Registered with Property118.comMonday 31st October 2016
Reply to the comment left by "Rod Adams" at "13/07/2017 - 09:45":
Agreed. You rightly point of a few of the obvious (to anyone with even the most basic business/economic or common sense ..therefore not MPs !) flaws of rent controls beyond their initial populist appeal. Sadly as usual it will be the poorest, most vulnerable and ironically those the misguided policy is meant to benefit that will suffer. Decent landlords who decide not to exit under rent controls will have the pick of decent model tenants, slum landlords will house the worst tenants in dangerous, unmaintained properties putting those people at risk and the middle tier of tenants will have nowhere to live. Maybe, just maybe a complete disaster in Scotland might help the cause in England and provide a model of how not to do it. Mind you the Ireland experience didn't stop them with s24. Must go now - have to increase the rents again !... Read More
Reply to the comment left by "Rod Adams" at "12/07/2017 - 20:01":
Hi Rod, I do appreciate what you are saying but the last two 'Tory' governments can't stop themselves nicking socialist policies - minimum wage, market intervention (energy) and most pertinently s24 (stolen from the Green Party manifesto). Not to mention anecdotal evidence of slippage to the left - dementia tax attacking the elderly, pension changes attacking the prudent and NI changes attacking the business/job creators (last two on hold for the time being). Trust me it will be too tempting for them when getting a hard time about rents going through the roof (because of s24 et al) to say 'don't worry tenants and populist voters we'll kick the landlords a bit more - cap the rents'. All the more tempting too given the recent fiasco where the majority was chucked away. Rent controls would be one thing all the muppets would agree on. You wait !... Read More
A worrying development. With a socialist pretend Tory govt there is every chance that this is just the beginning. S24 and all the other govt meddling resulting in rent increases it will prove irresistible to the muppet MPs to blame landlords again and further exacerbate the problem. Any landlords out there that have yet to increase their rents to at or around market level should do so now. Firstly, in case rent controls do come in and secondly to compound the evidence of rent rises so that the muppets have to start listening. Hey muppets how about just building some more house to rent and buy - make the ftb and tenants happy. Too long term for you ? Oh well don't bother then just keep bashing landlords.... Read More
Oh dear. I thought Kate Faulkner was a well informed property professional - it appears not. Houses with central heating, windows that open, walls that don't have rising damp, have decent roofs and mechanical extractor fans get mouldy for one reason and one reason only - tenant lifestyle choice. It's condensation stupid - cold wall, warm moist air, inadequate ventilation and heating = mould. Solution - open windows, keep fans on, put heating on or if this doesn't work get a tenant who understands and takes some responsibility.... Read More
I'm with Monty on this one. It's early days and so real indisputable evidence for the impact of s24 is going to be hard to come by. However, the anecdotal evidence that I observe building daily is very convincing. Agents reporting significantly less investor activity, regional and national auction houses having more investment stock available some of which is not selling, friends/professionals and other investors no longer buying, investors (including us) selling selectively, investors (including us) having spent nearly two years on research around the tax issue have not bought in that period - like a lot of the 118 readers and so on. There are then the oblivious many - they will wake up in due course. That's just s24.
Now add in CAB now saying UC is not fit for purpose, letting agent fees ban, deposit level restriction, EPC MEES and the soon to come further fall out from Grenfell. (One HMO landlord in London has just been given 1 week to replace a previously perfectly acceptable alarm system in a blatant knee jerk reaction). You can soon expect more licensing, compulsory NICEIC elec checks, ramped up fire precautions etc.
There is little rationale for the supply of PRS to increase in such a hostile environment. Every reason for it to fall dramatically. Brexit ain't going to happen and so unlimited demand will prevail. Rent controls anyone ?
So yes Monty's 'armaggedon' is pretty much spot on and the evidence will build daily... Read More