House Prices

[Yel]

Thank you I’ll take a little pessimism with reality over the opposite every time. I don’t want anyone to lose money if they sell, but making loads of profit while others struggle to get the deposit together isn’t right either.

The problem is the balance has been totally missing as for years the news headlines celebrate houses going up 10% / 15% / 20% but that actually benefits few in society and causes lots of problems.

Now even a 10% fall that just takes us back to prices from 2 years ago seems unthinkable.

Houses really need to not be seen as investments, but as something essential. Any rises above inflation should not be celebrated but warned and action taken. Then you get in to the whole issue of the London property market being used by the worlds worst people to invest and launder their money and it was ignored (encouraged even) by successive governments because it bought in money, while at the same time disadvantaging residents.

I think next year house prices will change between either +2% or -20%, impossible to tell what direction!

 

[Kim Mild]

We looked at a house that was offers over a certain price. So we ,and another buyer offer the asking price .Agent says buyer wants more like 10k above the asking price. 2nd viewing and agent is saying she these offers are too low . We offered above the asking price and they favoured another offer. The agent wouldn't tell us what it sold for (although we'll eventually find out because the sold prices end up online ).

I just don't understand why they didn't just have a higher asking price in the first place , if they wanted more . Perhaps the agents realised they'd undervalued it , or didn't anticipate the demand for houses in that price bracket. Feel a bit disheartened and wonder if we should have offered more. We will probably end up paying more for a house we like less .

 

[Yel]

Agent says buyer wants more like 10k above the asking price. 2nd viewing and agent is saying she these offers are too low . We offered above the asking price and they favoured another offer.

They're just out to get as much as they can, and playing two people off another is an easy way to get another 10-20k. It's so frothy at the moment I'm not even looking.

The government are about to extend the eviction ban. I think this is good, gives renters more rights and rightfully reminds landlords buy to let is gambling on an essential thing for life and quite rightfully has controls.

 

[Kim Mild]

They're just out to get as much as they can, and playing two people off another is an easy way to get another 10-20k. It's so frothy at the moment I'm not even looking.

The government are about to extend the eviction ban. I think this is good, gives renters more rights and rightfully reminds landlords buy to let is gambling on an essential thing for life and quite rightfully has controls.

I think the agent made a error of judgement listing it as low as she did . I wouldn't have been surprised if the asking price had been more than we offered

 

[Yel]

I think the agent made a error of judgement listing it as low as she did . I wouldn't have been surprised if the asking price had been more than we offered

With estate agents it's nothing logical or skilled, they want as much as possible. Just a sales job that requires no qualifications. They just got someone to offer more, and probably used your offer to encourage it.

 

[Mrs McCarthy]

They're just out to get as much as they can, and playing two people off another is an easy way to get another 10-20k. It's so frothy at the moment I'm not even looking.

The government are about to extend the eviction ban. I think this is good, gives renters more rights and rightfully reminds landlords buy to let is gambling on an essential thing for life and quite rightfully has controls.

The problem is that this extension is going to hit small landlords rather than big ones. We know a couple that only have two BTL. With one of them everything is fine, but the other is not. They were trying to evict them from February because they were not paying rent before Covid, and now they didn’t get any money from it from last November or something like that. And they still need to pay the mortgage.
My partner’s aunt and uncle are also “landlords”. His uncle’s mum has dementia, so she is in a nursing home and they use the rent on her house to top up the payments for the nursing home. Even with that and her pension they still need touse her lifetime savings. Their tenants are not paying their rent either because of COVID, but they live on the same street and frequently see delivery drivers with big parcels from Amazon, etc. They are now draining their own savings to pay for her nursing home, and yet they cannot evict either!
The majority of landlords in this country are just ordinary people with a small number of properties, not moguls with 100s of houses.
Why are these people meant to suffer when some tenants chose not to pay rent and yet they cannot be evicted?

How many landlords and tenants are there in the UK? | Letting Agents | HomeLet

As the UK's PRS continues to grow in size, HomeLet summarises the figures which indicate just how many landlords and tenants there now are.

homelet.co.uk

At the end of the day, if you don’t pay your mortgage, the bank can kick you out and repossess. But the landlord can’t, because it seems cruel? It isn’t. And a lot of tenants treat the rental properties so badly that at best you need a professional clean after they leave, at worst redecoration!

 

[Yel]

I've got zero sympathy for landlords. Voids and people not paying is part of the risk they accepted when they those to do it. During a recession it's right that renters get more protection as this country has some of the worst tenants rights.

No one needs to own more than one home. If someone doesn't like the risks that being a landlord is then sell it. All this speculation on property is causing misery.

It's the "ordinary people" who were lucky to buy at the right time then remortgaged to pump money into the Ponzi scheme that the most damaging.

A home should be to live in, not an investment vehicle to speculate on.

 

[Book]

The problem is that this extension is going to hit small landlords rather than big ones. We know a couple that only have two BTL. With one of them everything is fine, but the other is not. They were trying to evict them from February because they were not paying rent before Covid, and now they didn’t get any money from it from last November or something like that. And they still need to pay the mortgage.
My partner’s aunt and uncle are also “landlords”. His uncle’s mum has dementia, so she is in a nursing home and they use the rent on her house to top up the payments for the nursing home. Even with that and her pension they still need touse her lifetime savings. Their tenants are not paying their rent either because of COVID, but they live on the same street and frequently see delivery drivers with big parcels from Amazon, etc. They are now draining their own savings to pay for her nursing home, and yet they cannot evict either!
The majority of landlords in this country are just ordinary people with a small number of properties, not moguls with 100s of houses.
Why are these people meant to suffer when some tenants chose not to pay rent and yet they cannot be evicted?

How many landlords and tenants are there in the UK? | Letting Agents | HomeLet

As the UK's PRS continues to grow in size, HomeLet summarises the figures which indicate just how many landlords and tenants there now are.

homelet.co.uk

At the end of the day, if you don’t pay your mortgage, the bank can kick you out and repossess. But the landlord can’t, because it seems cruel? It isn’t. And a lot of tenants treat the rental properties so badly that at best you need a professional clean after they leave, at worst redecoration!

Don’t understand this at all. For tenants claiming Universal Credit etc, are they not still receiving money from to pay their rent with? If why is rent not being paid? Is there not a rule as to who must continue to pay rent? As in if your income had not been affected in any way why the hell are your bills in particular rent, not being paid anyway? Seriously maybe I’ve missed something on the rules of this one??

 

[Mrs McCarthy]

Don’t understand this at all. For tenants claiming Universal Credit etc, are they not still receiving money from to pay their rent with? If why is rent not being paid? Is there not a rule as to who must continue to pay rent? As in if your income had not been affected in any way why the hell are your bills in particular rent, not being paid anyway? Seriously maybe I’ve missed something on the rules of this one??

Basically, although some people say here that tenants rights are awful in this country, they really are not that bad.
It has become more and more difficult to evict a tenant if they are not paying rent for whatever reason. You would need to go to court most times, then may need to get a bailiff just to kick them out, and after all that you may be rent-less for all the time the tenant hasn’t payed, and have all the court and legal fees on top.

 

[Gembo]

It there were no landlords though there would be nowhere to rent. Not everyone can or wants to buy, some people need a stop gap between selling one house and buying another, some people need to rent when moving to a new area for work. I agree there are some terrible landlords and people treating tenants unfairly but without them there would be nowhere to rent.

 

[Mrs McCarthy]

I've got zero sympathy for landlords. Voids and people not paying is part of the risk they accepted when they those to do it. During a recession it's right that renters get more protection as this country has some of the worst tenants rights.

No one needs to own more than one home. If someone doesn't like the risks that being a landlord is then sell it. All this speculation on property is causing misery.

It's the "ordinary people" who were lucky to buy at the right time then remortgaged to pump money into the Ponzi scheme that the most damaging.

A home should be to live in, not an investment vehicle to speculate on.

Right, so what do you suggest my partner’s aunt and uncle do? Sell? It would fund the fees for 2-3 years maybe, then what they do? It’s his mother’s house that was fully payed for, she owned it, so it’s not like they bought it to make a profit.
And are you against mortgages then? A bank can repossess if you don’t pay your mortgage. Are you going to-say that buyers have no right either?
Germany has incredibly high house prices, you cannot possibly find a place to rent or buy in some cities like Munich. And yet their tenants rights are really good. So is it still landlords’ fault?

 

[Yel]

It there were no landlords though there would be nowhere to rent. Not everyone can or wants to

The properties wouldn't disappear. 90% of people that rent want to buy.

So no problem if 90% disappear. Or even if 100% disappear and the government invests in social housing to fill the gap. They're leaches.

Right, so what do you suggest my partner’s aunt and uncle do? Sell? It would fund the fees for 2-3 years maybe, then what they do? It’s his mother’s house that was fully payed for, she owned it, so it’s not like they bought it to make a profit.
And are you against mortgages then? A bank can repossess if you don’t pay your mortgage. Are you going to-say that buyers have no right either?
Germany has incredibly high house prices, you cannot possibly find a place to rent or buy in some cities like Munich. And yet their tenants rights are really good. So is it still landlords’ fault?

Sell it if they don't want to be a landlord, and the inevitable risks that entails.

Saying no one should own more than one house is not anywhere comparable to saying no one should have a mortgage similarly banks have stopped repo'ing during covid so your point makes no sense.

 

[Gembo]

The properties wouldn't disappear. 90% of people that rent want to buy.

So no problem if 90% disappear. Or even if 100% disappear and the government invests in social housing to fill the gap. They're leaches.


Sell it if they don't want to be a landlord.

Saying no one should own more than one house is not anywhere comparable to saying no one should have a mortgage

I just think there will always be a need for renting, I’ve rented twice in the past at times when I wouldn’t have wanted to buy, one of those times was with friends in a shared house when we all moved from a smaller city to live and work in London. No way would I have wanted to buy with them regardless of affordability. I’m not saying there aren’t major problems with housing, house prices and landlords in this country because there are but I honestly don’t think all landlords are bad, I’ve had really good experiences with the ones I had and was glad that I could rent at that time.

 

[Yel]

There will always be a need for renting, but as I said 90% of renter's want to buy. I'd rather that was from big professional companies or government than any old person that can put down a deposit to speculate on housing.

All these new landlords have pushed up the prices and made people unable to buy.

 

[Mrs McCarthy]

The properties wouldn't disappear. 90% of people that rent want to buy.

So no problem if 90% disappear. Or even if 100% disappear and the government invests in social housing to fill the gap. They're leaches.


Sell it if they don't want to be a landlord, and the inevitable risks that entails.

Saying no one should own more than one house is not anywhere comparable to saying no one should have a mortgage

You are wrong in saying that 90% of people who rent want to buy. Do students want to buy a place in a city where the are only likely to stay for a few years, for example? No.
There are many people who have to move around for jobs. There are migrants that cannot get a mortgage - yes, I am a non-eu migrant and regardless of my salary I cannot get a mortgage for 5 years in this country. There are migrants on temporary working visas, who will need to leave after the visa runs out. There are people who have to move around for their job or career. There are people who just don’t want to tie themselves down to one place.
Not everyone has to buy, although because the economy of this country is linked to mortgages, people are conditioned to think that way.

 

[Yel]

You are wrong in saying that 90% of people who rent want to buy. Do students want to buy a place in a city where the are only likely to stay for a few years, for example? No.

Eh the students and short term people are within the 10% that don't want to buy.

I didn't say 100% want to buy

 

[HoGi]

You are wrong in saying that 90% of people who rent want to buy. Do students want to buy a place in a city where the are only likely to stay for a few years, for example? No.
There are many people who have to move around for jobs. There are migrants that cannot get a mortgage - yes, I am a non-eu migrant and regardless of my salary I cannot get a mortgage for 5 years in this country. There are migrants on temporary working visas, who will need to leave after the visa runs out. There are people who have to move around for their job or career. There are people who just don’t want to tie themselves down to one place.
Not everyone has to buy, although because the economy of this country is linked to mortgages, people are conditioned to think that way.

I agree

I know people who have the money to buy but don't want to. They like the fact they don't have to pay for repairs, boiler servicing etc.

 

[heretoreaditall2019]

When I invest my money I’m aware my capital is at risk - why do landlords behave as if they’re exempt from this very basic rule? When my S&S ISA or investment accounts show declines because funds / stocks are down don’t write to my local MP asking for a bail out It’s ridiculous. If it’s any consolation I think a lot of the amateur LLs are just dim and have been duped by decades of tit daytime TV & tales of riches from the good old days rather than outright malicious hoarders, although the outcome is still the same tbh

 

[Italy2]

The government has extended the deadline for landlords to evict tenants for non-payment of rent due to covid till 20th September now. I don't agree with this extension as it is just delaying the inevitable. I hardly believe that the tenants that are in this situation unfortunately would be able to find the lump sum to clear their due in the next 4 weeks and reverse their situations. So the extension is not a solution to the problem but is just buying more time. If the government really wants to protect the tenants who find themselves in this unfortunate position then they need to bring other reforms or measures but extending the deadlines won't really help anyone.

 

[Yel]

When I invest my money I’m aware my capital is at risk - why do landlords behave as if they’re exempt from this very basic rule? When my S&S ISA or investment accounts show declines because funds / stocks are down don’t write to my local MP asking for a bail out It’s ridiculous. If it’s any consolation I think a lot of the amateur LLs are just dim and have been duped by decades of tit daytime TV & tales of riches from the good old days rather than outright malicious hoarders, although the outcome is still the same tbh

Totally agree, landlords think the rules of investing don't exist for them. Amateur landlords seem not very bright and the kind of people swayed by the property porn - many believe its a guaranteed bet and will write to their MP if it isn't a money printing machine . It's shocking that it's got into a state where a huge amount of housing is owned by inexperienced people who have been allowed to speculate on something vital by tax payer backed banks. I've heard horrible stories from landlords just turning up with their own keys without giving notice and they think it's their right as they own the mortgage debt home.

It's right to give tenants more protection as they have so little rights compared to other countries in Europe.

Anyway probably shouldn't derail too much from the topic, landlords will just repeat the tired cliches that people want to rent and by speculating on houses they're humanitarians homing people.

Mortgage rates do seem to be rising, nothing huge but a 0.25 and 0.3% here and there - Nationwide seem to have done it across many of their products.

I wonder how many have taken out a 50k bounce back loan and will just close the company before the re-payments start?