Re: house prices - always and forever upward?

Andrew MacPherson wrote:

no.spam@xxxxxxxxxxxxxxxxxxxxx (Ronald Raygun) wrote:
Tenant security cannot be offered other than by long-term
landlords who will never need to recover the property for
their own use

At the moment protection is geared too far in the landlord's favour,

I wouldn't put it as strongly as that [*]. If the market needs rental
properties for tenants to move into, someone has to provide them, and so
landlords are required, and therefore need to be encouraged.

encouraging BTL speculation, asset inflation,

It's unfair to blame landlord-friendly legislation [*] for this.
Medium-term excessive house price inflation, coupled with easily
available credit, is what fuelled BTL speculation, but BTL has been
responsible for only a small fraction of actual house purchases,
so it's not true that BTL has been the sole contributor to accelerating
HPI, though it will have had some effect.

[*] Landlord-friendly legislation means you can, if you wish, regain
possession from a tenant at 2 months' notice (provided 6 initial months
have elapsed). This isn't much security for a tenant and doesn't give
much time to seek alternative accommodation. How would you like to see
this changed? Would you like a rolling 6 months' notice? 12? Bear in
mind that a quid pro quo would be needed. A tenant would need to give
more notice of wanting to move out too. After all, people (even those
who have bought their homes) do move around (not long ago the average
stay was about 7 years for owner-occupiers, and is presumably shorter
for tenants).

There is plenty of room in the market for good landlords in it for the
long term, seeking to attract good, long term tenants at fair rents.
There should be no room for the modern, amateur "it's my pension" breed
who are more concerned with their asset than their tenants. Housing is a
social issue affecting all of us, not just a business opportunity
affecting an affluent, speculative minority.

But the more you restrict landlords' rights, the more you push the
market into even smaller and even more affluent minorities. Speculation
may still happen, because properties can always be sold at market value
whenever natural breaks in tenancies occur.

What's wrong with an "it's my pension" attitude?

.

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