London is not £200k, maybe Michael is referring to the average house price?
lol Big Time, Twins!. rotfl :D
Please - are you getting in bed with Walker!!! Don't!!! He is unpleasant and who knows what else. He's just looking out for himself - NOT us!
What?
What gave you that impression?
Your theories mean nothing!
Inheritance. ha blooody ha. I am 65 not there yet