Another classic post on 118
Laura Delow - "Although many believe Jeremy Corbyn doesn’t stand a chance of winning at the next election (assuming he’s still party leader), what is worrying is the number of young voters (many of whom never bothered to vote in previous elections) who will vote next time around and as a result, this dangerous animal may have a chance of winning. Just because we believe he’s a communist nutter, doesn’t mean to say that the rest of the electorate feels the same, especially if they feel the Tory’s are only looking after the well healed, irrespective of whether this is true or not. Many a voter is envious of those who have worked & saved hard & sacrificed much to build a property portfolio or a large pension fund or other form of savings. JC is saying to the less well off what they want to hear just like Stalin did in the early 1900’s. Even if JC’s reign is short, there are a number of party members who agree with him & it’s only a matter of time before Labour gain control of UKPlc again & crucify the private rental property sector by whatever means possible eg a tenants right to buy at a discount from a private landlord or no tax break on mortgage interest at all or an onerous Investment Income Surcharge tax reintroduced (previously 15% in the 70’s under Labour) which would also effect all investment income whatever its source, or to abolish tax relief on repairs etc etc the list goes on. Even the Tory’s have started to chip away (in a big way) at the private landlord sector having introduced in the last Budget to abolish the 10% Wear & Tear Allowance & restrict Buy to Let Mortgage interest relief to the equivalent of 20% (being weaned in from 2017). It is dangerous to ignore the warning signs. Many landlords are proving they’re apathetic having still not signed the e-petition regarding the restriction on mortgage interest (this doesn’t affect me personally as my portfolio is fortunately unencumbered but it indicates the way the wind is blowing if the Tory’s can stoop so low to introduce this). In a nutshell I think there’s a bigger problem looming as all the indicators point to private landlords being a major target (no matter which party is in power). If we collectively don’t get more aggressive in a pro-active way, we are in serious danger of being on a back foot & being annihilated & becoming extinct or at worst, making us so angry that some more desperate or less scrupulous landlords will resort to Peter Rachman & Nicholas van Hoogstraten methods (don’t forget the old adage of desperate people do desperate things). I personally will be looking at ways to extricate myself from what I can only foresee as a very miserable future. This is not because I am scare mongering as I abhor this negative trait in others. It is purely & simply a fact of life I think we face in that UKPlc needs to get more revenue in (and this will only worsen over the next few years) & landlords will be an easy target as they are perceived as a rich seam to exploit (property being a key factor in UKPlc) no matter how much us Landlords sacrificed financially, emotionally & time wise to claw our way there. To ignore what “might” lay ahead and to blindly believe none of the above can possibly happen, is foolish. Who foresaw the recent budget announcements – from a Tory Government? I doubt none of us. Does anyone have an idea how we Landlords can collectively get ahead of the curve on this & control (not just influence like the National Landlords Assoc & other similar bodies do) our futures no matter what party is in power, rather than wait for further things to happen to us & our only (re)action is that we end up signing yet another e-petition after another?"