Bandits Posted August 4, 2022 Share Posted August 4, 2022 4 minutes ago, english zloty said: Or have bothered working out who is/was likely to retire and therefore need replacing Because none of them even talk to each other. Clearly to the point that landlords now even have to fill in a form to tell them a property is for rent because they can’t do a Google search. It should be plainly obvious that nobody is hiding IOM rental property and if it’s available for rent then it’s advertised - because that’s how you find new tenants! I really am wondering what this whole waste of time process will achieve for anyone. Quote Link to comment Share on other sites More sharing options...
Andy Onchan Posted August 4, 2022 Share Posted August 4, 2022 18 hours ago, HeliX said: More social housing would be nice. Disagree. MId-market Housing Trust/Associations yes, but not more local council/authority builds as there are already too many occupying these properties whose income would put them in that mid-market sector, which where they belong. The whole housing sector is FUBAR. 2 1 Quote Link to comment Share on other sites More sharing options...
HeliX Posted August 4, 2022 Share Posted August 4, 2022 1 minute ago, Andy Onchan said: Disagree. MId-market Housing Trust/Associations yes, but not more local council/authority builds as there are already too many occupying these properties whose income would put them in that mid-market sector, which where they belong. The whole housing sector is FUBAR. More social housing would bring down rents and enable some of those people to move into privately rented accomodation. 3 Quote Link to comment Share on other sites More sharing options...
Dirty Buggane Posted August 4, 2022 Share Posted August 4, 2022 Which is why a lot of people are against social housing, it would lower rents across the board. The buy to let plan only works if it can supply them with an income and pay the morgage thats how the investment works. They do not want to see returns cut, by lower rents the ass would drop out as they try and dump stock that they will not be able to pay the mortgage on. Over simplified I know. 1 Quote Link to comment Share on other sites More sharing options...
Bandits Posted August 4, 2022 Share Posted August 4, 2022 Just now, Dirty Buggane said: They do not want to see returns cut, by lower rents the ass would drop out as they try Over simplified I know. Mortgage rates and changes to some of the tax issues are having the same effect in the UK too. There’s plenty looking to get out of BTL as the financial model has changed. Looking at the way BOE rates have gone today there’s plenty of scope for further exits if people haven’t fixed their borrowing. Quote Link to comment Share on other sites More sharing options...
HeliX Posted August 4, 2022 Share Posted August 4, 2022 1 hour ago, Dirty Buggane said: Which is why a lot of people are against social housing, it would lower rents across the board. The buy to let plan only works if it can supply them with an income and pay the morgage thats how the investment works. They do not want to see returns cut, by lower rents the ass would drop out as they try and dump stock that they will not be able to pay the mortgage on. Over simplified I know. Tough shit. Investments can go down as well as up. It's only landlords who seem to feel they have a God-given right to nothing but up. 6 Quote Link to comment Share on other sites More sharing options...
Yibble Posted August 4, 2022 Share Posted August 4, 2022 19 hours ago, HeliX said: Supply (by building more and freeing up 2nd homes) is the only thing that will make an actual difference, but yes I sold mine for under asking. Nope. Rising interest rates will also help end the madness. When the cost of borrowing is near zero, asset prices soar*. With houses, even more so as rising prices create a FOMO on seemingly ever-increasing property values. As interest rates go up, that will reverse. We will start to see forced sales as those who have over-extended themselves struggle to service their interest costs on an asset which has started to lose value (back to the days of negative equity). You're right of course that there are supply issues that need addressing, but deflating the bubble will play its part too. *“Interest rates basically are to the value of assets what gravity is to matter.” Warren Buffet. 1 1 Quote Link to comment Share on other sites More sharing options...
MrGarrison Posted August 4, 2022 Share Posted August 4, 2022 33 minutes ago, Yibble said: Nope. Rising interest rates will also help end the madness. When the cost of borrowing is near zero, asset prices soar*. With houses, even more so as rising prices create a FOMO on seemingly ever-increasing property values. The Bank of England’s forecast on unemployment will see a few off too. The post covid employment boom will be coming to an end as well. Interest rates up 0.5% today and there will be another rise similar in the next few months. 1 Quote Link to comment Share on other sites More sharing options...
cissolt Posted August 4, 2022 Share Posted August 4, 2022 1 hour ago, HeliX said: Tough shit. Investments can go down as well as up. It's only landlords who seem to feel they have a God-given right to nothing but up. One of the arguments against the landlord registration was that it was some peoples only source of income and maintaining the property would reduce that income. Quote Link to comment Share on other sites More sharing options...
HeliX Posted August 4, 2022 Share Posted August 4, 2022 8 minutes ago, cissolt said: One of the arguments against the landlord registration was that it was some peoples only source of income and maintaining the property would reduce that income. Not having a job is a financially precarious way to live. Perhaps they should get a job. 1 1 Quote Link to comment Share on other sites More sharing options...
BriT Posted August 4, 2022 Share Posted August 4, 2022 Talking about the price of flats and how desperate people are to get a rental. In Ramsey a bit of casual racism is always the best way to expose bad practice. 1 Quote Link to comment Share on other sites More sharing options...
mad_manx Posted August 4, 2022 Share Posted August 4, 2022 (edited) On 8/3/2022 at 9:15 PM, HeliX said: Certainly, but now it's probably a bigger one and definitely getting worse. Not saying that it will be worse for some but I know many who earn a combined income of close to 100k and say that they cannot afford a house deposit One of them is paying close to £2k in rent for a "detached house" in a popular residential area. I asked them why they can't move to a slightly cheaper property ( maybe a smaller semi-detached property) and save quite a bit in rent and also utility bills and save for a deposit.. They only have one child but still want to stay in a 5 bed house and have 3 or 4 holidays a year. While I agree that there are many who will struggle to raise a deposit , there are also many others who don't save any money at all.. Edited August 4, 2022 by mad_manx 1 1 Quote Link to comment Share on other sites More sharing options...
hissingsid Posted August 4, 2022 Share Posted August 4, 2022 Some people want it all, I remember doing a night job as well as my day job for quite a lot of years when we were saving for a deposit, no holidays very rarely eating out etc. that was the way we did it in the day. 2 Quote Link to comment Share on other sites More sharing options...
quilp Posted August 4, 2022 Share Posted August 4, 2022 Still happening like that today Sid, nowt's changed. 3 Quote Link to comment Share on other sites More sharing options...
ian rush Posted August 5, 2022 Share Posted August 5, 2022 People should perhaps reflect on a simple question to show how much of a mess the market and supply/demand is in: For how many people in this island does where you live earn more than you do going to work? By property earnings you could include both rental return and capital value increases. No right or wrong answer so to speak and all circumstances different but it’s a different angle to policy setting and addressing the difficulties. 1 Quote Link to comment Share on other sites More sharing options...
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