How much is your house worth
- Thread starter cutting42
- Start date
It's a vicious circle though, the more and more picky the landlords are and the more expensive rents get, the more people will have to rely on a guarantor to back them. I don't think LLs get to moan about guarantors or people who don't earn enough if they're involved with creating the problem in the first place.
hifinutt
hifinutt
the government has caused the rise in rents partially . 1]they now tax you on all the rent including the mortgage . there are not many businesses that get charged tax on their loan payments . it has led to a huge rise in tax and pushed many into selling . 2] they have raised stamp duty massively [ still have to pay 3% now despite holiday] 3] they have abolished tenant fees so all the costs fall on landlords . all leading to rediculous rents
Big Tabs
looking backwards, going forwards
Art teacher?
Ponty
pfm Member
Like everything, there can be exceptions. I had someone who wanted to rent a flat of mine, salary didn’t make the grade with the agent checks (token part time job). No problem, Daddy offered to pay 6 monthly in advance. Was hardly ever there, spent most of the time jet setting around the world. Dream tenant!
SteveG
pfm Member
I always left the finding/checking tenants to the agency we used but we did have one case where we were asked if we'd be ok with some folks that didn't meet the agents criteria renting the place if they paid the full year up-front, which we did (and with no problems). I think that was a couple of young female Australian nurses but I never met them, as my wife decided she'd do any necessary visits while they were there.
gintonic
50 shades of grey pussy cats
PE iirc
hifinutt
hifinutt
Nicky Stevenson, managing director at estate agent Fine & Country, said lockdown had played its part in keeping prices as high as they are because it reduced supply.
"The Budget is only around the corner now and, while it remains to be seen whether the chancellor will extend the stamp duty tax break, he has a big deficit and many other levers to pull that could affect the market in much more significant ways," she said.
Mr Montlake said that the Covid-19 pandemic triggered a massive rethink among homeowners and prospective homebuyers.
"The rules of the game have changed. Properties that were perfect a year ago are often no longer what people want as work and life priorities have been turned upside down."
Lucy Pendleton, of estate agent James Pendleton, said it was sellers, not buyers, who were a little quieter at the moment.
"A lot of people with children have decided against listing their property for sale while they're home-schooling and their home looks like a bomb has hit it."
But she said there were still plenty of first-time buyers looking and "we always see a rush of activity after spring has sprung when people's gardens start to look better".
https://www.bbc.co.uk/news/business-55948538
"The Budget is only around the corner now and, while it remains to be seen whether the chancellor will extend the stamp duty tax break, he has a big deficit and many other levers to pull that could affect the market in much more significant ways," she said.
Mr Montlake said that the Covid-19 pandemic triggered a massive rethink among homeowners and prospective homebuyers.
"The rules of the game have changed. Properties that were perfect a year ago are often no longer what people want as work and life priorities have been turned upside down."
Lucy Pendleton, of estate agent James Pendleton, said it was sellers, not buyers, who were a little quieter at the moment.
"A lot of people with children have decided against listing their property for sale while they're home-schooling and their home looks like a bomb has hit it."
But she said there were still plenty of first-time buyers looking and "we always see a rush of activity after spring has sprung when people's gardens start to look better".
https://www.bbc.co.uk/news/business-55948538
mandryka
pfm Member
That’s presumably because of anticipation of further lockdowns, home-schooling and home-working, which I suppose adds up to people wanting more space, a garden etc. I guess that eventually schools will get back to more or less as they were, lockdowns will become less frequent. What I’m saying is, if anything is structural here, it’s home working, and I don’t know how well home-working has been received by employers and employees in the UK.
Amber Audio
This is the Day
When I can get away with it iPad on the couch for Teams, gotta watch the background
russel
./_dazed_and_confused
I watched the documentary “Push” on housing problems, it’s not just the U.K., what surprised me that one of the big drivers of accommodation is hedge funds buying vast tracts of property, apparently they buy them and immediately jack up the rent make a huge profit, pushes the value of the properties up and of course the pension funds love it as it’s one of the few ways they can invest with good returns and so the cycle continues.
TheDecameron
Unicorns fart glitter.
There was a gold rush in Edinburgh beginning in the late 90s. A friend who was a conveyancing solicitor said he had agents flying up from London and told not to come back down until they’d landed a number of prime Georgian properties.
Ponty
pfm Member
It seems that since we last let a property, various changes have been introduced, which clearly cost me money. Despite signed contracts stating the contrary, I now have to pay the tenant check out fees. Now, it’s a rounding error in the scheme of things but the fact the govt can unilaterally change legal contracts between 2 parties is very concerning. All sorts of other costs are now down to me. Clearly these will be passed on in the form of higher rents. Apparently the market is red hot, with very limited decent supply and plenty of demand from people moving out of London.
Tony Lockhart
Avoiding Stress, at Every Opportunity
These changes were brought in to make the rental market clearer and fairer. Some letting agents were charging tenants whatever they wanted for almost anything they could think of. If you want to make money from letting property, you charge what you need, don’t charge a tenant £50 every six months for a shuffling of virtual paperwork. Don’t charge them for leaving the property. What a ridiculous set up the rental market is. Grrrr. When I’m the UK’s dictator... etc etc.
PS. The changes came in June 2019.
Ponty
pfm Member
I have no problem with transparency and fairness. However, costs are costs. Ultimately they are borne by the end user of any product. Totally agree about renewal fees btw. I flatly refuse that my tenants or I pay them and the agent backed off. In my case, a full check out and inventory is required to be carried out by a third party as it’s fully furnished, so a real cost, as stated in the original contract.
hifinutt
hifinutt
just half hour ago talking to a lady who is searching , the rents have gone up massively since these changes were bought in . it has not helped anyone