Posted on 07/16/2024 8:57:30 AM PDT by where's_the_Outrage?
.....After decades of being patched up on the cheap, London’s rental homes are in a state of comical disrepair. In one flat, my housemate and I spent an entire night trying to stop our sink from flooding the kitchen, which it tended to do whenever we used the washing machine thanks to a creative plumbing job the landlord had done while cramming another bedroom into the flat. I’m 28 now, and there’s a Section 21 notice in my inbox. My current landlord has decided to raise the rent beyond what I can afford, having already bumped it up last year (the proposed increase would have amounted to 14pc in just two years)......
A bit of digging revealed to us that the home had been bought in 1999 for the bargain price of £170,000, meaning we had effectively paid off our landlord’s mortgage during our tenure alone. Neighbouring houses now go for just shy of £1m......
“Demand for rentals has soared yet, since 2017, supply has almost halved,” despairs the company’s open letter to the Chancellor. That high demand means most spare rooms are snapped up within a week – but to enquire about a new listing before then you have to pay a subscription fee.....
Why is every new home here only affordable for the super-rich parents of foreign students? Why are we encouraging developers to keep building them? Many such questions I am not convinced Labour has the answers to.
I’m sad that London is like this now. It’s a slight on a city this great that homes here have been allowed to deteriorate, while those in charge of them squeeze their tenants for ever larger shares of their income. No one is entitled to live in London, but it shouldn’t be this hard.
(Excerpt) Read more at msn.com ...
I have rental property and my taxes just went up $500, so I was going to increase rent by $50 a month. But I let the renter talk me out of it as they paid on time and had spent a lot of time and money fixing up the place. Good renters are a Godsend.
Plank #1 of the Communist Manifesto: "Abolition of private property in land and all rents of land applied to public purpose."
quote “A bit of digging revealed to us that the home had been bought in 1999 for the bargain price of £170,000, meaning we had effectively paid off our landlord’s mortgage during our tenure alone.”
LMAO
exactly right! you are an idiot for renting, and the landlord thanks you for paying off his mortgage for him!
I am a landlord and laugh at renters all the way to the bank every month. Since they could buy the same unit for less per month than I rent it to them.
Renting is just as undesirable as owning rental property, unless it is high end, imo.
Thanks to regulations, NYC and London have comparable, stratospheric building costs. But salaries in London are lower, so housing is less affordable.
https://www.building.co.uk/london-vs-new-york-the-market-rules/5082650.article
I got a letter from my shop space landlord lamenting how everything costs more. I have been complaining about the leaking roof for years and he wrote a sad sack letter on property owned outright that is falling apart.
Just tell me you want more money jerk. Don’t expect sympathy after the government destroyed my business.
Luckily I don’t rent a house. Illegals are being put in every vacant apartment for free.
But those tattoos, car lease contracts, 3000k labradoodles, and I phone latest model...etc, dont pay for themsleves....which leaves little left over for a mortgage.
About 12 years ago our then 28-year-old daughter decided to escape the rent trap. She lives in a decent size City. She bought a small, economical house in a blue collar neighborhood built in the early fifties. We loaned her the down payment which she has diligently paid off. At that time her mortgage and escrow was about $150 a month less than what she was paying in rent. You can guess what the difference is now.
Good renters are a Godsend.
Then there are the others. Had one that called to tell me to replace a burned out lightbulb.
LOL London is like coastal California. No one of ordinary income can buy a home.
He likely chooses to live in London, because he’s too lazy to live in a cheaper area, and commute to work.
What are closing costs in your area? Buying makes no sense if you are staying just a few years.
I had a cousin who had been a landlord of 3-4 properties for many years. Nobody knew while he was alive that he kept refinancing the mortgages, using the money to help his kids, and when he died at age 80, his widow, a second wife, who he had never shared any information with about those properties, the rent, the condition of the properties, etc., and who he told would be "set" if he did pass, found out just what a mess it all was. He was basically a slum landlord, and the estate lawyer told her she had to go out and collect the rents from his tenants. I told her since her name wasn't on any of the deeds, that she wasn't legally obligated to do so, but she tried anyway, and guess what? All those renters refused to pay the rent once they knew he had died.
I hope you have your finances in order and don't throw a mess like that into someone else's hands when you do leave this earth.
I can only roll my eyes when some jackoff writes a headline like that. Op-Ed from some UK leftist twit.
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