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This is Money bases its article on research by Savills. I don't know their basis eg landlord interviews or whatever stats they have but it makes interesting reading.
Assuming we each know something of how we are planning (or burying our heads?) with our own portfolios, I am curious if they may be on the right lines.
A down turn is on balance less attractive but a less predictable market may lead to opportunities?
If this is true, it will be a disaster for tenants but opportunity for those who remain in the sector.1st "concrete" signs of impact of Section 24
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
I just read the article and found it hard to fault. It didn't say BTL was going to collapse though.
What I really like are the comments below the article though, as usual. It's nice to be so openly hated.
You are correct but the title box didn't allow enough characters to put in the full gist of the article.
I didnt intend to misrepresent.
I personally believe that yes S24 and PRA will have an effect and some may sell up, but also the 'Baby Boomers' are now reaching their 70's and so like some I have spoken to are selling up to enjoy the money or use it for care. I am currently buying from a LL who is selling her portfolio due to her husbands illness and the demands managing her properties entails.
The reduction in landlords isn't quite so black and white.
27% reduction over five years in new mortgaged BTL purchases doesn't sound that harsh, it is not saying a 27% reduction in rental property and it's not taking account of cash buyers which has been reported as increasing. It may be that the government will think existing measures do not go far enough.
With cash buyers you normally assume foreign money but its unlikely that such is going to be interested in small btl properties. In the north homeowners are being coldcalled and visited by London investors and being offered cash for their homes. These people are moving their money out of London and looking for a place to put it.
Isn't this practice akin to the Harry Enfield character
Loadsemoney waving a big wad under these Northern homeowners noses! !
Are Northern homeowners so desperate to sell?
I can't see it.
I bet these Northern homeowners are not impressed at all with these Southerners trying to buy their properties on the cheap!
I'm surprised these London buyers are flocking North
Haven't they heard of S24 and the PRA?
Bound to have substantial depressive effects on property prices.
If I was a cash rich London LL I would be stashing the cash and wait 4 years to see how the full S24 process plays out.
Its unsolicited, they often turn up ring the door bell or intercom asking for the homeowner. Once they get the details they ring and say they are willing to pay cash for a sale if interested. Of course you should expect any offer with a v heavy discount. My brother was also approached but didnt even give them the time of day as a lot of friends and associates in the area have shared their experiences to indicate there was nothing in it for the seller.
Well if what you suggest is occurring it certainly is a new way to source properties
I don't see why cold calling would elicit any sales
Surely just using RM etc will give all the people wishing to sell!
It seems there is a stock shortage.
But even so if there is no For Sale board why would London LL think a Northern homeowner wants to sell up?
Unless a Northern homeowner receives a retail price then they aren't going sell for a wholesale price