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Ian Muir

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my expertise in the industry

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It beggars belief that MPs genuinely believe that landlords should provide these facilities. This is a very small part of the PRS. If you speak to landlords who operate at this end of the market, they will tell you that if you provide these items, tenants will damage or steal them and you can't recover it from their deposit because they default on their last payments too. Others, also have their own fridges & cookers that they like to bring, so what happens to the white goods that a landlord has been forced to provide. Presumably if tenants can't cook then landlords will also become responsible for paying for cooking lessons too? Its just more ill-thought out nonsense from the nanny state.

From: Ian Muir 17 June 2015 11:58 AM

There are a couple of key points that seem to have been overlooked by the previous comments as they have been in the media. 1) but to let does NOT drive out first time buyers. Investors buy properties below market value, they look to buy properties to which they can add value. If a first time buyer wants to buy the same property all they have to do is offer the market price or be prepared to do a lot of DIY / refurbishing. 2) investors in buy to let generally want properties they can rent to mature families or convert to Houses in Multiple Occupation (HMOs) especially for students. These properties are NOT generally for first time buyers. 3) Investors in buy to let are taking a risk. Many are taking risks that are too great. When interest rates rise, many will not be able to afford their repayments. If interest rates rise to their long term average ie 7% then many investors & landlords will more than likely get repossessed! Low interest rates are temporary and the average net yield / profit margin on a rental property is barely above the true rate of inflation even now. The media, tenants and in fact most new landlords do not fully understand the massive difference between gross and net profit. Gross profit looks very attractive. Unfortunately net profit is not. Why do people believe that buying a property is risk free? Forget the concept of "housing ladder" its "snakes & ladders". Interest rate rises will cause financial carnage, its just a matter of time.

From: Ian Muir 13 June 2015 15:08 PM

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