bobed Posted July 22, 2006 Share Posted July 22, 2006 (edited) CityWire: Live and let buy Some MPs and local authorities are calling for controls on what they see as the damaging buy-to-let market. However, the mortgage industry has hit back hard to counter this stance... Edited July 22, 2006 by bobed Quote Link to comment Share on other sites More sharing options...
Jason Posted July 22, 2006 Share Posted July 22, 2006 Interesting. Although, I think restriction of BTL isn't the way forward. So what if the number of BTLs halved? Rents would just go up because of the lack of supply. I think the best way would be to discourage BTL through taxes. After all, the government need to raise taxes so why not do it on 2nd homes? If that were done I think they would get a lot of support from the younger 'priced out' generation, whereas single home owners probably wouldn't care as it doesn't affect them. Quote Link to comment Share on other sites More sharing options...
Realistbear Posted July 22, 2006 Share Posted July 22, 2006 Its coming! NuLabour is going to control and tax BTL to the point that BTLers wish they had got out when they could. The new licensing rules and fees will affect ALL BTLs in very short order as the legislation allows local authorities to widen the net to include smaller properties. With council taxes out of control local authorities will look to BTL for additional revenue. No one likes BTLers, Landlords have been a hated class for centuries. Taxing them will gain votes and cause no tears for what are seen as social parasites. Not a pleasant attitude, true, but for some reason "Landlord" has always held negative connotations. Quote Link to comment Share on other sites More sharing options...
Immigrant Posted July 22, 2006 Share Posted July 22, 2006 No one likes BTLers, Landlords have been a hated class for centuries. Taxing them will gain votes and cause no tears for what are seen as social parasites. Genuine question - what percentage of the adult population do you think has a BTL or a second home? Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted July 22, 2006 Share Posted July 22, 2006 id vote nulab once again if they did this with some zeal. at the moment im voting liberal. Quote Link to comment Share on other sites More sharing options...
uro_who Posted July 22, 2006 Share Posted July 22, 2006 Gazzillions of NuLab types own buy to let starting as low as prezzers brother who just happened to get a job lot of LA houses when he was working on the council. Took them off their hands see. It would p!$$ of a large part of Middle Britain. I wish I could afford to vote liberal. I did the calculation on the local income tax at the last election. £7000 for me and the wife and we live in a frigging field. And now I hear they are going to charge me £1000 per year to tax my car! We already pay 80k in direct taxes, let alone petrol, VAT and all the rest of it. Quite enough for me. And I live in a country were I can't afford a decent house. Great. Quote Link to comment Share on other sites More sharing options...
Keith.G Posted July 22, 2006 Share Posted July 22, 2006 Its coming! NuLabour is going to control and tax BTL to the point that BTLers wish they had got out when they could. The new licensing rules and fees will affect ALL BTLs in very short order as the legislation allows local authorities to widen the net to include smaller properties. With council taxes out of control local authorities will look to BTL for additional revenue. No one likes BTLers, Landlords have been a hated class for centuries. Taxing them will gain votes and cause no tears for what are seen as social parasites. Not a pleasant attitude, true, but for some reason "Landlord" has always held negative connotations. The trouble with all this talk of taxing BTLs is that they are already a great source of tax and the authorities need to be careful they don't kill the proverbial goose Quote Link to comment Share on other sites More sharing options...
iLegallyBlonde Posted July 22, 2006 Share Posted July 22, 2006 (edited) The trouble with all this talk of taxing BTLs is that they are already a great source of tax and the authorities need to be careful they don't kill the proverbial goose Mmmm I wonder what percentage of BTL don't declare their income to the IR Edited July 22, 2006 by terrified Quote Link to comment Share on other sites More sharing options...
Keith.G Posted July 22, 2006 Share Posted July 22, 2006 CityWire: Live and let buy Some MPs and local authorities are calling for controls on what they see as the damaging buy-to-let market. However, the mortgage industry has hit back hard to counter this stance... I would think that people with a vested interest eg. the PM (as he is also a BTL landlord!!!) would also hit back hard to counter this stance... Quote Link to comment Share on other sites More sharing options...
iLegallyBlonde Posted July 22, 2006 Share Posted July 22, 2006 (edited) I would think that people with a vested interest eg. the PM (as he is also a BTL landlord!!!) would also hit back hard to counter this stance... He hasn't done very well out of it though has he, lets hope he's in it for the long term Edited July 22, 2006 by terrified Quote Link to comment Share on other sites More sharing options...
DONT PANIC !!! DONT PANIC !!! Posted July 22, 2006 Share Posted July 22, 2006 We already pay 80k in direct taxes, let alone petrol, VAT and all the rest of it. Quite enough for me. And I live in a country were I can't afford a decent house. If your paying 80k in direct taxes im sure you dont have a problem buying a house.... wish i had to pay that amount per year Quote Link to comment Share on other sites More sharing options...
Pete95 Posted July 23, 2006 Share Posted July 23, 2006 Interesting article. Makes me laugh reading the mortgage lenders/EA opinions "BTL isnt making things harder for FTB's at all!" says BTL mortgage lender.... What would you expect them to say?! BTL is the biggest problem for FTB's - it is probably the single main reason house prices havent crashed like they did in the early 90's (when I believe you couldnt actually get BTL mortgages). The problem is the people in powerful enough positions to do something about the 'BTL problem' are in the game themselves, so couldnt give a sh1t about FTB's not being able to buy a home to start a family etc and get some stability. Quote Link to comment Share on other sites More sharing options...
uro_who Posted July 23, 2006 Share Posted July 23, 2006 If your paying 80k in direct taxes im sure you dont have a problem buying a house.... wish i had to pay that amount per year Yes that's what I'd have thought. Of course I can buy a house but I'm very very nearly 40, have 200k in the bank, pay 80k in direct taxes and all I can afford is a cr@p box around here. HPI makes moving up the ladder just as hopeless as starting. A friend of mine has just taken out a 600k mortgage that takes all of his salary just to cover interest only. Other than overtime he has no money to feed his wife, kids or pay any bills. I'm just not willing to do it. Quote Link to comment Share on other sites More sharing options...
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