If that were the case why would so many be doing it ?? There is some red tape but that’s the case with all things .
Plenty are doing it and more will, many people can't afford mortgages these days so the only option available is to rent that's if they can get a house I get the impression locally rentals are getting snapped up in no time, no decent jobs these days for the working classes just a mile or so down the road from us we had Black & Decker, Rothmans & Electrolux all paying a decent wage and a company pension now all flattened and houses built on the sites
And the reason they can’t afford a mortgage is because the house prices are artificially inflated by buy to let.
Agreed in some areas it is along with other areas where houses are snapped up as holiday lets and local people whose families have lived in the areas for decades can't afford the houses
When they started it was fine and house prices were low and most of all the balance was on the landlord. Remember my father became a millionaire through homeless because we were only one's doing it up here in Paisley in the 1980's. Then recession and everyone was taking in homeless or hotels would go bust. Labour took office and it changed from hotels to renting out property. Then Tories took office and changed things in favour of tenant and more regulations and DSS cheque goes to tenant first. They have had nightmare tenants up here with addiction problems. Now universities have jumped on the bandwageon with student accommodation building. My mate runs his own electrical company for oil rigs and his accountant told him he needs to offload a lot of cash from business and told him to buy two new flats and rent them out. Its a lot to do with accountants who see new property as a safe investment. Housing Benefit is costing the Government about £30 Billion a year and I believe we are heading for Hostel accommodation in the future to get the bill down. They just can't keep adding to it, in 2024 will be a top and then a recession or stagnant period. We owe £3 Trillion and have to be seen in containing it, don't think we will ever be able to pay it off. fwiw
I totally agree with you , house prices are ridiculous , but most that rent pay more for rent than a mortgage would cost them per month , the problem is them having enough fir the deposit . My tenants are both more than able to afford a mortgage one is a CPO in the navy and his wife is a nurse and they don’t want to buy there own house they said they like not having the responsibility of it and if anything needs repairing or replacing it’s my problem not theirs so it’s swings and roundabouts, but I do agree with your sentiments , both my daughters are struggling to buy their own homes due to what you have said , certain areas are worse than others house prices down hear are very high and wages if employed in most cases are low , but then if you live in London and are on good money prices there are much higher so you end up in the same situation. Like all things though renting a property is a business so you have to make a profit or you would go bust , you wouldn’t clean someone’s windows at cost price would you .
Amen to that.
That’s precisely the problem, it should never have been a business.
Unfortunately that’s the way it is and there is nothing we can do about that . But as I said some don’t want to own their own house . I started off renting years ago and am only ware I am now by hard work , no one has handed me anything on a plate , so it can be done although I accept it’s not easy , for years I was doing 3 jobs when employed it was hard work then I saw the light and went self employed.
I entirely disagree with all of that, that’s a case of ‘**** you, I got mine.’
No it’s not it’s just stating that it can be done I started with nothing and paying rent , so I fully understand what it’s like , I do accept that prices are higher now than when I started but it can be done , might mean moving to a different area and starting with a cheaper property and build up , but it can be done if ones have the determination I didn’t say it was easy though , Ime not disagreeing with what you are saying but unfortunately we cannot alter the way it is , we just have to try and work around it .
You get a beginning stage and an ending or saturation stage in every business. So one wants to get in at the start or near the beginning so that you are swimming with the tide. If you do wfp then you are swimming with the tide but Trad is against the tide. You see it in retail i e physical shop or internet shop. Its always been there but now its as clear as day.
It's a really tricky one especially with a family. Would you consider buying something less than your ideal just to get on the ladder? 50k seems a lot. I would never recomend it but there are 5% deposit mortgages available now - but 10% on a 250k property would be half that so long as you meet the affordability criteria you'd be okay.
If you are renting , it’s a legal requirement that the house electrics are are fully checked every socket ,light ,anything that has mains power to it every five years ,if this hasn’t been done get on to the agent you rent through , it’s a Hefty fine if it’s not done , if you rent direct from the land lord get on to citizens advice they will tell you how best to deal with it .
We have looked into it. We'd need minimum £300k for a normal 3 bed semi here now. We've explored options but the lower the deposit the worse the deal you get and the mortgage repayments become our rent plus 50% extra. Even 2 bed terrace new builds that are tiny are pushing on for £250k here. We'd need a minimum 3 beds with 2 children a boy and a girl.
I hate to say this but I don't think they are inflated prices. I was buying oak wood today and the price has doubled in a year like all wood. Most houses are timber framed so they will need to rise for new builds. You need to try and get on the housing ladder as soon as you can afford it because house prices are not coming down. fwiw
