Keir Starmer promises clampdown on BTL landlords

I buy to let for a pension. If the state pension was good I wouldn't need to I'm ploughing all my savings in to buy two properties just so I can have a decent pension. Could I ask how many he has or the other polaticians or doesent that matter because its them. Do as I say not as I do that's there way. All hipacrits and this guy will never ever get in power anyway there all full of wot there going to do then once in they reverse what they say. Believe non of them.

Reply to the comment left by Mark Alexander - Founder of Property118 at 27/09/2022 - 21:47
He is a real opposite to the tradition of the market system and is truly against the hard working people in this country.

Reply to the comment left by Mark Alexander - Founder of Property118 at 27/09/2022 - 21:47
I hope Labour never get back into power until they realise that it's a free market and as a Government they must STOP interfering with the PRS. Build more affordable housing instead of attacking Landlords! If I choose to buy 5 houses then that's my business. If anything the Governments should be incentivizing Landlords to provide accommodation.

Currently, owner occupation is running at 65%, so to get it to 70% (assuming no change in social housing), the PRS will have to shrink to the level it was about 15 years ago. (19% to 14%)

That may not sound exciting, but it implies massive intervention by a Labour government to make buy-to-let less attractive. I would anticipate the complete removal of mortgage interest relief (i.e the 20% credit), a big hike in second home/BTL stamp duty, private tenant right to buy with landlords being forced to sell below value and possibly an increase in CGT on BTL profits (assuming there are any by then.)

Much will depend on whether the PRS will shrink back "naturally" given reforms already happened and in the pipeline. It has reduced from 20.3% to 18.5% over the last few years. If that trend continues, the interventions will be less.

This will of course lead to soaring rents, so expect rent controls too.

There is a rough ride ahead.

Reply to the comment left by SLAG at 30/09/2022 - 00:15
Many of us have in the past written to our MPs only to eventually receive a generic reply from some junior official in the Ministry of Levelling Up etc. which does not address specific problems raised but merely spouts the standard nonsense about making the system fairer for landlords and tenants alike.

Government policy has unitended consequences.

I have been a Landlord 20 plus years and been burnt a number of times by bad tenants destroying our properties

I have ridden it out in the past and dealt with at own cost.

This would simply be unviable under current rules.

In my 25 9lus years as a landlord u have never put the rent up while occupied but always had a reset between tenancies

I look after the properties well.

I am in a position now where I have had to raise rents due rising cost and risk.. the government in essence have driven me to raise rents.

Surely that is. Not the idea?

I now intend selling up in am orderly manner. Ironically all my tenants are staying put

The Tennants are currently at risk of.me giving notice one per year.

The.only reason I.havnt given notice is all are good tenants and happy. I won't be able to sustain the current changes and those proposed

Well what happens when your tenant has not paid rent for 14 months owing me £11000 when I’m getting my old age pension of £146.08 wow doesn’t sound good to me .Been trying since November last year ridiculous the stupid first tear tribunal rules they have to get the person out. Rules need updating.

Reply to the comment left by Richie at 27/09/2022 - 22:33
Because local authorities can't afford to. Their existing housing stock is being sold at less than market value (considerably less in many cases). The money is then shared with national government rather than being kept by the local authority. They're then not allowed to spend that money on building new houses. So which part of their already squeezed budget are the new homes to come from?

Reply to the comment left by North of England Hands Free Investor at 01/10/2022 - 13:00
It's not only private landlords who shouldn't be forced to sell properties. It is not OK either for them to force local authorities and now housing associations (no idea why they are now considered public bodies when they were not set up to be). What that has meant is that the councils can't fulfil their statutory duties towards homeless people, never mind the original intention which was just to provide a reasonably priced, secure rented home for an average person or family.

I hate the Tories but now Idiot Starmer has driven me into their hands. I hate persecution even more: whether it’s ethnic, racial or against decent landlords like me. My tenants really appreciate me. Irony: I will get out of btl. Double irony: no one except a rich buyer will buy my properties. Treble irony : fewer homes to rent.
Well done, idiots!!!