So, who votes for a government that improves the lives of Bankers, and ensures the excessive profits of energy companies, but needs all the "levelling up" money to pay for the holes in Brexit?

Someone on this thread knows the cost of everything and the value of nothing

Germanshepherdsmum

They can’t buy because they don’t meet lenders’ criteria growstuff and Daisy. Next, we’ll hear how unfair the criteria are, designed to ensure people can afford to pay their mortgages even with rate rises.
If you were suggesting I could only afford to buy if I took out a mortgage Daisy, you are incorrect. Many rental properties are purchased with cash, not mortgages.

If that is true, why the outcry from landlords when they reduced the tax relief on buy to let properties in 2020.?

In one year alone 2021, 234,000 buy to let mortgages were given with a total value of £36 billion.

They can’t buy because they don’t meet lenders’ criteria growstuff and Daisy. Next, we’ll hear how unfair the criteria are, designed to ensure people can afford to pay their mortgages even with rate rises.
If you were suggesting I could only afford to buy if I took out a mortgage Daisy, you are incorrect. Many rental properties are purchased with cash, not mortgages.

Nobody hurls abuse at decent landlords.

Germanshepherdsmum

I agree Prentice. Landlords are described as ‘greedy’ because they can afford to buy a property and let it at the going rate, What some posters would do without landlords I can’t imagine. As so often, it’s envy, pure and simple. I could afford to buy properties and let them, but no way would I consider it when I see the abuse hurled at landlords. So that’s a few more homeless families I guess. With attitudes like these, why would anyone bother?

No, that's a few more families who can buy their own homes.

Germanshepherdsmum

I agree Prentice. Landlords are described as ‘greedy’ because they can afford to buy a property and let it at the going rate, What some posters would do without landlords I can’t imagine. As so often, it’s envy, pure and simple. I could afford to buy properties and let them, but no way would I consider it when I see the abuse hurled at landlords. So that’s a few more homeless families I guess. With attitudes like these, why would anyone bother?

But "Landlords" generally only purchase if the rent will pay their mortgage. How can that be described as being able to afford the property? The person renting, without wealth in another house, in shares or left to them by mum and dad, could afford to pay the mortgage; they are paying it for the landlord.

What they cannot do is play the black-market financial services game. With the rules now so much in favour of unearned wealth, they will never be able to.

They, nor the people commenting on here, are not envious. I imagine they are contemptuous of the harm these evil people do. I would suggest those you put on a glorious and saintly plinth take themselves down quickly. You know what happens, to the effigies of those who held themselves in high esteem, these days.

Germanshepherdsmum

*Daisy*, if there were rent controls again - you may not remember them but I do - people would not let. There would be a dearth of rental properties available. Some might sell, others sit tight. It would not induce lenders to change lending criteria. Some may be able to buy, others not. Developers buy land at prices based on expected sale prices. They would not start building to sell at lower prices. They would sit on the land. I’m afraid you’re not living in the real world of property development which I inhabited for decades.

I do remember them GSM. I also remember when estate agents sold houses, not the financial services gamblers who bought the estate agents out under Thatcher's rule. Before that, the house prices went up and down roughly in time with income. After the financial services buyouts, people who had known their area and their clients were instructed that, whatever the state of the economy, they had to make 10% on 10% each year. They did, but it was still not enough for the wide boys, the spinners of the roulette wheel in the black market called the city.

I also knew people who rented out houses at that time. They knew their income was constant and were happy with that. I knew people who rented homes for years and never thought of them as anything other than their home.

God knows what our memories will be of this load of ERG Conservatives. Wilde, describing a cynic as someone who "knows the price of everything and the value of nothing", could well have been talking about this shower. They have no values, so how could they understand them?

I agree Prentice. Landlords are described as ‘greedy’ because they can afford to buy a property and let it at the going rate, What some posters would do without landlords I can’t imagine. As so often, it’s envy, pure and simple. I could afford to buy properties and let them, but no way would I consider it when I see the abuse hurled at landlords. So that’s a few more homeless families I guess. With attitudes like these, why would anyone bother?

DaisyAnne

Germanshepherdsmum

It would be interesting to know how many posters objecting to what I say, and their children, own their homes.

Just one GSM. Just one.

Part of the the demand for housing comes from foreigners and not just the very rich. The 90 year old mother of one of my friends was forced out of her home by the landlord who wanted to sell to Chinese investors who child was at uni in Bristol.

By to let landlords usually own a property before going down the buy to let route so find it easier to borrow funds for the next property and then the next.

Does anyone remember the former school teachers who built up a property empire, starting in the late 80s? Their empire which reached 1000 properties is in Kent and they started to sell back in 2005. At the time the article was written (Mail on Line in June 2005) they had sold 100 houses to Chinese and Indian investors and hoped to make one hundred million pounds profit by the end of the next year.

I'm wondering what they did with the profits (after tax).

Daisy, if there were rent controls again - you may not remember them but I do - people would not let. There would be a dearth of rental properties available. Some might sell, others sit tight. It would not induce lenders to change lending criteria. Some may be able to buy, others not. Developers buy land at prices based on expected sale prices. They would not start building to sell at lower prices. They would sit on the land. I’m afraid you’re not living in the real world of property development which I inhabited for decades.

Saetana

I have neither the time nor the inclination to read through ten pages of posts so... What is the problem with removing the cap on bankers bonuses? Its not coming out of public money - in fact said bankers will be paying hefty taxes on those bonuses and, let's face it, the treasury could do with all the money they can get at the moment. This was an EU rule that they themselves are in the process of relaxing - we need to remain competitive as the world's second largest financial centre. What on earth you are going on about regarding levelling up money going to pay for the holes in Brexit I have no idea? Care to elaborate and provide some proof of your allegation?

So, you can't be bothered to wade through he previous pages but you expect an answer when many answers have already been given! Lazy or what?

Fleurpepper

Germanshepherdsmum

If you don’t meet lenders’ criteria you can’t buy. That’s easy to understand isn’t it? If you can afford to buy, you do. If not, you rent - and how nice if someone’s bought a lovely new property that you can rent rather than a slum.

It is very simple indeed. And those who can't buy will forever be at the mercy of greedy landlords, especially in the UK. In other countries where renting is still the norm, not so much.

Why are landlords always portrayed as ‘greedy’ on here? It is perplexing indeed.Market forces indicate to agencies and landlords what to charge in rent.
In many European countries, renting is often cheaper but not always, but the main consideration whether renting or buying comes down to price because land in the UK is more expensive as there is less of it, we are so much smaller than France or Germany or Spain for example.There is so much demand here for housing and buying land is so dear.

Germanshepherdsmum

It would be interesting to know how many posters objecting to what I say, and their children, own their homes.

Just one GSM. Just one.

Germanshepherdsmum

If you don’t meet lenders’ criteria you can’t buy. That’s easy to understand isn’t it? If you can afford to buy, you do. If not, you rent - and how nice if someone’s bought a lovely new property that you can rent rather than a slum.

Well, if you see an "us and them" society, I'm sure that's true. On the other hand, if people were not allowed to let at prices that fund the mortgage that others cannot have because of the inflated cost of housing, then there would be more homes for sale, and prices would come down.

If the builders could not see such ridiculous growth in house prices, they would begin to release their landbanks. Then more houses could be built.

The employment of extra builders, etc., would bring money into many of the real markets, for food, furnishings, etc., and those pushed down by this government could begin to look forward to the future once again.

So "nice" GSM? The only people who will get "nice" in your view of the world are those who have turned the country around to make it pretty "nice" for themselves already.

It would be interesting to know how many posters objecting to what I say, and their children, own their homes.

If first a time buyer could meet lenders’ criteria there is no reason why they should not buy a property rather than a would-be landlord.

Germanshepherdsmum

If you don’t meet lenders’ criteria you can’t buy. That’s easy to understand isn’t it? If you can afford to buy, you do. If not, you rent - and how nice if someone’s bought a lovely new property that you can rent rather than a slum.

It is very simple indeed. And those who can't buy will forever be at the mercy of greedy landlords, especially in the UK. In other countries where renting is still the norm, not so much.

Germanshepherdsmum

I worked in property development for many years Casdon so there’s not much you can teach me about it.

If buy to let investors are buying properties that you think first time buyers could afford, why is that? Could it be that the ftbs don’t meet lenders’ criteria, which are in place for a very good reason?

You know the theory GSM, but because you subscribe to Tory values you are unable to see that over time markets would level out based on a demand from buyers if prices were lower. At present a large proportion of people who want to buy are priced out of the market, not because they would default on mortgages but because the purchase price has risen exponentially compared with income, and landlords are part of the issue because they have capital immediately available.

Indeed GG.

I thought that the Government’s help to buy scheme only applied to new builds?

In which case the older properties would be out of their reach.

If you don’t meet lenders’ criteria you can’t buy. That’s easy to understand isn’t it? If you can afford to buy, you do. If not, you rent - and how nice if someone’s bought a lovely new property that you can rent rather than a slum.

and in the old days BLT buyers didn't buy these houses and it kept the house for sale for people to buy... they took ages to sell but they were always homes at the end of it all

I worked in property development for many years Casdon so there’s not much you can teach me about it.

If buy to let investors are buying properties that you think first time buyers could afford, why is that? Could it be that the ftbs don’t meet lenders’ criteria, which are in place for a very good reason?

Germanshepherdsmum

Those properties would simply cease to be built Casdon. Developers only build flats and houses for which there is a demand. A tenant’s ability to purchase is wholly dependent on saving a deposit and falling within mortgage lenders’ acceptability criteria. Developers are already required to provide a large percentage of affordable housing (for sale or rent) on private developments. Occasionally the local authority will accept a cash payment in lieu to enable them to provide the housing.

10% of new developments are required to be affordable housing. New housing developments come with a premium, they aren’t at the bottom of the housing ladder though, are they? Landlords tend to buy older, often Victorian or Edwardian, or ex council houses; those are the ones most first time buyers could afford.