Property crash, just maybe it really is different this time

[azzuri82]

2 hours ago, Darude said:

Were you not covered by the Scottish Government's 3% rent cap?

We moved from an older style tenancy in central Edinburgh to Glasgow recently, so no such protection unfortunately.

At the mercy of the market, but to be honest our rent was so low for so long (kept 300-400 lower than citywide average for similar property for 4 years plus!) that we can't really complain.

We've switched from 2-bed city centre flat (suited my work/biz) to 5-bed suburban detached as well, so bit of a jump in outgoings, but the amount we're paying would still barely cover the interest if purchasing with a mortgage. Not to account for maintenance, stamp duty (30k!), legal fees, lack of options/mobility. 

Newer style tenancies in Scotland give all the power to the tenant, and only tie you in for 30 days from commencement. Difficult for landlords to evict, and even then, they need to give you 3 months notice (after 6 months' continuous residency), and even then, if you disagree with their decision to evict you, it clearly states in tenancy agreement you don't need to leave and instead can appeal to the housing tribunal.

This is partially the reason why rents in Scotland are flying up everywhere - many landlords just don't like the inflexible nature of the tenancies - which previously were skewed towards landlords - but now towards tenants - that they are just getting out and this is restricting supply.

[Plan-b]

13 minutes ago, Sugarlips said:

This is fine...

🤡

oh and nice trainers...

 

 

What a cunt, at the last I heard he had £13M+ of BTL mortgages and he's pleading forbearance on behalf of the nation. If he'd not given advice about taking short term fixes for the very best rates a few years ago the majority of private mortgagees would now be sitting in clover whilst inflation pays a nice portion of their mortgages for them. He should be strung up. Prick.

[HousePriceMania]

Dont often watch TV but have seen Channel5 and BBC Politics this morning.

To say the MSM are pro "help" for mortgage owners ( so themselves i'd wager ) and keeping their unearned/untaxed wealth at all costs is an understatement.

The are screaming like the pigs that they are.

It's appalling to watch.

Those poor debt junkies.

Not one, not one, mention of savers and low savings rates

 

 

 

 

 

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Part 2 continues here:
 

 

Edited June 21, 2023 by spunko