Generation Rent hits out at Labour’s ‘Freedom to Buy’ initiative

You couldn’t make it up.

‘… 𝑏𝑦 𝑙𝑖𝑚𝑖𝑡𝑖𝑛𝑔 𝑡ℎ𝑒 𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑓𝑟𝑒𝑒-𝑓𝑜𝑟-𝑎𝑙𝑙 𝑡ℎ𝑎𝑡’𝑠 𝑓𝑜𝑟𝑐𝑖𝑛𝑔 𝑎 𝑡ℎ𝑖𝑟𝑑 𝑜𝑓 𝑟𝑒𝑛𝑡𝑒𝑟𝑠’ 𝑖𝑛𝑐𝑜𝑚𝑒𝑠 𝑠𝑡𝑟𝑎𝑖𝑔ℎ𝑡 𝑖𝑛𝑡𝑜 𝑡ℎ𝑒 𝑝𝑜𝑐𝑘𝑒𝑡𝑠 𝑜𝑓 𝑙𝑎𝑛𝑑𝑙𝑜𝑟𝑑𝑠.’

I wish.

In the last financial year, 50% of the rent on one of my properties went to the mortgage company in interest payments. The other 50% went on repairs, including a new boiler. With tax, I would make a loss if I was a 4”% taxpayer.

I usually make around 5% (ROI) on this property.

For another property, I have spent £15k recovering it to an acceptable standard after it was wrecked by a tenant and i have around £10k left to spend. I’m paying full council tax while I await the VOA’s assessment.

People really should buy their own homes. The reality is that homes are expensive to run regardless of whether you own it yourself or if it is owned by a landlord.

Of course, Twomey would have nobody to blame if owner-occupied homes were in a poor state of repair.

Why is Property 118 giving these organisations oxygen?

No one else is reporting on this non-story drivel.

This is yet another 'help to sell' scheme for the benefit of big developers. Second hand homes are not included.

Why do these people believe everyone is entitled to own a home, regardless of their ability to afford to do so? It's always been a fact of life that some can, and those who can't, rent.

Of course, after the war we embarked on a huge council housing programme, which met the needs of the majority of working families. But there were still many who 'lodged', and we had 'doss houses' for single working men.

Now we have millions of non-working men [and women] who get paid too much to stay at home, and still believe they are entitled to more.

How is this Twomey character, barely out of short trousers, with no business experience, running a 2 bit, micro company, gaining so many column inches. Look at their accounts at companies house. They are a tiny co. Look at his work experience on Linkedin. Why is anyone taking any notice of him? Is anyone taking any notice of him? This isn't 6th form politics, and idealism, its the real world.

Labour's 'Freedom to Buy' initiative aims to help young adults buy homes with smaller deposits, but it doesn't really address the current struggles of renters. The government should also focus on capping rent increases and offering more affordable rental options to truly solve housing issues.

Generation Rent, just like Shelter (who don’t provide shelter to anyone), needs the PRS.

Without the PRS, their business fails and their six-figure salaries )(and handsome expenses) come crashing down to Earth.

Many home owners are paying 30/40% of their take home pay each month in mortgage payments !
Many have taken mortgages of 35/40 year terms just to pass affordability criteria and will still be repaying a mortgage well into retirement.
Huge amounts of Interest to lenders.
Perhaps Ben could ask the government to cut Interest rates for both home owners and Landlords.
OH maybe build lots more properties to sell and rent.rs
Blackstone an American assessor management company have bought thousands of new build Family properties to rent.
They have been doing this in America for years.
Nice homes and Nice Rents providing great returns for the shareholders

Reply to the comment left by havens havens at 07/06/2024 - 14:12
Go buy your own house, or if you have, rent it out for free. There. Feel better now?

Reply to the comment left by havens havens at 07/06/2024 - 14:12You say the government should focus on capping rent increases and providing more affordable rent options. Renters and government alike should understand that the more costs and obligations they and the Bank of England pile on to landlords, the more rents have to rise if there are to be any homes to rent at all. For landlords, just like any other business, when costs rise, rents have to rise in response or the landlord is forced to sell up before the property is repossessed by the lender. In recent years landlords' costs have all ballooned.