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8:56 AM, 17th August 2020, About 4 years ago 52
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This is one of the best pieces I have seen valuing the work of us as private landlords. If only we could get this message across to combat all the anti-landlord rhetoric that is so polluting discussions about the private rented sector and leading to the onslaught of destructive policies which are ruining things for tenants just as much as they are damaging landlords’ businesses.
A landlord writes:
After seeing a “Shelter” sponsored post on my timeline today, I scrolled through some of the nasty comments. Many people think landlords are parasites, trapping people, overcharging rent, forcing people to rent all their lives, preventing people from saving up for a deposit for a house, etc., I posted this comment to try to balance out things:
What about an alternative view?
You haven’t got the money saved up for a 10% or 15% deposit on a house, but you want to move out of your parents home now, so what do you do? If only there were some people who were willing to let me move into a house for only a £700 deposit and another £700 rent.
That way, I can have my own house and have only put down £1400. I can move in within a week or so of viewing it, rather than wait 3 to 4 months to buy. Brilliant. What’s more, if I decide I don’t like the area, neighbours, road noise, or change jobs and I need to move 20 miles away, or I need an extra bedroom, want a bigger garden, etc., I can move out with only a months notice. I don’t have to put my house on the market and wait 4 to 6 months to sell it, or much longer in a poor economy.
What a great system that would be… It’s so flexible, so easy and I am protected by law and have so many rights bestowed upon me too.
Furthermore, if there is a leak, a boiler breakdown, a non-working toilet, the cooker breaks or any other maintenance issue, somebody else pays for it, so I am assured that for the next year or so, my housing budget of £700 a month is never exceeded by a pesky roof leak or boiler breakdown.
Wait… What?!? A system like that already exists? Amazing.
So, you’re telling me that there are other people out there who have had the discipline to save up their wages and earnings and used their perfect credit score for the benefit of others? These people have bought a house, refurbished it, made it habitable, made sure it complies with all the housing regulations, gas safety regs, electrical safety regs, EPC regs and around 130 other regs (which I wouldn’t enjoy if I bought a house)?
So they take a massive risk and let me just put down £1400 to move in, within a week or so of viewing it, instead of putting down £20,000 and waiting 3 to 4 months?!? Who are these mystical people? Is there a name for them?
What was that you said… a “Landlord”.
Wow. We should be so grateful that these “landlord” people are willing to help me out in my hour of need, as I can’t save up £20,000, can’t wait for 3 to 4 months and I want to move now.
Thank heavens for landlords who saved up their money and decided not to leave it in a savings account or ISA or pension, but took a massive risk, invested their money, paid for the house to be done up, helping other people like this…. It’s amazing…
These people must be so loved and valued by society and the Government.
What? They’re called greedy parasites and attacked by ‘charities’ and Government? When they’re sorting out what would otherwise be a huge problem for people?
Is the world crazy?
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Water company billing my tenant £5100 for emergency repairs!
The Forever Tenant
20:57 PM, 17th August 2020, About 4 years ago
Reply to the comment left by Dennis Leverett at 17/08/2020 - 20:21
I believe it is directed at me.
I also believe you have me wrong, I'm not angry about the situation. I'm pointing out the opinion that a lot of tenants have.
But also in answer of one of Old Mrs Landlords statements, most people do not have an issue with other organisations that provide life necessities as there is often considerable choice available.
Let's take food for example. There are hundreds and thousands of high Street retailers trying to entice your business. To make you buy there. They all compete to be the cheapest, or the most luxurious.
If I wanted a great meal, I could go to marks and Spencers and get some food. If I am saving money I could go to Lidl or Asda and buy something there. When a property is rented a tenant has no idea about who they are renting from. We don't have that choice, we are effectively told that this is the person selling your item, and if you get it wrong and get a bad landlord, you are stuck with that decision for months and potentially costng thousands of pounds and your mental health in the process.
Unfortunately landlords have often saught out how to get the most money from their property because you can. They don't need to entice tenants with cheaper prices because someone will take the property eventually. It's the market force of supply and demand in action.
But please, if you see my other comments on here I am not against landlords, far from it. There is a national stigma against landlords that has come from years of poor action from landlords, agents and tenants alike.
I want to change the world view that landlords are okay and an acceptable part of life. We are currently nowhere even close to that right now but hopefully there is something we can all do to change the mind of the public.
Monty Bodkin
21:12 PM, 17th August 2020, About 4 years ago
Reply to the comment left by The Forever Tenant at 17/08/2020 - 11:52
I've seen little action from landlords.
Property is a very illiquid asset. The effects aren't instant.
It takes many years for landlords to sell off a portfolio in a controlled manner.
The rental demand is still and increasingly there.
Who is stepping up to fill that gap? Are you?
Monty Bodkin
21:24 PM, 17th August 2020, About 4 years ago
Reply to the comment left by Ian R at 17/08/2020 - 16:48
Sadly, one can only hope a lot of bad landlords are cleared out of the sector by the current financial issues and replaced by more professional landlords
Where are all these 'more professional landlords' Ian?
The Forever Tenant
21:43 PM, 17th August 2020, About 4 years ago
Reply to the comment left by Monty Bodkin at 17/08/2020 - 21:24
I honestly don't think it matters who takes over, as long as they are decent people.
But this does segue into another point that I have seen recently. That houses have become unaffordable for the average person.
I myself am in finance, I earn a decent salary above the national average. I have great credit and savings. And even if I had the deposit, a mortgage company would still not give me the mortgage to buy even the cheapest property here, because of the simple factor of the multiplication of my salary not being enough.
I did the calculations and a repayment mortgage on the property I am currently in, is less than my rent. This is a situation that has played out across the country by hundreds of thousands of people. Now this however, is in no way the fault of landlords. You cannot help this and there is nothing you can do to change that. It is unfortunate that your industry is directly linked to theirs and the ill will that is felt towards mortgage companies, unfortunately has rubbed off on landlords.
But my point still stands. That landlordings name has been sullied from years of bad landlords and bad agents. To admit that they have not existed would be to ignore evidence from many sources. I don't believe we would have the laws we have now if it were not for the actions of those bad apples.
Monty Bodkin
22:02 PM, 17th August 2020, About 4 years ago
Reply to the comment left by The Forever Tenant at 17/08/2020 - 21:43
I honestly don't think it matters who takes over, as long as they are decent people.
Who are these 'decent people' ready to jump into the breach and invest their hard earned money?
'Cos the only people I see taking over on a daily basis, are the scumbags who don't give a toss about the law.
Monty Bodkin
22:09 PM, 17th August 2020, About 4 years ago
Reply to the comment left by The Forever Tenant at 17/08/2020 - 21:43But my point still stands. That landlordings name has been sullied from years of bad landlords and bad agents.
Your point is nonsense. Nowadays attacking landlords has become a multi million £ industry. It's nothing about helping tenants.
Old Mrs Landlord
22:20 PM, 17th August 2020, About 4 years ago
Reply to the comment left by The Forever Tenant at 17/08/2020 - 20:57
Why do you think there are so few properties available to rent? Fifteen years ago when we took our first tentative steps into buy-to-let, properties had to be top-notch and very competitive rent to attract a tenant. Now there are fifty or so applicants when we advertise and we could charge higher rents. As for waiting for someone to take the property "eventually" at an inflated rent, well a couple of months' wait with no rent coming in costs far more than pitching the rent £20 cheaper and having minimal voids.
I have a suggestion for you as you seem to have had unbelievably bad luck with your landlords in the past. Why not ask to hear what current and previous tenants have to say about their experience of the prospective landlord. A good landlord will be happy to allow this and will probaby be able to show you on his phone the parting remarks of outgoing tenants, which by then have been made after landlords' references have been given so no they will have no ulterior reason to be complimentary.
Mick Roberts
7:42 AM, 18th August 2020, About 4 years ago
Reply to the comment left by Monty Bodkin at 17/08/2020 - 22:09
Licensing has done nothing to help tenants, in fact made the majority of tenants lives worse with higher rents & less budget for the repairs.
21% of houses have faults by Nottingham Councils own rules. Could be most minor fault ever. Council only hear from bad tenants. Good houses tenants with good landlords don't need to shout up, hence Councils only hear from tenants about bad Landlords so think all Landlords are bad. Councils actions then on ALL houses ALL Landlords then make it more expensive for ALL tenants, those tenants that din't have problem before.
Mick Roberts
7:45 AM, 18th August 2020, About 4 years ago
Reply to the comment left by Old Mrs Landlord at 17/08/2020 - 22:20
Exactly right Old Mrs, there's a queue of working people now, whereas 15 years ago, there would be a queue of HB people & maybe one working person.
The Govt & Council's over exuberant legislation on all houses for all Landlords has now made it harder & almost more expensive for all tenants.
Dennis Leverett
11:16 AM, 18th August 2020, About 4 years ago
Reply to the comment left by The Forever Tenant at 17/08/2020 - 20:57
The truth has nothing to do with Landlords, it's basic economics, supply and demand. Demand is vastly outstripping supply because of the failures of successive Governments to build houses, especially social housing and not controlling immigration (not a racist comment). According to many tabloids there are now an estimated 1.2 million illegal immigrants in this country and they are all living somewhere be it good or bad. Apparently 48,000 of them are currently being housed in hotels at the taxpayers expense which I have seen from experience. I recently wanted to visit some friends in the area I was brought up in and tried to book into the local hotel, Rivenhall Motor Inn, just a short walk away. I was told they were fully booked at least till the end of the year. My friends told me it is full of illegal immigrants who have crossed the channel, they are seen drinking, smoking etc. and causing problems in the village. It is/was a quality hotel. That area is actually Priti Patels own constituency. We are the Governments scapegoats, they lit the fire allowing all these lefties etc. to throw petrol on it, but they are so ignorant that they can't see they are adding to the problem they claiming to resolve, once again self indulgence fuelled by envy and politics. My return on capital employed is around 4%, less if you take inflation into account, I do not make any capital gain on the actual properties until I sell and if there were to be a property crash I would lose out. I am carrying the risk, no-one else, in order to give people a decent home and never had a complaint from a tenant in fact a couple of years ago had a serious accident and was moved by the offers of help from tenants. Most Landlords are decent people.