Updating post from Reddit.
How is this any different to now? How many landlord increase it more frequently than this?
Currently the cap is only in place if a section 13 takes place. Most increases are not done in that way and can either be written in to the contract or even just happen whenever the landlord wants (technically with the consent of the tenant but given the imbalance and ability to just evict people whenever, the consent isn't particularly freely given).
How common is it? Not sure on the statistics but definitely you can find news story of multiple rent increases per year if you go looking. But we should be more forward looking than that. Given that this is bundled up with changes to rules on eviction, it seems clear that having rules on rental increases would be necessary to prevent it being used as a backdoor eviction technique.
I know an agency that forces tenants to re sign every six months with a new tenancy. Shameful.
that is because the agency whats to charge a landlord a fee every 6 months. no need.
This one was actually the agent owned the house and wanted the higher rent.
I do every 6 months for the first year. Just without the pay hike. It’s done that way in case the new tenants are bad tenants - want the grace of being able to know for sure. Also gives them flexibility. Thereafter it’s a year, but you make it seem like I’m doing something bad here!
Make it a standard ten year contract with a 6 month break clause.
You'll attract those who are 'happy' to rent for ten years (for whatever reason - many know they'll never get onto the housing ladder) and who are more likely to look after the place because it'll feel like their place.
Nobody wants to put £ into somewhere you might have to leave 11months later.
Risky until knowing the tenants though! I akin it to dating in a way - take it easy at first and if all is good we can commit to longer time frames. I’ll take care of the tenants problems repair wise etc and keep the rent as low as I can and they just keep it tidy and pay rent. We can work things out in between together. But I have to get to know them first, and it’s a chance for them to know the landlord too and if they like me or not as a landlord.
But I do think your idea is smart!
I think the context they are describing as being bad is that estate/letting agents force a 6 month, then when you begin a "new tenency" it not only allows for a price hike, but also allows the agency to charge their "admin fees" or whatever on top, netting them some extra and screwing over tenants.
Not sure if this is still the case but I saw it fairly frequently in my time as a student
Exactly this. In the case I know I doubt they're charging the fee to the landlord but it's done to hike the rent every six months.
With s21 being removed and no fixed term tenancy there is literally now not one thing that can be done if they are bad tenants. This, and the optional rent payment of housing benefit from tenant to landlord are the key two issues for me.
Was always the case that you could only put it up 10%in twelve months as far as I was aware not all landlords did it but it was their legal rights so all that will change is it will go up by the legal %once a year rather than spread it out the last 2years have been not the norm all round to be fair think it's calmed down now
You'd only have multiple rent increases a year now if you don't sign a contract. I sign a 12-month contract.
Yea I don’t think anything has really changed except trying to evict tenants for no reason, normally there is a reason though
Don't know how many but they do. Friend had it raised twice in 4 months...
That is scandalous
I want to downvote this but it’s only anger! Hah. Even by capitalist oaf standards that’s not on.
It's less common but it's a common tactic by landlords looking to push you out without using S21 (so likely also a means to reduce landlords trying to pull a loophole there. Won't stop the annual renewal price bump
Also sometimes happens if you have a frequently short tenancy period or the landlord decides there's extra fees they need to cover.
It's rare but I imagine those who have experienced it would support such a policy.
My rent went up for the year, I then gave notice a couple of months later, and landlord (or rather her agents) put the rental up about 25% again. Not sure if that's covered by this law since the tenants changed.
Thats is completely different. They didnt increase your rent more than once a year
It'll end up being used as an excuse to charge more!
I’ve on 6 month lease and I’ve had a 50 quid rent raise for the last two renewals.
For now, in London, landlords can evict tenants every 3-6 months (fixed term) if tenants don't sign a new contract. There is no cost to them.
That's fair enough, your typical landlord increase rent at change of tenancy or after a few years anyway.
Just a shout out to the one gem of a landlord I had from many shit ones who laughed at me then said no when I offered to pay more when we went wfh because I got a little extra to pay bills and they were included in the rent. Without him I would not have been able to get on the ladder when I did and it really highlighted what a difference a good landlord makes. He didn’t put the rent up once in 7 years, speaking to him he acknowledged he got the house for a song and it’s paid off so in his words ‘why do I need more?’
Shoutout to my landlord who hiked rent 36% in one year because she forgot to instruct the agency to hike it annually for the past six years, only two of which I was there for.
Which itself entirely demonstrated she didn't fucking need it
Depends. May have been when the interest rates changed.
Oh can I do a shout-out? To my ex-landlord who kicked us out of the house so they could turn the dining room into a 5th bedroom, hike the rent by 33% and fill the house with students to avoid council tax! I'm sure that extra £14k a year was well enjoyed.
Shoutout to my landlord who in April decided that the cost of living was something they were really concerned about so… informed us that at the end of that tenancy they would put the house on the market for £375k. They lived in a £450-500k house less than a mile away.
[deleted]
He was a nice guy who treated us sound and I was getting more specifically for the extra leccy for working from home. I just thought I’d offer as we were on good terms. It wouldn’t have impacted me either way as it was money I wasn’t getting before and was for bills I wouldn’t be incurring.
It was still well below market rates and would have been if I paid £25 extra a month to them that I got for bills. If I was thinking of a benefit for me I didn’t want them to see bills go up and put it up for us all more than that but they didn’t anyway.
If more people were like this it would be a great.
It really opened my eyes to how a good landlord can really help people. Rather than treating people as just profits, I’d have got on the ladder in time but them being so reasonable really helped with that. They were looking to sell at the end but waited 6 months while I was going through an offer/solictor stuff. Really can’t speak highly enough of them for helping with such important stuff.
It was just me in there at the end and they were definitely losing money for a few months to do so.
My rental agency increases it every year 🙃
Rental agents work of commission - mine email me every year asking if I want a “rent review”. It’s up to the landlord to say yes or no. I never ever put my rent up… if my tenant stays for 10 years, they will pay the same rent we agreed on their first day.
The agency owns the property in my case so they can do what they like.
Ahhh that’s shitty
I suspect if they start legislating in this way, nice landlords who don't raise the rent every year will start to raise the rent every year. Politicians seem brain dead most of the time.
Note I was a tenant for a very long time with many different landlords. Never once did one try to raise the rent several times a year. Every increase was on signing of a new tenancy agreement, which wasn't as frequent as you may expect, as landlords like to hold on to tenants that pay the rent on time and look after their property.
That is my experience as a landlord in Scotland it has legitimised annual rent increases.
Before this law I hadn’t increased the rent in five years.
No ones forcing you to
No one is forcing me not to either
No one forced you not to either. But you didn’t.
Please tell me what you would you have done?
The rent increase was %2.5
Ah that’s not too bad. I just got hit with 12.5% I could be be mad but it’s been well below market rate for years so I’m not bothered.
My previous tenant had the flat for five years with no rent increase starting at £55 below and ending at £155 below market rent.
I don’t think I would hit a tenant with %12.5 rise though.
Maximum allowed at the moment. To be fair at the end of covid we were about 275 below market rate. The letting agent tried getting us to make an offer on how much more we wanted to pay because “the landlord was considering selling the flat”. Which was a nice attempt.
We had a tenant owe us about 3000 after Covid. Managed to send her kid to private school though🙄
Why did passing that law lead you to increase rent?
Before I never really bothered and went like between tenants to do a rent increase as I didn’t like raising rents as it felt unfair.
However the govt setting a maximum rent increase reduces the feeling of guilt as if I raise it below that level then it is fair.
Not slagging you off it's your prerogative but surely this is the same logic as "well there's a maximum blood alc% for driving now so I'll drink and drive as long as I aim for or stay below that every time"?
that is exactly how people used to behave with drink driving
Another example is a nursery where they started fining parents £15 for late pick up.
It increased late pick ups as it removed the stigma of being late as the parents felt they were paying for the extra time.
Exactly this i know a lot of long term landlords that havent put rent up for 10+ years on tenants they have all said they will be looking at raising to market rates soon because of this.
I never do mid term rental increases even to my detriment for tenants who have been in for 5+ years but I'm now going to ensure all rents are up to market rate over the next few months.
How do you find out the market rate this is one thing I didn't really know existed as I assume things are worth what people will pay. Is there a database of some sort?
Rightmove & Zoopla
They do not have the correct stats for my area though all the rentals I see are far higher so does that mean we all need to lower the rents?
Speak to a letting agent
What is it about this that's triggered you to do that? If you rarely raise the rents, why do you now feel compelled to do it once a year because a rule is brought in aimed at more unscrupulous landlords.
We don't yet know exactly what the maximum rate increase per year will be so best off start from the current market rate.
All tenancies will now be periodic so potentially tenants can leave after 2 months so increased reletting costs which need to be considered.
There's also the removal of Section 21 whilst increasing the Section 8 arrears term to 3 months, coupled with court back logs I've got to mitigate for much longer periods without receiving rent.
Translation: I’m going to squeeze even more cash out of tenants who are already being squeezed to death by everyone else because I want more money that I don’t need.
You don’t know his or his tenants financial position.
I have tenants that make more money than I do.
Maybe you should get a real, useful job then and stop sitting on your arse getting other people to pay your mortgage.
I’m one of those tenants who makes more than my landlord. Doesn’t mean we’re not being squeezed to death.
So does the landlord who makes less than you do “want more money than he needs”?
If so then by earning more than him do you want more money than you need?
Tis a Gordon knot 😂
I put up my rent by %2.5..
No, he doesn’t. I rent at just under the market rate.
And you are being squeezed to death? If so you must stay somewhere with very high rent.
When I was renting my rent was never more than %30 of my salary.
My rent is 33% of my take home.
Astonishing that you seemingly know me so intimately but I'll be honest, Im barely breaking even on some of my properties. One boiler breakdown would put me in the red but here I am still not raising rents and would have had no intention to because I am conscious of huge rises.
Given the punitive legislation that's coming in its not feesible to carry on with the lax attitude I've taken in the past.
Sell up then. Maybe your tenants would be amenable to buying from you.
Don't want to, don't need to.
Due to the new regulation though I'll make sure I don't carry on as I have been.
You can always count on the asset rich to play the victim. Just like pensioners.
You've literally got posts moaning about your own costs going up and wanting as much money out of your customers as you can get.
My costs are going up so I'm adapting to not run at a loss. I'm sure you think you're morally superior and shouldn't have to adhere to your own standards but that's how business works.
That's it. The more regulations like that - the more good tenants pay to cover losses for the bad tenants.
Seems like complete conjecture to me lol
Nice… landlords? It’s like saying nice tapeworms.
Try having no landlords, enjoy housing the family in a tent in the park. Of course there are nice landlords, just as there are nice tenants. There are also bad landlords, just as there are awful tenants.
I’d rather just house them in the dramatically cheaper house we’d be able to afford if landlords didn’t exist.
Let's look at a realistic example. You get a job in London, that you're confident will last at least 2 years. Houses are expensive - let's say it's £1m for a house with reasonable schools large enough to accommodate the family.
Ignoring that it could easily take 6 months+ to find a suitable house and complete a purchase, moving costs alone are knocking on 50k, plus then furnishing, etc.
In reality, it's far quicker and cheaper to rent.
And I expect if every landlord in the country sold their houses at the same time, the impact on house prices would be negligible. Especially in the areas one may want to live.
This is a community for Landlords. You can be anti-landlord in other places like /r/HousingUK/
What logic am i missing here? This doesn’t incentivise rental increases any more than previously?
The more people are told what to do, the more they will behave like robots.
So minimum CPI increase every year without fail now then?
No, market rates
the point they are making is landlords will increase by CPI at a minimum (maybe more if the market can take it), given they only have one opportunity a year to do so
Do they only have one opportunity to do so? My reading was, when done they must wait a further 12 months to effect a change but there's no mandate for a review every 12 months. In theory they can do it at month 18 or month 20, provided there had been no increase in the preceding 12 months.
Could do, but won’t likely. If restricted to 12 month intervals it’s highly likely the market will move to do annual increases around CPI or higher at a similar time each year
With landlords selling up market rent increases will definitely be more than CPI.
They are making this a separate rule because they are abolishing fixed term tenancies, so all tenancies will become periodic tenancies, this is to stop landlords raising the rent more than once a year.
I’m sure this will impact nobody. Who raises rents more than yearly?
Our landlord tries to do it every six months, and every other time we have to remind her that in Wales you can only do it every twelve months. For her last rent increase she’s also not respected the minimum notice period so we’ll be telling her to push it back at least a month.
I’ve had this in Scotland for a few years I have no issue in principle with once a year and decent notice of the increase seems fair. Don’t get me on to some of the other stuff they’ve done though
For me it means I now actually put the rent up annually whereas before I didn’t bother.
The rent increase cap kind of legitimised putting up rent whereas I was always wary before.
Exactly. The law of unintended consequences. Now everyone will be having their rent go up every year.
It does feel like this government is not the sharpest knife in the drawer. They seemed absolutely staggered when caving in to demands brought all the other opportunists out of the woodwork. I imagine they'll be similarly shocked when rents go up due to landlords having decreased flexibility, higher risk, and increased EPC requirements.
I can't wait to see how this is explained as being all Liz Truss' fault for some reason or another.
The average IQ of the Cabinet is probably about 95.
That’s a controversially high estimate.
I wish I could upvote this more than once!
Meh, fine, gives tenants some reassurance and it's fine for landlords on fixed rate terms.
Government just signed everyone up to an annual rent increase.
What makes you say that?
Because there are a lot of landlords who don’t routinely raise the rent for one and now this will trigger that, and also this new approach is causing many landlords to sell up - so less houses, higher demand, higher rents. These reforms aren’t going to deliver the intended consequences.
Why would it trigger them to routinely raise rents?
Because it reminds them that they haven’t done it and puts a one time a year limit
So before this reform was brought up landlords were forgetting they could raise rent?
They made changes in Scotland and it sky rocketed rents. You have to offset risk and bring the price increase forward. Rents were going from like £1,200 PCM to £1,600 PCM from the end of one tenancy to the start of another. It accelerated the increase in rents.
I cant see many having any issue with this but I also cant imagine many LLs increase rent more than once every 12 months as it is. In 25 years as an agent I would think I have experienced it 5 or 10 times.
It will, in my opinion simply cause any LLs who were on the fence to increase the rent charged. I would also suspect many LLs who look at their cost and determine rent from this will be more incentivized to look more closely at market rates. Not sure this is good for tenants. I think it will make the concept of "annual" rent rises far more of thing, so rents WILL go up on the anniversary as opposed to currently where rents may go up.
Well technically you could do a new AST (it mutually agreed) more frequently, but in my experience once a year is pretty standard.
The real solution to the housing crisis is to build magnitudes more social housing.
Regulations like this tend to be good for the tenants but will inevitably drive landlords out of the market. The game that they are playing is that they simultaneously need landlords but make it increasingly difficult to be one. The likely end result of all of this is a concentration in the rental market where a few large companies own the housing stock. Loosening regulation would make it increasingly awful to be a tenant. It's a losing game that they are playing.
Tbf as a tenant I’ve had waaay more trouble with private landlords than with properties owned by a company. Not saying companies are good, but they’re more predictable and more aware of their legal obligations.
That said, for the love of god just build more housing. And build apartment blocks with shops and restaurants on the ground floor so we can have liveable cities with high-density housing, rather than prevaricating over what new patch of green belt you can build a soulless estate of identical houses on.
This has been written into every contract that I've had. It makes no difference to me.
Labour have to been to be doing something about the housinf crisis. this is probably the least impactful thing they could have done.
I’m more concerned about the increase to 3 months for rent arrears if paid monthly because the bad tenants (of which I have a pair) will abuse this to essentially stay 3 months rent free and then leave and have the landlord chase after them for the debt.
Extremely poor proposal by Labour. I hope they amend this to only allow this arrears to occur when nice every 24/36 months since AST’s have effectively been abolished.
Get better tenants then.
Amazing comment. Well done. Yes. That's the answer I've been looking for. Makes so much sense now. 👏
Well it does, doesn’t it?
Rent out property at the higher end of the market if you don’t want shitty tenants.
You are a fountain of knowledge. Making all these wise comments without even asking questions. Tell me, since you know so much, what type of property do you think I'm renting out, it's location, rental value and the procedures I undertook when advertising + accepting tenants? You'll be very wrong with your guesses and then I'll enlighten you as to why this is such a bad idea
I can already picture the base spec grey and white kitchen
Wrong.
Next guess... please keep going
Yeah cause as if landlords increase rent every fucking Sunday.
In today's pointless labour ideas we have... Only increase rent once per year. Hahah
This is just going to push up rents further as Landlords will want more financial security.
Surely landlords don’t increase the rent by much above the ‘market rent’ as it is? Because if the landlord is trying to charge much more than the market price then they risk the tenants leaving to move to a cheaper property.
That's why they work with agents to ensure all similar properties on their books are charging the same, then they all increase rent together 'at the advice of the agent' to 'achieve market rate'.
Labour are going to absoluely fuck the rental market. Oh dear.
Every landlord, and I do mean EVERY landlord should have annual rent hikes built into their contract and be up front with the tenant about it.
Smart landlords: Market rate increase
Nice landlords: Inflation pegged (assuming below market rate)
Ignorant landlords: Anything else
Even if you have a good tenant and give them a discount, they should be getting annual rent increases. Ignore every other suggestion as it is usually background noise from people who do not have your best interest at heart and are biased in either direction.
The problem isn’t raising the rents, it’s getting them paid. 40+ years of experience and it’s the last 5-10 years where tenants who receive housing benefits (I’m from the lowest HB rate in the country so the north east) have learnt the system and are fully aware that paying rent is optional.
I’ve no problem giving someone a 2 year fixed tenancy, to adhere to even greater standards and regulations so long as if someone decides no, I’ll steal the tax payers money and buy new TVs, mountain bikes, PS5s etc there MUST be some mechanism to remove them from the property and allow other private renters this information.
If the rebalance arranges this key factor then adaptation may be possible.
If not 30 tenants will be informed their homes are having to be listed for sale (hand over fist) online
Rents in my block of flats have gone up about 30% since 1990. Nothing at all. If you’re a LL in the housing benefit sector then genuinely giving me the rent is optional, when I change anything I receive a barrage of abuse because so many don’t have the money.
They obviously think we are all minted...I'm currently 5k into a refurb after our last tenants wrecked our house. Had to get a loan to pay for it...
I honestly wasn't aware you could do it more than yearly anyway and actually get away with it.
The ban on Section 21 is more problematic without a reform of courts, particularly if you're a tenant living in an HMO. If a housemate is being abusive it means you must wait nearly a year to have that tenant removed from the property.
But the government often overlooks HMOs, and the millions of tenants that rely on them.
I’ll wager that this will lead to more increases than less.
I generally don’t raise my rents until new tenants come in, but if they implement caps like had been suggested I’ll be raising them like clockwork every year.
Surely people will just put the rent high to start with
Which is great unless mortgage rates go up.
I know on Reddit that landlords are often seen as the Devil reincarnate, but a lot of us are working class families that have worked our b*llocks off to buy (mortgage) rental property so that we could build a nest egg for our kids, which is exactly what I have done. 3 kids, 3 houses, many, many sacrifices and many years to pull it off.
Month on month we make next to nothing beyond the equity increase, which you can't easily get at, so a hike in the interest rates means an increase in the mortgage payments which has to be passed on to someone and it isn't like we have a huge pot of 'spare' cash lying around to cover it, as each house makes next to nothing after everything has been paid out.
So, if mortgage rates go up and make it so renting it out is financially worthless (because the rent can not be raised to match the market), it is time to sell. You try and sell a property on a buy to let with a sitting tenant paying what will be below the mortgage payments! No one except cash buyers will touch them and if I sell to a cash buyer, well now you probably have got the Devil landlord that you already thought you had.
I'm not expecting sympathy, after all we absolutely do have the equity in those three properties and in total it is not insignificant, but to get it to use we would have to sell up and it is there so that the next generation (mine anyway) won't have to rent.
There's a difference between HA's, slum lords and then us proles that are just trying to make a few quid. We aren't always the bad guys.
>Month on month we make next to nothing beyond the equity increase
Wow. Do you even hear yourself?
You have scraped together enough for the deposit of three rental properties, now you sit on them and lord about having three other families literally pay for three houses for you (off of their labour, not yours) yet still complain how hard you have it.
They themselves likely don't have much left at the end of the month, as they're not only paying the mortgage on the property for you, but paying an inflated buy to let mortgage. Likely also agency fees plus additions for maintenance you likely roll into the rent as you probably don't even shoulder the weight of the general property maintenance.
You then have the entitlement and gall to sit there and act all 'woe is me' about not making more money off their labour.
These three families are buying you three houses.
You say renting is financially worthless if you cant match market rate, because covering the agency fees, maintenance and a buy to let mortgage just isn't enough for you?
You're not a prole, you're cosplaying a victim and sound so far up yourself it's unreal. This is why people call landlords the devil incarnate, because so many of them reek of entitlement and greed.
Sure, you worked hard for the deposit, but you won't have 'worked' to own these three properties outside of the deposit, so don't act like you did.
This is a community for Landlords. You can be anti-landlord in other places like /r/HousingUK/
I am here for the furious rants from hobby landlords at essentially a minor change. They probably will all threaten to 'sell their portfolio' of two run down terraces.
When they start taxing windows in rental accommodation, give me a call.
Frankly I think this is a very sensible thing. It allows a small amount of stability for tenants. Yes if costs go up mid term the landlord will have to eat the cost, but hey. Renting houses comes with risk. Like any other business
Here is the way round the problem. Say the rent is £2000 a month. The landlord can offer a discount of £1000 for 3 month and adjust the amount of discount to a different amount in the next 3 month etc. Not a rent increase but a discount variation as many times as he wants a year
My rent went up 300 a month since the clowns have been in power and expecting another hike soon. FTL
Just catching up to Scotland
make that day Christmas day. give it a real scrooge vibe.
Good💪
We've been doing all this in Scotland for ages. Please keep up.
Everyone here saying people rarely do it more than once a year already and that this will actually be worse for tenants. I had someone move in with me then the landlady increase rent by 10% the next month, you guys underestimate how shitty some landlords are.
How about we ban the owning of multiple homes? Flood the market, bring prices to what they're actually worth like elsewhere in Europe.
This is a community for Landlords. You can be anti-landlord in other places like /r/HousingUK/
Same as now but this might encourage them to get a bigger increase a year.
Good.
The blame is the AGENTS, they are evil, they are the ones they need to go after.
Surely the Government dictating the laws if business won’t backfire. Not like it ever has. Haha
Landlords only allowed to fuck you over and price gouge once a year.
Blessed be.
Oh that’ll be helpful to coincide with the annual pay rise that people don’t get
Fecking useless
Thats honestly the way it's been honestly landlord asks half a year before my yearly contract ends if I wana renew and I say yeah then they tell me how much it'll go up.
They've not really saved any one here, any landlords that where changing it more than this are just blatant criminals
If some is of the mind set to raise it multiple times a year , they will just move it more in that one window.
I mean................................................................
That's how it's supposed to be?!
I see Labour are preparing for the inevitable hyper inflation !
bul#shit my landlord increases rent every year
Doesn't go far enough by far. Rent should be capped. Especially against mortgages. If your mortgage is £600 pcm for 3 bed house you can't charge £600 per room... It's just shameful profiteering on people's basic need for housing security.
This is a community for Landlords. You can be anti-landlord in other places like /r/HousingUK/
My landlord tried to raise my rent by 11 per cent last month. I had just gotten a 3 per cent pay rise which is now entirely eaten up by the extra rent (I was able to get them to agree to 6 per cent raise). They need to bring in rent increase caps, loads of cities already have them. The whole ‘market rate’ thing is a sham. Landlords can basically increase by whatever they want
Landlords are leeches
This is a community for Landlords. You can be anti-landlord in other places like /r/HousingUK/
Parasites
This is a community for Landlords. You can be anti-landlord in other places like /r/HousingUK/
I actually think rents should be decided and capped by the government depending on size - location and standard features the biggest scam of all is shared houses and what those landlords actually do
Market rate - this is a very grey grey area. There are similar properties for example a 2 beds, in one area, that could range from £800 to £1200 for example. We are talking about similar style similar no. of bedrooms etc. within 1-2miles. As a landlord they can take the highest listing to increase the rent. The tribunal can take the lowest to appeal. So what is it? The government promised the general public a Renter Right bill, but I don’t see there are support to most of them. S21 as an example, abolishing it now is basically increasing the burden of the court making eviction last over 12 months. It is not balancing the power between landlord and tenant, it is unfair to landlord who take the risk to rent out their property for the general public.
This is what I am struggling with as I dont know what database or data market rates are. My btl is best property in the worst area situation so it fetches a fair bit of money and interest when it comes on the market compared to other lets in the area. How would market rate be determined?
Exactly. It is really down to case by case for each landlord to appeal against the tribunal. If you have a good reason why you are charging the rate you are charging. I’d also mention how many interest parties you encountered when you put the listing up with the increased price. Moving forward, when I increase rent I will list the property in OpenRent so I got a record of interest party.
If that’s not the market rate I don’t know what is. The market react properly to the price you listed. You got loads of interest, then that’s a price accepted by the market.
How would mid tenancy increases work as you can't really list it to get the interest.
You can still list it
So will mortgage lenders only be allowed to do the same? Will the BOE only be allowed to raise interest rates once? This woman is such a gobshite.
That doesnt work for mortgages (you can fix rates), switch it out with insurers.
Good. What we need now is for rental income to be taxed at a higher rate than earned income, and for interest to no longer be a tax deductible expense for limited companies just as it no longer is for private landlords.
There are apparently 300,000 landlords who have now shifted their property into limited companies so they can still claim interest as a tax allowable expense.
Grifters
And it’s this short sighted thinking is why there is a rental housing crisis. We need more landlords: not fewer. Classic misconception.
if only the government could build and rent out affordable housing to regular people like they do in sweden (and im not talking about social housing like we have now)
We’ve got a 25 billion black hole. Where do you think that money is coming from!?
Är du svensk?
There is a fifteen year wait time in solna and a black market for sublets
We’ve got a 25 billion black hole. Where do you think that money is coming from!?
no idea! im just putting out a dream scenario
the penny hasn't dropped for you yet that all of these changes = higher rental price
because how dare a landlord make a profit for providing a service
the most venomous anti landlord brigade are usually the bitter ones who for whatever reason will never afford property
No, the changes shift the choice of application of capital. Smaller landlords will sell up because it's simpler to stick it in the stock market and larger landlords who have the capital and economies of scale to employ people specifically to do the extra work.
This is called capitalism. Some lad with a beard wrote a book about it.
I don’t remember Adam Smith having a beard.
He'd been out on the lash the night before and all the razors had been captured by rentier interests.
Ah yes, Capitalism is when the government over regulates a market.
Capitalism has always existed within a wider state-backed framework, that's why it emerged along with, and primarily in, heavily centralised states. You already concede that by the term "over regulates" which means you implicitly accept some form of regulation.
Governments can slow or speed up that process of consolidation, or affect its cosmetics, with policy responses. But that's the underlying direction of political economy this side of post scarcity.
"... for whatever reason ..."
Probably because most of their income goes to a landlord.
Everyone I know in my circle who has bought a house has had the benefit of living at home to save. Not everyone has that option.
Dave you inherited all your money from your dad. You've never even worked. You've been told before about riling up the plebs. Has your wife been seeing that tennis instructor again is that what's up?
Love mum xx
I think the issue is hoarding the vitals of human survival, and then simply reselling at a profit is questionable. If you had cancer and I bought all the anti cancer drugs up, would it be ok to sell them onto you at a large profit? Where is the line between capitalism and exploitation I think is the issue.
Your mistake is believing that every home not taken by a landlord would go into the hands of an owner occupier. There will always be a big number of people needing to rent. We need more landlords, not fewer.
I think we for sure need some property to rent, as it suits some people, but the balance has tipped too much in that there is simply no choice but to rent as landlords have hoarded a basic human need and charge a premium to access it, and this has driven the price of remaining property too high to buy.
How so? Between the 30s and the 80s we had ever increasing home ownership. People coped with that really well, it wasn’t a problem.
Grifters? Aren’t businesses supposed to make profit?
M&S, Waitrose etc make money on my shopping bill.
UK population has almost doubled since 1930. Keep up.
Bloody supermarkets! Taking a profit for what? /s
The difference being the volume of transactions in supermarkets and the fact there is real, easy accessible competition keeps prices down low enough for us not to be gouged.
Tesco make money because they save me grow in my own food, rearing my own livestock etc. for that they deserve a reasonable compensation.