Saturday, June 16, 2007

BTL far west

Nottingham's forest of housing despair

"The city's buy-to-let boom has created whole areas where local parents and young couples are outgunned financially by landlords, many of whom do not live there. And in some parts of the city, such as Lenton and Dunkirk, the council is considering shutting schools. Primary school children who should arguably be living in the three and four-bedroomed homes are simply not there." These social and community issues will worsen and attract regulatory scrutiny (central and local governments). Easy to predict that more regulations = more costs = heavier BTL losses = market crash

Posted by confused76 @ 10:52 AM (545 views)
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8 thoughts on “BTL far west

  • Interesting comments at the end of the article. The fall of the BTL will start serious social problems in this country. This is yet another pension time bomb. And the government keeps spending money they do not have…

    “My wife and I work very hard to run our business. Like many others in the field we are the victims of failed endowments and pension plans. We have taken independent steps to fund our own retirement and, as a result, we will not be a charge upon the state (we hope – we are of course taking significant financial risks in doing what we do). ”

    What a confused mind! These DIY-BTL-cum-financial-planners, they really do not understand what financial disaster they are facing
    “we are the victims of failed endowments and pension plans…” and soon the victims of the BTL collapse

    Another reader:
    “I could have told you exactly what buy-to-let was doing to the housing market five years ago, when my partner and I split up and needed to trade in our jointly-owned house for two smaller models. But at that time, along with all the rest of the personal financial press, you were praising this investment method to the skies and urging all your readers to get their snouts in the trough and take their share of the lovely gravy.”
    Quite right, the media has created this BTL monster and the media is taking it down… look at the daily news with ample coverage of falling yields, community issues, stricter tax controls… keep going!!

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  • “”Buy-to-let has caused the physical degradation of the area. Landlords don’t clean up the mess of old furniture and disused pizza cartons, and the students, many from wealthy backgrounds, contribute no council tax,” says Lenton resident Maya Fletcher.

    “There’s no more feeding next door’s cat or taking in parcels. The government talks of cohesion and community. We’ve lost it,” she says.

    “But central government appears unwilling to interfere in the private market. “We’re seen as low priority. Department for communities and local government minister Baroness Andrews has twice cancelled appointments to discuss the issue,”

    There you have it – New Labour – “F*ck up your country.

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  • I could have told you exactly what buy-to-let was doing to the housing market five years ago, when my partner and I split up and needed to trade in our jointly-owned house for two smaller models. But at that time, along with all the rest of the personal financial press, you were praising this investment method to the skies and urging all your readers to get their snouts in the trough and take their share of the lovely gravy. No good crying crocodile tears about it all now.
    Anthea West
    Wokingham, Berkshire

    She does say it all, really. It is about time someone (and I know you picked up on this too confused) blamed the media for fuelling this. They are as much to blame as the lazy and self-interested government.

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  • Fiddling while Rome burns – “But central government appears unwilling to interfere in the private market. “We’re seen as low priority. Department for communities and local government minister Baroness Andrews has twice cancelled appointments to discuss the issue,” Mr Trimble says”.

    It’s all well and good the government burying it’s head in the sand but this BTL cancer is eating away at every single community in this country to a greater or lesser extent. They’ve let the housing market expand totally out of control but when you build up this much pressure invariably something gives. Lack of choice, lack of opportunity, lack of concern from the powers that be – all these things fester and fester until people cannot take it any more and I think we are fast reaching the point where protests and direct action become the response to a system that is totally unfair and loaded in favour of one section of the community (in this case BTL landlords).

    Apart from maybe the banks and lenders and the government who are making a killing from the current housing market I cannot see any other winners. Millions are priced out and cannot comtemplate owning their own home so live with mum and dad or rent, millions are borrowing money they can never pay back and many will lose their homes, millions have MEW’ed and are probably not yet aware of how that will impact their future, millions cannot contemplate moving up the ladder as the rungs are so widely spaced. Someone will have to answer for this current state of affairs………………………

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  • Fiddling while Rome burns – “But central government appears unwilling to interfere in the private market. “We’re seen as low priority. Department for communities and local government minister Baroness Andrews has twice cancelled appointments to discuss the issue,” Mr Trimble says”.

    It’s all well and good the government burying it’s head in the sand but this BTL cancer is eating away at every single community in this country to a greater or lesser extent. They’ve let the housing market expand totally out of control but when you build up this much pressure invariably something gives. Lack of choice, lack of opportunity, lack of concern from the powers that be – all these things fester and fester until people cannot take it any more and I think we are fast reaching the point where protests and direct action become the response to a system that is totally unfair and loaded in favour of one section of the community (in this case BTL landlords).

    Apart from maybe the banks and lenders and the government who are making a killing from the current housing market I cannot see any other winners. Millions are priced out and cannot comtemplate owning their own home so live with mum and dad or rent, millions are borrowing money they can never pay back and many will lose their homes, millions have MEW’ed and are probably not yet aware of how that will impact their future, millions cannot contemplate moving up the ladder as the rungs are so widely spaced. Someone will have to answer for this current state of affairs………………………

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  • Wiltshire is right, but who cares?

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  • This article is very true. Lenton and Dunkirk pretty much all the locals have been forced out so its just students and criminals left. Lenton was where that policewoman was shot. Nottingham has a high break-in rate partly because student houses full of laptops and iPods attract burglars. There’s a certain amount of poetic justice…
    The bits of Beeston near the uni also fit the description of this article. Towards Chilwell is much better and less studentified. In the middle, it literally depends on the housing stock on the street. Streets of smaller houses are less damaged in this way, than those with bigger houses.
    Lenton Abbey (ex-council estate next to uni) -well… the locals will certainly “sort out” the students there. 😉 Again, wonder why Nottingham has high crime rate.
    Nottingham uni is run as a ruthless corporation. All they care about is get more and more students, get more and more money, and f*** everyone else. Universities are increasingly behaving like this but it seems like Nottingham is in the vanguard.
    At Nottingham uni, there’s a contingent of rahs who either now can’t get in to Bristol, or refuse to go there, because of Bristol’s widening participation policy (a.k.a ensure they have enough people from state schools) who now go to Nottingham instead.
    Also, due to the “bums on seats = £” policy of Nottingham uni there are vast numbers of extremely wealthy, but not necessarily academically able, Chinese students. What a degree from Nottingham worth these days if half the grads got there by plagiarism?
    There’s again a kind of poetic justice that a bunch of students from privileged backgrounds who lack respect for local people, get well and truly sh*fted by Nottingham uni, which knows exactly how to extract cash from them. Plenty of stories by postgrads of how the funding that was granted to them somehow found its way into other pockets of the uni.
    But as other articles have stated, there’s been lot of over-building.
    I suspect “the market will sort all this out”. 😉

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  • How do we get to this Baroness? Can we organize a petition we sign electronically through this site?

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