“I’m cashing out my massive capital gains that the poors have paid for, now the capital gains growth has slowed”
There, that’s the real reason.
RaymondBumcheese on
Shame those 35 houses are going to vanish from the face of the earth. Curse you, Labour.
telephone_monkey_365 on
Sounds like a positive headline for me, that’s 35 homes that will be available for people that want to live in them instead of sucking up rent like a parasite.
Redsetter on
>Once he has downsized his portfolio, the plan is to turn his skills to property development instead. He said this was because “the Government supports the latter and is strangling the former”.
Sounds like a housing policy doing housing policy things. Good.
BigSargeEnergy on
Love to see it. Landlords are parasites.
> Landlords are the only one of the three orders whose revenue costs them neither labour nor care, but comes to them, as it were, of its own accord, and independent of any plan or project of their own. That indolence, which is the natural effect of the ease and security of their situation, renders them too often, not only ignorant, but incapable of that application of mind
– Adam Smith, father of the free market.
> Roads are made, streets are made, services are improved, electric light turns night into day, water is brought from reservoirs a hundred miles off in the mountains — all the while the landlord sits still. Every one of those improvements is affected by the labor and cost of other people and the taxpayers. To not one of these improvements does the land monopolist contribute, and yet, by every one of them the value of his land is enhanced. He renders no service to the community, he contributes nothing to the general welfare, he contributes nothing to the process from which his own enrichment is derived…The unearned increment on the land is reaped by the land monopolist in exact proportion, not to the service, but to the disservice done.
— Winston Churchill
Confident-Gap4536 on
Oh no how will the country ever recover from *checks notes* decreasing housing prices and less landlords
puffinus-puffinus on
He’s not a landlord, he’s a parasite. I’m glad he’s selling up. Maybe some actual homeowners can buy them now.
gallowgateflame on
This is so sad 🙁 More of this to come under labour unfortunately. He might have to sell one of his classic sports cars.
DanielMcFamiel on
That’s a good start, I hope to see the other 30 sold up soon
NotaSirWeatherstone on
I don’t mind landlords who own maybe one or two extra properties. But 65 is ridiculous as it is.
Good riddance
SlySquire on
Anecdotally I was on the north Norfolk coast this weekend. Huge amount of properties for sale which look like they’re holiday lets or second homes. Even with them all on the market the prices are not dropping.
Minimum-Geologist-58 on
Just for reference residential Landlords, until they couldn’t expense their mortgages and other reforms came in, were making 26% cash profit on average (that’s excluding capital gain). That’s more than basically any trading business makes in net profit, and they have depreciating assets not appreciating ones.
So somebody could pop along and make a better return owning a house and doing pretty much sweet FA than say setting up a multi billion pound company like Nestle or even running a takeaway, with far lower capital risk and far less effort.
Now it’s about 4%, which is still not bad given the capital accumulates. It’s plenty, it’s actually generous!
If they want to earn money maybe they could invest in something that has risk and generates jobs?
going_dicey on
This is great news. Landlord’s reduce their hoard of a limited, essential resource.
Freebornaiden on
Somebody please hurry up and post this is r/compoface
Southseas67 on
The bloke is really just getting publicity for his Landlord Advisor business . Maybe he’s selling all these houses but if he was selling 1 it wouldn’t be a headline
BungadinRidesAgain on
Ooh boo fucking hoo! These parasites live on another planet to us rentoids.
ParkedUpWithCoffee on
The Telegraph regularly finds some of the least sympathetic people imaginable for their Money section. Literally no one is going feel sorry for someone with 65 rental properties who plans to sell 35 properties.
Blazured on
This is a very strange article. It seems to be largely based around this which landlords are angry about:
>Under the new bill, tenants will be able to miss three months’ rent before a landlord can take action to possess their property, a change from the current two-month threshold.
>Section 21, otherwise known as “no-fault” evictions, will also be banned completely by next summer.
But this is completely reasonable. It already works like this in Scotland. Earlier this year my landlord tried kicking me out, he was harassing me and stressing me out to an absurd degree, and I went and got some legal advice and had it explained to me that he had no basis for kicking me out. I’d never missed a rent payment or been in breach of contract or the law in any way. He was abusing my ignorance of my rights to try and get me chucked to the streets.
So I have no sympathy for the landlords in this article. They’re upset that they won’t be able to kick people out for no reason in England and Wales soon? They might have to put more homes on the market for people to buy? Wow, how terrible. Labour have exceeded my expectations since they got into power.
Comrade-Hayley on
So it begins blaming every bad thing on labour instead of the tories
Repulsive-Penalty272 on
One less ivory backscratcher. Where did I leave my violin….
yourlocallidl on
Good, those parasites deserve any hardship they face in their “job”, now if those parasites sell their properties what is stopping other parasites from buying them?
Ok_Whereas3797 on
Wont somebody please think of the millionaire Landlords?
YaGanache1248 on
Good. No one should own 65 houses. Quite frankly, owning 30 is still ridiculously excessive.
I hate how landlords try and pretend that they’re renting for the good of the country. If the housing wasn’t so scarce due to massive property portfolios owned by one person, more people would be able to buy houses instead of being trapped renting, or unable to downsize/upsize.
Councils should also have the ability to licence the number of properties allowed for short term/holiday lets, to prevent communities being destroyed by second homes. Steep taxes should be levied on empty houses in order to prevent non-residents buying up housing as investments
jbkb1972 on
Owns 65 homes, having to sell 35 of them, my heart bleeds for you, you poor man.
NurseRatched96 on
Good, a few poor sods in their late 30s might just get on the property ladder if they are extremely lucky
Bat_Flaps on
I’ve got no issues with people/couples owning 1 or 2 extra homes between them, owning 65 though…
therealtrebitsch on
Oh no, people will be able to own homes instead of a few people hoarding them! Curse Labour for making this happen! People will surely turn against them now as everyone feels solidarity with landlords
bambooon98 on
This person is a vermin and parasite, scalping off poorer than him so they will never be able to afford a family of their own. Who will pay for the social costs of that behaviour ?
Homes should be for living not for investment
Vast-Scale-9596 on
More Torygraph special pleading for rich speculators. Perhaps they can throw a benefit for the poor dears…….
Nipplecunt on
Waaaahhhhhhh 😭 *wipes tears with several £50 notes *
Monkeyboogaloo on
I hate private landlords. Not those people who may inherit a house or the like and let it out but those people who see someones home as a line on a spreadsheet.
About £9 billion a year goes from the government to private landlords through housing benefit. Thats enough for 120,000 affordable homes to be built every year.
Of course they provide a roof over people head but with a profit often providing substandard housing.
CcryMeARiver on
Good. Looks like 30 renters may convert to homeowners.
404errorabortmistake on
Right err, is this a statement i’m supposed to sympathise with?
Why? What good is an extra month of arrears doing for anyone?
starclone1 on
I can understand owning 2, maybe even 3 properties but… 65???
FeralSquirrels on
Well diddums.
Must be awful to own 65 homes when many expect to never be able to afford even _one_ single home…
You know, to live in, not even rent out.
IhateALLmushrooms on
Ah this is awful news! I am crying driving to work in my 39th Ferrari, into my breakfast – a bucket of caviar with lobsters.
QuantumWarrior on
So he’s made rent on dozens of homes presumably that rose close to inflation over the entire time he owned them, he’s selling the homes for an above-inflation profit on top, and he still has 30 homes on his portfolio to continue making money in the future? Those 35 homes he’s selling will probably just go to other landlords anyway.
My heart bleeds for you mate, I’m sure you’re so hard up. Get a proper fucking job.
38 Comments
“I’m cashing out my massive capital gains that the poors have paid for, now the capital gains growth has slowed”
There, that’s the real reason.
Shame those 35 houses are going to vanish from the face of the earth. Curse you, Labour.
Sounds like a positive headline for me, that’s 35 homes that will be available for people that want to live in them instead of sucking up rent like a parasite.
>Once he has downsized his portfolio, the plan is to turn his skills to property development instead. He said this was because “the Government supports the latter and is strangling the former”.
Sounds like a housing policy doing housing policy things. Good.
Love to see it. Landlords are parasites.
> Landlords are the only one of the three orders whose revenue costs them neither labour nor care, but comes to them, as it were, of its own accord, and independent of any plan or project of their own. That indolence, which is the natural effect of the ease and security of their situation, renders them too often, not only ignorant, but incapable of that application of mind
– Adam Smith, father of the free market.
> Roads are made, streets are made, services are improved, electric light turns night into day, water is brought from reservoirs a hundred miles off in the mountains — all the while the landlord sits still. Every one of those improvements is affected by the labor and cost of other people and the taxpayers. To not one of these improvements does the land monopolist contribute, and yet, by every one of them the value of his land is enhanced. He renders no service to the community, he contributes nothing to the general welfare, he contributes nothing to the process from which his own enrichment is derived…The unearned increment on the land is reaped by the land monopolist in exact proportion, not to the service, but to the disservice done.
— Winston Churchill
Oh no how will the country ever recover from *checks notes* decreasing housing prices and less landlords
He’s not a landlord, he’s a parasite. I’m glad he’s selling up. Maybe some actual homeowners can buy them now.
This is so sad 🙁 More of this to come under labour unfortunately. He might have to sell one of his classic sports cars.
That’s a good start, I hope to see the other 30 sold up soon
I don’t mind landlords who own maybe one or two extra properties. But 65 is ridiculous as it is.
Good riddance
Anecdotally I was on the north Norfolk coast this weekend. Huge amount of properties for sale which look like they’re holiday lets or second homes. Even with them all on the market the prices are not dropping.
Just for reference residential Landlords, until they couldn’t expense their mortgages and other reforms came in, were making 26% cash profit on average (that’s excluding capital gain). That’s more than basically any trading business makes in net profit, and they have depreciating assets not appreciating ones.
So somebody could pop along and make a better return owning a house and doing pretty much sweet FA than say setting up a multi billion pound company like Nestle or even running a takeaway, with far lower capital risk and far less effort.
Now it’s about 4%, which is still not bad given the capital accumulates. It’s plenty, it’s actually generous!
If they want to earn money maybe they could invest in something that has risk and generates jobs?
This is great news. Landlord’s reduce their hoard of a limited, essential resource.
Somebody please hurry up and post this is r/compoface
The bloke is really just getting publicity for his Landlord Advisor business . Maybe he’s selling all these houses but if he was selling 1 it wouldn’t be a headline
Ooh boo fucking hoo! These parasites live on another planet to us rentoids.
The Telegraph regularly finds some of the least sympathetic people imaginable for their Money section. Literally no one is going feel sorry for someone with 65 rental properties who plans to sell 35 properties.
This is a very strange article. It seems to be largely based around this which landlords are angry about:
>Under the new bill, tenants will be able to miss three months’ rent before a landlord can take action to possess their property, a change from the current two-month threshold.
>Section 21, otherwise known as “no-fault” evictions, will also be banned completely by next summer.
But this is completely reasonable. It already works like this in Scotland. Earlier this year my landlord tried kicking me out, he was harassing me and stressing me out to an absurd degree, and I went and got some legal advice and had it explained to me that he had no basis for kicking me out. I’d never missed a rent payment or been in breach of contract or the law in any way. He was abusing my ignorance of my rights to try and get me chucked to the streets.
So I have no sympathy for the landlords in this article. They’re upset that they won’t be able to kick people out for no reason in England and Wales soon? They might have to put more homes on the market for people to buy? Wow, how terrible. Labour have exceeded my expectations since they got into power.
So it begins blaming every bad thing on labour instead of the tories
One less ivory backscratcher. Where did I leave my violin….
Good, those parasites deserve any hardship they face in their “job”, now if those parasites sell their properties what is stopping other parasites from buying them?
Wont somebody please think of the millionaire Landlords?
Good. No one should own 65 houses. Quite frankly, owning 30 is still ridiculously excessive.
I hate how landlords try and pretend that they’re renting for the good of the country. If the housing wasn’t so scarce due to massive property portfolios owned by one person, more people would be able to buy houses instead of being trapped renting, or unable to downsize/upsize.
Councils should also have the ability to licence the number of properties allowed for short term/holiday lets, to prevent communities being destroyed by second homes. Steep taxes should be levied on empty houses in order to prevent non-residents buying up housing as investments
Owns 65 homes, having to sell 35 of them, my heart bleeds for you, you poor man.
Good, a few poor sods in their late 30s might just get on the property ladder if they are extremely lucky
I’ve got no issues with people/couples owning 1 or 2 extra homes between them, owning 65 though…
Oh no, people will be able to own homes instead of a few people hoarding them! Curse Labour for making this happen! People will surely turn against them now as everyone feels solidarity with landlords
This person is a vermin and parasite, scalping off poorer than him so they will never be able to afford a family of their own. Who will pay for the social costs of that behaviour ?
Homes should be for living not for investment
More Torygraph special pleading for rich speculators. Perhaps they can throw a benefit for the poor dears…….
Waaaahhhhhhh 😭 *wipes tears with several £50 notes *
I hate private landlords. Not those people who may inherit a house or the like and let it out but those people who see someones home as a line on a spreadsheet.
About £9 billion a year goes from the government to private landlords through housing benefit. Thats enough for 120,000 affordable homes to be built every year.
Of course they provide a roof over people head but with a profit often providing substandard housing.
Good. Looks like 30 renters may convert to homeowners.
Right err, is this a statement i’m supposed to sympathise with?
“Under the new bill, [tenants will be able to miss three months’ rent](https://www.telegraph.co.uk/money/property/buy-to-let/tenants-stay-properties-three-months-without-paying-labour/) before a landlord can take action to possess their property, a change from the current two-month threshold.”
Why? What good is an extra month of arrears doing for anyone?
I can understand owning 2, maybe even 3 properties but… 65???
Well diddums.
Must be awful to own 65 homes when many expect to never be able to afford even _one_ single home…
You know, to live in, not even rent out.
Ah this is awful news! I am crying driving to work in my 39th Ferrari, into my breakfast – a bucket of caviar with lobsters.
So he’s made rent on dozens of homes presumably that rose close to inflation over the entire time he owned them, he’s selling the homes for an above-inflation profit on top, and he still has 30 homes on his portfolio to continue making money in the future? Those 35 homes he’s selling will probably just go to other landlords anyway.
My heart bleeds for you mate, I’m sure you’re so hard up. Get a proper fucking job.