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Gideon Gono

London Landlords "making Billons"

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...if you were so clever you -...

B) Would of sold those 8 rentals in HK in August last year

This, from someone with no clue of basic grammar.

It's "would have sold" or "would've sold" dopey.

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Is this just a post from someone who feels like they have missed out on an opportunity for investment?

I rented in London for 9 years because my salary wouldnt stretch to a mortgage and my salary was above average.

As I was not eligable for a council house (even if I was there is a waiting list of over 5 years) I had no other choice but to rent from a private landlord.

If I owned a property in London I'd do exactly the same thing and rent it out.

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I think this is a good article - and a bearish one.

We on the site have written about the scandal of excessive housing benefit before.

Now it seems that someone in government is beginning to take it seriously.

Now if the dire public finances cause housing benefit to be reduced - as I suspect may happen - that would be a bear feast.

Agreed, very pleased to see Corbin bringing it up.

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Read the article - no council housing availiable. All this adds up to demand to the private sector. Demand will push rents up.

You don't know what my name means? Are you that financially illiterate? As I've said before bubby if you were so clever you -

a) Wouldn't be on here ramping your signature

B) Would of sold those 8 rentals in HK in August last year

c) Wouldn't post chart after chart or rubbish on here - I dont see any charts from bloomberg, what sort of a big shot hero investor doesnt have that?

If you are such a hero investor as you claim to be why are you wasting your time on here 30 mins before the Hang Seng opens?

Easy targets? Yeah, Im talking to one.

P.S Is that "7 figure portfolio" HK dollars or US?

If you were such a bright spark you wouldn't change your view from Bull / Neither and back on a daily basis as you would be confident enough in your own opinions and stick to your guns for at least a while longer than 24 hours. Tiresome. :ph34r:

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These rents are being paid due to local housing allowance (housing benefit) which is a system wholly unsuited to London - we have had a quite a few threads on this. The allowances are set extremely high and don't differentiate between a Georgian Terrace and a council block, they go on the number of bedrooms/ no of people.

Sadly, certain Landlords are making incredibly high amounts of money from this, especially those that bought up council stock in the 80's and 90's - and it's funded by council tax as local councils pay this benefit. This horrendous lining of certain pockets should and could be stopped. They wouldn't be able to get such rents from non-benefits tenants so it's not as if social tenants would suddenly be homeless if rents were reduced.

There is doubtless much inertia to change the system due to certain people becoming extremely rich from it and exercising the influence that money brings.

Good post. A lot of people missing the point with this article. The problem is using private landlords for social housing. Kind of PPI for on a micro scale. Councils consistently show their incompetence in the real world and with the real value of money. No doubt they are vastly overpaying for some of these houses.

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