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  • Buy-to-Let

    This is what Govt. want ? FTB not landlords

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    Yes and makes sense. Think we all have to admit there are social advantages to people owning their own property compared to renting once they hit their 30s.

    Government ineptitude in building enough houses in the south east has led to a generation of renters with decent jobs potentially bringing up children on short term tenancy arrangements. I’m no socialist but..... I don’t think that’s a “good thing” ... nor do I think teachers, nurses etc being priced out. 

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    How much can a newly quaified Nurse/Teacher borrow on a gross salary around £22k?

    Being in public sector means they also have marginal rates of salary deductions close to 50% (incl SL and higher than average pension contributions)

    CML data nationally shows average FTB has 17%/£24k deposit and borrows av 3.11 x £38k household income.

    Across Greater London FTBs have av 30%/£100k deposit and borrow av 3.8 x av household income of £60k.

    Around 75% of all FTBs are couples (about half of those with kids)

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    It’s not the newly qualified I’m worried about

    Say you have two teachers both early 30 earning £32k or so... that’s £62k, 4 times earnings gets you to £250k .. you are going to need a massive deposit (£100k+) way beyond reasonable savings rates to get anything in London with that let alone SW london.

    We still need schools etc in those areas and I can’t see why the couple in that example would ever remain in SE England. Vacancy rates for teachers where I am in Putney are confining that situation - once the generation who bought in the 90s retires I don’t know what will happen. Let hope the robots can teach well! 

    Essentially my point is house prices in SE England have risen to an extent where it’s now a significant social issue rather than just an economic one. I can’t blame the young for voting for Corbyn and I don’t see how landlords can be surprised about s24 etc


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    Anecdotally the other day I spoke to a young female PC in Kingston - asked her (rhetorically)whether she has housing issues and she said most of her colleagues struggle and she commutes 36 miles each way from further south

    Chances are nowadays that if you ask a beat bobby for directions they are from elsewhere and have no clue - and yes I know there are Satnavs

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    I'm not saying I disagree with you but here are just a couple of thoughts

    A lot of people are only in London because of the high paid work and will later move back to where they came from.  When I say that, I am thinking of a number of friends that graduated when I did and worked their 20s in London but who are now geographically spread all over the UK and even overseas.

    Most people in South London buy in couples.  You can give hypothetical situations where there is a problem and of course they exist, but I should point out that not every low paid worker is in a relationship with another low paid worker.  Eg My wife and I have a large property portfolio built on the back of my days working in a hedge fund. However, my wife works as a teaching assistant because she enjoys it.

    I can give a few examples of couples in their 20s and early 30s who have very recently bought first houses between £500k and £800k where one partner is a high earner and the other definitely not.

    Also, why do we assume no-one should ever commute?  My father commuted from Sutton to Waterloo for 30 years.  When I worked in the City I used to ride 16 miles each way to and from work and did each journey in under an hour in rain, snow or sunshine - a lot of rain. I never assumed I should be able to buy in central London. Even when I was buying my colleagues were looking further and further out.  Balham was taking over from Clapham. Merton from Wimbledon etc.

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    Yes but S24 will make things even worse for these teacher type tenants.

    Economic  illiteracy continues to feed the ignorance of GR.

    These teacher's will just have to accept long commutes to these London jobs.

    There are plenty of affordable  properties to buy 50 minutes train commute away.

    The idea that you can live a short car drive from your your school is for the birds.

    Teachers etc have to wise up that they cannot afford London prices  so bloody well move like we all had to do in the past.

    Very few employees  of the emergency services live in London.

    They can't afford to.

    So they move and commute

    GR needs to wake up to these  economic realites.

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    Agreed DL, but it's more than just that.

    The government wants the PRS to be totally controlled by the corporations who are party donors.

    The upside to this is it makes rent control unlikely.

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    The More FTB who come to the market the better

    They will drive up prices

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    Govt has prevented FTB from buying due to MMR and banning IO mortgages.

    Very few ex-LL properties are being bought by FTB.

    There were  plenty of properties to buy before S24 etc was introduced.

    LL  haven't prevented them from buying.

    Of course it makes sense for everyone to buy.

    But LL  aren't responsible  for buyers not buying!

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    But LL  aren't responsible  for buyers not buying!

    This why we have Osborne Law Paul

    Its what the public see

    we are a scapegoat and a cash cow

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.