Updating post from Reddit.
Does this surprise anyone? Many on this sub, including myself, have been highlighting that this has been the plan going as far back as the first tax changes. They started with owning large development rental portfolis, but now they've moved to family homes.
I'm sure many will welcome corporate overloads over small landlords, but here is another warning, they'll shaft renters and society (by not paying tax) as soon as the power balance is with them.
As I always state on these threads. You reap what you sow.
Bit by bit they will buy up houses or streets. Before you know it they'll own the majority in an area then surprise surprise...they'll be able to dictate the rent for an area. And no one thinks they'll not raise it every since year.
But at least normal landlords have been demonised and pushed from the sector to allow these corporate monsters to move in
It's the subscription model for your life. Spotify for rent. But don't worry, they'll have a cool app for you to "easily manage your rental account".
Completely agree. Ultimate goal is a population which is productive until they die. Retirement will be a luxury for the super wealthy
Every earned penny accounted for by subscriptions. And we’re so stupid we’re walking into it. Again.
>Bit by bit they will buy up houses or streets. Before you know it they'll own the majority in an area then surprise surprise...they'll be able to dictate the rent for an area.
This already happens but slightly differently in London; developers who have estate agent subsidiaries control the rents for their developments.
I remember reading an article with a corpo landlord saying how workers have gotten a pay bonus that year which is good for them as they can up their rents to match. Renters will get rent raised more with corps I think. Maybe the government can step in easier with them over little landlord though?
Every time the government interferes with the rental sector it makes it worse.
I really think that they should make it attractive for private landlords. Create some healthy competiton to keep the sector actually competitive and keep corporations at bay
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Private equity companies need to stay the f away from any market that manages human basic needs.
If you work for a private equity company that does this, just know you’re making the world a worse place :)
Lloyds is on a massive mission locally here in south coast to buy up each and every letting agent that retires or sells up , close the branches and bring all the lettings into one large unit , slowly make all the existing staff redundant due to new working hours and terms. I’ve seen it 1st hand on at least 6 agents now all under the Lombard umbrella. Not sure how big they want to get but they buy everything.
What is the interest in the letting agents exactly? Isn't just buying up all the properties and letting/managing through their own mechanisms enough to kill the competition?
I guess it buys them the information. Ie what rents easily, what there is a shortage of. And starts to give them a bit of control over price (I for one just set my rent at whatever my agent tells me to).
Not saying you're wrong but seems inefficient to purchase the middle man for just rental figures. If they purchase enough properties in an area they too can then set the market price.
I don't know enough about their letting agent division, but I believe they must be doing it for a financial reason
It's just the cycle repeating itself. In 15 years they'll be selling the branches for £1 to offload the liabilities - remember when all the building societies had estate agents attached?
I think letting agents usually have lots of btl assets too which is what they are really after.
I do think this is a terrible idea as they will be given unfair advantage, more likely to raise rents yearly, less likely to sort maintenance issues until the environmental complaints team gets involved. Will they get an unfair epc advantage too where they have in house people fiddling the figures to get a pass? What happens if the sector crashes they set to lose so much money or will they start trying to sell shit properties with too many maintenance issues? The money is obviously in unfair advantage such as avoiding second home stamp duty.
Don't do that! Every single time our letting agent has suggested a rent, we've asked for 200 quid extra and got in within a week.
And they always tell us to increase it every year. We don't increase rent for sitting tenants and have to battle them every year to make sure they don't increase it "by mistake".
Seems like Lloyds are also offering pathways for those renting from them to also buy the home. Presumably they’d want you to use Lloyds mortgage services… Can’t see any news articles of Lloyds buying up estate agents though. Are they being branded as anything?
Where does that say anything about Lloyds buying estate agents?
It says they are involved in build to rent. Ie investing money to increase the supply of rented homes in the UK
Makes sense for large organisations. It’s really tough as private landlords… only works at a large scale
Personally I've always found this sub funny due to the constant refrain of "well, if you get rid of landlords, big business will step in and you don't want that". The lived experience for a lot of renters is that they don't care. A faceless business or a greedy individual, the end result us the same.
#notalllandlords but out of the 7 I had over the 15 years renting, only one of them was a somewhat reasonable human. There simply arnt enough good landlords for that argument to hold traction with reality.
My dear boy, you are missing the point. Small landlord maybe shit but he's small. His power is limited to the small portfolio and his influence is just that. The corporate landlord can change the entire market, influence government and policy. Take the last few decades of legislation change. Have landlords and their so called lobby groups been able to stop changes? You decide if you think Lloyds banking group and the likes of Blackstone will stand by if their profits are impacted.
Anyways time will tell. Makes no difference to me.
This is exactly it, it’s terrifying. Everything is getting put into fewer and fewer hands
Landlords collectively probably have power though in elections. Otherwise the government would have went over the housing market rather than helping it grow to encourage more landlord investment.
Wait. You have an issue with people, who happen to be landlords, having a vote? Good God man, that's a new one. Please make a post to share your thoughts on this matter
Never said I had an issue?
Person said small landlords don't influence government but I'm saying they do as they're a voting block so they have power in elections.
That's the point. Voting is a right afforded to everyone, tenants, landlords and everyone else. Big corporations can buy or influence entire parties. You think Steve the landlord and his mate roger are doing that with their votes.
In elections politicians are worried about voting blocks. If they thought all landlords would vote for other party then they'd change their policies.
Individual they don't have power but as a voting block, uk landlords will have as much power as a corporation. Doesn't make much difference to the tenants.
Honestly, you're so far off the mark I'll just wish you best of luck, but do make a post. Will be interesting to see what others think.
I don't understand though what you're saying. Are you saying that landlords and homeowners don't have voting pressure for elections?
This is what the left want.
Let them enjoy the fruits of their rental "reforms".