The Budget & business

[Newchodge]

People should be thanking private BTL owners for providing a decent home to live in, compared to councils which on the whole are awful. I know hundreds of landlords, the vast majority of which take huge pride in offering quality accommodation.

Obviously renting should cost more than buying. A landlord has repairs, voids, high taxes, statutory improvements to adhere to, including often providing fire and smoke alarms.

Of course, people often forget that renters, councils, charities and the courts, including legislation also put prices up. There are unfortunately plenty of renters, who despite best efforts manage to get a tenancy and never pay ANY rent, yet the landlord still has to do repairs, keep the heating going etc. Often it takes up to a year or more to finally get an eviction, where a landlord can find the property totally trashed, costing yet more money.

Councils and charities TELL these tenants to wait for the bailiffs, slowing down the process by months, otherwise they will be treated as being voluntarily homeless. These people put the cost up for other renters far more than so called greedy BTL.

In the UK currently, hardly anyone is increasing their BTL portfolios, there is NO money in them atm. Quite the opposite, the amount of places to rent has decreased, which has put the rents up an average of 12% last year. A house near myself went up for rent, a three bedroom terrace in so so condition, it had an open day and over 150 people turned up in a single day.

You are forgetting the primary difference between buying and renting. The owner still has the property at the end of the rental period. That should slew the cost towards buying by quite a lot.

 

[MBE2017]

You are forgetting the primary difference between buying and renting. The owner still has the property at the end of the rental period. That should slew the cost towards buying by quite a lot.

Then buy a property and rent it out cheap. You will soon learn.

 

[IanSuth]

Then buy a property and rent it out cheap. You will soon learn.

The trouble is for every decent LL there is a chancer

When i was a student in 1991 i had no spare cash for a large deposit and no guarantor (mum and step dad had just split and she was living in emergency accommodation) so I had to go with what i could get

I was one of 9 on the rental agreement for a large Victorian 3 story (plus basement) semi owned by a local taxi driver. We each had to pay £155 (plus bills) but he only wanted 1 month up front and no bankers reference so we could get it. The place was falling down, environmental health were round so often we knew their drink choice and number of sugars, the condemned the boiler (CO leak), the wiring (you got electrocuted if you turned bathroom light on in the rain), the fire safety etc etc. The trouble was through judicial playing of the rules and transfer of the house to his brother and back he staved them off all year i was there. We then started getting bank letters and baliff visits and he hadnt even been paying the mortgage.

At the beginning of our last month (june) we just didnt pay him and by the time he started to try and chase we were all finished uni, he had 1 moths deposit anyway and with it being repossessed he couldn't hardly complain. in that year he had had £16740 off us and spent zero on the house, sadly i wish i could have bought it as it was sold by the bank for £119k and is now worth a smidge under £1m having been renovated

We only survived that year by subletting the basement to a band (whose members then moved in) and by having girlfriends/boyfriends stay. The record was a week when 21 were living there including one living in a pup tent on the landing outside my room in the gap between returning from a kibbutz and her rental being free.

 

[PaulSmt]

It's disappointing that there doesn't seem to be much in the budget for small businesses. With so many struggling due to the pandemic, it would have been nice to see some more targeted support.

 

[DontAsk]

It's disappointing that there doesn't seem to be much in the budget for small businesses. With so many struggling due to the pandemic, it would have been nice to see some more targeted support.

Why just small businesses? Lots of larger businesses are struggling too.

 

[Duke Fame]

Why just small businesses? Lots of larger businesses are struggling too.

There literally was nothing in it for businesses except we are going to pay more tax.

The tories are desperate to rid the accusation that they are the party for business, the problem is the party that is leading the polls is even worse.

 

[MBE2017]

Yes I am also in the same boat has you houses are being built here and selling like hot cakes. I am fed up with the doom and gloom merchants because there is plenty of money around.

”UK house sales have soared to their highest level since September 2022, with 23,897 completions last week. And this isn't just a one-time fluke. Over the past four weeks, the average weekly sales agreed total was 23,531.

In addition, the number of 'sale fall throughs' has continued to decrease to a rate this week of 20.49%, compared to an average of 25.25% in Q1 2023 and 38.7% in Q4 2022. To put this in perspective, the long-term seven-year weekly average is 24.26%.

Listings remain strong at 33,902 for the week, which is higher than the Q1 2023 weekly average of 31,116.”

Said it before,

You guys are on a different planet to the one I inhabit. Even with higher interest rates recently, even with record house price values, the people I know actually building and selling these houses, are having huge numbers of applicants.

I even know several guys who have had buyers offering to gazump agreed prices. Everything I see, hear and experience personally screams huge pent up demand. Then again, I and my friends offer higher than normal quality, and the best always sells.

UK housing market is refusing to slow down, record prices combined with high interest rates mean the strength in the market is demand driven. Spoke to a small house builder yesterday near myself who sold five out of nine houses on the first day they were put on the market.

 

[Duke Fame]

”UK house sales have soared to their highest level since September 2022, with 23,897 completions last week. And this isn't just a one-time fluke. Over the past four weeks, the average weekly sales agreed total was 23,531.

In addition, the number of 'sale fall throughs' has continued to decrease to a rate this week of 20.49%, compared to an average of 25.25% in Q1 2023 and 38.7% in Q4 2022. To put this in perspective, the long-term seven-year weekly average is 24.26%.

Listings remain strong at 33,902 for the week, which is higher than the Q1 2023 weekly average of 31,116.”

Said it before,


UK housing market is refusing to slow down, record prices combined with high interest rates mean the strength in the market is demand driven. Spoke to a small house builder yesterday near myself who sold five out of nine houses on the first day they were put on the market.

Give it 6 months, I think house prices will soften

 

[Bob Morgan]

Spoke to a small house builder yesterday near myself who sold five out of nine houses on the first day they were put on the market.

Ask him about Planning Permission for the next nine, and the nine after that!

 

[japancool]

House prices have dropped at the fastest level since 2009. So, yeah.

 

[Bob Morgan]

For those interested in 'Reality' rather than the 'House-Price Based Economy,' figures for Residential Planning Permissions fell 8% in 2022 and are currently "The Lowest on Record!" - You will not find that in the Daily Mail! (Source: Housing Today 03 April 2023)