Autumn Statement 2015
Discussion
How does this example work. My girlfriend and I both live in my home and she rents hers out (she lived her own place for over a year before moving in with me) Sometime next year we are looking to upsize and will sell my home to buy a place jointly. Will this count as a 2nd home for her?
Bluebarge said:
Tannedbaldhead said:
I've dealt with private landlords on a professional basis for years and really don't like them. The idea of them getting a reality check appeals. Contrary to most posters' conception of them they are far from millionaires. Most I know are skint. They all seem to have made exactly the same mistake in that they have misjudged the amounts of time a proportion of their properties lie empty. This means they have underestimated their incomes and their cash flow is all over the place.
They are skint, pay no one on time (if at all) and moan like b
ds at who they blame for their woes, interfering socialistic busy-body councils trampling all over free enterprise by forcing them to fit smoke detectors, insulation, roofs that don't leak, heating that works, carbon monoxide alarms and to pay for nonsense like annual boiler safety checks and asbestos surveys before commencing renovations.
In spite of their relative poverty they do business with build professionals whilst exuding an air of superiority and love get just how many houses they own onto every conversation (often more than once). For some reason their car of choice is a SAAB 9-3 with a private plate something like H54 LET (always the fking LET. They love the world to know they are a landlord. Most have debt levels on a par with the value of their housing stock and if interest rates rise by the slightest amount the breed will go bankrupt en-mass curing an over-valued housing market overnight.
I've rented 6 properties since leaving Uni and none of the landlords were like that. Most are people who had moved elsewhere (often locally) and retained their house/flat for rent. One was a builder who was pretty good at fixing stuff that went wrong quickly. All were fairly reasonable people to deal with.They are skint, pay no one on time (if at all) and moan like b
ds at who they blame for their woes, interfering socialistic busy-body councils trampling all over free enterprise by forcing them to fit smoke detectors, insulation, roofs that don't leak, heating that works, carbon monoxide alarms and to pay for nonsense like annual boiler safety checks and asbestos surveys before commencing renovations. In spite of their relative poverty they do business with build professionals whilst exuding an air of superiority and love get just how many houses they own onto every conversation (often more than once). For some reason their car of choice is a SAAB 9-3 with a private plate something like H54 LET (always the f
king LET. They love the world to know they are a landlord. Most have debt levels on a par with the value of their housing stock and if interest rates rise by the slightest amount the breed will go bankrupt en-mass curing an over-valued housing market overnight. 
vonuber said:
Will be amusing to read everyone's comments on here when the cutting of maintenance in both national and local roads hits.
Osborne said:
The Department for Transport’s operational budget will fall by 37% but transport capital spending will increase by 50% to a total of £61 billion - the biggest increase in a generation. That funds the largest road investment programme since the 1970s. For we are the builders.
And we will be spending over £5 billion on roads maintenance this Parliament, and thanks to the incessant lobbying of my Honourable Friend for Northampton North, Britain now has a permanent pothole fund.
Nice one Bob And we will be spending over £5 billion on roads maintenance this Parliament, and thanks to the incessant lobbying of my Honourable Friend for Northampton North, Britain now has a permanent pothole fund.
JagLover said:
This sums up the basic problem and highlights why this was a conservative measure.
A pension is invested in a mixture of funds and part of that is productive activity that helps the economy grow.
Selling each other houses at ever increasing values is not productive activity and, if it prices out the next generation, is not good conservative policy.
Perhaps people will stop seeing the only way to riches is via a BTL and instead return to a more balanced investment portfolio.
Anyone thinking that continuing to encourage the current madness is "good Conservative policy" needs to separate self interest from what is good for the country.
Completely agree, every Tom, Dick and Harry now thinks the way to invest is in BTL and have some poor buggers working their backsides off, never bring able to afford a place of their own whilst funding Mr Landlord's retirement. A pension is invested in a mixture of funds and part of that is productive activity that helps the economy grow.
Selling each other houses at ever increasing values is not productive activity and, if it prices out the next generation, is not good conservative policy.
Perhaps people will stop seeing the only way to riches is via a BTL and instead return to a more balanced investment portfolio.
Anyone thinking that continuing to encourage the current madness is "good Conservative policy" needs to separate self interest from what is good for the country.
Myself as a FTB, completing in the new year, I have seen 2 bed properties go from £180k in 2012 to £240k in little over 3 years. Investors, Government schemes, lack of house building have all played a part. I have spent about 4 years saving and chasing an ever accelerating target.
Looking earlier this year down some of the roads, a large chunk of these had "To Let" boards out the front.
I have subsequently not been able to buy in my favoured location, but I had no option.
BTL has taken a lot of starter houses off the market and into the hands of investors, and pushed the demand and prices of remaining ones higher.
God knows what it must be like for people in their 20's. Hopefully it will cool the market a bit.
turbobloke said:
Nice one Bob
which will be paid for by cutbacks elsewhere within the DfT budget, including improvement schemes etc unless of course you believe in the magic money tree. What you are missing is that a lot of potholes are paid for by Councils, not the DfT - but you know that don't you.Tannedbaldhead said:
That sounds like me. I rented out my flat in Scotland when I lived in London. After I married I moved into a larger house but kept my flat as an investment. When I had a good tenant I bent myself over backwards to keep them and those who had a history of renting a knew a goof landlord when they saw one did their bit to keep me happy (easy peesy to be honest, pay the rent and don't wreck the place). Landlords like me aren't a rare breed but trust me the guys I described do exist. I had the misfortune to work with then on a regular basis.
I've rented homes for 16 years now and encountered the same as you've described - the superiority complexes, refusal to do anything by the book (it's "my" house, I can do what I like), referring to 'their tenants' as though they are pets, and also the over-geared 'skint' scenarios where a boiler problem or the prospect of a month's void suddenly presents distress. I've lost a few deposits over the time with these guys, despite always handing houses back in a generally better state than received in.On the other hand I have also had some truly excellent landlords who are a pleasure to deal with - but in every case they have been established 'old money' types without mortgages who run their lettings as a business. I've always found them to be totally reasonable and they also tend to respect your privacy, leave you well alone and rarely adjust the rent.
Type 1 are more or less f
ked by these announcements and the tax change; type 2 (including my current landlady) won't bat an eyelid.gibbon said:
What so institutional investors can step in, hoover up the stock and avoid paying corporation tax?
Excellent idea.
Would institutional investors be looking around to buy small 2 bed houses? I am not sure. I don't have the answers.Excellent idea.
There is no easy answer now, it has been left for too long with people using a basic human requirement for a roof over their head, as an easy investment vehicle.
What happens in 40 years time when a large number of people get to retirement age, after spending a lifetime renting, still having to find £1000's in rent each month on a piddly stakeholder pension? They will never be able to retire.
This is a big problem I can see coming down the line.
Rovinghawk said:
Derek Smith said:
cutting financial relief to landlords
Weasel words- this wasn't cutting financial relief in any way, shape or form. It was imposition of additional taxes.The answer to all these anecdotes is "we agree it is unfair but the country is skint. there isn't a magic money tree". The government tells us we are all in this together. I'm on half the money I was on in 2007 and my company BMW 525 is now a company Astra. I'm working just as hard and efficiently as I did pre-recession and am in no way to blame for my predicament. Why, bearing in mind just how skint the country still is should landlords not also bear some of the burden?
Tannedbaldhead said:
The answer to all these anecdotes is "we agree it is unfair but the country is skint. there isn't a magic money tree". The government tells us we are all in this together. I'm on half the money I was on in 2007 and my company BMW 525 is now a company Astra. I'm working just as hard and efficiently as I did pre-recession and am in no way to blame for my predicament. Why, bearing in mind just how skint the country still is should landlords not also bear some of the burden?
Weren't you telling us earlier that all landlords are actually skint? There's a good reason.13m said:
Tannedbaldhead said:
The answer to all these anecdotes is "we agree it is unfair but the country is skint. there isn't a magic money tree". The government tells us we are all in this together. I'm on half the money I was on in 2007 and my company BMW 525 is now a company Astra. I'm working just as hard and efficiently as I did pre-recession and am in no way to blame for my predicament. Why, bearing in mind just how skint the country still is should landlords not also bear some of the burden?
Weren't you telling us earlier that all landlords are actually skint? There's a good reason.I bought my first bungalow when I was 24 and not on a particularly big wage. That's the way it should be.
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