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dgul

Everyone rents

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http://www.bbc.co.uk/news/business-43788537

So, up to a third of millenials face renting their whole lives.

There's all sorts of guff in the report about building more, etc.

IMO the problem could be resolved quite readily.   Just make it so that any tenant has a right to change their AST to a regulated tenancy (or similar).  Frankly, I think the legal process has been poor here -- you can't just force people to sign their rights away through manipulation of legal niceties.  An example is employment -- I'm not allowed by employ people for 364 days then give them a day without work, then re-employ them -- the law says that 'that's playing silly buggers' and treats the employment as continuous.  Yet people have rolling tenancies for some years and only have limited protection.  And the suggestions of improving security are, frankly, insulting -- people with young children want 20+ years of security not 3 (thanks, Labour).

Making this rule would improve things by massively increasing security of tenure, and would reduce prices because all of a sudden renting would become more doable, and btl'd houses would cease to be liquid assets and landlords would have limited control of rent increases.

But, of course, they'd never do this.  And I know why.  When my dad was 21 or so his parents bought him a house -- just a 2up2down terrace, but somewhere to get him started.  How could they afford it?  They were clever -- they bought it with a sitting tenant who was in her early 70's, and a sitting tenant meant that it was cheap (as she couldn't be evicted).  And she was 70! In the 1960's!  there were surely just a few years to wait!  She lived there until she died at 98.  Modern BTL fanatics just couldn't cope with that loss of control of their assets.

But I still find it odd that the legal process exists to protect tenants, but their rights are removed through 'clever bugger' application of rules that were never meant to be applied in that way (AST).

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3 hours ago, spunko2010 said:

Up to is a meaningless phrase. I suspect a lot of millennials will only stop renting once a parent dies though. 

Equity release is designed to prevent that!! (and of course "our" government does nothing to prevent it).

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27 minutes ago, The Idiocrat said:

Equity release is designed to prevent that!! (and of course "our" government does nothing to prevent it).

There has been a massive aberation since WW2 when the oiks were allowed to buy houses rather than rent and to cap it all these oiks now have 'housing equity'. The 1% will now ensure we get back to normal over the next couple of decades, 1. price out new entrants - done. 2.  claw back the housing equity via heath care tax .... just starting. 3 raise interest rates so any oiks that have bought recently will have to sell and get back to renting ... next few years after that idiot Carney has gone.

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1 hour ago, Chewing Grass said:

The only reason that plebs are tolerated is to service existing debt.

If you don't have existing debt then to the system (financial) you are ultimately expendable.

Think about it.

Frightening but I think you are correct.  That’s all we are isn’t it?  Things to be farmed for a profit. 

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