Joe Galvin

Registered with Property118.com
Tuesday 1st December 2015


Latest Comments

Total Number of Property118 Comments: 19

Joe Galvin

11:36 AM, 29th September 2016, About 5 years ago

Clause 24 response from Tim Loughton MP

Reply to the comment left by "Old Mrs Landlord" at "29/09/2016 - 07:28":

It has already started I have a colleague from EE and they are already struggling to find replacements for their HMO - first time in a decade. They've actually ended up handing in their notice and as they cant afford to rent alone more likely than not they will leave UK too.

In 2008 all currencies bottomed but now it's different, it is only the GBP so they are better off moving to continental eu + it is much closer to their home land too. So don't have high hopes of rent raises - at least in the SE - in my example above their landlord will be happy to find another tenant...... Read More

Joe Galvin

0:03 AM, 29th September 2016, About 5 years ago

Clause 24 response from Tim Loughton MP

Reply to the comment left by "Jon Pipllman" at "28/09/2016 - 23:01":

As Jon perfectly pointed out suddenly the whole western world have started on high prices and investment money and more likely than not this will go on for a quite long time.

The chance of further capital gains and policies supporting io landlords is very low, the only thing future will bring is more tightening. I wouldn't be surprised if BoE would now think about how to phase out interest only mortgages over a few years time and force everyone on repayment mortgages.

Yes, evictions might hurt, but for every tenant evicted there is going to be an empty house with a mortgage needing another tenant. As most landlords are not affected that much by the changes they are not forced to raise rents. If you raise rents too aggressively you might find no takers or - what is even worse - overextended tenants might just show their middle fingers, default on rent and wait for the bailiffs.

Also a LOT of the tenants in SE and London are immigrants from Europe with zero chance of buying here + plans of going back at some point, so they are prepared to move back to their countries on a short notice. A lot of them will do this anyway when GBP goes south after triggering article 50.

The game is over.... Read More

Joe Galvin

9:56 AM, 9th December 2015, About 6 years ago

Summer Budget 2015 - Landlords Reactions

Reply to the comment left by "Gordon Comstock" at "08/12/2015 - 18:26":

I totally agree with everything you said.

Also while US gun lobby has hundreds of millions supporters, btl in uk have maybe a few tens of thousands.... Read More

Joe Galvin

9:33 AM, 9th December 2015, About 6 years ago

Summer Budget 2015 - Landlords Reactions

Reply to the comment left by "Joe Galvin" at "08/12/2015 - 18:11":

Saying that it almost looks like to me that he is preparing to clamp down on btl.

Now he forces everyone into "safe" limited companies (and makes a bit of a money in the process), then he is free to do whatever he wants, he can tax btl to death, or he can lower house prices in order to win the next elections.... Read More

Joe Galvin

18:11 PM, 8th December 2015, About 6 years ago

Summer Budget 2015 - Landlords Reactions

Reply to the comment left by "Ros ." at "08/12/2015 - 17:48":

I've already explained it in a different thread.

First reason is that all incorporated business MUST HAVE proper accountig system in place, they cannot avoid this, while the average joe buying a house is not forced to do proper accounting. I think georgie does not like the idea of someone potentially having millions of business assets with no proper accounting in place.

Second reason is that if you are incorporated there is a sharp division between your personal and your business assets, and when it all goes wrong, you won't be evicted from your main residence - only business assets will be taken, so next time george won't have to pay billions for bailouts.

Also it is easier to regulate companies, I mean if a company gets a fine, the public does not cares, if it cannot pay or does not want to pay it will be liquidated, but if the average joe gets a fine and he cannot pay, his personal assets would be at risk, so stricter regulations could be quite unpopular as they would end up in evictions.

I think these are GO's main reasons.... Read More