Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
If you have been focusing in the Pantomime in Westminster, you may have missed that last week many Cash Buyers have been flocking to buy houses from Landlords with and without Vacant Possession. It makes no difference to the Price!
Life is very difficult for would be tenants, as most landlords seek Vacant Possession in order to sell to Owner Occupiers. All the time there is a demand which outstrips supply tenants will have extreme difficulty.
To abolish Section 21 will hardly help the situation and will reduce supply!
The traditional two bedroomed mid terraced house for most tenants is in short supply. First time buyers snap them up and that will hardly help matters further for tenants. The first-time buyers were, presumably, tenants and it makes no difference to the raw number of houses.
The pound is down and that will attract more foreign buyers.
I can only suggest to Boris that he thinks most carefully whether he abolishes Section 21. Most landlords are Tory Voters and their “pension” is at risk if they cannot sell off their investment houses and swell the Treasury with Capital Gains Tax.
The Treasury funds housing schemes, but there is a time delay awaiting the erection of houses. This has led to inner towns, in my neck of the woods, seeing Housing Warehouses crop up to take less fortunate tenants. Whether good or bad is academic, because they do not need planning permission.
At age seventy plus I suggest they are the slums of the future! However, what else do you do with empty shops and office blocks?
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