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Btl Scum Regrouping And On The Offensive. -- Merged

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More rental properties flood market as landlords start letting new purchases

A flood of new homes has come on to the private rental market as a result of landlords letting out new purchases.

According to Countrywide, landlords went on a buying spree in the first quarter of this year, ahead of the 3% Stamp Duty surcharge implemented on April 1.

Countrywide estimates that £28bn of home sales were completed in March alone, a 76% increase on March last year.

In the last two weeks of March, Countrywide says half of all sales completed were by landlords. In the same two weeks of last year, landlords accounted for just 18% of purchases.

The landlord buying frenzy meant that 22% more homes were brought to the rental market in the first quarter of this year compared with the same period last year.

In London, there was a 40% increase in the number of rental properties being put on the market.

The growth in available stock cut rent rises. Nationally, rents rose 3.4% over the year to March compared with 4.5% the previous year, to stand at an average of £931.

The biggest slowdown in rental price growth was across London at 2.9% in March, less than half the 7.4% recorded the previous year.

The Chancellor’s objective with the surcharge is to slow down the buy-to-let market and help first-time buyers.

Johnny Morris, research director at Countrywide, said: “Quite at odds with the intentions of the policy, the first measurable effect of the introduction of the new Stamp Duty rate has been to increase the number of homes owned by landlords, although this will likely be a temporary effect as we see reduced investor activity in future months.”

http://www.propertyindustryeye.com/more-rental-properties-flood-market-in-unintended-consequence-for-osborne/

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Interest in buy-to-let purchases drops off by over a quarter

Interest in new buy-to-let purchases dropped by over a quarter in March as the Stamp Duty deadline approached, Rightmove reported this morning.

Inquiries were down by 27% compared with March last year, the fall reversing the upward trend between December and February when there was a 24% year-on-year rise.

Rightmove’s head of lettings Sam Mitchell said: “This waning of interest definitely seems to predict a slowdown in the buy-to-let market, but what’s not yet clear is if this will only turn out to be a short-term pause.

“It could be that some investors are waiting until the tax changes have had time to bed in before they review their business and continue to make purchases.

“If this removes some of the competition for smaller properties, then it could spell good news for many first-time buyers.”

http://www.propertyindustryeye.com/interest-in-buy-to-let-purchases-drops-off-by-over-a-quarter/

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“It could be that some investors are waiting until the tax changes have had time to bed in before they review their business and continue to make purchases.

It could also be that some investors are waiting until the tax changes have had time to bed in before they make even a token effort at analysing the profitability of their non-business and shit their pants.

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From This is Money today: Britain's buy-to-let market showing early signs of a slump as investors factor in rising stamp duty costs

Britain's buy-to-let market is showing signs of a slowdown as would-be investors are put off by rising stamp duty costs, data reveals.

Interest in properties from buy-to-let investors fell by 27 per cent last month compared to the same time a year earlier, Rightmove said.
Last month's sluggish data for the buy-to-let market stands in stark contrast to figures from December to February, when investor enquirers increased by 24 per cent year-on-year.

I think that everyone will recognise that nobody on the forum has done more than me to ensure that the contribution made by plucky capitalists with their property businesses are appropriately recognised, respected and indeed celebrated. Hence it literally (h/t R. Beck) boils my piss when irresponsible journalists talk about 'investors'. All these hard-working property business people are laying the foundations of a solid property business which will continue to deliver income once they retire at, which point the property business will run itself, hence becoming at that point, by the magic of buy-to-let, a passive investment and not a business. What could be simpler?

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From This is Money today: Britain's buy-to-let market showing early signs of a slump as investors factor in rising stamp duty costs

I think that everyone will recognise that nobody on the forum has done more than me to ensure that the contribution made by plucky capitalists with their property businesses are appropriately recognised, respected and indeed celebrated. Hence it literally (h/t R. Beck) boils my piss when irresponsible journalists talk about 'investors'. All these hard-working property business people are laying the foundations of a solid property business which will continue to deliver income once they retire at, which point the property business will run itself, hence becoming at that point, by the magic of buy-to-let, a passive investment and not a business. What could be simpler?

Investment, business, pension and a place of safety to put your money because you don't trust banks while at the same time offering returns to beat all other investments...

A chimera is something you’ve imagined that’s bits and pieces of other things mashed together into a new horrible fantasy, something impossible in real life that only exists in your mind.

https://www.vocabulary.com/dictionary/chimera

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I always thought that a portfolio was a physical thing, like those large folders that art students carry their paintings in.

To use 'portfolio' to describe a bunch of ill-gotten, mal invested debt is typical of the VI's who always tried to talk the market up, and thought that the word sounded impressive, even though they had no idea of what it meant.

I suggest that in future, HPC describe portfolio as:-

BIN

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Sounds about right.

Ah well, if 3% doesn't cut it then it could be increased to 4%, 5%, 10% whatever. Can always lobby to have the basic rate tax credit on mortgage interest relief abolished too. Still plenty of juicy tax breaks to go after.

Property parasites will never be put off by any tax change, because they aren't in it for the money.

BTL is first and foremost a lifestyle purchase and a status signifier. Without BTL they'd be miserable failures, but with BTL they are canny businessmen. Or so the salesmen tell them.

Even if they are bankrupted, they'll go right back into hoarding the precious just as soon as some loon offers then a loan.

So that's the only thing that will stop them: will they get the loan. The stamp duty rise reduces what they can borrow, regardless of what they'd like to borrow. Let's hope it's enough.

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Investment, business, pension and a place of safety to put your money because you don't trust banks while at the same time offering returns to beat all other investments...

A chimera is something you’ve imagined that’s bits and pieces of other things mashed together into a new horrible fantasy, something impossible in real life that only exists in your mind.

https://www.vocabula...tionary/chimera

The mental gymnastics involved in thinking I don't trust banks so I'm going to take all my FSCS protected savings and gamble them on house prices via high stakes unregulated loans from banks is really quite impressive. If only delusion were an Olympic sport...

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Property parasites will never be put off by any tax change, because they aren't in it for the money.

BTL is first and foremost a lifestyle purchase and a status signifier. Without BTL they'd be miserable failures, but with BTL they are canny businessmen. Or so the salesmen tell them.

Even if they are bankrupted, they'll go right back into hoarding the precious just as soon as some loon offers then a loan.

So that's the only thing that will stop them: will they get the loan. The stamp duty rise reduces what they can borrow, regardless of what they'd like to borrow. Let's hope it's enough.

The idea of house as status symbol seems to be culturally endemic at this point. Sure there are BTL salesmen, but I doubt they are operative in instigating this behaviour in most case. Especially as most of them - mortgage brokers, property gurus, etc - have to be actively sought out by the aspiring BTLer in the first place. People sell it to themselves. They look at their friends doing it and they think I could do that, easy money.

Arguably property TV is a salesman of sorts, but it seems to me that TV programming is in the main a reflection of popular culture that's primarily designed to sell more programmes, and isn't overly concerned about people signing up to BTL loans for which the programme makers do not receive a cut. Many people like the BTL/HPI programming. They want it. No doubt many of the people involved in making that programming are just as delusional as their audience, and just as hocked up on debt.

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I always thought that a portfolio was a physical thing, like those large folders that art students carry their paintings in.

You could have just looked the word up.

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My parents generation are the worst, all they ever talk about is the value of property.

My mother talks about who owns what house and how so and so of their friends has got a lovely huge house all the time. Whilst she and dad are rattling around in our big old family home myself and my grown up 30something siblings are all renting various hovels around britain. Myself and the wife bringing up our little one in a modest rented 3bed semi despite both supposedly being in top 5% of earners. My folks bought up four children and bought current house on one salary now valued at ~20x average local wage. Family homes which families can't buy, makes sense.

Saw their friends at the weekend similar age 60 somethings lovely people but doesn't take long before they're banging on about property, doing up the garage to let out etc. How houses with a sea view are worth 30% more etc I just realised it is all people have to talk about. I dread to think what they talk about at dinner parties now it must be mind numbing.

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There has been a concerted effort to steal all sorts of words from other more fashionable things and apply it to property to hide its dirty seediness. Portfolio sounds nice because its all arty things, graphic designers used to bring them to meetings and such. You have a portfolio of samples when your doing interior design. It has images of swish offices and meetings with bottled water.

I make a concerted effort to use real language when i talk to them, e.g. debt slave, people farming, ex council house, greed, etc etc

Lets not let them utilize language to make this out to be anything other than it is. Sticky filthy lazy greed

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Exactly, despite what Simonsays, portfolio was not used in its current fashion 30-40 years ago as far as I remember.

Also, portfolio implies variety and thus diversification. If you have only shares in BT you wouldn't call it a share portfolio. BTL tw@ts might con themselves that by owning slightly different houses in different streets there is diversification and thus a portfolio, but that's the kind of half-wit reasoning that makes them tw@ts.

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I made no mention of portfolio in the context of owning houses. I said 'tech stock portfolio' indicating it has performed better than housing in response to a claim by a poster that buy to let offers 'returns to beat all other investments'.

What a strange thing to get hung up on.

Heres a definition returned by google

"a range of investments held by a person or organization."

Exactly, despite what Simonsays, portfolio was not used in its current fashion 30-40 years ago as far as I remember.

I didnt make the comment 30 or 40 years ago.

Weirdos.

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I made no mention of portfolio in the context of owning houses. I said 'tech stock portfolio' indicating it has performed better than housing in response to a claim by a poster that buy to let offers 'returns to beat all other investments'.

What a strange thing to get hung up on.

Heres a definition returned by google

"a range of investments held by a person or organization."

I didnt make the comment 30 or 40 years ago.

Weirdos.

I was being sarcastic by the way.

We are obviously all aware of the tradeoff between risk and return. The risk with BTL being that you can lose more than you originally invested.

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Could be another entry for the BTL dictionary

portfoolio - a portfolio for a fool, consisting of a mixture of shit houses, shit houses and finally, to add diversification, more shit houses.

Spiv 1: "How's your portfoolio doing?"

Spiv 2: "Great, I have it all invested in the housing estate where I grew up outside Liverpool, so whilst there has been no HPI since 2004, I am absolutely certain where it is."

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1460652308-3336294-468x92x468x154x0x36-U

They have set up a new youtube channel.

They have also set up a new website and have a conference in June in Earlscourt. Tickets are £100

http://www.tenanttax.co.uk/

:lol:

Three thumbs down on youtube so far, no thumbs up :)

Edited by SE10

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  • 399 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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