Don't Panic! Don't Panic!

[Melboy]

Just my thoughts on current events. It does look extremely likely that there will be a Labour government in power this time next year especially after the Scottish by-election result on Thursday with Labour winning a huge majority victory over the SNP. I will go along with political Guru Professor Sir John Curtis detailed views and mathematics on the subject of politics when it comes to general election statistics etc. of course there is a very slim chance that the Conservatives do pull off a stunning result but it's not a bet I would place I have to say.

Now, the above paragraph brings me onto my point which is the Labour Government housing policies which is well documented and represented by Angela Raynor, deputy leader and left wing shadow housing minister on the policies that SHE will introduce within 90 days which will affect every landlord in the Country. The worse one probably will be the tenant right to buy and the 12 month rule on no tenant evictions for any reason and probably a few more rules thrown in for good measure to stuff the private BtL landlord. So, I would imagine many BtL landlords will get out of the business sooner rather than later to avoid Ms Angela Raynor and of course, if it applies, the Conservative new rules on capital gains tax allowance on selling 2nd properties next April. That CG allowance halves yet again.

Now for some heart warming news for landlords for a Saturday.   "MP rips off security camera's from a non paying tenant since January 2023". I say warming news because I have always thought until a problem affects the political Elite nothing will change and I have no doubt this particula MP would probably had a whisper in Michael Gove's ear about tenant evictions for non payment and the length of time it takes to get them out.

Full story here.   https://www.thetimes.co.uk/article/tory-mp-ripped-out-single-mother-tenants-security-camera-vdn0669s7

[Richlist]

I don't need to worry, panic or take avoiding action anymore. I'm no longer a landlord, all my rental properties are sold, CGT & other taxes all paid, the monies are in my accounts earning a decent return and I'm feeling rich.

I'm kinda feeling I might have got out at just the right time given what looks like the Labour Party plans to inject the death sentence into BTL.

However, there is the flip side......fewer rental properties must result in much higher rents, shorter voids, better returns. The future of BTL looks very uncertain to me.

[kanrent]

10 hours ago, Melboy said:

Just my thoughts on current events. It does look extremely likely that there will be a Labour government in power this time next year especially after the Scottish by-election result on Thursday with Labour winning a huge majority victory over the SNP. I will go along with political Guru Professor Sir John Curtis detailed views and mathematics on the subject of politics when it comes to general election statistics etc. of course there is a very slim chance that the Conservatives do pull off a stunning result but it's not a bet I would place I have to say.

Now, the above paragraph brings me onto my point which is the Labour Government housing policies which is well documented and represented by Angela Raynor, deputy leader and left wing shadow housing minister on the policies that SHE will introduce within 90 days which will affect every landlord in the Country. The worse one probably will be the tenant right to buy and the 12 month rule on no tenant evictions for any reason and probably a few more rules thrown in for good measure to stuff the private BtL landlord. So, I would imagine many BtL landlords will get out of the business sooner rather than later to avoid Ms Angela Raynor and of course, if it applies, the Conservative new rules on capital gains tax allowance on selling 2nd properties next April. That CG allowance halves yet again.

Now for some heart warming news for landlords for a Saturday.   "MP rips off security camera's from a non paying tenant since January 2023". I say warming news because I have always thought until a problem affects the political Elite nothing will change and I have no doubt this particula MP would probably had a whisper in Michael Gove's ear about tenant evictions for non payment and the length of time it takes to get them out.

Full story here.   https://www.thetimes.co.uk/article/tory-mp-ripped-out-single-mother-tenants-security-camera-vdn0669s7

I thought the tenant right to buy had disappeared with Jeremy Corbyn, have you heard it's going to be resurrected by Angeles raynor ? 

[Melboy]

12 hours ago, kanrent said:

I thought the tenant right to buy had disappeared with Jeremy Corbyn, have you heard it's going to be resurrected by Angeles raynor ? 

No doubt about it. Angela Raynor took over from Lisa Nandy as the shadow minister for housing last September.

"Labour’s housing plan includes a commitment to strengthening tenants’ rights with a Renters’ Charter “that will make renting fairer, more secure and more affordable”. However, there are currently little details on what the charter will contain".

Politician speak for we will make it difficult for the private landlord as much as we possibly can in favour of tenant's rights.

It's the Labour conference today Sunday 8th October and no doubt you will hear reference to the above policies in the coming 3 day conference.

Richlist has probably done the right thing in selling up and getting out. The investment rates are so good now. ie.  NS&I are paying 6.2% on 1 year bonds which is currently an excellent rate.  For me, I shall just stumble on as I always do and keep my properties going never knowing whether it is the right thing do.  Only time will tell.

 

[Carryon Regardless]

How could right to buy in the private sector work?

It was said that it would be at below market value, that assumes that the private LL is sitting on equity. But some LL's will be in negative equity. It assumes that mortgages can be cleared with ease by the sale, not so for those in low equity situations, as there are always costs associated with a sale.

Would Labour willingly bankrupt some LL's. Would Labour be able to justify the increased number of LL's that would then be w/o a pension, and due to such sales become state dependant?

As usual Labour grab a sound bite and don't factor in real life effects.

I am sure Labour will do as they can to attack the greedy abusive LL though. But let's not forget a fair few Labour MP's and supporters will be in the BTL game.

I would dearly love to exit this industry, but for a reason or 2 I'm still trapped. In truth I've sold some, and would sell all but 2 of the rest with happiness, Wales being the best gone from my stresses.

When we look at the loading on us from legislation, both already and forecast, which are the new rules that are heaviest. The 12 month to repossess (in likely reality) are only a concern where the tenants are abusive, and legislation supports them. Allowing the already smelly unclean cave dwellers to have dogs is bad, that will degrade many rental situations. Allowing them to carry out 'some' alterations is plain ridiculous, that's a real head up ass policy.

I had to laugh when the Greens showed their attempt to jump on't bandwagon. "LL's can be forced by tenants to insulate their homes". Haven't they heard of the EPC's and the rating applied by yet another clipboard warrior?

Sadly, aside from the industry of politics, I see nothing that is dependable for a future. So when out of this cr*p I am destined to walk doggy, sail where I am still allowed, and enjoy the hospitality of Mr Martin. Guinness was discounted to £2.99 last night so the world 'aint all bad.

Meet Mishka, she's older now. And drinks Guinness (when I spill it).

 

 

 

[kanrent]

The worst thing is not being told any details by these scum politicians they are taking to Chinese culture and lying by omission. 

If they do decide to bring in tenant right to to buy at a discount I'm wondering wheather it will have to work it's way through the house of Lords as with the rental reform bill. 

[Melboy]

On 10/8/2023 at 10:09 AM, Carryon Regardless said:

How could right to buy in the private sector work?

It was said that it would be at below market value, that assumes that the private LL is sitting on equity. But some LL's will be in negative equity. It assumes that mortgages can be cleared with ease by the sale, not so for those in low equity situations, as there are always costs associated with a sale.

Would Labour willingly bankrupt some LL's. Would Labour be able to justify the increased number of LL's that would then be w/o a pension, and due to such sales become state dependant?

As usual Labour grab a sound bite and don't factor in real life effects.

I am sure Labour will do as they can to attack the greedy abusive LL though. But let's not forget a fair few Labour MP's and supporters will be in the BTL game.

I would dearly love to exit this industry, but for a reason or 2 I'm still trapped. In truth I've sold some, and would sell all but 2 of the rest with happiness, Wales being the best gone from my stresses.

When we look at the loading on us from legislation, both already and forecast, which are the new rules that are heaviest. The 12 month to repossess (in likely reality) are only a concern where the tenants are abusive, and legislation supports them. Allowing the already smelly unclean cave dwellers to have dogs is bad, that will degrade many rental situations. Allowing them to carry out 'some' alterations is plain ridiculous, that's a real head up ass policy.

I had to laugh when the Greens showed their attempt to jump on't bandwagon. "LL's can be forced by tenants to insulate their homes". Haven't they heard of the EPC's and the rating applied by yet another clipboard warrior?

Sadly, aside from the industry of politics, I see nothing that is dependable for a future. So when out of this cr*p I am destined to walk doggy, sail where I am still allowed, and enjoy the hospitality of Mr Martin. Guinness was discounted to £2.99 last night so the world 'aint all bad.

Meet Mishka, she's older now. And drinks Guinness (when I spill it).

 

 

 

That's not a dog, it's a horse!   😄