Jump to content
House Price Crash Forum
Sign in to follow this  
Blackholeshine

Letter In Today's (20/706) Daily Mail About Buy-to-let.

Recommended Posts

I know it's been discussed a hundred times before but it's interesting to see this letter in today's (20/7/06) Daily Mail.

"Scourge of buy-to-let

The main reason young people are unable to buy their own property is because of the

increasing number of buy-to-let speculators.

The majority of buy-to-let properties are the first-time buyers' type. The consequent result has been a shortage of suitable properties, high prices and a disastrous effect on whole communities.

Building more houses is not the solution, because, apart from the environmental consequences, the buy-to-let "vultures" will get their greedy hands on many of them.

The solution is higher interest rates and/or heavy tax for all buy-to-let properties. This will force many of them to sell and the increased availability will push prices down,

Has the Government. which has created the speculator market, the guts to do it? I doubt it.

A house is a necessity and speculation on a necessity should be illegal. What next? Bread and water speculators?

Mrs Glauca Rossi,

London W9"

Share this post


Link to post
Share on other sites

I know it's been discussed a hundred times before but it's interesting to see this letter in today's (20/7/06) Daily Mail.

"Scourge of buy-to-let

The main reason young people are unable to buy their own property is because of the

increasing number of buy-to-let speculators.

The majority of buy-to-let properties are the first-time buyers' type. The consequent result has been a shortage of suitable properties, high prices and a disastrous effect on whole communities.

Building more houses is not the solution, because, apart from the environmental consequences, the buy-to-let "vultures" will get their greedy hands on many of them.

The solution is higher interest rates and/or heavy tax for all buy-to-let properties. This will force many of them to sell and the increased availability will push prices down,

Has the Government. which has created the speculator market, the guts to do it? I doubt it.

A house is a necessity and speculation on a necessity should be illegal. What next? Bread and water speculators?

Mrs Glauca Rossi,

London W9"

My god I agree with a Daily Mail reader!

Wonders will never cease

Share this post


Link to post
Share on other sites

Speaking as a committed renter, I am pleased there are BTLs out there. What I am less happy about is the number of immature and irresponsible BTL landlords there are out there. I am having to move house on the whim of a chap who has decided to sell 'my home'.

Share this post


Link to post
Share on other sites

Speaking as a committed renter, I am pleased there are BTLs out there. What I am less happy about is the number of immature and irresponsible BTL landlords there are out there. I am having to move house on the whim of a chap who has decided to sell 'my home'.

You can hardly blame him. If I owned a BTL I would want it sell it--and quick. Government taxes and restrictions are about to drop like a lead baloon on BTLers and local authorities have a discretion to hook smaller properties into the new regs not just the big HMOs.

Also, with yields reported as dropping to a 4 year low why not sell and put the proceeds in the bank for a yield of 5% and zero outgoings. You know it makes sense............. :)

Share this post


Link to post
Share on other sites

You can hardly blame him. If I owned a BTL I would want it sell it--and quick. Government taxes and restrictions are about to drop like a lead baloon on BTLers and local authorities have a discretion to hook smaller properties into the new regs not just the big HMOs.

Also, with yields reported as dropping to a 4 year low why not sell and put the proceeds in the bank for a yield of 5% and zero outgoings. You know it makes sense............. :)

I agree. My gripe is that we had only been in the property for a year. When we took the place, the fellow swore blind that he wanted a long term let. This change of heart has cost us nearly two thousand pounds in extra removal costs.

Share this post


Link to post
Share on other sites

Mrs Glauca Rossi is wise indeed!!!!

What would happen if speculators bought up all the food and then sold it for much much more. There would be riots!!!

Share this post


Link to post
Share on other sites

I agree. My gripe is that we had only been in the property for a year. When we took the place, the fellow swore blind that he wanted a long term let. This change of heart has cost us nearly two thousand pounds in extra removal costs.

The perils of renting, I assume, with a family. (I assume that beause of the high removal costs - most on here claim £100 or so using "man and a van")

Having fun with the mail redirection forms?

Share this post


Link to post
Share on other sites

The perils of renting, I assume, with a family. (I assume that beause of the high removal costs - most on here claim £100 or so using "man and a van") Having fun with the mail redirection forms?

Exactly

Share this post


Link to post
Share on other sites
Guest Bart of Darkness

You could make the same investment arguments - after all, people have to have something to eat.

But never forget the plight of the conservative sandwich investor. :D

pic00219.jpg

Zoidberg: Once again the conservative sandwich heavy portfolio pays off for the hungry investor! (eats rotten sandwich) Oh no! I'm ruined! Why! Why!

pic00218.jpg

pic00217.jpg

Share this post


Link to post
Share on other sites
Guest mattsta1964

I know it's been discussed a hundred times before but it's interesting to see this letter in today's (20/7/06) Daily Mail.

"Scourge of buy-to-let

The main reason young people are unable to buy their own property is because of the

increasing number of buy-to-let speculators.

The majority of buy-to-let properties are the first-time buyers' type. The consequent result has been a shortage of suitable properties, high prices and a disastrous effect on whole communities.

Building more houses is not the solution, because, apart from the environmental consequences, the buy-to-let "vultures" will get their greedy hands on many of them.

The solution is higher interest rates and/or heavy tax for all buy-to-let properties. This will force many of them to sell and the increased availability will push prices down,

Has the Government. which has created the speculator market, the guts to do it? I doubt it.

A house is a necessity and speculation on a necessity should be illegal. What next? Bread and water speculators?

Mrs Glauca Rossi,

London W9"

My God!

That's amazing!

A paragraph of common sense in a sea of celebrity pap and hysterical stories of middle class children being more likely to contract leukemia! Wot a load of ol' flannel!

We have a copy of the Daily Mail in our office reception area. I always have a flick through with a colleague and we have a good snigger at the tackiness of it. The Mail is almost a caricature of itself. It's sooooo bad its good, it's like a parody, the Spinal Tap of newspapers.

So to see something like this printed in it is quite astonishing!!

Share this post


Link to post
Share on other sites
The main reason young people are unable to buy their own property is because of the increasing number of buy-to-let speculators.

It's a factor, but hardly the "main reason". I see the rise of BTL more as a symptom of HPI than a cause. A key characteristic of bubbles is that such symptoms become self-reinforcing.

What next? Bread and water speculators?

People have been speculating on grain futures for centuries.

Edited by Jeff Ross

Share this post


Link to post
Share on other sites

Speaking as a committed renter, I am pleased there are BTLs out there. What I am less happy about is the number of immature and irresponsible BTL landlords there are out there. I am having to move house on the whim of a chap who has decided to sell 'my home'.

The problem isn't BTL, it's the _scale of BTL_

From 70,000 to 700,000 in 6 years. Now taking up nearly 1/4 of all property based mortgages. It's just too damn big.

It's a gold rush, and it needs to be scaled back for everyones sake.

Share this post


Link to post
Share on other sites

Well I see Mrs Rossi lives in the very exclusive W9 postcode area of Westminster (Little Venice and St John's Wood). A first time buyer would need to be earning £150k to buy an average property in that part of the world!

Share this post


Link to post
Share on other sites

Don't think Vale would marry a fat (sorry 'real') Brit bird when he has all those Italian cuties lusting after him!

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.