11:29 AM, 29th August 2023, About A year ago
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The buy to let sector is facing a lot of challenges in the UK, from tax changes to higher mortgage rates – but there’s another factor affecting the reputation and morale of landlords: the media.
According to Stuart Haire, the chief executive of Skipton Building Society, the private rental sector is being ‘demonised’ by the media, which portrays landlords as greedy and exploitative.
He told the Telegraph that landlords ‘are getting squeezed from a tax basis and from the increased mortgage rates they are having to pay’.
And in a story in the Sunday Times last weekend, Paragon Bank’s Nigel Terrington said landlords ‘are not evil’ and added ‘everywhere landlords turn they hear they’re ‘bad people’ and ‘profiteers’.
But a new survey reveals that landlords have had enough – of being called ‘landlords’
The research was carried out by Mortgages for Business (MFB) and its managing director, Gavin Richardson, said: “Sections of the media have vilified the buy to let community.
“The government has hammered them — think Theresa May’s 3% Stamp Duty surcharge and other tax deterrents.
“It’s got to the point where the buy-to-let community doesn’t want to be associated with the term ‘landlord’ anymore.
“The term carries much more baggage than it once did. No wonder the community wants a rebrand.”
The MFB survey reveals that most of the buy to let community (59%) would rather not be called ‘landlords’ in the media, as they feel it is a dated and derogatory term.
Some parts of the US media, such as NBC, have already stopped using the word ‘landlord’ after complaints from the buy-to-let sector.
In the UK, however, the term is still widely used and often associated with negative stories.
The MFB survey also asked the BTL community what they would like to be called instead of ‘landlords’.
The most popular option was ‘Small Housing Providers’ (43%), followed by ‘Landlords’ (36%) and other alternatives such as ‘Rental Accommodation Provider’ (7%).
Mr Richardson said: “The majority of landlords are paying 40% tax on their rental income – plus stamp duty – which means the Government is profiting hugely from Generation Rent.
“And to what end? Hammering landlords over the last five years has done first-time buyers no favours – research from Nationwide suggests first-time buyers now need to save a huge 113% of their annual salary for a typical home deposit of 20%!”
He added: “What would happen if we took landlords out of the housing equation?
“The impact on the property market would be significant and almost entirely negative.
“It’s not as if the Government is pouring money into social housing — or making any progress on house building.”
The survey also found that almost three-quarters of the respondents (73%) felt that they were ‘unfairly portrayed as this generation’s financial bogeyman’.
Only 8% said that they were not ‘financial bogeymen’ at all, while the rest admitted that there might be some truth to the stereotype.
Mr Richardson said: “Frankly, the government should be championing landlords and lauding their contribution to the housing sector — landlords are bailing the Government out!”
He said that landlords who are preparing for retirement by investing in property are being ‘reviled’ for building a nest egg.
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Sign Up7:32 AM, 31st August 2023, About A year ago
Reply to the comment left by PropCo Owner at 31/08/2023 - 07:12
I’m sure we are all grateful that you are here to “pick people up” on our mistakes. Some of us are here to share experience, learn from each others knowledge, and enjoy being part of a insightful community conversation
Steve O'Dell
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Sign Up7:34 AM, 31st August 2023, About A year ago
I see this as another yet another WOKE idea. Changing the name changes nothing. I see this as pathetic and playing into the hands of the idiot mouthpieces who have no comprehension of the realities of being a landlord.
I proudly see myself as a landlord and I view my properties as a business.
Or I could say, oh yes, those people who know little, really have a point here. Despite their assertions being BS, why not let the tail wag the dog and rebrand ourselves as Providers of Bespoke Homes and Dreams (fluffy enough). Of course this will get shortened to POBs of something else inane and we're another step towards the collapse of our once great nation. Wake up people and stop being so damn soft. Stand behind what you do proudly, uprightly, with fire in your bellies, ready to defend against the enemy within.
GlanACC
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Sign Up8:13 AM, 31st August 2023, About A year ago
Reply to the comment left by Steve O'Dell at 31/08/2023 - 07:34
We are getting a little 'off subject' here, and you have brought us back to the subject, thankyou. In effect LANDLORD is a term used in legal documents and you can't just start inventing more woke sounding decsriptions for a landlord in the name of 'professionalism'. How would you insert some of these new terms into legal documents and how would you get them accepted by a judge. There was once a campaign by the Plain English Society to make things more understandable. Landlords might not like the term lanlord but it is understood by pretty much everyone.
Dennis Leverett
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Sign Up8:48 AM, 31st August 2023, About A year ago
Reply to the comment left by PropCo Owner at 31/08/2023 - 07:12
To get back to the original thread, do you really believe, being a successful multi business owner that you say you are, that changing the word Landlord to something else would really change peoples perception of what a Landlord is. No more generalisations please just a straight forward answer with reasons why.
Dennis Leverett
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Sign Up8:51 AM, 31st August 2023, About A year ago
Reply to the comment left by Steve O'Dell at 31/08/2023 - 07:34
Absolutely Steve.
PropCo Owner
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Sign Up9:01 AM, 31st August 2023, About A year ago
Reply to the comment left by York student landlord at 31/08/2023 - 07:26I have no issue, simply defending myself after your rude comments directed at me.
There are many issues in our sector which those outside the sector often don't understand. They don't appreciate the underlying costs of running a property business, instead just seeing a greedy fat cat charging ever increasing rent. We should be focusing on educating folks on this. Using modern business language depicting what we do etc.
PropCo Owner
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Sign Up9:07 AM, 31st August 2023, About A year ago
Reply to the comment left by York student landlord at 31/08/2023 - 07:32
You are hysterical, happy to throw stones but not to take feedback......
Have a good day.
PropCo Owner
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Sign Up9:10 AM, 31st August 2023, About A year ago
Reply to the comment left by Steve O'Dell at 31/08/2023 - 07:34I have a totally different perspective.
If you believe using medieval toxic terms works, good luck.
I don't call it "woke", I call it pivoting and moving forward as opposed to being stuck in my ways.
PropCo Owner
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Sign Up9:14 AM, 31st August 2023, About A year ago
Reply to the comment left by GlanACC at 31/08/2023 - 08:13
The term Landlord is CURRENTLY used in legal documents, but the term is used as a one size fits all which simply doesn't work.
The term has much toxicity behind it with many outside the sector seeing greedy fat cats sitting on a pile of gold.
As this article states "Landlords want the media to stop using the term ‘landlord’"
Said legal documents need to be triaged, and need to be bought into modern times to reflect this.
PropCo Owner
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Sign Up9:15 AM, 31st August 2023, About A year ago
Reply to the comment left by Dennis Leverett at 31/08/2023 - 08:48
As the article states "Landlords want the media to stop using the term ‘landlord’" I 100% agree with this sentiment.
It's a toxic term which is misunderstood.
It's a one size fits all term which simply doesn't describe all scenarios it is used for.