Self Employed Youth Posted September 29, 2011 Share Posted September 29, 2011 http://www.insidehousing.co.uk/home/blogs/many-happy-returns?/6517982.blog Saturday was the 15th birthday of something that will have had some people reaching for the cake and jelly and others hoping they choke on it. So it’s happy birthday to buy to let, which was officially launched by the Association of Residential Letting Agents (ARLA) on 24 September, 1996. So, buy to let is 15 years old, and the country is on its knees. The number of buy-to-let loans outstanding soared from just 28,700 in 1998, when the Council of Mortgage Lenders (CML) started recording the figures, to 1.3m last year. By value they increased from £2bn to £151.5bn by 2010. The strongest growth happened between 2000 and 2007. I wonder how much housing benefit has been paid to these detestable landlord over the years? Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted September 29, 2011 Share Posted September 29, 2011 Let me know when it's 15 years after the end of BTL and the next generation can afford to live again. Quote Link to comment Share on other sites More sharing options...
MattW Posted September 29, 2011 Share Posted September 29, 2011 I sooo want to see BTL mortgages finished. From now on, if someone wishes to become a landlord, fine. So long as they own the property outright they can rent it out. Hopefully this would lead to more reasonable house prices in due course. Quote Link to comment Share on other sites More sharing options...
Lennon Posted September 29, 2011 Share Posted September 29, 2011 I sooo want to see BTL mortgages finished. From now on, if someone wishes to become a landlord, fine. So long as they own the property outright they can rent it out. Hopefully this would lead to more reasonable house prices in due course. Whilst I don't disagree with the sentiment, all that would happen is that I create a 'limited company' who borrows from the bank using a secured business loan, and then uses that cash to purchase a property which is then let out. I would say that that at least has the advantage of being a commercial business loan, and thus dealt with by someone who understands cycles and business risk... Oh... that would be the issue... Quote Link to comment Share on other sites More sharing options...
Freeholder Posted September 29, 2011 Share Posted September 29, 2011 Surely BTL began with the passing oh the Housing Act 1988 and the creation thereby of the assured shorthold tenancy. As to wanting an end to BTL be careful what you wish for. In the eighties about 7% of homes were rented from private landlords and the number was falling every year. Almost no new tenancies were being created. I dont want to go back to that. Quote Link to comment Share on other sites More sharing options...
generation jones Posted September 29, 2011 Share Posted September 29, 2011 1988 Act opened the way but it was really the advent of lenders such as Bradford & Bingley tendering specifically BTL mortgages that led the way from about 1997 - before that building societies were very reluctant to lend to putative landlords. Once the Sunday property pages started featuring this ease of access to borrowing as well as the ability to shift tenants it took off. Quote Link to comment Share on other sites More sharing options...
PopGun Posted September 29, 2011 Share Posted September 29, 2011 Yet amazingly on this site instead of dealing with these parasites first, some would have the government relax planning laws. Enabling these speculators to add to their already burgeoning portfolios. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted September 29, 2011 Share Posted September 29, 2011 I remember thinking at the time that inventing a name "Buy to Let" was likely to start a bubble as the greedy got sucked into the latest get rich quick scheme. Quote Link to comment Share on other sites More sharing options...
porca misèria Posted September 29, 2011 Share Posted September 29, 2011 I remember thinking at the time that inventing a name "Buy to Let" was likely to start a bubble as the greedy got sucked into the latest get rich quick scheme. That's the right point in a bubble's lifetime to jump in! If I'd been in Blighty in 1997 I'd probably have bought a house myself Maybe one bigger than I need, that would've split into a flat for me and a flat for profit. Longed for that in the 1980s when landlords were getting most of my net income. Quote Link to comment Share on other sites More sharing options...
Self Employed Youth Posted September 29, 2011 Author Share Posted September 29, 2011 (edited) I'v just fired of a 2000 word email to my MP about the evils of Buy to Let. I wonder if I'll get a response. B2L must be eradicated and replaced with state ownership and a subsidy for tenants, all it is, is a subsidy for landlords. Edited September 29, 2011 by Unemployed Again Youth Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted September 29, 2011 Share Posted September 29, 2011 That's the right point in a bubble's lifetime to jump in! If I'd been in Blighty in 1997 I'd probably have bought a house myself Maybe one bigger than I need, that would've split into a flat for me and a flat for profit. Longed for that in the 1980s when landlords were getting most of my net income. I already had a house and wasn't remotely interested in becoming a landlord, too much hassle. Quote Link to comment Share on other sites More sharing options...
Freeholder Posted September 29, 2011 Share Posted September 29, 2011 I already had a house and wasn't remotely interested in becoming a landlord, too much hassle. Me too. Quote Link to comment Share on other sites More sharing options...
mercsl Posted September 29, 2011 Share Posted September 29, 2011 (edited) Me too. Why mugs just hand over loads of money each month into crappy pensions, too much hassle to actually really do something to sort out your financial future. Yes some work and the odd hassle but I have my annuity streams well sorted in plenty of time for my retirement, not just some imaginary number made up by a pension salesman. Australia had btl for ages it's here forever for u so get used to it Edited September 29, 2011 by mercsl Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted September 29, 2011 Share Posted September 29, 2011 Why mugs just hand over loads of money each month into crappy pensions, too much hassle to actually really do something to sort out your financial future. Yes some work and the odd hassle but I have my annuity streams well sorted in plenty of time for my retirement, not just some imaginary number made up by a pension salesman. Australia had btl for ages it's here forever for u so get used to it You really are a one trick pony... buy to let... buy to let... buy to let... . Some of us have other sources of income. I'm comfortably retired with not a buy to let in sight. Why waste your time playing at landlords if you have a profitable business that gives a better return on your efforts? Quote Link to comment Share on other sites More sharing options...
RUSARTNET Posted September 29, 2011 Share Posted September 29, 2011 Yes some work and the odd hassle but I have my annuity streams well sorted in plenty of time for my retirement, not just some imaginary number made up by a pension salesman. Famous last words. Are you one of the Wilsons by any chance? Quote Link to comment Share on other sites More sharing options...
mercsl Posted September 29, 2011 Share Posted September 29, 2011 (edited) Famous last words. Are you one of the Wilsons by any chance? No, I'm not a teacher You lot just think btl is bad , period. That's just silly. Fact is many people have sorted their future retirement out themselves rather than relying on the ridiculous pension system we have in this country. Just as viable an investment as shares or gold. Some people make stupid decisions in btl but that's true of any investment you care to mention. Edited September 29, 2011 by mercsl Quote Link to comment Share on other sites More sharing options...
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