Smith Posted August 14, 2023 Share Posted August 14, 2023 https://www.theguardian.com/business/2023/aug/14/number-of-landlords-selling-up-in-uk-grows-mortgage-rates-surge-buy-to-let Quote Link to comment Share on other sites More sharing options...
Smith Posted August 14, 2023 Author Share Posted August 14, 2023 "Those who sold buy-to-let this year made £10,500 less than those who did so in 2022, separate data shows." Quote Link to comment Share on other sites More sharing options...
msi Posted August 14, 2023 Share Posted August 14, 2023 16 minutes ago, Smith said: "Those who sold buy-to-let this year made £10,500 less than those who did so in 2022, separate data shows." We've had this https://www.housepricecrash.co.uk/forum/index.php?/topic/250582-hamptons-landlords-have-missed-the-top-of-the-market-and-will-lose-out-if-they-sell-this-year/ MODS: Can we merge? Quote Link to comment Share on other sites More sharing options...
70PC Posted August 14, 2023 Share Posted August 14, 2023 14 minutes ago, Smith said: https://www.theguardian.com/business/2023/aug/14/number-of-landlords-selling-up-in-uk-grows-mortgage-rates-surge-buy-to-let "Estimates by the estate agent Savills showed that 25,000 homes in UK were sold by landlords between April and May, compared with 22,000 in the previous two months." If sold to owner occupiers, that is £50m per annum less for estate agents. Quote Link to comment Share on other sites More sharing options...
Clarky Cat Posted August 14, 2023 Share Posted August 14, 2023 (edited) 25 minutes ago, 70PC said: "Estimates by the estate agent Savills showed that 25,000 homes in UK were sold by landlords between April and May, compared with 22,000 in the previous two months." If sold to owner occupiers, that is £50m per annum less for estate agents. Although part of the dysfunction of the housing market has been due to the "buy and hold" strategy of BTL. Previously the usual FTB-type houses would change hands more frequently as people move on, but instead BTL has hoovered them up and held (as well as people "accidentally" holiding onto them to rent out after moving on as interest rates were so low). If they start transacting more frequently then estate agents will start making more money on sales. Edited August 14, 2023 by Clarky Cat Quote Link to comment Share on other sites More sharing options...
ECS2 Posted August 14, 2023 Share Posted August 14, 2023 Tax them more More in distress will have to sell. Squeeze 'em Quote Link to comment Share on other sites More sharing options...
fellow Posted August 21, 2023 Share Posted August 21, 2023 Nearly 40% of landlords plan to downsize their letting portfolios https://propertyindustryeye.com/nearly-40-of-landlords-plan-to-downsize-their-letting-portfolios/ Quote Nearly 40% of landlords plan to downsize their letting portfolios Private landlords are more than twice as likely to sell properties than they are to purchase them, according to new research. Findings published by research consultancy BVA-BDRC reveal that, in Q2 2023, over one in ten (12%) of landlords in England and Wales sold properties. In contrast, only 5% purchased properties during this same period. Looking ahead the research, commissioned by the National Residential Landlords Association (NRLA), also found that over a third (37%) of landlords plan to cut the number of properties they let over the coming year, meaning that the proportion of landlords who plan to downsize their portfolio is at an all-time high. Only 8% said they plan to increase the number of properties they let in the market. The loss of rental properties comes despite strong demand from tenants. Two-thirds (67%) of landlords polled reported that tenant demand had increased in the second quarter of the year – another all-time high. Amidst growing mortgage costs and ongoing uncertainty about proposed reforms for the PRS, the NRLA warns that the supply crisis will only deepen without urgent action from the Government. It calls for ministers to scrap tax changes which deliberately seek to deter landlords from investing in desperately needed private rented accommodation. This includes the 3% stamp duty levy on the purchase of homes to rent out, as well as the decision to restrict mortgage interest relief on long term homes to rent. Ben Beadle, Chief Executive of the National Residential Landlords Association, said: “Whilst the Chancellor has developed a mortgage charter to help homeowners, the lack of assistance for renters and their landlords is clear for all to see. “Households renting privately are facing the full force of the supply crisis, and change is needed now to prevent the situation from worsening over the next twelve months. “The Government must reverse its damaging tax hikes on the sector. It is frankly absurd to have a tax system that punishes landlords for providing the homes tenants so desperately need whilst favouring holiday lets.” Quote Link to comment Share on other sites More sharing options...
nero120 Posted August 21, 2023 Share Posted August 21, 2023 34 minutes ago, fellow said: Nearly 40% of landlords plan to downsize their letting portfolios https://propertyindustryeye.com/nearly-40-of-landlords-plan-to-downsize-their-letting-portfolios/ Plan to?! Bit late now suckers, the door has pretty much slammed shut!! Quote Link to comment Share on other sites More sharing options...
staintunerider Posted August 22, 2023 Share Posted August 22, 2023 On 21/08/2023 at 13:38, nero120 said: Plan to?! Bit late now suckers, the door has pretty much slammed shut!! When the BTL mob start to see their capital gains being wiped out they're going to rush to the exits..(it was never about the yield.....)always the same he who panics first panics best Add the stress in th OO market from higher rates to the flight of BTL...there's somepretty heavy hitting fundamentals for the prices to start to buckle ....right at a time the govt is out of magic tricks.... Quote Link to comment Share on other sites More sharing options...
Armus Posted August 22, 2023 Share Posted August 22, 2023 Gonna be a lot of empty cities, towns and suburbs when all of these houses disappear. Quote Link to comment Share on other sites More sharing options...
Maghull Mike Posted August 22, 2023 Share Posted August 22, 2023 Sadly Homes by me are selling FAST............two were on sale for less than 14 weeks, both now sold Mike Quote Link to comment Share on other sites More sharing options...
no_dependent4663 Posted August 23, 2023 Share Posted August 23, 2023 It's funny this is celebrated while Skyrocketing rent is commiserated. You can't have both IMO. The response to this is that "all private property should be state-owned" which is so to the left of most socialists and so firmly into communist territory I'd think I was talking to Mao Zedong. Quote Link to comment Share on other sites More sharing options...
TenYearToGetMyMoneyBack Posted August 23, 2023 Share Posted August 23, 2023 On 8/14/2023 at 8:02 PM, Clarky Cat said: Previously the usual FTB-type houses would change hands more frequently as people move on, but instead BTL has hoovered them up and held (as well as people "accidentally" holiding onto them to rent out after moving on as interest rates were so low). If they start transacting more frequently then estate agents will start making more money on sales. Between 86 and 89 I lived in a road of about 25 of that type of house. In those three years about half changed hands. I don't recall any of them being buy to let. Most "owners" were in their 20s the exceptions being a couple of much older single people. 9 hours ago, Maghull Mike said: Sadly Homes by me are selling FAST............two were on sale for less than 14 weeks, both now sold Mike Is 14 weeks classed as fast ? Back to my FTB house, in the rush to beat the joint MIRAS deadline my next door neighbours sold their place and bought a bigger one in ten hours. Crazy times just before the bubble burst. Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted August 23, 2023 Share Posted August 23, 2023 (edited) https://x.com/keewa/status/1694015185659351428?s=46&t=TMUOZCqGbx3Pv9MjeQqrig Edited August 23, 2023 by PeanutButter Quote Link to comment Share on other sites More sharing options...
14stFlyer Posted August 23, 2023 Share Posted August 23, 2023 30 minutes ago, PeanutButter said: https://x.com/keewa/status/1694015185659351428?s=46&t=TMUOZCqGbx3Pv9MjeQqrig Instructive. There is a generation of house buyers and BTL landlords some of whom have entered into the largest financial decision of their lives without recognising any risk. Quote Link to comment Share on other sites More sharing options...
70PC Posted August 23, 2023 Share Posted August 23, 2023 12 hours ago, no_dependent4663 said: It's funny this is celebrated while Skyrocketing rent is commiserated. You can't have both IMO. Recent events probably made a spike in rental costs inevitable. Properties on the market without tenants are easier to sell. Rightmove is full of unoccupied properties on offer. We will see what happens to rental prices as this transfer of ownership progresses. Quote Link to comment Share on other sites More sharing options...
staintunerider Posted August 24, 2023 Share Posted August 24, 2023 On 22/08/2023 at 21:40, Maghull Mike said: Sadly Homes by me are selling FAST............two were on sale for less than 14 weeks, both now sold Mike Does make me laugh when I hear SOLD in this country because its really only under offer...SSTC....one phone call and that's out the window......EXCHANGED is really the first solid part of the process and completed is actually SOLD.... I used to have a mate who was always making offers and then lo and behold he's find something else he preferred because he never stopped looking. Kind of a shame houses can't be like cars or shares....even cars are not a liquid asset but more so than houses....shares are a proper liquid asset (well apart from the illiquid type that got Woodford into trouble)...but regular exchange traded shares like NYSE, NASDAQ, FTSE You can flog 500k of Tesco at whatever the price is what in seconds.... Even in a rising market I've know houses go SSTC several times and take over a year to actually complete Quote Link to comment Share on other sites More sharing options...
staintunerider Posted August 24, 2023 Share Posted August 24, 2023 On 23/08/2023 at 07:23, TenYearToGetMyMoneyBack said: Between 86 and 89 I lived in a road of about 25 of that type of house. In those three years about half changed hands. I don't recall any of them being buy to let. Most "owners" were in their 20s the exceptions being a couple of much older single people. Is 14 weeks classed as fast ? Back to my FTB house, in the rush to beat the joint MIRAS deadline my next door neighbours sold their place and bought a bigger one in ten hours. Crazy times just before the bubble burst. How on earth could they do that in 10 hours or was that a trade in with a builder ? Seems it must be its too fast... Quote Link to comment Share on other sites More sharing options...
staintunerider Posted August 24, 2023 Share Posted August 24, 2023 18 hours ago, 14stFlyer said: Instructive. There is a generation of house buyers and BTL landlords some of whom have entered into the largest financial decision of their lives without recognising any risk. So the guy who calls himself No Fool...then says what now buying a house is a risk ? In other news man stung by wasp says what wasps can sting.... Priceless From the first moment i ever bought in 92( had no idea if the market could drop further or what i had let myself in for with the property) I thought of the risk of what i was committing to. You learn (hopefully) over the years...2nd house i bought i had to borrow to replace the entire heating system...the clues were there right off by i was young and naive... I'm the worst viewer now for a vendor I make mental notes of all necessary work and they don't like it when I articulate these things neither the agent(who fobs you off) or the vendor who in their mind is doing you a favour even considering selling you the house. The mindset is all wrong with houses...they are not a liquid investment they deteroiate and require upkeep yet a house can fall into disrepair and still go up in value....that only ever happens with cars for a fraction of exotic ones...not the market generally... The attitude around property in this country is all wrong headed Quote Link to comment Share on other sites More sharing options...
winkie Posted August 24, 2023 Share Posted August 24, 2023 On 14/08/2023 at 20:02, Clarky Cat said: Although part of the dysfunction of the housing market has been due to the "buy and hold" strategy of BTL. Previously the usual FTB-type houses would change hands more frequently as people move on, but instead BTL has hoovered them up and held (as well as people "accidentally" holiding onto them to rent out after moving on as interest rates were so low). If they start transacting more frequently then estate agents will start making more money on sales. Completely agree......that is what happened, withdrawing equity debt on existing OO property to purchase what was once a first time buyers property......no proof of income was usually needed......how could first time buyers compete with that, as you say many would hold on to their own first time buyer property to rent out if they could rather than sell it........estate agents adapted turned into letting agents making money from the BTL mortgage AST craze..... there was policy put into place designing it to be that way........private landlords to replace social housing, landlords and lenders given more security than the tenants that rent from them.😉 Quote Link to comment Share on other sites More sharing options...
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