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'buy-to-let Is Destroying Reading Communities'

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Guest wrongmove

More of the same really - Reading this time - but I thought the article was actually quite balanced.

'Buy-to-let is destroying Reading communities'

"THE DARK SIDE OF BUY-TO-LET BOOM

By John Howarth

Buying property to let has grown consistently over the past decade. According to Reading estate agents Haslams, as much as 60-70 per cent of new build apartments in the borough are now sold for buy-to-let.

According to Alliance and Leicester the market nationwide is set to grow by 41 per cent in the next 10 years.

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The trend has crossed the divides of class, race and religion, young and not so young. It has proved good business for big and small players alike.

TV programmes show us how it can be done. Banks are willing to lend up to six times income on buy-to-let mortgages.

People who would never have imagined becoming a landlord, including some who were already against the property owning classes, now conclude that Peter Rachman wasn’t wrong after all.

Some reasons for the market trend: a shortage of rental property for people for whom councils and housing associations can no longer cater, rising property prices, the absence of rent regulation and a lack of confidence in the products peddled by the corrupt pensions industry during the 80s.

Buying to let became a rational financial decision for all sorts of people.

I could take you to meet couples who bought their council homes, then bought a neighbouring house as their pension, ordinary families who own houses in several towns, people who were made redundant and invested their pay-off in another house then bought more.

Good luck to them, I say. But the last few years have seen the big players moving in – buying up whole blocks, snapping up streets and slowly but surely changing the face of communities.

Buy-to-let, whatever its contribution to the housing market, has unwelcome side-effects that pose a complex challenge for politicians. .........."

Edited by wrongmove

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Guest wrongmove
Oh, thank god for that. From the headling I thought people were now too ashamed to hold book group meetings in their shabby rented pits.

:P

Or buying up all the libraries and turning them into HMOs for devil worshippers.....

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Guest Marvin Bush
:P

Or buying up all the libraries and turning them into HMOs for devil worshippers.....

Satan was misunderstood. Either that or he was Jesus.

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The link quotes:

The big buy-to-let players are becoming increasingly powerful, but with power comes responsibility and for landlords that must mean responsibility to the neighbours.

The big 'Buy to Lose' players are heading for the mighty adjustment.....and Jesus as quoted above will not be able to help them......as for the money lenders....well ....let them face the challenge..... much of their interest will go into suspense...

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