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Robert More potential buyers will inevitably bid up prices. Those owner occupiers who can afford the houses in your example would then be able to afford a more premium house with less competition and so on and so forth in each segment of the market where BTL is reduced. Higher interest rates from the 80's are more than offset by the astronomical inflation in house prices. Lets be charitable and say that mortgage payments as a percentage of earnings are comparable, the following is not comparable: Deposit - Deposit required is far higher relative to disposable income to the extent that often gifted deposits are the only option Risk - interest rates could rise considerably resulting in worst case scenario bankruptcy for overleveraged FTBs, much less likely with 15% rates Mortgage Term - 35 year mortgage terms increase the effective cost of housing Finally, even if some FTB could potentially afford a "semi-derelict" house why should they other than because they choose to, because it is and should be a bargain. An efficient market would result in reasonable house prices and deliver good value. It is not acceptable that the professional well paid younger generation can only just afford a derelict house. People working hard and providing value in the economy should be able to comfortably afford a decent house. The market is dysfunctional and BTL is a big part of the problem, as the government clearly recognise.
From:
J S
05 November 2020 13:30 PM
There are many landlords however who do not buy derelict properties. Also there is nothing stopping developers renovating such properties (actually adding value) and then selling them on. Housebuilders would have no problem selling new builds to owner occupiers, landlords also buying simply pushes prices up due to lack of supply. A reduction in the number of landlords would result in more supply and less demand, therefore lower prices and there are plenty of tenants who would then be in a position to buy. Current house prices in relation to earnings are absurd and in a lot of areas young people, even working well paid professional jobs are priced out of the market. Sky high rents make it near impossible for them to save a deposit in a reasonable time frame, hence why so many that are able to buy are helped by BOMAD. Perhaps landlords investing elsewhere in the economy would enable some value creation rather than the ever inflating asset prices of the same housing stock at the expense of the younger generation.
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05 November 2020 13:30 PM
From: J S
05 November 2020 07:56 AM