Thursday, Dec 13, 2007
BTL, leaches and scavengers
ResidentialLandlord: Renting on the rise as homeowners bail out of property market
Another sector the FSA should but fails to regulate: sell and rent back scavengers. "Britain’s obsession with home ownership is rapidly becoming a thing of the past as renting makes a comeback claims National Homebuyers. The company reports it has seen the ‘Sell-and-Rent-Back’ part of its business double in the past year. Over half its customers are opting to rent the property they used to own rather than downsize." But if this is the drain BTL properties end up going down, I am very ha... ha... haaappy!
Posted by confused76 @ 08:41 PM (420 views) Add Comment
6 Comments
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1. Renting said...
This area needs immediate regulation. Many people will end up having to move out of the houses they have lived in for years if not decades when their rent period is suddenly curtailed. There are no rules or laws here, only vultures circling above!!
2. Renting said...
This new area of housing profiteering needs immediate and urgent regulation. There are no rules here just vultures circling above unsuspecting prey who will suddenly find themselves forced unexpectedly from their family homes.
Renting
3. alan said...
According to the local paper, aged couples have been targetted by these schemes. Houses are purchased at a fraction of their value. After an initial low period, the rents go up. No prizes for guessing how the game plays out.......
I'm sure they will be doing TV programmes on this in 2 or 3 years - the FSA isn't interested (nothing new )!
4. drewster said...
Last week on the radio I heard three separate adverts for sell-and-rent-back companies, all played back-to-back! It gave the impression of a local economy in a lot of trouble. This was on Signal 1 FM in Stoke-on-Trent (that's not where I live, I was just driving past). Stoke isn't exactly a boom town: you can pick up a liveable two-bedroom terraced house for £65k. If people there are resorting to sell-and-rent-back then it's a pretty damning indictment of the government's mirage of a boom!
It's always the poor who suffer first; the media-classes are blissfully unaware of any problems until it hits them, at which point they scream until something is done. In the case of dodgy sell-and-rent-back companies, the poor will be screwed by them initially and the bad news will slowly filter up from the local newspapers to the tabloids to the broadsheets. As long as only Stacey in Stoke is suffering, the media don't care. As soon as Tara in Tunbridge Wells is affected, the middle-class media will scream blue murder and headlines will call for "immediate regulation of this dastardly business".
5. the northerner living in oz said...
2. drewster said...
As long as only Stacey in Stoke is suffering, the media don't care. As soon as Tara in Tunbridge Wells is affected, the middle-class media will scream blue murder and headlines will call for "immediate regulation of this dastardly business".
Totally agree with you the U.K has been a them & us society for the last 200 years nothing will ever change.
6. Pete. said...
Why didn't you jellous moaners get off your backsides and try to buy some of these properties when they where cheap and make some money.
But of of couse this is Britain where we moan when people do well.
I have news for you, the middle classes fund the education, nhs, and everything else you take for granted you idiots, and without them you'd be screwed.
I for one have lived on the dole for five years and rented in that time, and have now got myself 10 properties and some money in the bank, no one gave me a dime.
You have a chance to do something with your lives but want somebody to do it for you, look around the world where you can see real poor people, and not the poor in this country where the working fund the lazy to walk around in the day time abusing other people drinking and smoking the money I have given them through the tax (theft) system.