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Guest muttley

There Goes The Neighbourhood

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Guest muttley

A co-worker sold her house earlier this year. One of the reasons she moved was because next door had been bought by a BTL LL, and the new neighbours were rowdy. I just found out from nethouseprices that she sold for significantly less than similar houses on the street (up to 15% less).

Is this the sign of a falling market, or does an increase in BTLs have a detrimental effect on house prices in an area?

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Is this the sign of a falling market, or does an increase in BTLs have a detrimental effect on house prices in an area?

Uh, which would you prefer: living among people who plan to stay in an area for years and don't want to cause trouble as a result, or living among people who are often only going to be there for a few months and don't give a damn?

Or worse, welfare chavs who'll happily break into your house and steal your stuff to fund their crack habit, because they know the police won't do anything about it?

I certainly wouldn't want to buy a house in a BTL-infested area for that very reason. It only takes one desperate landlord to screw up the whole area.

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A co-worker sold her house earlier this year. One of the reasons she moved was because next door had been bought by a BTL LL, and the new neighbours were rowdy. I just found out from nethouseprices that she sold for significantly less than similar houses on the street (up to 15% less).

Is this the sign of a falling market, or does an increase in BTLs have a detrimental effect on house prices in an area?

You can't tar all renters with the same brush, but it was one of the reasons we just moved.

It was a nice quite road. Until a landlord moved in the Battersbys. It went down the nick overnight.

I just kept quiet and sold, because if you start mouthing off, it may be used against you if the buyer later knows that there was a problem in the neighbourhood and you knew about it.

I know the Landlord, and I know he has had the house refurbished by the council, new roof, repointing, windows, the full monty - but this is only if its for owner occupation.

I also know the bloke in the council grants department.

I'm saving this one for when I'm having a really bad hair day...

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Guest muttley

I certainly wouldn't want to buy a house in a BTL-infested area for that very reason. It only takes one desperate landlord to screw up the whole area.

And so it follows, his own portfolio.

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And so it follows, his own portfolio.

Yes, but if he's getting guaranteed rent from the council to house the local chavs, he may not care. At least he can continue being a landlord that way, rather than being a bankrupt.

Just look at the article posted here a few weeks ago about someone in America buying a $500k McMansion in a new development and renting it out to a crack gang, for example. The alternative was probably to go bust.

Edited by MarkG

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Yes, but if he's getting guaranteed rent from the council to house the local chavs, he may not care.

And aint that the problem - landlords who rent out and don't give a f**k about the effects.

Our newbuild house is section 106 and has a restrictive covenant that renting out is forbidden for 5 years from date of purchase. It really makes a difference that no renters (of the shitty variety of course) are on-site.

If there was a genuine desire to put the brakes on BTL this is one of the ways it could be done - I'm not sure if it was the Housebuilder or the Council that stipulated the covenant - or how enforcible it is.

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I'm not sure if it was the Housebuilder or the Council that stipulated the covenant - or how enforcible it is.

Well, the article about that American crack gang rental said they _did_ have a 'owner-occupiers only' contract with the builders, but no-one could enforce it. The builders didnt care what happened once they'd sold the houses.

Edited by MarkG

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Guest muttley

Yes, but if he's getting guaranteed rent from the council to house the local chavs, he may not care. At least he can continue being a landlord that way, rather than being a bankrupt.

Interestingly here in Blackpool the local council have stopped paying rent directly to the landlord. Instead they pay it to the tenant, who will hopefully pass it on.

I agree that the professional LLs can continue without worrying about the short term effects on house prices. However, it must be galling for the 4.5% yield new breed to learn that their property has fallen in value, even in the absence of a general house price correction.

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  • 302 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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