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Labour's proposed assault on middle class landlords
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By (user no longer on site) OP
over a year ago
|
"
John Mcdonnell outlined his attack on middle class private landlords who buy a second home as a nestegg investment that could force them to sell their property to their tenants at a cut down price set by a Labour Government.
"
I wonder if there would be more tenants that would vote for this compared to landlords that would obviously vote against it.
I feel it's Labour shooting themselves in the foot on this one never mind the £300 billion assault on business making companies give part of their business to their employees.
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"
John Mcdonnell outlined his attack on middle class private landlords who buy a second home as a nestegg investment that could force them to sell their property to their tenants at a cut down price set by a Labour Government.
I wonder if there would be more tenants that would vote for this compared to landlords that would obviously vote against it.
I feel it's Labour shooting themselves in the foot on this one never mind the £300 billion assault on business making companies give part of their business to their employees.
"
just another one of Labours policy of envy
|
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By (user no longer on site) OP
over a year ago
|
"What about those who have a few homes rented out.
(Asking for a friend  )
Will never happen in my opinion. "
That's it, you could potentially end up having all your properties forceably sold at a loss. |
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"What about those who have a few homes rented out.
(Asking for a friend )
Will never happen in my opinion.
That's it, you could potentially end up having all your properties forceably sold at a loss. "
How many people own a few homes? Try how many people front for banks that own millions of homes. Remember that if your rental properties are mortgaged then in reality it is a bank that owns them. |
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By (user no longer on site) OP
over a year ago
|
"What about those who have a few homes rented out.
(Asking for a friend )
Will never happen in my opinion.
That's it, you could potentially end up having all your properties forceably sold at a loss.
How many people own a few homes? Try how many people front for banks that own millions of homes. Remember that if your rental properties are mortgaged then in reality it is a bank that owns them."
Ahh OK Will so if people's homes get sold from under them at a loss their OK, they can just say it wasn't my house, it was the banks and therefore have no responsibility for any negative equity incurred.
Gotchya  |
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By *ostafunMan
over a year ago
near ipswich |
It will cause a renting shortage people will still buy property for investment but leave it empty and so avoid having to sell it cheap.It will also stop the people who get buy to rent mortgages and so causre a housing shortage.They really dont look any further than to try and punish anyone who has the gumption to get on in life. |
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By (user no longer on site) OP
over a year ago
|
"It will cause a renting shortage people will still buy property for investment but leave it empty and so avoid having to sell it cheap.It will also stop the people who get buy to rent mortgages and so causre a housing shortage.They really dont look any further than to try and punish anyone who has the gumption to get on in life. "
Very true |
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By (user no longer on site)
over a year ago
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It's one of the few things I agree with McDonald about although I'd go about it different and just use aggressive taxes to stop it and force them to sell on an open market. |
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By *ostafunMan
over a year ago
near ipswich |
"It's one of the few things I agree with McDonald about although I'd go about it different and just use aggressive taxes to stop it and force them to sell on an open market."
So who is going to buy them?
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By *ercuryMan
over a year ago
Grantham |
"It's one of the few things I agree with McDonald about although I'd go about it different and just use aggressive taxes to stop it and force them to sell on an open market."
Expect a long court case should the Government try and make homeowners sell rental property. |
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By *andS66Couple
over a year ago
Derby |
"What about those who have a few homes rented out.
(Asking for a friend )
Will never happen in my opinion.
That's it, you could potentially end up having all your properties forceably sold at a loss.
How many people own a few homes? Try how many people front for banks that own millions of homes. Remember that if your rental properties are mortgaged then in reality it is a bank that owns them."
Good grief.... Never realised that my house worth 200K with a 100K mortgage belongs to the bank in its entirety. I suppose when I sell it they'll give me the 100K as a gesture of goodwill.
You learn something new every day. |
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"
John Mcdonnell outlined his attack on middle class private landlords who buy a second home as a nestegg investment that could force them to sell their property to their tenants at a cut down price set by a Labour Government.
I wonder if there would be more tenants that would vote for this compared to landlords that would obviously vote against it.
I feel it's Labour shooting themselves in the foot on this one never mind the £300 billion assault on business making companies give part of their business to their employees.
just another one of Labours policy of envy
"
It's just another one of their poorly thought out, brainless, fuckwit ideas.
Put in a box marked crackpot, along with their "10 hour working week to save the environment" twattery.
Somewhere there's a village missing it's idiot. |
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"
John Mcdonnell outlined his attack on middle class private landlords who buy a second home as a nestegg investment that could force them to sell their property to their tenants at a cut down price set by a Labour Government.
I wonder if there would be more tenants that would vote for this compared to landlords that would obviously vote against it.
I feel it's Labour shooting themselves in the foot on this one never mind the £300 billion assault on business making companies give part of their business to their employees.
just another one of Labours policy of envy
It's just another one of their poorly thought out, brainless, fuckwit ideas.
Put in a box marked crackpot, along with their "10 hour working week to save the environment" twattery.
Somewhere there's a village missing it's idiot."
Now a ten hour working week is something I can get behind |
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"It will cause a renting shortage people will still buy property for investment but leave it empty and so avoid having to sell it cheap.It will also stop the people who get buy to rent mortgages and so causre a housing shortage.They really dont look any further than to try and punish anyone who has the gumption to get on in life. "
Really?
I thought the shortage in rental property (and incidentally one of the major causes of the property price bubble) was Thatcher forcing councils to sell off council housing and refusing to allow councils to reinvest the capital raised by those sales in replacing council housing stock.
But hey what do I know. It takes real entrepreneurial skill to remortgage the 2 up 2 down in the east end of London your grandparents left you, use that money to buy a few terraced houses in Blackburn rent them out and remortgage them and repeat, there are even ex council houses up for grabs if you are willing to buy slightly better properties and TV programs that will show you how you too can become a mini property magnet! You can become a slumlord just like Rachman in the 50's/60's, don't worry the Tories have your back, they will make sure you will not be forced to keep your properties in a fit state for human habitation. Of course you will have to understand that every 10 to 15 years either the Tories economic policy or the banks greed will burst the bubble and fuck you all up, but whatever you do don't vote in a left(ish) government that will stop the Tory toffs from milking you dry. |
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"It will cause a renting shortage people will still buy property for investment but leave it empty and so avoid having to sell it cheap.It will also stop the people who get buy to rent mortgages and so causre a housing shortage.They really dont look any further than to try and punish anyone who has the gumption to get on in life.
Really?
I thought the shortage in rental property (and incidentally one of the major causes of the property price bubble) was Thatcher forcing councils to sell off council housing and refusing to allow councils to reinvest the capital raised by those sales in replacing council housing stock.
But hey what do I know. It takes real entrepreneurial skill to remortgage the 2 up 2 down in the east end of London your grandparents left you, use that money to buy a few terraced houses in Blackburn rent them out and remortgage them and repeat, there are even ex council houses up for grabs if you are willing to buy slightly better properties and TV programs that will show you how you too can become a mini property magnet! You can become a slumlord just like Rachman in the 50's/60's, don't worry the Tories have your back, they will make sure you will not be forced to keep your properties in a fit state for human habitation. Of course you will have to understand that every 10 to 15 years either the Tories economic policy or the banks greed will burst the bubble and fuck you all up, but whatever you do don't vote in a left(ish) government that will stop the Tory toffs from milking you dry."
Nah I buy mine local. And all done up lovely.
Not all landlords are as you point out and I make it my business to keep rent affordable and where possible rent to locals. My family have built the portfolio up over a longtime and have not been fucked by a bank so far.
Off to have a look at Rightmove though in the Blackburn area. Cheers for the pointers. |
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By *mmabluTV/TS
over a year ago
upton wirral |
"
John Mcdonnell outlined his attack on middle class private landlords who buy a second home as a nestegg investment that could force them to sell their property to their tenants at a cut down price set by a Labour Government.
I wonder if there would be more tenants that would vote for this compared to landlords that would obviously vote against it.
I feel it's Labour shooting themselves in the foot on this one never mind the £300 billion assault on business making companies give part of their business to their employees.
"
Shows what nasty sick bastards labour our,rather hundred Boris's with all there faults than these nasty reds |
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By *mmabluTV/TS
over a year ago
upton wirral |
"It will cause a renting shortage people will still buy property for investment but leave it empty and so avoid having to sell it cheap.It will also stop the people who get buy to rent mortgages and so causre a housing shortage.They really dont look any further than to try and punish anyone who has the gumption to get on in life.
Really?
I thought the shortage in rental property (and incidentally one of the major causes of the property price bubble) was Thatcher forcing councils to sell off council housing and refusing to allow councils to reinvest the capital raised by those sales in replacing council housing stock.
But hey what do I know. It takes real entrepreneurial skill to remortgage the 2 up 2 down in the east end of London your grandparents left you, use that money to buy a few terraced houses in Blackburn rent them out and remortgage them and repeat, there are even ex council houses up for grabs if you are willing to buy slightly better properties and TV programs that will show you how you too can become a mini property magnet! You can become a slumlord just like Rachman in the 50's/60's, don't worry the Tories have your back, they will make sure you will not be forced to keep your properties in a fit state for human habitation. Of course you will have to understand that every 10 to 15 years either the Tories economic policy or the banks greed will burst the bubble and fuck you all up, but whatever you do don't vote in a left(ish) government that will stop the Tory toffs from milking you dry."
Yes what do you know? |
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By (user no longer on site)
over a year ago
|
"It's one of the few things I agree with McDonald about although I'd go about it different and just use aggressive taxes to stop it and force them to sell on an open market.So who is going to buy them?"
.
Somebody that wants to buy a house probably.
Just stick the capital gains upto 60% on second homes and 90% on third homes and let the market do the work. |
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By (user no longer on site)
over a year ago
|
"companies wont build any more homes if they have no one to buy them.If you think stopping people buying second homes is going to mean more people who cant afford them will you are dreaming."
.
That's not how markets work though is it?.
The desired outcome is a stable housing price which comes about via a well regulated market.
You'll never have stability while huge chunks of society are in it for profit.
You'll just get boom and bust which isn't a great outcome for anybody. |
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By *ostafunMan
over a year ago
near ipswich |
"companies wont build any more homes if they have no one to buy them.If you think stopping people buying second homes is going to mean more people who cant afford them will you are dreaming..
That's not how markets work though is it?.
The desired outcome is a stable housing price which comes about via a well regulated market.
You'll never have stability while huge chunks of society are in it for profit.
You'll just get boom and bust which isn't a great outcome for anybody."
You are always going to get huge chunks of society who will never be able to afford a property and also some who don't want the responsibility they need to rent.Also in reply to the other poster not all landlords are rachman most want long term happy tenants who pay their rent on time and dont trash it. |
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By (user no longer on site)
over a year ago
|
"companies wont build any more homes if they have no one to buy them.If you think stopping people buying second homes is going to mean more people who cant afford them will you are dreaming..
That's not how markets work though is it?.
The desired outcome is a stable housing price which comes about via a well regulated market.
You'll never have stability while huge chunks of society are in it for profit.
You'll just get boom and bust which isn't a great outcome for anybody.You are always going to get huge chunks of society who will never be able to afford a property and also some who don't want the responsibility they need to rent.Also in reply to the other poster not all landlords are rachman most want long term happy tenants who pay their rent on time and dont trash it. "
.
Ha that's because it produces more profit not because your mother bleeding Theresa |
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By *ostafunMan
over a year ago
near ipswich |
"companies wont build any more homes if they have no one to buy them.If you think stopping people buying second homes is going to mean more people who cant afford them will you are dreaming..
That's not how markets work though is it?.
The desired outcome is a stable housing price which comes about via a well regulated market.
You'll never have stability while huge chunks of society are in it for profit.
You'll just get boom and bust which isn't a great outcome for anybody.You are always going to get huge chunks of society who will never be able to afford a property and also some who don't want the responsibility they need to rent.Also in reply to the other poster not all landlords are rachman most want long term happy tenants who pay their rent on time and dont trash it. .
Ha that's because it produces more profit not because your mother bleeding Theresa "
So what do you propose for all those who cant afford to buy,sleep on the streets? |
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By (user no longer on site)
over a year ago
|
I'd imagine many serious BTL landlords have company structures which may make this harder.
But I can't see how this any differenttto thatchers right to buy or whatever it was called.
Other than the cost is borne directly by the people. Imagine that includes a fair few pensioners.
And no revenue for the tax man to top up the housing stock.
I can't imagine housing prices would stay where they are, reducing the attractiveness for private developers.
I wonder if a tenant could buy at discount, then flip. And rent again...
And what's the discount against. If its against market... And this depresses the market... Its a death spiral. |
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By (user no longer on site)
over a year ago
|
"companies wont build any more homes if they have no one to buy them.If you think stopping people buying second homes is going to mean more people who cant afford them will you are dreaming..
That's not how markets work though is it?.
The desired outcome is a stable housing price which comes about via a well regulated market.
You'll never have stability while huge chunks of society are in it for profit.
You'll just get boom and bust which isn't a great outcome for anybody.You are always going to get huge chunks of society who will never be able to afford a property and also some who don't want the responsibility they need to rent.Also in reply to the other poster not all landlords are rachman most want long term happy tenants who pay their rent on time and dont trash it. .
Ha that's because it produces more profit not because your mother bleeding Theresa So what do you propose for all those who cant afford to buy,sleep on the streets?"
.
I think once we rid the market of the speculators prices will average downwards allowing more people to own (which is the cheapest option because your not paying somebody else's profit margin).
For those who still can't afford there'd be housing associations.
All the housing investors can take there money and invest it somewhere more productive hopefully. |
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By (user no longer on site)
over a year ago
|
Youre still paying the mortgage providers profit...
Mortgage rules will bite before houses become affordable to the majority of the population.
How many lower earners have a deposit saved?
How many lower earners can absorb an interest rate hike?
The housing market needs a bigger fix than just a deflation. |
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By *ostafunMan
over a year ago
near ipswich |
"Youre still paying the mortgage providers profit...
Mortgage rules will bite before houses become affordable to the majority of the population.
How many lower earners have a deposit saved?
How many lower earners can absorb an interest rate hike?
The housing market needs a bigger fix than just a deflation. "
Exactly it will also stop property developers building new ones if there is no profit in it and every party agrees that we need more housing. |
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"
John Mcdonnell outlined his attack on middle class private landlords who buy a second home as a nestegg investment that could force them to sell their property to their tenants at a cut down price set by a Labour Government.
I wonder if there would be more tenants that would vote for this compared to landlords that would obviously vote against it.
I feel it's Labour shooting themselves in the foot on this one never mind the £300 billion assault on business making companies give part of their business to their employees.
just another one of Labours policy of envy
It's just another one of their poorly thought out, brainless, fuckwit ideas.
Put in a box marked crackpot, along with their "10 hour working week to save the environment" twattery.
Somewhere there's a village missing it's idiot.
Now a ten hour working week is something I can get behind "
And you'll pay your bills how? |
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By *ara JTV/TS
over a year ago
Bristol East |
I recall reading about the voices of doom who resisted a cut in the 63-hour working week.
Predictions of economic disaster.
They eventually settled for a 47-hour working week.
It was seen as a way to create work for the many men expected home after WW1 demobilisation.
But it only came about after the most bitter struggle between the working classes and the capitalists that almost led to the Government being overthrown.
|
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"I recall reading about the voices of doom who resisted a cut in the 63-hour working week.
Predictions of economic disaster.
They eventually settled for a 47-hour working week.
It was seen as a way to create work for the many men expected home after WW1 demobilisation.
But it only came about after the most bitter struggle between the working classes and the capitalists that almost led to the Government being overthrown.
"
The 10 hour working week suggestion also comes with a 75% pay cut.
That's me homeless.
I predict economic disaster.
|
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By (user no longer on site)
over a year ago
|
"I recall reading about the voices of doom who resisted a cut in the 63-hour working week.
Predictions of economic disaster.
They eventually settled for a 47-hour working week.
It was seen as a way to create work for the many men expected home after WW1 demobilisation.
But it only came about after the most bitter struggle between the working classes and the capitalists that almost led to the Government being overthrown.
The 10 hour working week suggestion also comes with a 75% pay cut.
That's me homeless.
I predict economic disaster.
"
We have a shed if you're desperate....  |
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"
John Mcdonnell outlined his attack on middle class private landlords who buy a second home as a nestegg investment that could force them to sell their property to their tenants at a cut down price set by a Labour Government.
I wonder if there would be more tenants that would vote for this compared to landlords that would obviously vote against it.
I feel it's Labour shooting themselves in the foot on this one never mind the £300 billion assault on business making companies give part of their business to their employees.
just another one of Labours policy of envy
It's just another one of their poorly thought out, brainless, fuckwit ideas.
Put in a box marked crackpot, along with their "10 hour working week to save the environment" twattery.
Somewhere there's a village missing it's idiot.
Now a ten hour working week is something I can get behind
And you'll pay your bills how? "
Well you didn’t mention the bad sides mate  |
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By *ostafunMan
over a year ago
near ipswich |
"
John Mcdonnell outlined his attack on middle class private landlords who buy a second home as a nestegg investment that could force them to sell their property to their tenants at a cut down price set by a Labour Government.
I wonder if there would be more tenants that would vote for this compared to landlords that would obviously vote against it.
I feel it's Labour shooting themselves in the foot on this one never mind the £300 billion assault on business making companies give part of their business to their employees.
just another one of Labours policy of envy
It's just another one of their poorly thought out, brainless, fuckwit ideas.
Put in a box marked crackpot, along with their "10 hour working week to save the environment" twattery.
Somewhere there's a village missing it's idiot.
Now a ten hour working week is something I can get behind
And you'll pay your bills how?
Well you didn’t mention the bad sides mate "
dont worry comrade corbyn will make sure you're paid the same as a full week |
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What's needed is an appropriate investment and building plan, that includes all necessary infrastructure needed for healthy life. The cuts since the the global financial crisis of 2008 have hit millions of people really hard, impacted areas that have been deprived of investment into hospitals, schools etc, which also helped to fuel discontent amongst the population. |
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"What's needed is an appropriate investment and building plan, that includes all necessary infrastructure needed for healthy life. The cuts since the the global financial crisis of 2008 have hit millions of people really hard, impacted areas that have been deprived of investment into hospitals, schools etc, which also helped to fuel discontent amongst the population."
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"I recall reading about the voices of doom who resisted a cut in the 63-hour working week.
Predictions of economic disaster.
They eventually settled for a 47-hour working week.
It was seen as a way to create work for the many men expected home after WW1 demobilisation.
But it only came about after the most bitter struggle between the working classes and the capitalists that almost led to the Government being overthrown.
The 10 hour working week suggestion also comes with a 75% pay cut.
That's me homeless.
I predict economic disaster.
We have a shed if you're desperate.... "
You're moving, how do I know the new place has a shed? |
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By (user no longer on site)
over a year ago
|
"I recall reading about the voices of doom who resisted a cut in the 63-hour working week.
Predictions of economic disaster.
They eventually settled for a 47-hour working week.
It was seen as a way to create work for the many men expected home after WW1 demobilisation.
But it only came about after the most bitter struggle between the working classes and the capitalists that almost led to the Government being overthrown.
The 10 hour working week suggestion also comes with a 75% pay cut.
That's me homeless.
I predict economic disaster.
We have a shed if you're desperate....
You're moving, how do I know the new place has a shed?"
If not, we'll put in a good word for you with our buyers  |
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"I recall reading about the voices of doom who resisted a cut in the 63-hour working week.
Predictions of economic disaster.
They eventually settled for a 47-hour working week.
It was seen as a way to create work for the many men expected home after WW1 demobilisation.
But it only came about after the most bitter struggle between the working classes and the capitalists that almost led to the Government being overthrown.
The 10 hour working week suggestion also comes with a 75% pay cut.
That's me homeless.
I predict economic disaster.
We have a shed if you're desperate....
You're moving, how do I know the new place has a shed?
If not, we'll put in a good word for you with our buyers "
What a pal you are..... |
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By (user no longer on site)
over a year ago
|
"Youre still paying the mortgage providers profit...
Mortgage rules will bite before houses become affordable to the majority of the population.
How many lower earners have a deposit saved?
How many lower earners can absorb an interest rate hike?
The housing market needs a bigger fix than just a deflation. "
.
Actually mortgage acceptance is increasing and at one is highest rates for ages and that's with an over inflated housing market.
There will be no interest rate hike for your lifetime which is why the housing market needs regulating to stop speculation.
First time buyers are more much likely to absorb deflation or interest rates, the very people who can't are the small time two three four house speculative investees, these people are going to lose everything in a few years when the inevitable burst in the bubble comes. |
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By (user no longer on site)
over a year ago
|
"Youre still paying the mortgage providers profit...
Mortgage rules will bite before houses become affordable to the majority of the population.
How many lower earners have a deposit saved?
How many lower earners can absorb an interest rate hike?
The housing market needs a bigger fix than just a deflation. Exactly it will also stop property developers building new ones if there is no profit in it and every party agrees that we need more housing."
.
I don't think you actually know anything about the housing market.
Were currently building more houses than any time since 1970 and still they can't keep up with demand because the demand is being bought by speculators not home owners, pushing prices sky high actually creates there rental market for them as home owners can't afford so have to rent.
A major builder can build a 3 bedroom semi for a cost price of 34,000 plus land yet the average price is 190,000?.
Now if you can make a massive profit on one unit you can down shift to making less units.
Profit drops per unit and you upshift to making more units to keep your large profits,ie lowering prices increases production.
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By (user no longer on site)
over a year ago
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I will admit i don't follow all your points. I read one comment as you saying interest dates won't rise in my life time.
The two main points in my head are:
People are having to rent now, not buy. How big a change is needed so that the majority can afford to buy? Even with price drops will a deposit mean they are still locked out? I don't know... But to assume its just rent versus repayments is possibly too simplistic. Lower prices will help... But by how much?
You seem to suggest housing developers are restricting stock to bump up prices. That may be true. But if there is a shock to price, you just rebase this dynamic. The sweet spot of solving how to maximise profit may not change. Just the profit made reduces.
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The poor wee multi-property owners, being "assaulted"
