This. Well done you my friend for the success.
This bold part is why I ventured forth to this forum and I've learned so much. Everyone telling me, even I'd convinced myself, "I have to buy or I'll miss the boat" Yet all I could realistically afford would be a rubber dingy even in places that are not that nice.
So I thought "Hang on, if I put 300k plus on my head as debt I best do my own research. think for myself and all that"
Bland Unsight's shoblerant should be first given to Faisal Islam (tweet it to him?) and distributed across my generation. Fascinating, passionate and well informed with a good dose of hilarious pop culture references and humour. You sir, are an absolute legend. I hear you're a physics teacher and your pupils must be having a crackin time in class. You and everyone here have convinced me.
I'm 27, moved to London a few years back in search of fame fortune (i.e: A good job) and have had to move family down from t'North these past few months once I got on my feet.
Finding somewhere to rent here is absurd; I've been lucky. Then "Oooh, you better save up quick, work every hour of the day and get a shoebox near london in a shit area or get a 3 bedroom house miles away from London"
I'm one part landlord "scum" on account of my parents having bought in the late 70's; so as a family, between 4 members we have a fully paid asset. 1 part renter, as our rent from our home covers half of the rent we have to pay in London. When I lived on my own I could only afford a room in a shared house. People share rooms in a shared house. That's crazy.
My father who went from being a factory worker to a self-made businessman always mentioned that debt was slavery and I see it so clearly now; worst comes to worst I develop a coke habit, or my future wife rinses my wallet or whatever, I can always move back up north to accommodation which is mortgage free.
What always stuck with me was his diehard insistence that when he had made good money he would not ever consider buying rows upon rows of normal residential houses just to rent out like some neo feudal Dickensian landlord - Many of his friends did - because
"Your denying someone a chance to own their own home, if you do that son. You take that away from people or deny them somewhere decent to live then you take away their dignity and humanity. If you ever achieve financial success don't be a dik" -
His memories as an orphan having to rent in appalling conditions stayed with him.
But even in my parents day, rents and house prices were never this absurd. I'm not against prvate property (I would say that wouldn't I?) but it should be fair.
Decent, quality social housing, capped public and private sector rented accommodation available and a good mix of private housing that people can rent or buy.
Regulated lettings market - at the moment its a wild west.
Essentially, leave speculation for those building or renovating.,
BTL - Amazing how many family and friends are unaware of any of these btl changes. Seriously. People with good incomes and 10 leveraged btl's acting like they're billy big ******** not knowing the iceberg that's coming there way. Hilarious.
So based on the info and committee hearings that I watched starring Ozzy G AKA The Chancellor, I suspect the shit will hit the pants of these "entrepreneurs" once 2017 drops..
I'd expect the mainstream media murmurings about a crash to begin when interest rates go up next year and then when these amateur guys start figuring out their BTL "Portfolios" are to be taxed, they'll try to take the Capital accrued by selling up.
But so will everyone else.
And then the popcorn time will begin.