Saturday, June 29, 2013

Cameron’s Britain

Meet the new class of landlords profiting from Generation Rent

With interest rates at historic lows and rents at historic highs, property moguls such as these buy-to-let millionaires and rent-to-rent pioneers have never had it so good.

Posted by dill @ 02:00 AM (4639 views)
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7 thoughts on “Cameron’s Britain

  • You can’t blame the landlords, they are just playing the monopoly game.

    The problem is that the monopoly rules need to be changed for the good of all the players as the game has become unbalanced.

    The current game can be summed up as a game of monopoly where all of the squares have been sold and players are now just aimlessly throwing the dice buying their time until the game finishes.
    Ultimately it’s in nobody interest for the game to reach a point where people start walking away in boredom or start throwing the board across the room.

    The government, should be doing exactly that; Governing the rules of the game to make it fair for all players instead of pocketing all of the cash and bending the rules towards themselves.

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  • “Former right-to-buy council homes have provided rich pickings for investors. It has emerged that Charles Gow, the son of Ian Gow, the Tory minister and Thatcher aide during the peak years of the right-to-buy boom, owns at least 40 ex-council properties. About a third of ex-council homes sold in the 1980s under Margaret Thatcher are now owned by private landlords”.

    Small world.

    “Investors” – is that what they are?

    With ‘rent-to-renting’ why don’t the owners do the (presumably simple – partitions and locks) conversions themselves? Converting three bedrooms into five seems to be worth and extra £400pm. Are they prepared to forego that for a guarantee (how long does that last? and it depends on the ‘health’ of the market anyway) of no voids?

    Seems that caps on HB receipts don’t apply to landlords.

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  • This really makes me angry. Its pure exploitation of one group of people by another. “He offers landlords a commercial agreement, guaranteeing the rent, while new tenants are put on a “licence” rather than a conventional assured shorthold tenancy. These are controversial in the lettings market, as they treat tenancies more like short-term holiday lets, making it easier to evict.” How can that be legal? Someone ought to challenge this in court.

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  • Greenmind
    Unfortunately this is not new. At each housing ‘boom’ when large numbers of us ordinary folks are excluded from a rigged market, a number of uncaring grasping people will set up disgusting hmo’s rebadged as bed and breakfast (hence the licence to occupy) and make a mint from taking on ‘bulk supplies’ of homeless people supplied by the local authorities that have a duty to house them.
    The only legal weakness that I have seen in such set-ups has been in their treatment of the supply made for VAT purposes, as the b&b (or holiday let) attracts a VAT charge whereas a tenancy would not. If the rebadging does not take place then the default position under the housing acts is that a tenancy is created, this carries with it the consequent tenants rights. A challenge would involve a county court case, out of the question for most of the people concerned.
    Anyone given a ‘holiday let’ or ‘b&b’ let which is VAT liable, but not declared as such, might consider telling their local VAT officers about it.
    (many ways of skinning a cat)

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  • Well, you most certainly can blame the landlords – unless you wish to absolve the bankers, rent seekers and other freeloaders. Trouble is this country confuses wealth creation with wealth appropriation; evidence for that is abundant, even on this site. But there is no interest – in more than one sense – of creating a balanced economy, no interest for this govt or its funders. One cannot even predict a riot these days.

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  • I’m tipping off HMRC about unpaid VAT then.

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  • “Charles Gow, the son of Ian Gow, the Tory minister”

    You can almost see why the government wouldn’t want a crash …

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