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@Stan-Elfrink
10 ай бұрын
Here in Cumbria it has been the case for several months that properties come on the market & within a month are reduced by 10%-20%. This is not fantasy it shows up on Zoopla etc.. & yet we keep hearing that the housing market is doing ok. A buy-to let-property nearby is priced at about 65% less than an equivalent non-tenanted freehold property & it has been on the market 7 months. B2L is dying.
@slinkymalinki1001
Жыл бұрын
I have rented three properties for a long time at low rents Current tenants have been there over twelve years and I have never put their rents up. Like the lady on here my rents are way lower than the going rate. I am elderly and have tried to make things easier for young tenants. but now with the new EPC rules I will have to sell or dramatically raise the rents. I can't afford the changes. I might add that my properties are the older type terraced houses and currently have D ratings. The profits on my houses has always been minimal due to my social conscience, and now the new legislation feels like a slap in the face.
@PB111627
Жыл бұрын
It is! In Ireland they brought in Rent Pressure Zones and essentially your low rents are frozen and you will be punished going forward. My advice Ditch your social conscience bring your rents up to market levels ASAP. If your social conscience does not permit this scenario then sell up!
@nauxsi
Жыл бұрын
That's the bit that never shows up in the analysis. If landlords were so bad, people would be moving more often. They're not.... because they're paying less than what's on the agents windows. The only issue you will face is when you need to put rents up or give them notice as they will be in for a shock.
@PB111627
Жыл бұрын
It feels like a slap in the face because it is a slap in the face. This world and the political slievieens that run it are appalling people!
@cestparti7577
Ай бұрын
More like you and the regulations would not be needed.
@njtalbot
Жыл бұрын
Why is this conversation concentrating on bad landlords? Most of the landlords pulling out are good landlords.
@MoveiQ
Жыл бұрын
Apologies we didn't think we were - we concur most landlords are good landlords.
@propertytribes
Жыл бұрын
It's the rogue landlords who are bringing our sector into disrepute and creating the anti-BTL anti-landlord rhetoric in the MSM as well as providing ammunition to the likes of Shelter to lobby the government. The government then bring in more legislation to regulate landlords which good landlords adhere to, but rogues don't, and there is not enough enforcement to make sure they do. Therefore rogue landlords blight our sector on many levels and need to be dealt with and expunged from it.
@ashleydavis5557
Жыл бұрын
I don’t think that’s true it’s always been a landlords world not nice people x
@davidowen2859
Жыл бұрын
@@ashleydavis5557 Explain
@ashleydavis5557
Жыл бұрын
@@davidowen2859 sorry typos in here are ridiculous! I’ve been a private tenant for over 2 decades it’s been a landlords world for too long x so they have to make improvements? That’s why they are getting flustered , it’s been a landlords world too long x they can complain all they want no one is going to evict them! X
@Aziz__0
Жыл бұрын
I started stacking to SAVE wealth. I've always been the type of person to spend my entire paycheck. I hate having money just sit in the bank. I am under pressure to grow my reserve of $950k. before I turn 60, I would appreciate any advice on potential investments.
@devereauxjnr
Жыл бұрын
I can feel your pains. New guys need to realize the risks that come with all of this. You could lose it all and you could win it all. It goes both ways. Second, what works for A may not necessarily work for B and you should not be a bandwagon investor. A good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge.
@MrGravity304
Жыл бұрын
@@devereauxjnr Factos!! Since the market became extremely volatile and pressure increased (I should be retiring in 17 months), I took the decision to work closely with a financial advisor. It has already been 9 months and counting, and I have made approximately 600K net from all of my holdings.
@freedomisEexpensive-08
Жыл бұрын
@@MrGravity304 That's impressive, my portfolio have been tanking all year, tried learning new strategies to gain in the current market but all of that flew right over head, please would you mind recommending the Adviser you're using.
@MrGravity304
Жыл бұрын
@@freedomisEexpensive-08 My advisor is the quite famous NICOLE DESIREE SIMON She has been making a fortune online worth millions of dollars in digital assets for a select few for years. Lately, these types of services have appeared that allow you to copy the results of the experts. She demonstrates how to copy it automatically using that system.
@freedomisEexpensive-08
Жыл бұрын
@@MrGravity304 Thanks for the info, i found her website and sent a message hopefully she replies soon.
@johndeanconway7931
7 ай бұрын
I have 8 months saved up for bills and an emergency fund set aside for repairs. I did just buy a house and was able to get it for 8%. It was on the higher end of my budget but I have a few extra hundred to put away each month for repairs. The home is turnkey but I know expenses will come down the road which I'll be prepared for. Hypothetically speaking, given the worst case scenario and layoffs start happening; can my emergency fund be in good use to invest and linked to our mortgage to increase interest overtime? rather than defaulting on mortgage Is that a feasible way to pivot?
@johndeanconway7931
7 ай бұрын
Nice Aaron, online It appears margaret is well established in the financial field. Would her advisory give access to more interest to offset my mortgage overtime?
@mondimlotshwa3958
7 ай бұрын
that's the only way to become debt free. I've already paid off two previous mortgages. Now I'm working on my third and I cannot wait since it has to happen before retirement in four years
@NFVPlantation
Жыл бұрын
From my experience of being a landlord it is the good compliant landlords that are selling up, including myself (for all the reasons mentioned). All the non-compliant landlords I know are carrying on as usual as if nothing has changed. The governments big stick approach is just not getting to the root of the problem.
@MoveiQ
Жыл бұрын
We are hearing this a lot
@musicplacenz
Жыл бұрын
Totally agree with you. I am absolutely on top of my properties and keep all like new but I’m let down by government and now rent smart wales as they are tying me up in legislation and costs and charges. Just greed. I have to pay because I’m honest while others just don’t get involved. Wish I hadn’t been so honest now
@45graham45
Жыл бұрын
Same. I'm sick of all the Landlord bashing.
@saml7449
Жыл бұрын
Seems many complaint for bad Maintenace house is social housing. The government did not do it good.
@musicplacenz
Жыл бұрын
@@saml7449 yes absolutely true but they don’t have to keep to their own rules, that’s only for private landlords
@glamhausslevin4940
Жыл бұрын
Great video, and agree with all except the lady saying Landlords should use a Letting Agent. Presume she has skin in that game? I have let my properties for over 30 years and have never used an agent. They are inexperienced, clueless kids who just want the fees and the cut from the tradespeople they use to do repairs. Who is the tenant going to call in an emergency after office hours? Me! As for an agent being more vigilant about the quality of tenant they would choose for me? Not a chance! They would put in anyone just to get their fees. I will interview and choose my own tenants, thank you! And I will choose my own tradespeople to do any necessary repairs. As for dealing with tenant related issues & legislation being all too complex for us - if I am smart enough to own 5 flats, I think I can figure out the rules about my chosen career!!
@portiagriffey4403
Жыл бұрын
I've been an accidental landlord since 2010. I would hate it if I were forced to use a letting agency, having only had bad experiences with letting agencies. Hopefully I'm a good landlord and offer a reasonable rent - home for a local family.
@stevo728822
Жыл бұрын
I went travelling for a year and half so I had to use a letting agent. They were ok.
@allanhutton1123
Жыл бұрын
It's not about them be helpful. It's whether is value for money. Remember you carry all the risk, the agent makes all the profit. Makes little sense.
@nauxsi
Жыл бұрын
@@allanhutton1123 Same with anything else. Your accountant can advise and do your accounts, but you are liable.
@45graham45
Жыл бұрын
@@nauxsi Which is why I do my own accounts too. In the past I had to tell my accountant at the time what the rules were, so since then I just do it myself.
@lindenbutters9396
Жыл бұрын
I employ a letting agent because of tenants who were dreadful.
@handssosoft
Жыл бұрын
Excellent, enjoyable, and well-moderated debate. The tax issue was raised but what is never really mentioned is that Section 24 changed the basis to landlords being taxed on revenue, not profit. This fundamentally alters the financial dynamics - what is left in a landlord’s pocket POST tax, coupled with interest rates rising, is pitiful. It can literally be losing money, very likely so for landlords on SVR and with 60% gearing (or anyone coming off a fixed rate), even if the nett yield looks like it’s (just) above water. Government strategy needs to encompass both tax change and energy investment grants, otherwise continued exit is inevitable
@pataleno
Жыл бұрын
Section24 is the worst legislation ever and the main cause of people exiting the industry IMO. Even Ireland reversed it when they realised it was a disaster. George Osbourne to blame.
@nauxsi
Жыл бұрын
@@pataleno They know what they are doing. They want Blackrock and co running all of it with MPs getting £10k from them for their elections.
@gladitsnotme
Жыл бұрын
Good, during a housing crisis like the one we're in now, landlording should be disincentivized.
@knowitall3503
2 ай бұрын
@@gladitsnotme When prs is virtually non existent in the coming future, go down to the local council and rent a property from them, if they have any, good luck with that one.
@knowitall3503
29 күн бұрын
@@gladitsnotme when prs Is finally extinct via government policy (new or old) then join the que for a council property. Heads up, they don't have any available.
@simonw1421
Жыл бұрын
I am a landlord and I try to address everything and create / deliver accommodation where I would want to live. Often we see being discussed how landlords should be managed and regulated. Should there be something equal for tenants where there is a database for good tenants? I have on occasion had tenants who don’t pay or create trouble. Referencing is challenging as someone with a bad tenant can be just keen to get rid of them and so it can be challenging to trust a reference. Would love to hear peoples thoughts on this?
@Kirkee7
Жыл бұрын
I am not a Landlord or a tenant but I agree with you wholeheartedly, however that would not in reality be a simple task i.e. what 's the criteria for a bad tenant? Personally I think signing a fixed agreement for term of tenancy and its rules should stand without Parliamentary legislation.
@Kitty-lj7eg
Жыл бұрын
Totally agreed. There are some bad tenants causing damages to the property and the government is only putting pressure on landlords but not tenants. This is unfair.
@saml7449
Жыл бұрын
The government just want to get the voting from tenant, they are the majority. It is really unfair legislation in freedom world. All the repair cost is higher and higher, also EPC requirement. Or maybe, the government just want all individual landlord to sell the properties at lower price to institutional landlord. Or maybe government buy all the houses for private rental market. It can resolve all issue and ban any private landlord.
@morpheus9137
Жыл бұрын
Referencing is useless, they have ways of generating a positive reference.
@yvonfem
Жыл бұрын
Having been a portfolio landlord for many years i have found no matter how nice youre property is when you let it the tennant will always bring it down to there level .never in 30 years have i seen a tennant improve my properties. Whatever happens its never there fault and 100% of them lie
@45graham45
Жыл бұрын
We're not selling because of the number of regulations, we're selling because of what the regulations mean. Lack of control over our own properties due to up coming regs is the nail in the coffin for many. "Fairer rented sector" lol.
@francesboyce3221
Жыл бұрын
I rented my house and went abroad for 2 years. I used a well known letting agent. I came back to a house full of damp in the bedrooms and bath room. I was offered a measly £500 as compensation. I could not fight it as I needed to get back in. To add insult to injury they made the tenancy go through the eviction process I had only signed a 2 year contract so it went over by 6 months. Causing great inconvenience to my family. To add insult to injury I had to spend about 4K initially to bring house up to the standard they required at the start of tenancy.
@nfergistink110
Жыл бұрын
Agents are thieves x
@lynclarke6184
9 ай бұрын
Shocking but I did a private let and came back after 2 years to a wrecked house. It’s heartbreaking but at least I didn’t pay an Agent.
@knowitall3503
3 ай бұрын
I'm staggered there seems no accountability for tenants leaving houses in a bad state. Try returning a hire car in a shitty state and walking away from that.
@liszaf3976
Жыл бұрын
Hi Phil, thanks for great content! Please do a video on problems with HMO licences, especially additional licences that have been put in place, in places like Nottingham! My son and 2 friends, that are all saving for their first property, can not rent a house because of this! And a friends son had similar problems in London!! They are now forced to go into an HMO where they are now having to pay a lot more and having to share with people they don't know!! Did councils not understand what they were doing with this additional license scheme, they are not protecting anyone they have just increased rents for young people! I'm a Landlord so I understand regulations need to be there for maybe 5 or more renters but three is just a step to far, especially as this is a smaller number than the average family!
@MoveiQ
Жыл бұрын
Thanks for the suggestion we'll be sure to cover it at some point.
@robertsmuggles6871
Жыл бұрын
2 yrs ago I inherited some money. 20 years ago I may have been persuaded to buy an investment property as a prudent retirement investment. But today, Landlords are so demonised and vilified by the press. The weight of the law & the tax regime is now also heavily loaded against Landlords. Today, I would not want to be thought of as a "Landlord". The money will just sit earning 4% interest when it could provide accommodation for someone. This is the world our so-called politicians & so-called journalists have created for us. UK letting agents are probably best placed to regulate the sector but most are crooked & dishonest and would laugh at any attempt at reform, they give landlords a terrible name.
@khaankhaan2714
Жыл бұрын
I totally agreed with you to regulate the agent more than the landlord because the agent knows that the council go against the landlord rather the agent.if the council go on agent than the agent will rent the property with more responsible way .I let my property to the agent on the guaranteed rent and he rent the property on room by room without telling me ,only I realised when i received the letter from local authorities that I should apply for hmo .
@ashleydavis5557
Жыл бұрын
They demonise themselves! X
@propertytribes
Жыл бұрын
Are you sure the agent was compliant? It sounds that you were the victim of a rogue Rent to Renter to me.
@lindenbutters9396
Жыл бұрын
All this sympathy for lazy and filthy tenants is ridiculous! The landlords are not helped at all and often need financial help. Rogue tenants are evident everywhere as indicated by the weeds seen in gardens and filth encrusted windows. Landlords are not to blame. There is an excuse for poverty but it costs very little to keep a place clean and tidy! It costs too much to restore a rented property after tenants have trashed it! The embittered rhetoric of the deluded does not provide roofs over heads and does not give landlords incentives.
@robertbiegala9958
Жыл бұрын
Last 2 years the property prices in most UK areas just shot up high. It was just after big government spending due to known issues in the world. With the right knowledge it's good time to invest in property.
@dm7325
Жыл бұрын
Be nice if as well as having a list of bad landlords we had a list of bad tenants!!
@youtubeman5033
Жыл бұрын
As a landlord I do this as a job now and all these problems are just occupational hazards, I get my hands dirty and get on with it, I have no intention of selling any of my houses I have good tenants and I do my best to look after them. Treat people good and they will stay. help them out if there is any problems, the interest rate is the problem
@1414141x
Жыл бұрын
Lovely, you are an angel.
@dennishaggerty463
Жыл бұрын
Agree entirely, I am in the same position as you. The greatest dilemma however is having to remortgage, one fix is about to expire. I rent these properties as a business, I am not a charity and I cannot afford to be a charity. If the asset is falling in value and my margin after deductions and much higher mortgage costs disappears, as much as I like to support my tenants, the house will have to go. I will feel terrible about this, however I also know my tenant could never meet the rent increase necessary for me to keep the property in the private rental sector.
@JohnSmith-bb1cl
5 ай бұрын
The vast majority of landlords do treat their tennants well, there are a few that dont but its in the media interest to portray them as bad landlords, its also in the government interest to keep that view because they want rid of private landlords. What nobody can work out is that if there are fewer and fewer houses to let then where do these people go
@ANTSEL
Жыл бұрын
Great discussion. I spent 13 years working in social housing and since 2020, my wife & I have also become a landlords. I found many of the points discussed in this conversation quite valuable. This year, we were seriously considering selling both of our tenanted properties. However, after having discussions with both tenants, who interestingly are single parents with two children each and facing similar situations, we made the decision to extend their leases for another 2 years. Our primary reason for doing so was to allow their children to complete their current schooling without any disruptions. Unfortunately, this decision has come at a cost for us. In Rental 1, we are now facing a loss of £460 per month due to the need to renew the mortgage at a higher interest rate of 4.97% (compared to the previous rate of 1.63%). As for Rental 2, we are absorbing an additional £360 per month, as the interest rate increased from 1.79% to 3.5%. Essentially, Rental 2 only breaks even before taxes, in terms of cash flow. The only thing that somewhat eases the situation for us is the generous US tax system, which allows us to offset approximately 80% of our rental revenue through various deductions. If we were still in the UK, it would have been impossible for us to continue as landlords. In that case, we would have had to sell both properties in order to sustain ourselves financially. We stay compliant with all regulations and respond to all issues reported by our tenants regardless of cost or effort. The notion that landlords are greedy or make money effortlessly is a difficult one to accept. We didn't receive any cash injection; we had to put ourselves in a financially stable position to afford to purchase and maintain these homes. We take pride in being able to provide decent homes for people through renting. We have been incredibly fortunate to have great tenants who understand this and have looked into the costs of buying homes themselves, so they don't hold that view. I also believe that people often fail to appreciate what they don't understand. In order to be in a position where it may seem like "doing nothing and making money," a significant amount of work had to be done in the first place to achieve that and to navigate the continual ups and downs. It's akin to the classic metaphor of success being an iceberg, where only a small portion is visible while the majority lies beneath the surface.
@willboa5365
Жыл бұрын
Youre bang on the mark ... US prob a bit better with taxing the landlord than here in UK ...
@allanhutton1123
Жыл бұрын
100% spot on. The UK is becoming impossible to be a landlord.
@gladitsnotme
Жыл бұрын
This is why the UK has better homelessness numbers than the USA. In the USA, landlords have the power. A single parent can never own a home. It's disgusting and thankfully the UK isn't quite as bad yet, with single mothers filling the streets, sleeping under highway bridges.
@dancullen177
Жыл бұрын
Soon we’re going to have a similar rental property shortage crisis to what’s going on in Ireland. Years ago the Irish government implemented similar policies upon their private rental sector to what the English government are doing now and at one point last year there was only 700 properties available for rent in the entire country of Ireland, England is unfortunately hurtling full throttle in that same direction. People can bash landlords all they want but the sector is 100% the target of over legislation and that’s a fact, and when the small land lords leave the sector and corporate landlords replace them people will be begging for the small landlords to return.
@MoveiQ
Жыл бұрын
Thanks for sharing this
@hpatel5714
Жыл бұрын
Saddest bit is, all of this changes will just increase the rent.
@YouAreJel
Жыл бұрын
Laws that penalise owning multiple properties encouraging landlords to sell will drive down house prices. Allowing more people to own their own homes which means more people will benefit from building their wealth through equity in their home rather than simply contributing to their landlords wealth. Of course it would be better if the government simply built more houses in the arrears people want to live in rather than push landlords to sell their properties.
@user-gz6tx6yp3v
Жыл бұрын
The problem with your comment is, the assumption that people who rent are all aspiring home owners. You'll find that most people who rent do it out of choice, not because they cannot afford to buy. I have tenants who for example don't believe in home ownership, they have done their numbers and decided having someone else maintain a property for them and the freedom to move allows them to invest into their index funds. One of my tenants is a millionaire and their dividends pay their rent many times over. They are happy renting. I used to rent for years in the city as I moved around with work, I didn't want to be tied down. Lots of people are like this which is why a strong private rental sector offering homes of a better standard than say social housing is so important. At the moment the measures so far have driven rents up and/or driven landlords from the market reducing the supply. It is a real problem for tenants, I would say more so than landlords. I'm either scaling back residential into commercial, or turning to nightly rents to contractors so that's multiple quality properties leaving the market that professionals want to rent. How do you feel this is going to play out?
@zippy_uk1046
Жыл бұрын
Forcing people to buy will force up demand so that nets out to nothing. ALSO there are more households being formed than houses being built - and thats WITHOUT the burden of excess immigration. What will happen is the rental market will freeze and this will hurt the economy as jobs are mobile now. This government is STUPID on renting.
@ploutus8368
Жыл бұрын
People shouldn’t aspire to have toe majority of their will in the equity in their home, it doesn’t pay them. This country needs to shift the focus from property to equity in businesses that create jobs and growth!
@user-gz6tx6yp3v
Жыл бұрын
@@ploutus8368 Too risky. Many companies come and go, land and property is always there.
@saml7449
Жыл бұрын
The government like to do something many like to hear, just like Brexit. But at last, just make it worser and worser. I would suggest government to buy all the properties to rent to tenant. No more private landlord. Not just push the individual private landlord to sell the properties at low price to institutional landlord. What a shame!
@easytoassemble54321
Жыл бұрын
As a deposit-saving-renter disgruntled at the current housing situation in the UK, I predicted that an exodus of landlords from the market would actually be fatal to renters, and not the schadenfreude everyone else claimed it would be. UK housebuilding has been woeful and running behind for decades, partially because we became so fixated on property-as-investment, so kept the supply limited to shore up values. I know property-owners don't like to hear this word, but government intervention is really the only answer in getting us back on track. Relying on the market to organically keep everything in check has obviously failed.
@sarahann530
Жыл бұрын
If I am making great money renting a property my next move would be to buy more units which increases supply . Your argument is silly
@easytoassemble54321
Жыл бұрын
@@sarahann530 If you are making "great money", that must mean tenants are being ripped off with rents that are artificially high. Part of what is preventing them from obtaining property themselves. You need to remember you are not entitled to a high-yield investment just because you want one.
@sarahann530
Жыл бұрын
@Luke Capitani Learn how to read English you dopey bollix . If there is money to be made renting property landlords would provide more not less . It is quite obvious why the govt has to provide you with accommodation.
@lewis72
Жыл бұрын
Too many people in this country is the problem. Net migration of 600k in one year is ridiculous.
@sarahann530
Жыл бұрын
@@lewis72 Too many old Brits on pensions and work shy tossers on the dole . You can't even pick your own farm produce .
@edsenglishlearning4228
Жыл бұрын
12:51 - Only if the letting agent knows what they are doing....so many in our area are staffed by people barely out of their teens with almost no common sense. A young office worker couldn't believe I rejected a £1100 quote for new conservatory blinds after one of them got slightly water damaged due to the tenant forgetting to close the window. This was on a £500 a month rental.
@propertytribes
Жыл бұрын
Hi Ed, again it boils down to education as of course there are reputable agents and rogue or poor agents. Landlords need to learn how to do due diligence to find a reputable agent. I have written many threads on Property Tribes to explain how to do that.
@MoveiQ
Жыл бұрын
Agreed, we'd recommend looking for a regulated and qualified letting agent if you're not familiar with the quality of your local letting agent. This article might help www.moveiq.co.uk/advice/renting/best-letting-agents/
@mramg6038
Жыл бұрын
People are quick to assume tenants want to become homeowners. They forget how many are students with no fixed income, foreign people wanting to live in the UK for work/study, or even Brits who travel with work and don’t want to buy/sell whenever they change job. It buys flexibility. Repairs and maintenance isn’t to be sniffed at either. A new slate roof, and stone masonry repairs in a conservation area just cost me & 3 other owners £260,000 (combined). A lot of cheddar!
@martinhammett8121
Жыл бұрын
That's a fair enough point, its why my son is renting. Wasn't sure what he & his girlfriend wanted to do long term, found a lovely house , landlord seemed realy nice when they first started renting (4 years ago) never missed a payment even through covid, year 2 rent went up £75 a month year 3 they had a leak under the bath, before it was fixed the landlord accused them of causing the leak (the waste had come off under the bath) 2 weeks after the repair the landlord put the rent up £100 a month, they questioned another rise so soon the landlord said its going rate for your area if you don't like it leave !
@mramg6038
Жыл бұрын
@@martinhammett8121 The sad fact is rents are rising not to add more profit, but rather to fill the coffers of HMRC. Any “evil landlord” tax is actually a tax on tenants. Clever media campaign.
@knowitall3503
2 ай бұрын
@@martinhammett8121 The landlord sounds like he's the type who gives decent landlords a bad name.
@stevenhull5025
Жыл бұрын
A Warren Buffet quote: When others are fearful be greedy and when others are greedy be fearful.
@R8135003
Жыл бұрын
As an accidental landlord with a house in Trust the returns are less than others might expect. We, like Vanessa have not increased the rent in entering the market. With the current onset of new regulations I feel that we will exit this market as the returns on not worth the worry. Simple maths and a return rate of 4% now available from bank etc makes it harder to believe the worry factor is worth it.
@willboa5365
Жыл бұрын
Youre absolutely right ... BOE will raise rates - height to 5.5% by this autumn and tail off to 4-4.5% end of next year ... but its easier to put money into a 5 year Bond of 5.25% with no worries and with monthly and yearly interests ... you dont have the stress .... The UK govt at the moment is totally out of touch ...
@morpheus9137
Жыл бұрын
Many people dp not realise that the return is 4% in many parts of the country. Any increased costs or regulation at all, basically makes it a losing proposition.
@rogerclarke3291
Жыл бұрын
Brilliant conversation. Great questions Phil. Thanks for posting.
@peterrose7329
Жыл бұрын
Everyone I know who rents out properties , myself included, are selling our rented houses as soon as they become empty due to ever more rules and regulations, no power to evict bad non paying tenants, and high interest rates... within the next 2-3 years there will be no more houses to rent, let the government sort it out, they,re making these rules and raising interest rates. My friend had 7 rented houses, his mortgages will soon be more than the rent he gets, so it,ll cost him money to house non paying tenants...crazy. I had 4 , sold one, another just fine in the market, rest will be sold when current tenants leave.
@MoveiQ
Жыл бұрын
Thanks for sharing
@lilrr1431
Жыл бұрын
This is all part pf the government’s plan of you will own nothing and be happy…big companies and corps will buy from those landlords who are selling their properties (rightly so) due to such ridiculous rules and then those corps and conpanies will rent out those properties on a completely different basis/loophole etc.
@johnfowler4820
Жыл бұрын
People will be on the side of the road in large numbers soon. Hundreds of applications for every property that comes up for rent here in Worcester. UK.
@nauxsi
Жыл бұрын
The govt is trying to crash the market short-term so that blackrock and co buy up everything.
@bogstandardash3751
Жыл бұрын
Mine has a reasonable mortgage for another 3.5 years. The issue is I now need a HMO licence from the local authority to let it out to 3 professionals. I think I'll sell up when the mortgage needs rearranging, there is just no money in it at the current interest rates.
@simonmiddleton2990
Жыл бұрын
I rent and have been in the same house for fifteen years, my landlord has never spent a penny on the property, i even had to replace the joists and floor in my kitchen. I am disabled and the local housing pay my rent which i am very grateful for .Even though i have spent thousands of pounds on the property my landlord put my rent up £100 pounds which i have to find myself every month because it is above the rent allowance ,allot of landlords are most certainly bad but obviously there are good landlors aswell .
@amaqsood1
Жыл бұрын
Rather then a rent cap, gov should be looking at mortgage interest rate cap. Increase in mortgage is one of the main reason in increase in rent.
@jeremyflowers8908
Жыл бұрын
I think all the council houses being sold off has to some extent resulted in a passing the buck on to the private landlord - what if the tenant has caused the mould - i.e. showering without opening windows for ventilation etc. I rented my property out years ago via a letting agent when I worked in the US - and agree they are worth their money. No vandalisation occurred and no horror stories of missed payments due to good vetting.
@DivineLove247
Жыл бұрын
There should be a Government Run Register of Landlords and Tenants, which should include observations of Landlords and Tenants, like the EBay does of its Customers,.....Which would encourage GOOD behavior. The Government should be quick to fine Bad Landlords, but also Evict the Bad Tenants within weeks not months.
@1414141x
Жыл бұрын
Don't be silly. The government has cut and cut the local authorities so who is going to put the register together and then police it ? They would probably put the cost onto the landlords to pay for if it happened !
@morpheus9137
Жыл бұрын
More regulation just makes things worse, never wanted to be on any sort of register.
@davidowen2859
Жыл бұрын
As a landlord I find comments about mould laughable. If the majority of properties are heated and ventilated properly there will be no mould. Tenants hermetically seal our properties leaving no opportunity for air flow and then dry washing on radiators hence mould. As an owner occupier i have no mould but if i saw any i would immediately use bleach to remove even the slightest appearance. Constantly amazes me that we see in media walls covered in mould when at a tiny tiny cost in terms of cleaning agents and minor work this could be stopped in its tracks. Why do they just sit there and watch it grow. Ive on occasion visited tenants properties who have bought after leaving my properties. Guess what, no electrical safety check, no gas safety check and mould everywhere buts thats ok because they own. As a 30 year landlord with some 15 year tenants I've reduced to only 6 properties. Some of my tenants have never had a rent increase. I really like my last 6 tenants but I'm out and cant wait to be fully gone.
@chrisspringett7860
Жыл бұрын
This. I lived in my property in 3 different stints and had no mould issues whatsoever. A tenant was in there for 2 years and turned the place black due to high heating temperatures, drying clothes on radiators and not opening any windows.
@allykhan8594
Жыл бұрын
More mold to come as gas and electricity rise.
@davefish8107
Жыл бұрын
I looked into buying a flat/ house as an rental income about 10 years ago. After lots of talking with landlords and doing the maths I thought that the only way to make any money was not to use a letting agent. So as I didn’t want the Argo didn’t buy anything
@MoveiQ
Жыл бұрын
Thanks for sharing
@Bel_Chymes
Жыл бұрын
I have a couple properties & refuse to line the pockets of a letting agent.
@stevenhull5025
Жыл бұрын
If you did 10 years ago and sold out at the end of 2022 you would have a nice financial nest egg right now.
@Billywoo12
Жыл бұрын
‘Good’ landlords attract and retain good agents, good agents attract good and help to keep good tenants. It’s a virtuous cycle.
@Tonk1e
Жыл бұрын
Agents are leaches
@prestonian1066
Жыл бұрын
That is such BS. Ultimately the agent isn't as interested in acquiring good tenants as the landlord is. The agent gets paid regardless and it's the landlord who suffers the consequences. The only way to level the playing field and help justify the agents fees, would be to make it compulsory for letting agents to carry insurance that covers any damage caused or rent not paid by bad tenants that they have placed. There also needs to be a league table that shows the % of bad tenants that an agent has placed. Likewise a public register of bad tenants and landlords.
@bobgriffin316
Жыл бұрын
@@prestonian1066 No, the agent wants good tenants as much as the landlord. If the tenants stop paying rent the agent gets no commission. He also has to spend a lot of time trying to fix the problem with the tenant. If things go really badly (e.g. tenant damaging the property )then the landlord gets another agent who can do the job properly.
@paulroberts5677
Жыл бұрын
It doesn't really make any difference. I was a good tenant for 15 years. Always paid the rent on time and treated the place like it was my own (it was my home after all). Landlord needed the cash for another project and off I go. He could not see why I was fighting the section 21 with rents above my pension it's all I could do. Six months later my lovely council came good and I have a, lovely, secure council flat.
@stephengreen2626
Жыл бұрын
We paid tax on a loss for last year and that despite raising rents. (Unique tax position only for landlords) we need to put in more money or sell. Given that we can get 4% on a 3 year fix with sale proceeds, we now have listed 5 properties, 1 to sell to tenant, 2 empty and 2 with tenants included. I must sell two. After that I will see what happens.
@stephengreen2626
Жыл бұрын
Update after only one day, two properties under offer with landlords at asking price. I am surprised no interest from first time buyers apart from the third one that the tenant is buying.
@knowitall3503
2 ай бұрын
@@stephengreen2626 There's the proof this policy really doesn't and will never work. So no houses freed from your part to be on the affordable housing market we are told is needed. Small landlords being rubbed out to make way for the big guns, Cerco, John Lewis etc etc. The tenants suffer as well as the btl owner.
@deniselatner1297
Жыл бұрын
I became an accidental landlord last September due to serious illness and the need to move in with my partner following major surgery. I rented my home via a reputable agent and got landed with tenants who left the house filthy and full of mould then had the cheek to say they would sue me unless I allowed them to stay. It has cost me £3000 in repairs and restoration so I have already lost money. They then found me in FB and sent threatening messages which are now with the police. I now have other tenants in on a 6 month tenancy but will sell up after that ends in October. Once the agents take their monthly fees, insurances and other maintenance costs are paid I receive approx 2/3 of the rent they pay. Last month ( their first) I received less than half the rent because of the set up fees from the agents. I never set out to make money just cover my costs but I cannot afford to lose money or the worry as my health has suffered from the stress and anxiety the first tenants caused me. Most of my children rent and I have had many battles on their behalf with rogue landlords and utility companies so I do understand the other perspective but I have been a good landlord and treated appallingly by my tenants. I’m sorry but my house/ former home will no longer be available to rent once this tenancy ends. I would say the rental market will be run solely by large corporations in the future because they are the only entities who can afford to absorb the costs of changing legislation and actions of rogue tenants
@nauxsi
Жыл бұрын
They have special funds to pay govt coffers to look the other way.
@johntbaxter
Жыл бұрын
Arguably a good self managing full time landlord would prefer to choose their own tenants since many agents won’t look after your asset as well as the landlord can. Why force full time landlords to pay for an agent? I agree with Vanessa on many points but I don’t agree this is a solution at all unless this rule only applies to those landlords on the rouge landlord list.
@propertytribes
Жыл бұрын
Thanks for your comment John. It's fine not to agree. It's great that this interview is sparking debate, as that will help tease out the issues and bring clarity to them.
@callumryan8283
Жыл бұрын
Because landlords who don't use an agent either don't know or don't comply with regulation. Agents are more likely to know and comply with regulation.
@johntbaxter
Жыл бұрын
@@callumryan8283 Ive had a house trashed by tenants chosen by agents on three occasions and the agents only collect rent take a cut and pass on the remainder. My own self managed tenants on the other hand have been great so far.
@callumryan8283
Жыл бұрын
@John B but how else can the current public opinion of landlords / renting improve? It's become a huge social issue..
@callumryan8283
Жыл бұрын
@@johntbaxter they are imo, regulations stop smaller companies from competing..
@elliott256
Жыл бұрын
It’s my right to manage my own places, if it’s far away then yes makes sense to pay 8% so it’s looked after but I’m building a local portfolio and won’t pay a % for mandatory management she suggested as it would put me further out of pocket..
@propertytribes
Жыл бұрын
Thank you for your comments. Some of the issues caused by this government are costing you much more than 8% imho! This is an acute crisis and needs an urgent solution to protect both responsible landlords and responsible tenants and to protect responsible landlords from rogue tenants and responsible tenants from rogue landlords. My suggestion was a simple and quick - perhaps even temporary - solution to fix this problem. However, it won't ever happen so don't worry.
@JoeyBlogs007
Жыл бұрын
The problem is there will always be a segment of the market that will never own property due to their circumstances. i.e. lack of funds, lack of employment, socioeconomic and other personal issues etc... Thus landlords are essential to fill that void. Prices wont drop because demand will rise to match supply at price. If you have a growing population, you have to make more houses if you want prices to fall or not increase. Simple as that. Everything else is pssing in the wind.
@mandyinabudhabi
Жыл бұрын
Good debate with interesting points from experts in the markets.
@martinhammett8121
Жыл бұрын
My son complained to the land lord (bath leaking) the land lord accused him of causing the damaged after have it fixed, they put the rent up £100 a month & said thats the going rate for this area like it or leave !
@marykelly9698
Жыл бұрын
This is happening in Ireland too , the council are buying alot of them back to home the people that's on thier housing list
@patpalloon
Жыл бұрын
Her closing remark - "There's plenty of properties out there to buy anyway, but many tenants are preferring to stay in the private rented sector". Such an ignorant statement on so many levels.
@propertytribes
Жыл бұрын
It's not ignorant at all but I apologise unreservedly if it came across as such. Let me clarify. If someone doesn't want to buy a property - for whatever reason - maybe they don't want the responsiblity or they are concerned about rising mortgage costs or rising maintenance costs or they haven't decided yet where to put down roots - where else can they live if not in the private rented sector which is now a form of social housing, as discussed in the video?
@patpalloon
Жыл бұрын
@@propertytribes you make it sound like a lifestyle choice. Many would love to escape the misery of the private rental sector and own their own home but it's now more unaffordable than ever.
@propertytribes
Жыл бұрын
@@patpalloon Well we agree then. "Many but not all" is the case.
@doug2279
Жыл бұрын
Pure home ownership doesn;t work with such an unequal society where the homes can be rented to the poor or second homes to the rich.
@knowitall3503
2 ай бұрын
@@doug2279 Pretty much all of the properties rented out by the landlord I work for are certainly not rented by " the poor" it's the choice of the tenant to rent at their affordable level. Rent or buy it's up to you, poor or not, depending on your definition of 'poor'.
@aceofspades5786
Жыл бұрын
Private rented is here to stay; houses cost 9X average pay, 1.6 million on local authority waiting lists (1.1M 2010), 49% first time buyers enabled by BoMoD (bank mum dad), 30% of young people will own a home by age 50 (cited by Labour 23/4/23). No unpicking this. UK property (£7TRN) is valued more than the combined values of all UK businesses, pension funds and savings.
@mramg6038
Жыл бұрын
It’ll shift private rental sector towards high capital investors. Banks are stepping in already: they don’t need mortgages and can raise capital at the base rate as opposed to mortgage rate. That will ofcourse mean rental increases at RPI+3% like a phone bill. Over time I guarantee it’ll shift money out of the UK to the USA. The big corporates don’t pay tax, which again makes them anti-competitive against small landlords.
@andyaptc2907
Жыл бұрын
I have had good yield and increase on house price over the last 28 years but with the latest bank rate increases my yield is small, I got a rent increase recently (first in5 yrs) but if rates increase by a further 1% (6%) i will be loosing money, I am already on an interest only mortgage.... how to pay repairs and EPC costs on an older house....time to sell.....
@pamelascottAZrealtor
Жыл бұрын
In my line of work, as a Realtor and Apartment Locator in Phoenix, tenants can do nothing about rents rising. Tenants are having to move to a renovated unit (higher priced) or leave at the end of their lease. Gone are the days of appreciating long term renters, especially when new management takes over.
@michaelsmith-bs4zd
Жыл бұрын
Let’s face it. It’s a business, when you make the housing market a commercial enterprise it’s about profit. This has made the housing market disproportional and caused a serious problem for first time buyers and the vulnerable to sustain a good standard of living in the UK housing market. Homes are to be lived in not for profit making, the landlords that have jumped on this business model will face some difficulties with rising interest and falling prices.
@nauxsi
Жыл бұрын
Take away housing market what's left....
@davidowen2859
Жыл бұрын
You can talk all you want about EPC's and funding but until the EPC assessment is upgraded and a uniform standard landlords have not and will not have any confidence in EPCs. I recently had 3 EPC assessors on the same property. I got a low D, a high D and a low C. Complete joke.
@knittys3712
Жыл бұрын
I am renting 1 property, which I am now being forced to sell. I have given the tenant a section 21 order to vacate in 2 months that did not happen. We gave the tenant 1 more month. The tenant still did not leave. Even though the tenant said they would b moving up north to a seaside area has now spoken to the local council and they have advised her to stay put and force me to evict. So because the council will not help this tenant until being evicted I am forced to go through all the hassle of eviction. My mortgage has now gone up so far that it is costing me to keep the tenant and it doesn't matter that we are retired and my husband has a heart condition and luchemia. It seems that we have less help than the tenant.
@knowitall3503
2 ай бұрын
@@knittys3712 Sadly that is the future for a lot of landlords. I'm staggered at the councils advice to the tenant to stay, apparently its standard advice to buy time for the councils. So yet again no help for landlords. The council don't mind charging you 150% council tax if you're property is empty while you have to refurb it because a tenant has trashed it.
@davidowen2859
Жыл бұрын
I'm not convinced we need to build more homes. We have tens of thousands of empty properties around the country. The problem we have is these properties are in neighbourhood's that have been allowed to decay. We need a policy that tackles deprivation, anti social behaviour and the yob element in these areas to attract people to buy and occupy these properties but this is never talked about.
@MoveiQ
Жыл бұрын
Thanks for sharing your views and feedback.
@defunctt
Жыл бұрын
There are more than tens of thousands of renters that would like to buy so tens of thousands of empty properties is insufficient.
@davidowen2859
Жыл бұрын
@@defunctt Tens of thousands is a phrase and you know it. There are actually over 600 thousand empty properties in the UK. If they were all brought back into use that would make huge inroads into the so called housing shortage. Not all renters want to buy. Less than 10% of mine would if they could. But the way we landlords have been vilified they will all have to find somewhere else in the future as I sell up.
@peterboytRaKs
Жыл бұрын
The solution to these renter/landlord issues are to socialize housing. That's going to be hard to do because Capitalism depends of cutthroat legislation that favors the landlord and their bureaucracies. Sounds like your panelists think we're all stupid out here. 🧐
@allanhutton1123
Жыл бұрын
The government to fix housing and financial stability we need them to get fixed mortgages for the life of the loan.
@23jibber
Жыл бұрын
Database of rogue tenants? This constant squeeze of the Landlords is creating a perfect storm. Landlords leave and rents skyrocket. To get out a bad tenant is a nightmare. When you look at it as a business also it just isn't worth it anymore. I'm out next year for sure.
@knightsnight5929
Жыл бұрын
Adding 600, 000 plus to the population each year while building almost no new housing is going to put enormous stress on the supply of affordable housing. This situation is only going to get much worse.
@1414141x
Жыл бұрын
My thoughts exactly. The government is totally out of touch with reality. More people coming into the country that already has serious housing issues and they decide to make it more and more difficult for landlords to run and make any profit.
@johnthomas338
Жыл бұрын
Exactly. But we aren't allowed to speak out against it because that would be 'racist'. Perhaps we can begin by somebody explaining why it's wrong for white people to have their own countries, while every other race gets to keep theirs.... Oh dear, I've just broken the 'magic spell' that the entire media has been brainwashing us all with for the past 70 years.... Why is it wrong for white people to have their own countries?
@johnthomas338
Жыл бұрын
And of course, adding 600,000 people or more to the population every year is going to cause endless strains on the NHS - because none of those people (because they've only just arrived here) have been paying taxes for decades, unlike the person of average age who was born here. Then add on the endless new houses they need, new roads, water supplies, sewers and drainage systems, electricity (while all the useful idiots in the media and government bleat on and on about 'the climate emergency' (which doesn't exist) - if they were so concerned about the 'deadly CO2' they would want to stop all immigration...)
@musicplacenz
Жыл бұрын
Totally disagree re landlords having to have agents as in Wales. I’m so frustrated here in many ways. I am professional in the way I handle my business. Purpose built one bed flats built to the very latest building standards in 2010 but because they are heated via electric ( so called green energy), they are band D. How is this possible? Air sealed, absolutely fantastic fully insulated modern purpose built properly? Then there’s rent smart wales. I have to have a licence, then I have to have an agent… then the agent needed to re do his exam but it’s no longer £40, it’s over £300 for him this time- and now he needs to belong to an independent body for looking after deposits and now they want him to have his own insurance indemnity. That’s on top of me having to sort my own stuff. The prices and costs are just the thin end of the wedge. It’s all about control and taking more and more money. This time I simply added 10% on to the costs and divided it so the tenants will pay for it. I’ve had enough of all the extra taxes/ costs. The capital gains tax, second property tax and the abolishing of being able to claim your interest is proof that government don’t want landlord’s. It’s shocking how we’re treated. During Covid, I couldn’t get rid of one of my tenants due to government interference. When I managed to gain entry, the flat was trashed. The government should have paid to put it right. They helped cause the damage by allowing bad tenants to stay in our properties. It took months to re build… a financial loss to me and a perspective new tenant. Too much interference
@johnthomas338
Жыл бұрын
And after the mortgages are paid off, you, the landlord, end up with properties worth hundreds of thousands of pounds, if not millions of pounds. How will you cope? My heart bleeds, the poor, poor landlords... LOL.
@musicplacenz
Жыл бұрын
@@johnthomas338 it’s a business like any other and a big gamble. Unlike you who probably works at a job and gets paid a wage, as a landlord it’s very different. You gamble everything you have knowing that if a bad tenant decides to wreck your house or interest rates become unaffordable, you stand to lose everything including your home. You pay tax on your income even though you are in fact making a loss as your mortgage payments and interest are higher than the rent. All this in the hope you get to the end of your 25 year mortgage and retain your house which for most of us is around £200,000. So, we pay more to purchase the house through landlords extra stamp duty, then when we sell, we pay 40% of whatever profit there is and the way things are going, there won’t be many landlords willing to take the gamble. We pay a massive amount of tax so it’s not as simplistic as you make out.
@johnthomas338
Жыл бұрын
@@musicplacenz You wouldn't be allowed to get a Buy To Let mortgage if the rent wasn't higher than the mortgage repayments. You are still getting somebody else to pay for an ENTIRE HOUSE for you, for free. What's with the "massive amount of tax"? What amount would that be?
@musicplacenz
Жыл бұрын
@@johnthomas338 when we took out the mortgages the interest rate was 2% and like all businesses, you only paid tax on the profit after costs… like every other business. So within the last few years the government stopped landlords claiming the loan interest- so that’s one tax. At the time you could have an interest only mortgage and as the interest rate was low, you made a profit… it’s called business. You should have done it yourself! That model only worked as interest rates were so low. The government also relied upon landlords so they didn’t have to build new council housing… a win win for them. This wasn’t enough though so they also added an extra tax when a landlord purchased a house. That’s a second extra tax. We pay more for any property we buy. Then, when we sell it, we pay a capital gains tax on anything we make from when we purchased it 20 years ago at it’s price then and what we sell it for now. And we obviously already pay tax on the income we get each month even if the income doesn’t cover the bank loan. That’s why landlords are leaving and that’s why tenants are paying more. The government have gone way too far. Tenants are also the victims of this government. They are the reason that costs are high. Fewer and fewer landlords and far more costs and those costs ultimately ho to the tenants.
@knowitall3503
2 ай бұрын
@@johnthomas338 The mortgages don't get "paid off" by the tenant as you imply. I'm suspecting finance, interest only mortgages, taxes and financing property purchases isn't your strong point. Try it and see how you get on.
@karmanline2005
Жыл бұрын
Vanessa speaks for many small landlords who have good intentions and act in a positive way. And yes, the houses still exist and may be bought by owner occupiers but replacement of good small, local landlords by heartless private corporates is not good news for tennants.
@allykhan8594
Жыл бұрын
I had 47 applicants in less that 48 hours for a box room.
@MoveiQ
Жыл бұрын
😲
@johnthomas338
Жыл бұрын
Less THAN.
@victoriahope-vv9rh
Жыл бұрын
It's ok to report to the local authorities for mold damp etc but this happened to someone I know and they got issued a section 21. So it's another way for the landlord to get rid and find someone else after they do work. If they do it
@MoveiQ
Жыл бұрын
Sorry to hear that -thanks for sharing this
@morpheus9137
Жыл бұрын
Unfortunately any significant works are only really feasible if the property is empty. If it was that bad, why didn't they move voluntarilly?
@knowitall3503
2 ай бұрын
@@victoriahope-vv9rh I work for a landlord, mold and damp issues can be lifestyle related. Some houses had said issues with certain tenants but miraculously dissappear when they move out and new tenants move in and don't dry washing on radiators or turn kitchen/bathroom extractor fans off and open curtains and windows on a regular basis, etc etc. Somehow it's always the landlords fault because some people don't understand basic physics re moisture and temperature.
@CL55AMG
Жыл бұрын
I'm selling up after being shafted by yet another nightmare tenant. Even though they left the property in July and paid no rent since June, I still have to wait at least 2 more months, while the Section 21 runs its course. Can't wait to get out of this business, especially since us decent landlords, get such a rough deal.
@theoneandonlyshelley
Жыл бұрын
It'd be really nice to hear from a specialist who doesn't own their own home or is a private landlord. I can't help but feel some kind of skeptisism when listening to a specialist when they have a direct benefit
@Kay-tf9cj
Жыл бұрын
Is there no annual % cap on how much landlords can increase rent by in England, because the rent increases I'm hearing about from friends are truly ridiculous. Just yesterday, was informed of a landlord looking to increase the rent from £1700 to £2300. And as if that's not enough, he is arguing that the market rate is £2800, as if to say his current tenants should be happy he's only requesting a £600 increase!!!
@Jay-xr3sb
Жыл бұрын
But what's the full picture? What is the actual market rate for that property? Can someone afford that property if they had to buy it? Assuming they could afford the repayments, deposit, stamp, good credit etc. BTL mortgages are triple the rate they were 18 months ago. It's supply and demand.
@Littletime839
Жыл бұрын
I suspect he isn't saying they should be happy at a £600 increase, they should be less unhappy that it isn't £1100 increase.
@havidztoo7979
Жыл бұрын
If your mortgage has just QUADRUPLED because of the tories screwing up interest rates then you have no choice.
@markjefferson7492
Жыл бұрын
We’ve just increased our 2 bed semi by £150 a month year one and £200 year two after 4 years of no increases. We love our tenant but had no choice as the monthly interest rate has skyrocket. Luckily she signed for a 2 year extension.
@knowitall3503
2 ай бұрын
@@Kay-tf9cj check out government policy on taxing non LTD business landlords, there's your answer.
@knittys3712
Жыл бұрын
I always kept my rent low, I wish I hadn't now. As a private landlord I was only able to have 1 rent increase a year. But my mortgage went up nearly every month. I can't remortgage due to my husbands age and health. We are being forced to sell as myvexisting mortgage term ends in 2 years. The government have not helped at all.
@DAWallwork
Жыл бұрын
Totally disagree with forcing landlords to use an agent!. There are many many rogue agents and many many fantastic private landlords. Agency fees of 10% + VAT for a very poor service are totally unacceptable. Yes I agree with a landlord register however if I was forced to put my small portfolio with an agent I too am out. Yes you can register them but in Manchester even some of the biggest most widely known agents are utterly incompetent, don't know the law, break the law and would pass an accreditation scheme unfortunately. The basic point is that no one will look after your own business like yourself and therefore high quality landlords should be allowed to operate on their own. There is already enough regulation, such as HMO regulations, council inspections that ensure standards are met. Maybe all rental properties should be licensed like HMOs which would ensure the councils have the ability to monitor! The student market has many many horror stories and examples of rogue AGENTS (and I mean the supposedly large reputable ones) not landlords who simply don't give a toss because it is not their business, and they get their management fee whatever! I am amazed that letting agents never do customer service / satisfaction surveys with either tenants or landlords, I think that fact alone tells you what most agents are about!
@agnieszkazawadzka4137
Жыл бұрын
Agree! I used to rent myself (before buying), and a well known letting agent couldn't fix major plumbing problem, so it wasn't possible to take a bath for 9 months! Also, we moved into a dirty property with electrical issues! Rent was £1200 a month, no mercy, and they were stroppy as well! I can't imagine to move my tenants into a house like that and treat them this way!
@peterboytRaKs
Жыл бұрын
A box of 'loopholes' for 'LANDLOARDS' to further oppress and take advantage of unsuspecting renters is always available. It's how the laws work in a Capitalist society. You cannot blame the renters for not being completely educated in the renter/tenant laws. In order to rent a flat you must take renter/landlord classes? Funded by the landlords and their bureaucracies? I don't think so.
@MENSA.lady2
Жыл бұрын
Remenber. Everytime a property changes hands somebody makes a mistake. Either the seller sells too cheap or the buyer pays too much. The skill is knowing who is right.
@mduffy4861
Жыл бұрын
Great insight. Vanessa is a legend ⭐️
@MoveiQ
Жыл бұрын
We'll pass it on to @propertytribes
@propertytribes
Жыл бұрын
Thank you so much for your kind comment. :)
@SoloSi2024
Жыл бұрын
Have you seen the interest rates at the moment? There are still people out there who believe that all the extra properties for sale can actually be afforded by young buyers. Hilarious. There are also many Do Gooders out there, but not many who want to stump up and supply all the affordable social housing needed to replace private let's. Hm. 🤔
@732466
9 ай бұрын
i have 2 houses left both have long term tenants 20 years plus, but now as soon as the housing market recovers I Will sell
@adamrandles4055
Жыл бұрын
Making the interest on your BTL mortgage no longer tax deductible has killed any profits in being a landlord now unless you can buy properties for cash outright.
@timothytannerandtheamazing5054
4 ай бұрын
Excellent programme!
@auntsally5683
Жыл бұрын
There exemptions to the EPC for costs over 3,000£. If this is an historical property, understandable if not no sensible tenant should rent such a property as bills will be astronomical and usually due to poor maintenance such as lack of insulation, drafts windows etc.
@timothytannerandtheamazing5054
4 ай бұрын
I agree that both rogue landlords and tenants must be dealt with through legislation.
@knowitall3503
2 ай бұрын
@@timothytannerandtheamazing5054 sadly it's so one sided in the tenants favour, they can walk away scot free from unpaid rent and unkempt houses then the btl owner has to foot the bill, no wonder they are selling in droves.
@45graham45
Жыл бұрын
I've tried many agents over the years & none were worth using. I know more than they do.
@michaeljohnson6677
Жыл бұрын
I have some property and have tenants, no contract just a gentleman's agreement. My properties are immaculate and have all the relevant tests, my rent is probably 20% less than other similar property. Tenants i had using an agent resulted in bad tenants.
@MoveiQ
Жыл бұрын
Thanks for sharing this
@robertcroft8241
Жыл бұрын
Politicians interfering in Markets always end in disaster. "Vote for Me and I will bring in Rent Controls " is the usually scam. Best example is the South Bronx where building owners could not cover their mortgages or fire insurance. In UK the owners of HMO's housing very poor men on housing benefit no longer able to keep up with crazy and expensive regulations , close down , sell up and the homeless population grows by the day.
@paulruffy8389
Жыл бұрын
Is any of this applicable to business premises? We have a landlord/agent ignoring water ingress/damp for over a year now and need to take things further but don't know how...?
@Tracertme
Жыл бұрын
It’s very simple when governments legislate against landlords and favour tenants to the extent it becomes over baring to remove an arrears tenant then they simple leave, so it’s a case of reap what you sow. My experience is agents do very little in a negative situation with a tenant. Landlords are left to deal with it.
@kbc138
Жыл бұрын
I agree, it's mostly geared towards tenants. There should also be register for bad tenants, as I have a tenant who does want to leave and is disputing disrepair when the tenant has caused problems due to their lifestyle cluttered rooms not ventilating and not cleaning. Haven't raised rent for over 10yr and they are disputing there is no rent arrears when clearly it shows on rent statement there is as everything goes into the bank. Having filed S8 noticed and after the hearing the court scheduled a trial date one year away which is ridiculous time to way 😡🤬
@user-gz6tx6yp3v
Жыл бұрын
The other thing to consider is that anyone getting into the market now are likely to see interest rates fall in the next 18 months back to reasonable levels. The FED have just paused rates following huge drops in the rate of inflation, ours is starting to come down much like how theirs did, so we are probably in for 2 more rate rises then a pause, then I fully expect within 2 years, mortgage rates to settle down into the low to mid 3% range and this will spark confidence and price rises in the market and higher net yields to be earned through property.
@stevenhull5025
Жыл бұрын
Wrong. You need to look at the bigger picture and understand the global economy influences what happens at home. The BRICS nations will be trading in their own currencies bypassing the US dollar. US treasuries (US debt) held by overseas countries such as China and Russia are been dumped onto the markets. The world is changing and the US hegemony and its Petro dollar is in decline. Expect the US dollar to devalue, western financial markets to decline and property prices to fall and stagnate for a significant period such as in Japan. Western society which has prospered and benefited off the backs of much of the third world during the past 200 plus years is in decline both morally and financial. The party is well and truly over.
@user-gz6tx6yp3v
Жыл бұрын
@@stevenhull5025 I disagree.
@LeoShoSilva
11 ай бұрын
Agents tend to keep their clients up to date with different legislation.
@housesforsale6892
Жыл бұрын
what do small LL's do who for various reasons can't remortgage or don't have mortgages who won't be able to afford the new EPC C changes of 10-15k costs
@onlinenaturals4582
Жыл бұрын
What about rogue or just hopeless agents. Every time I've used an agent they have been more trouble and effort than they have been worth.
@propertytribes
Жыл бұрын
Learn to do due diligence on an agent. There are links posted in the comments here on how to do that. It will help you find your way to a reputable agent.
@forlopau1543
Жыл бұрын
Of the 2-3million landlords in tbe UK, most will have a BTL lender. Lenders dictate length of tenancy and seek assurances on the property being maintained. A lending industry representative, however, is rarely present at these publushed discussions. Why?
@auntsally5683
Жыл бұрын
Retaliatory eviction is only stopped if the LA have issued an improvement notice. Often not easy to get!
@brightonbabe2139
11 ай бұрын
Hello Phil I think that considering our governments do joined up thinking is an illusion. We need to build more houses, make it easier for first time buyers to buy houses and to make it easy for landlords to be good landlords and that tennants have good quality affordable homes. I'm overseas on secondment, so someone is in my house until I come back. In the past, I have rented when I could have bought because I could rent a home better than I can afford. It also looks like the UK government is doing its best to make people get poorer.
@flemdoghd
Жыл бұрын
No fan of agents. They are only interested in maximising their margins. They are ruthless and heartless. Agent tried to increase the rent by max amount but landlord said no. Agent couldn’t care less if you were kicked out into the street. All they care about is making more commission on a new tenant and all the screening costs.
@davidrobinson9984
Жыл бұрын
People only talk about bad landlord not tenants who don't pay their rent which car more numerous.
@musicplacenz
Ай бұрын
There you go… obviously no idea. It’s a life choice for sure. It’s not like any other business where you earn money and pay tax on your profit. In a normal business, you borrow money but all interest costs are running costs which are claimed back. After that, what you actually make is profit and you pay tax on it. It’s your business and you can do business or stop doing business with anyone at any time. As a landlord, the government are trying to control us. We can’t claim all of our interest back and instead, pay tax on everything that comes in. Then, if we have a bad tenant, we can’t get rid of them- even if we don’t get paid from them. It has to go as far as the banks repossessing our property and the bank can get rid of the tenant. In multi occupancy buildings, the good tenants leave while the bad tenants stay. You have absolutely no idea of what it’s really like. No landlord wants an empty building so we all want good tenants to stay. Yes, in 30 years we might own a property but when we sell it we then pay capital gains tax on any increase of value. It’s a risk that many don’t want to take now. Then there’s all the insurance costs and new government regulations and licensing.. it’s adding £100’s to tenants costs. There’s no way we can absorb these costs. Do, the rents are rising and it’s not coming to the landlords
@auntsally5683
Жыл бұрын
Also fail to mention some properties are outside of the regulated sector and LA’s use them to get tenants off their books. The whole system is not fit for purpose.
@KernowFay
Жыл бұрын
The tenants need to be educated: yet tenants asking for repairs is what often triggers the landlord to evict them which is why they don't. Some landlords out and out say they will put the price up if they do the repairs or they are giving the price lower but don't expect repairs. This is also advised in places like Shelter. One thing this new law is addressing I believe. How well remain to be seen. Also the mass exodus will be filled in by the big landlords shifting the market to the larger corporations.
@123sumom
Жыл бұрын
Grateful very helpful thanks
@bredatinaforever
Жыл бұрын
Thank you, interesting discussion!
@MoveiQ
Жыл бұрын
Glad you found it useful - even if not the most positive of topics
@peterpage7322
Жыл бұрын
Good video, but I totally disagree with the ladies comments about using letting agents. Why do these supposed authorities always generalise? Some landlords are quite capable of managing there own properties and adhering to the 160 regulations and at the same time manage to be very good landlords! Always the focus is on bad landlords, so the good landlords get treated the same and penalised to boot. We as a nation will end up with only bad landlords because the good landlords expect to be treated as they treat others and will sell up, unless of course they already have! A property below one of my rentals is managed by a letting agent, and it is in a disgusting state, with dangerous electrics, no insulation in places, dry rot, damp etc. the tenants make neighbours lives a misery. So how is this better? You cannot generalise that letting agents are better because some are not! Plus the 11 or 12 % they charge can make all the difference! And as far as the comment that all landlords should be qualified and trained! That’s the trouble with this country, none of us are deemed capable unless we have a ‘degree’! Well I guess we have already become a nanny state! All it takes is a modicum of intelligence and basic honesty to be a good landlord, so we will always have good and bad landlords, but perhaps the focus should be directed to the tenants more as many have turned me over, despite my cheap rents and good service.
@MaterLacrymarum
Жыл бұрын
Buy to let isn't a public or social service - it's a method to profit from rising house prices. Ultimately, that's what it's all about. As such, there are no "good" landlords. There are landlords who want to invest in their property for later profit (by way of repairs and maintenance, etc.), and those that don't. That's it. There are both good and bad people, but as far as housing for a nation, it's just working men and women profiting off the back of other working men and women.
@sbcchartering4764
Жыл бұрын
I like the notion that a landlord should owe tenant a good treatment but nobody talks about tenants respecting other people’s property. I do believe most people rent purposely playing the system as it is one sided.
@arete1394
Жыл бұрын
Thank you so much. I paid advance to an agent and then he rejected my offer. Now he is not refunding the deposit saying I didn't give a guarantor. Is providing a guarantor is mandatory?
@propertytribes
Жыл бұрын
No, a guarantor is not mandatory. You should make a formal complaint to the agent, and, if it is not resolved, you should make a complaint to the independent redress scheme the agent is a member of. It should be clearly displayed on the company website and in the premises. Good luck getting your deposit back.
@starofdavid9919
Жыл бұрын
Great news, now hopefully the price of houses will crash and let the millions of young people make a start on owning their own homes by paying much more realistic prices.
@annjuurinen6553
Жыл бұрын
Part of the problem is also that perhaps there has been collusion among some landlords. Agreeing to sell and buy buildings at inflated prices allows each landlord to inflate the price of their holdings over time. It is not just inflation or all these other troubles. It is also a way of inflating properties worth, in order to wash illicit money, Money derived from drug trafficking, sex trafficking, gambling and other crimes. It could also be part of the many issues that came along with Finance, Banking and the machinations of London' s Financial Market which has been affected by the influx of tax dodgers turning London into Londongrad. Bad money essentially destroying Good money.
@knowitall3503
2 ай бұрын
@@annjuurinen6553 Are you taking those drugs? Tony Blair stamped out buying houses with cash or illicit money in the nineties, unless you're Russian, Bulgarian or in the House of Commons etc.
@lexnouwens1894
Жыл бұрын
We should have a look at the role of the Central Banks in all of this. For years they have propped up economies by printing money, low cost loans, driving up inflation. However inflation does not respond immediately or in a linear way. Add a pandemic and a war and you have a tsunami of inflationary forces impacting the economy. Now inflation is skyrocketing and a government which always wants to stay in power will listen to the largest group of votes at risk. But in the end the landlords always win. They will get much bigger to stay profitable and by then they will a force to be reconned with, controlling rents even more than now.
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