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The White Horse

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Everything posted by The White Horse

  1. I often read this forum as a way of measuring the sentiment towards landlords (a term that I hate by the way). I can understand the frustration of people against landlords and the dysfunctional housing market. Many property owners are fortunate only by the date of their birth and the timing when they first bought a house. The hatred towards landlords is truly palpable on this forum and TBH it's probably not worth the stress of posting but I feel that sometimes a little balance is needed. I have indeed used some finance through the use of BTL mortgages to finance my position but have always adopted a risk averse attitude towards this and endeavoured to reduce my debts as soon as possible. I am not over-leveraged for a number of reasons - I don't use letting agents which saves 10 to 12% fees. I have taught myself a number of new skills in plumbing and general maintenance. I can fit kitchens, bathrooms, plastering , fencing etc. It's a full-time job. I have bought properties that have needed a lot of repair or needed redeveloping. I bought and sold at the right times. I keep a careful eye on finances. Timing is the of course the most important factor but no-one has a crystal ball. The difference between a landlord who owns outright and one who is highly indebted might be measured in hours of sleep over the next few months or years. I think we have all come across those highly indebted a88holes who do have a superiority complex because a bank has lent them money to buy a rental property or properties. This is IMO doubly irresponsible on behalf of the banks and the landlord. The market has become far too bloated and is an accident waiting to happen. I believe that nearly a third of mortgage approvals are now in the BTL market but 40% of all house purchases this year were made in cash, so an exact estimate of its impact is difficult. It must have an impact and I think that it is right for the B of E, chancellor and other institutions to be worried about this. The government has been instrumental in fueling market demand without addressing supply issues. I haven't purchased a house for a number of years. Is the system unstable - yes. Are highly leveraged landlords fools - perhaps depending on when they decide to exit the market. With respect to your last point, of course being highly leveraged in the present market is very dangerous to everyone involved and should rightly be curbed. Is it a Ponzi scheme - looks that way now. Perhaps the biggest question is what the feck will the government do about the housing shortage? Finally I would add that renting rather than buying is appropriate for many people. PS Minsky seems popular now since the financial crises and the movement towards more Keynsian ideologies. Unfortunately, a trait of economics is that it is fantastic as a tool for explaining why things have happened but pretty crap as a predictor.
  2. No, I do not accept your explanation because you edited your post almost immediately. Why would you not leave it and then add the explanation? You clearly meant it.
  3. No mention of Dexter in the post you changed. So clear for anyone to see that you have changed it, why?
  4. By watching a drama involving a serial killer in action? You mentioned it was a direct consequence of our exchange of posts yesterday evening. A threat is a threat.
  5. Oh, it also seems that you removed the direct threat to me........
  6. Was it me because you must not forget that I have a Jesus complex and will rise again.
  7. No, your original post explicitly implied that you had a fantasy linked to you killing someone.
  8. So you have now edited your previous post where you mentioned that you got relief from watching Dexter and a bit where he kills a redneck? You are one sad individual who is very quick to make historic quotes from this website to randomly support your arguments. Ultimately no one really gives a flying one about anything you or I type but you are something else. Go away with your threats and grow up.
  9. So you get your relief from watching clips of serial killers in action?
  10. That's not how it works as you are not depositing the full £6,000 in the first month. You are limited to making a maximum £500 contribution to the account each month but interest is paid at 5% on an account balance that eventually adds up to £6,000 in the last month at which stage the interest rate will revert to a very low level.
  11. If there is an HPC then I sincerely hope you buy a house and get a life. 10000 plus posts of bile cannot be doing you much good or to those with whom you share your love.
  12. How on earth would you police a system of confiscation without the need for expensive legal intervention. For example a tenant may vandalise the property and claim against the landlord or equally a landlord may claim damage done by the tenant when it is not the case. Licensing is being introduced but not coherently across authorities. I thought I might pay a visit to the sight as actually I believe the market conditions are changing to a point that there may be a downwards turn in prices. Unfortunately it seems that this site is still full of vitriolic piffle.
  13. I agree. I am a full-time landlord and take my responsibilities seriously. I manage my properties personally as I believe letting agents are generally a bad deal for tenants and landlords. There does need to be clearer legislation and more professionalism. I also agree that there needs to be greater protection for tenants but the rules also have to be easier for landlords to enforce.
  14. Quick look at government statistics shows just over 40% of private renters have a combined household income of less than £20,000 pa. 65% have a combined income of less than £30,000 pa. There are 405,000 households in social renting that have a combined household income of greater than £30,000 pa. Only 1/3 of properties rented in the private sector are by married / cohabiting couples. https://www.gov.uk/government/statistical-data-sets/social-and-private-renters
  15. I understand that but perhaps there should also be consideration where tenants do not consider the safety of themselves, their home or their neighbours. On a practical note, a system of confiscation would be unenforceable / impractical but I would agree with licensing if it were meaningful. Underlying this is the problem that local authorities are unable to cope with housing demand and as long as someone is being housed, then they have less responsibility and will not want to enforce regulations that might add to their waiting lists.
  16. Just to add some balance to the debate. I am a landlord and have done my best to ensure that my tenants are safe. Boilers and gas appliances are serviced and checked in line with the legislation. Legionella assessments are completed with action taken such as the cleaning of cold water tanks etc. Smoke detectors and CO alarms are fitted, checked and updated if necessary. I regularly inspect electrical fittings and carry out periodic inspection reports and PAT testing. Unfortunately, its very common to see batteries taken out of alarms, sockets overloaded and levels of cleanliness that are grim to say the least.
  17. I have a degree in Economics and then went on to teach it for 15 years before the recession. I left teaching to look after my children and witnessed the introduction of economic policies by governments that my past A-level students would have failed if they incorporated into their examination responses. It's a fantastic subject to teach because it's so current. I do miss it!
  18. Interest rates really are the key and not just because of their impact on the affordability of mortgages. I Even a small percentage rise in savings rates should make a rational investor consider taking their money out of BTL property and putting it into a relatively safe and hassle free account. Of course property investment often lacks rationality and that is why bubbles occur.
  19. Haart and William H Brown are two of the more aggressive ea's with respect to marketing and I wouldn't believe the hype.
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