What shall we do? as pressure mounts on landlords to pass on costs to tenants. | Discuss

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What shall we do? as pressure mounts on landlords to pass on costs to tenants.
09/08/2018
10:42 am
News @ Tenant Referencing
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What shall we do? as pressure mounts to pass on costs to tenants.

As landlords and Letting Agents continue to feel the pressure of more and more legislation and taxes we are all starting to wonder where it will stop and how to deal with the onslaught of costs.

The real story started many years ago when the country was run by two schoolboys Cameron and Osborne. Since they messed up and ran off together after a disastrous brexit plan backfired, the bashing of the PRS  baton has been passed on to our dear Mrs May, who, in order to continue to keep the popular vote of 9 million tenants is just as intent upon watching her cabinet continue to destroy the Country’s rental and letting businesses as her predecessors. This is evident as 27% of UK Estate and Letting  Agents are now in financial distress due to Government policies so the Government certainly seems to be achieving their goal.

Of course we all act in different ways when being attacked but what do we make of super landlord Fergus Wilson most recent move?

When Fergus Wilson makes the headlines, you know it’s going to be a gripping and polarising read. He is a landlord who owns over 400 properties in Ashford and Maidstone in Kent and was once listed as #453 on The Sunday Times rich list. But it’s through his controversial decision making that he became such a recognised name.

The “curry smell” letting ban and a decision to ban “battered wives” and plumbers from his properties captured the headlines earning him countless adversaries and even a few ‘fans’.

Now he’s making headlines again by putting a blanket rent increase across all his properties of less than an hour after the Bank of England announced an interest rate increase of 0.25%.

Wilson said in a statement:

“It is merely passing onto the tenant the additional mortgage charge.

“This increase starts immediately.”

So, the real question is “who should pay for the additional cost of a mortgage?”

There is an argument to say that a rental property worth what it is worth and the interest rate increase is the cost of doing business for the landlord.

The other side of the coin is why should a landlord be forced to protect their tenants from changes in the economy – if the cost of living goes up, should it not go up for everyone? If oil prices increase, who pays for that? The consumer.

Whichever side of that fence we all fall, it has to be said that the property tycoon has probably gone a little too far with the amount, or has he?. The blanket rent increase he imposed is £50. Yet the increase of 0.25% on a tracker mortgage would only add an extra circa £25 per month onto a £200,000 loan.

The question is what is fair on our tenants and how much should we pass onto our tenants of the taxes and legislation changes costs? please tell us what you think?

 

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10/08/2018
5:27 am
Paul Routledge
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We had static rents for 10 years but now we are putting them up year on year and there is still a queue at the door.

The short sightedness of this government is beyond belief Thier foresight for the PRS is like watching a blind man walk towards the edge of a cliff and no mater how many people shout at him to stop he marches on.

I see yet another great entrepreneur Sir Jim Ratcliffe is taking his £21 billion out of the UK  and leaving for Monaco. How long can it be before all the have,s leave and the UK is left with all the have nots OMG who will they tax to death then? Not me I am off to Greece.

13/08/2018
1:13 pm
David Price
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For many years my AST’s have had a rent clause.   “. . . plus any fees or taxes imposed by central or local government” and I want a profit on the tax element to cover the cost of collection.  I used to be generous towards tenants , now the government has edited out any generosity and left me hard as nails.

14/08/2018
10:41 am
Paul Routledge
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David, I have for many years suggested that all think it can be done better have never been landlords. The majority of the do-gooders that think it can be done cheaper have never been business people and the ones who implement all their politics are in their club.

All the above idiocies are just bringing a cauldron of distress and dismay to all bth tenants and landlords.

Not one policy in the last 10 years made by the above bunch of politicians and spin merchants has made tenure better in anyway in this country. All that has happened is they have created a massive housing shortage and pushed rents up as landlord’s bail.

But the best is yet to come because like all bigots they cannot admit they got it wrong and because they are not answerable to any higher power will keep going until the whole thing collapses in on itself. and then can then walk away like Cameron and Osbourne with their £100k+ a year state pension and leave the whole **** ******* **** **** ******** ******* ***** **** **** **** ***** ******* ********* ******** *** **** ****** ********** ************ **** *********** ************* affair to others to try and clean up.

Boo Boo Hisss…..

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