news & politics:discussion

[steviewevie]

1 minute ago, kaosmark2 said:

A big difference is that right now - private buy-to-let landlords hate the interest rates and are desperately trying to sell up - even at a slight loss - as opposed to coming in with 50% cash offers and controlling the market.

Which is f**king great. f**k private landlords.

it's not just interest rates that are causing them to sell...and the knock on effect is rising rental prices due to lack of supply.

[kaosmark2]

Just now, steviewevie said:

it's not just interest rates that are causing them to sell...and the knock on effect is rising rental prices due to lack of supply.

I mean yeah, it's a complex market, but it's a big factor in them selling.

Rental prices have risen less in Bristol in the last 9 months than in any other 6 month period over the previous 5 years. AirBnB was a bigger trigger for rising rental prices and this isn't even a key tourist trap.

[steviewevie]

😉

 

[Guest]

12 minutes ago, kaosmark2 said:

A big difference is that right now - private buy-to-let landlords hate the interest rates and are desperately trying to sell up - even at a slight loss - as opposed to coming in with 50% cash offers and controlling the market.

Which is f**king great. f**k private landlords.

Yeah that is good but you are seeing stories of rents being put up to combat the rising interest rates. It goes back to what I was saying, if we had measures in place to prevent landlords getting a hold on the housing market then it would’ve helped alongside the low interest rates.

[fraybentos1]

2 minutes ago, Ozanne said:

Yeah that is good but you are seeing stories of rents being put up to combat the rising interest rates. It goes back to what I was saying, if we had measures in place to prevent landlords getting a hold on the housing market then it would’ve helped alongside the low interest rates.

the reason there are so many predatory landlords is cause a load of morons thought they could make a fortune, which was facilitated by 0% interest rates

[kaosmark2]

6 minutes ago, Ozanne said:

Yeah that is good but you are seeing stories of rents being put up to combat the rising interest rates. It goes back to what I was saying, if we had measures in place to prevent landlords getting a hold on the housing market then it would’ve helped alongside the low interest rates.

One measure that doesn't require parliament intervention is non-zero interest rates.

[cellar]

26 minutes ago, kaosmark2 said:

A big difference is that right now - private buy-to-let landlords hate the interest rates and are desperately trying to sell up - even at a slight loss - as opposed to coming in with 50% cash offers and controlling the market.

Which is f**king great. f**k private landlords.

Buy-to-let landlords have been selling up for like the last 2 years or so, which was actually a result of Tory budget changes

[kaosmark2]

Just now, cellar said:

Buy-to-let landlords have been selling up for like the last 2 years or so, which was actually a result of Tory budget changes

That could very well be true nationally - it was not true here where more were buying than selling up until Truss/Kwarteng.

[Guest]

14 minutes ago, kaosmark2 said:

One measure that doesn't require parliament intervention is non-zero interest rates.

Well no but that doesn’t change the fact that the government could’ve put legislation in place to mitigate landlords buying housing and we could’ve had much better supply along with affordable borrowing. The Tories didn’t want to do that because they ultimately don’t want people owning their own home. 

[fraybentos1]

5 minutes ago, Ozanne said:

Well no but that doesn’t change the fact that the government could’ve put legislation in place to mitigate landlords buying housing and we could’ve had much better supply along with affordable borrowing. The Tories didn’t want to do that because they ultimately don’t want people owning their own home. 

Anything you're blaming the tories for there, you could just as easily blame new labour.

Imagine not liking landlords but being delighted with .1% IRs... make it make sense!!!!

[mattiloy]

1 hour ago, steviewevie said:

surely low interest rates plus reduced supply was more the issue, not that people had too much money? People just borrowed more.

The problem with the housing market is it is a market. 

 

Low interest rates because of low inflation because of cheap imported goods and Labour.

Wages adjusted for CPI have gone up a fair bit since the 90s and people spend less of their income on goods. People are richer on average not considering housing costs.. until last year anyway.

Supply has contributed too no doubt but the gap in new builds and population growth has generally been pretty marginal. Plus all population growth comes from positive net migration.

A larger problem on the supply side is foreign institutional investment in the property market restricting the supply that exists. 

To conclude globalisation both caused and burst the housing bubble.

Edited August 9, 2023 by mattiloy

[steviewevie]

6 minutes ago, mattiloy said:

 

Low interest rates because of low inflation because of cheap imported goods and Labour.

Wages adjusted for CPI have gone up a fair bit since the 90s and people spend less of their income on goods. People are richer on average not considering housing costs.. until last year anyway.

Supply has contributed too no doubt but the gap in new builds and population growth has generally been pretty marginal. Plus all population growth comes from positive net migration.

A larger problem on the supply side is foreign institutional investment in the property market restricting the supply that exists. 

To conclude globalisation both caused and burst the housing bubble.

That foreign investment thing only affects London markets surely..

[cellar]

27 minutes ago, kaosmark2 said:

That could very well be true nationally - it was not true here where more were buying than selling up until Truss/Kwarteng.

Yeah fair enough - there was some "scare" for the landlords a few years ago, can't remember what it was at the moment, and it resulted in a lot of landlords selling. I think I posted about in this thread at some point.

Was around tax in some form, I'll try to find it tomorrow if there's any interest.

[Guest]

This article goes into how renters can be impacted by rate rises. 

[Neil]

for those people who want to believe in perfect housing market of the past.... 1981 i was working in a good secure job, i couldn't afford to buy in the area where i lived  or in the cheapest local towns - unattractive places - where the cheapest properties were majorly  out of my reach at 4x wages.

i eventually got to buy in one of those unattractive areas, by getting a bigger mortgage by lying about my income - i didn't know anyone at the time who didn't lie about their income so they could get a bigger mortgage.

that first house of mine was re-poessed after mortgage rates went up to 16% from 9%, years later (when i wanted another mortgage they caught up with me and extracted £10k from me for that first f**ked up mortgage). i've just about made a profit out of houses over the years - mostly cos i got lucky.wasted £55k on rent in my first ten years in bristol (i'm a f**king idjut were gorgeous bargain properties here back then.

 

[cellar]

I am a renter, as it goes. It's never been viable to me in the past to buy, but even though it has been a bigger possibility in recent years, it seemed prudent to wait a while until they dropped. So maybe I selfishly welcome higher interest rates so that I can finally buy my own home.

[Neil]

49 minutes ago, cellar said:

Yeah fair enough - there was some "scare" for the landlords a few years ago, can't remember what it was at the moment, and it resulted in a lot of landlords selling. I think I posted about in this thread at some point.

Was around tax in some form, I'll try to find it tomorrow if there's any interest.

the govt has upped the taxes on landlords fairly regularly going back to the last years of the blair govt - so they're not such a good investment (still the best investment for oldies' pension savings).

[Neil]

2 minutes ago, cellar said:

seemed prudent to wait a while until they dropped

no one else is doing that and you won't be disappointed. 😛 

[fraybentos1]

9 minutes ago, Neil said:

perfect housing market of the past.

no one has said this, said the price of property was more affordable relative to income- an objective fact 

 

10 minutes ago, Neil said:

by getting a bigger mortgage by lying about my income

couldn't do that now for sure

[fraybentos1]

8 minutes ago, Neil said:

no one else is doing that and you won't be disappointed. 😛 

supply of properties for sale is up and demand to buy is down, he's doing the right thing

[fraybentos1]

11 minutes ago, cellar said:

I am a renter, as it goes. It's never been viable to me in the past to buy, but even though it has been a bigger possibility in recent years, it seemed prudent to wait a while until they dropped. So maybe I selfishly welcome higher interest rates so that I can finally buy my own home.

Lower prices doesn't just benefit FTBs too, it benefits people moving up the ladder. Too many people cream their pants at their gaff going up 20%, not thinking about the fact that the more expensive house they want to move to has also gone up 20% and thus the gap has increased.

If the covid froth comes off the market at least, then the majority of people will be better off for it 

[Guest]

13 minutes ago, Neil said:

no one else is doing that and you won't be disappointed. 😛 

It’s explains a lot to be honest. 

[Neil]

7 minutes ago, fraybentos1 said:

no one has said this, said the price of property was more affordable relative to income- an objective fact 

couldn't do that now for sure

fake pay slips, plus a dodgy mortgage broker, who loved to do dodgy mortgages as he got loads of commission.not sure how easy it is now but it still must go on?

[fraybentos1]

3 minutes ago, Ozanne said:

It’s explains a lot to be honest. 

So let me get this straight: it’s selfish to want house prices to come down (a pretty standard left wing view) but it isn’t selfish to want really low IRs to maintain your property’s value?

Not once has ozanne (an ostensibly left wing person) said that he thinks house prices are too high in the U.K. 

[fraybentos1]

1 minute ago, Neil said:

fake pay slips, plus a dodgy mortgage broker, who loved to do dodgy mortgages as he got loads of commission.not sure how easy it is now but it still must go on?

I really really doubt that occurs much in 2023. Defo since the financial crash I think things have got very strict.