Janus Posted October 22, 2012 Share Posted October 22, 2012 Up to now no one has mentioned the elephant in the room -the banks. Property for rent has been available before any of us on here were born. So what happened? The thing that happened was the bank’s employees were on massive bonuses each time they loaned money to the customers, and these loans included money to buy property at amounts way above the real value of the property. There became an abundance of cash available from the banks-almost limitless, until it all went bang. Then the government stepped in to bail the banks out with tax payer’s money and created a shortfall in the treasury finances. Then the gov introduced welfare bill to prop up the government finances. Thousands of people taken off benefits to mention just one route to generate extra government income and there is still a shortfall. The dominos are still tumbling. Link to comment Share on other sites More sharing options...
I1L2T3 Posted October 22, 2012 Share Posted October 22, 2012 Banks, borrowers, government. It took all three to create the mess. The politicians seem ok. The bankers seem quite happy. So who is paying for all the mistakes? Link to comment Share on other sites More sharing options...
poppet2 Posted October 22, 2012 Share Posted October 22, 2012 I wonder how many of those people who bought 'buy to let', are now seeing their own children unable to afford enough for a deposit for a mortgage or unable to afford to rent? Link to comment Share on other sites More sharing options...
maxmaximus Posted October 22, 2012 Share Posted October 22, 2012 Banks, borrowers, government. It took all three to create the mess. The politicians seem ok. The bankers seem quite happy. So who is paying for all the mistakes? The savers, Link to comment Share on other sites More sharing options...
cardoor Posted October 22, 2012 Share Posted October 22, 2012 Read more: http://www.dailymail.co.uk/news/article-2221111/Working-families-housing-benefit-soar-Number-applications-rising-10-000-month.html#ixzz29ywA0b6S Working people should be able to afford housing out of their wages. In some American cities you don't even have to work for housing! They'll even give you a house a for FREE and then PAY YOU $150,000 to renovate it! http://www.businessinsider.com/abandoned-houses-detroit-2011-2?op=1 Link to comment Share on other sites More sharing options...
Mister M Posted October 22, 2012 Share Posted October 22, 2012 I wonder how many of those people who bought 'buy to let', are now seeing their own children unable to afford enough for a deposit for a mortgage or unable to afford to rent? Good question. My guess is that those who have 'bought to let' and renting their property out are more likely to have money than some of the young people and families I was listening about in a recent Radio 4 broadcast - which was looking at the consequences of a chronic lack of housing in the south west of England (Dorset, I think) where there are plenty of second/third homes for people who work in London in the week but want a country retreat at the weekend, but nothing for people earning a low wage. Link to comment Share on other sites More sharing options...
I1L2T3 Posted October 22, 2012 Share Posted October 22, 2012 The savers, Sadly. Debt restructuring on the sly. Link to comment Share on other sites More sharing options...
Penistone999 Posted October 22, 2012 Share Posted October 22, 2012 So whats the standing with people who buy an old dilapidated property, turn it around and then rent it out - are they parasites too? What if they sell it off for abit of profit - are they more or less of a parasite? Not that many people are interested in a true fixer-upper, most peoples limit is redecorating and installing new carpets - maybe paying to have the kitchen redone. Still there are quite a few properties on the market that need a bloody good overhaul. Two of my student lets were exactly this when i bought them at auction. They were both very run down ,and i bought them at a good price ,then spent over £20K on each of them bringing them back to life ,.and fit to live in . Now prior to me buying these houses both had stood empty , rotting for over 12 months . Yes, i now make good profit from both of these properties ,but i see nothing wrong with that ,as i used my own money to buy then renovate these houses and make them fit for living in again ,so i think im entitled to make these rental machines earn me money. All my student lets are a business ,and all business`s exist to make money . Link to comment Share on other sites More sharing options...
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