Thank heavens for landlords

Reply to the comment left by Mick Roberts at 18/08/2020 - 07:45
What you say about a queue of working people is quite true, but not really the point I had in mind regarding the imbalance of demand over supply. My point was that landlords are selling up because of all the onerous and costly regulation they must comply with and tax regime alterations leaving little profit for all the extra work, rewarded only with public vilification whipped up by those who have vested interests, frequently political in nature. How many tenants realise that a great proportion of recent increases in rents is directly attributable to higher costs imposed on compliant landlords? Two weeks ago I had a conversation with a prospective tenant who offered to pay double the deposit to cover the risk of damage by his dog. He was absolutely incredulous that this was now illegal and asked "how can anybody think that's going to make it easier for tenants to find a place?".

Reply to the comment left by Old Mrs Landlord at 17/08/2020 - 22:20
what area is this that you have 50 tenants queing, sounds good. Very good idea that prospective tenants should ask to see landlord's references, makes more sense than council licensing.

Reply to the comment left by David at 18/08/2020 - 12:57
North Somerset, 25 miles south of Bristol, where the rents are much higher. Admittedly some of those responding to the advertisement were unsuitable, either their incomes were too low (whether waged or on benefits) or their jobs were at risk in the coming months. A few were employed in Bristol offices and had found that they could work from home at least part of the week, saving commuting time and costs, enabling them to afford a two-bed house with a garden and parking, rather than a one-bed flat.

Reply to the comment left by Old Mrs Landlord at 18/08/2020 - 12:31
Yes, the costs have done it, please anyone feel free to copy paste my words below if being asked why rent increases.
And yes the deposits dogs, they've shot dog owners in the foot, at lease before they had a choice.

Below is the extra costs which the Govt & Councils has forced upon us, which I've now had to pay since u moved into your home. How some of u think this can be paid with no rent in is baffling.

Give 'em my list of outgoings here & ask how we pay them? Many of these new outgoings like Licensing etc. the renters have asked for these. If you want a brand new house, we all know New-builds cost more money.

We now have to do Fitness tests on new rentals £150 each house.
Electrical Installation Condition reports organisation & implementation £300+ each house.
Selective Licensing £890 just for one house.
Legionnaires checks £70 each house.
EPC’s £80 each house.
Data protection checks £40.
Carbon Monoxide detectors & smoke detectors, when wired, £300 each house.
Getting registered with Information Commission officer £40.
Floorplans, Inventories £90 each house.
Landlord has to criminal check himself & has to prove he has Right to live in UK
Increased staffing admin behind the scenes.
As you’ve seen, checks/inspections on your houses now with smoke alarms-Should be much more detailed checks.
Consultant & Legal fees to keep pace with legislation & staff training.
Letting Agent costs for new tenancies & house swaps £70pm each house.
All the above is extra costs we din’t have when many of u moved in.

Landlords are selling in their hundreds due to the increase in costs & the burden of ever increasing legislation.
Landlords are being fined when they get something slightly wrong.

As a company, we are really struggling to keep abreast with these constant legislation attacks, so much so, some of u know all new ones/swaps, we are having to place with Letting Agent.

The biggest changes are Selective Licensing & Universal Credit. Costs an absolute fortune in time & money to keep on top of it.

There are many Landlords out there who aren’t compliant, who are becoming unstuck every week.

Reply to the comment left by The Forever Tenant at 17/08/2020 - 11:52
So sofa surf or live with parents until you have saved a deposit like my generation did, and do plenty of overtime. Forget the tech tools and expensive holidays. Many landlords allow redecoration and pets (I do) but recent legislation makes it less likely that pets are allowed since you can't charge an extra deposit to pay for cleaning at the end of the tenancy.

Reply to the comment left by The Forever Tenant at 17/08/2020 - 20:57
Tenants can shop around. No one forces you to rent a particular property. There's as much difference in rents as there is bread prices in different supermarkets (what, you think they don't price fix?). I'm close to making a loss now with all the new regulations, cost of repairs and taxation, so I'll be selling up as soon as tenants leave even though all properties are in negative equity. So that'll be another few houses for you to buy.

Good post Mick, certainly highlights the viability and issues of being a landlord any longer and I suspect there's further draconian measures in the pipeline that are aimed directly at us. As I've mentioned before on this forum, due to the governments expert policy makers, I shall soon have no option but to sell up, meaning some 120 individuals will lose their rental homes. I guess this will however help further support the local B&B's and Hotels during the scramble to re house so many families all from one area!

Reply to the comment left by Kathy Evans at 18/08/2020 - 17:20
That's me all over Kath, plenty of overtime & struggling & going without, so we can get what we want.
Take the bus for 10 years, the taxi for 40 years. Gratification Postponement.

Reply to the comment left by Coastal at 19/08/2020 - 09:40
Yes I'm seeing many Landlords sell. The Council say Yes but we don't know if another Landlord is buying them. And they are correct. But I 100% know the next Landlord ain't taking my kind of tenant, he's being very choosy now cause of all these new regs/rules.

Reply to the comment left by Ian R at 17/08/2020 - 16:48
Unfortunately the bad Landlords are the one who will survive and the good one will sell up because they can't afford to stick to the rules.