Labour is considering a tax on landlords – would this be a fair attempt to rebalance the UK’s property market, or a punishment on the hard work of those who have bought another home? Nick Ferrari took two callers on either side of the debate to hash it out.
Labour’s proposals would charge national income on the rental income received by landlords from their tenants.
James, who is a landlord, said this would be ‘unfair’ and inevitably lead to passing costs for repairs onto his tenants. Steve, however, claimed this would be ‘good’ and that this would rebalance the market.
Admittedly on the side of landlords, Nick compared this reasoning to ‘North Korea’ and warned landlords would ‘flog’ their properties, reducing the supply of rental units and increase the general price of rent. In other words, this move would be counterproductive to helping renters.
Listen to the full show on the all-new LBC App:
#nickferrari #housing #landlords #inequality #rent #uknews #ukpolitics #lbc
LBC is the home of live debate around news and current affairs in the UK.
Join in the conversation and listen at
Sign up to LBC’s weekly newsletter here:
source
Stop blaming the landlords, blame the government. If a renter can afford to buy, there are plenty of suitable properties out there, why he blames landlords who held them up, its just do baffling!? Plenty of new builds with "Help to Buy" schemes, what and who is stopping them to buy if a renter can afford it?
everything but increase the supply
I would certainly be in favour of landlords/landladies being forced to sell if it meant more properties would be cheaper/available for first-time buyers. However, if it just means larger property firms just buy more properties then this could be an unintended consequence. Not sure how I feel about properties being bought purely as an investment, especially if it keeps pushing house prices up. There needs to be some sort of control over this all. House prices continually going up (far exceeding wage increase), is really not healthy for keeping the economy well balanced and distributed across society.
Sorry Steve , all the decision makers own property so they don’t want property prices to drop . Tenants going to be paying annually increasing rent until you die. Steve is ok with “market forces” for tenants but not buyers apparently. What a clown
If all land lords sold their properties still wouldnt make that much difference as the big rental companies will buy them and rents would be even higher with no competition on the market ,this bloke lives in coco land 😂
Some say the loss of council houses as a cheaper viable option is what has ruined the market.
Forget landlords with a couple fo houses. People will need to rent at various points. The real issue is that the govt is either wilfully or negligently pushing average people out of owning even ONE home.
Massive corporations are buying and/or building buy-to-let property portfolios. It is SAFE money for them. It’s an absolute scandal that people can’t buy a flipping home to live in. This govt and all other govts should resign immediately unless committing to the people of this country. Corporations can get stuffed. Starmer and the rest are a pathetic weak disgrace.
A third needs to be knocked off for the market to even move.
Landlords will sell off their properties. Young people will be living at home forever.
There is fundamentally no reason why owning property should be profitable. If you are a landlord with tenants, you have people helping you to pay off your mortgage, that's more than enough incentive to rent out extra properties at a reasonable rate.
If you want to make a big profit off your wealth, invest in something that isn't exploiting the poor.
LOL Caller saying “Basic Economics” and then says if you tax landlords they’ll be forced to sell and house prices will drop… What he hasn’t thought about that people who have a mortgage so will then be in negative equity and not be able to sell their property even if they wanted to. Then landlords who have mortgages on their properties yes would sell but the bigger fish who can buy properties for cash would just buy them all up.
Yes, the cost of things are going up. But it’s not the landlords fault, it’s not the illegal immigrants coming in, it’s not Putin… it’s the western governments printing money out of thin air and needing to pay interest on the debt that they’ve created.
Things will continually get worse unfortunately. The only thing you can do is own assets that keep up with the silent inflation (money printing) in order to make sure the money you have is still worth the same in ten years in terms of purchasing power.
Rant over.
There are enough properties to buy even if landlords don't sell up….renters still can't afford the deposit and running costs!!
The rich have gone a great job of convincing the poor that their real issue is with the middle class. We need to apply every tax to those with over £10 million in assets, not to the guy trying to get ahead with a few properties.
Things that effect the supply and demand of a market affects prices. Landlords can’t pass on the cost unless the supply and demand of the markets allow it. Encourage more landlords into the market and costs will fall when supply exceeds demands. Currently the witch hunt on taxing landlords and driving up their costs are tightening the supply of rental properties driving up rents.
Another issue effect this is companies connected to blackrock are having closed door meeting with both parties that make up our government. This back room dealmaking has left these companies with a unfair advantage over the market. The don’t pay stamp duty like everyone else and current buying up the supply from small landlords exit the market. Hence cheating first time buyers out of the opportunity (recent changes in tax and running costs for landlords) created and justified for them and not huge corporations serving WEF agenda’s. In return for these bias government policies that favour blackrock they has promised labour to help meet their build targets. People no longer control government as no the dePt is so high the markets control governments ( look what happened to Liz truss). The government need to pay off the dept using the Bradbury pound in a controlled way not to effect inflation. It’s a 0% interest loan backed by the wealth of the nation. We did this after WW1. Until the dept is cleared our government is on the leash of the markets. Otherwise the best options appears to leave to another county not in dept. This governments of this country has robbed and maxed out the credit card of the taxpayers and future unborn tax payers wallet.
I am a ‘landlord’ worked hard to buy a house on my own, met someone and moved into her house with her. After paying my mortgage and insurance I had £87 coming back to me every month. Last year I had to pay £1570 in extra tax because I was ‘making money’ from my house. Please make it make sense
They want the small landlords out so the cooperations can come in and buy them
sorry but this landlord missed the point completely Yes by all means work hard in a different business that doesn't prevent other people from owning affordable property which is what's happening.
I thought it was telling that the landlord answered the question from the point of view of a landlord not from the point of view of a rental owner and completely ignored the person's point about people should be owning houses not having to rent from landlords He completely missed the point he sees this as a business where and he's complaining that he's not earning much money whereas a fundamental point is here that people can't buy their houses because they're being owned by people like this who are seeing it as a business
Cry me a river. Full time landlords are just leeches on the economy.
They don't provide anything of value, they purchase something of value and then rent it out for inflated prices.
They're scalpers with a subscription model.
Nobody mentioned king Charles and his massive property portfolio for rental accumerdation very expensive and increased wealth very little tax paid mostly inheritance properties, this country is surposed to be capitalist and not Communist every thing state owned that you live in plus your wages are decided by the government and possibly the job you do.Rayner telling that people who have more than one property are bad then she goes round the taxes paid on a second home which is beyond most people that's what you get with socialist people equal missery for all except the few
The issue here is mistakenly thinking all landlords are the same. Elderly folk with a couple of properties as their pension are not the same as someone geared to the hilt with 20 properties on interest only mortgages. Not everyone was fortunate enough to have a nice permanent job all their lives with a final salary pension. The government again using blunt unwieldy tools to solve a complex problem.
Labour does not want anyone to own more than one property and the thought that landlords are making a profit from their tenants is abhorrent to them. In fact Labour does not want anyone to have too much money – they want to tax them to the hilt – In the Autumn budget I can (almost) guarantee that everyone's taxes will go up to meet Reeves' fiscal rules and to fill the gap caused by her U-turn on the Winter Fuel Allowance cut.
My rents will be going up to cover the cost
One problem and one only is GREED
The old have and have not political debate old as time itself 😂😂
The anti landlord winger is defiantly a Corbynite leftie who thinks Das Kapital is a viable economic model to follow.
Presented with the realities of this and he would fall apart in real life.
They couldn't run a bath , let alone everybody else's life.
What about the people who can't get a mortgage…where do they live?
Changing any policy = North Korea to this man.
People look at landlords like theyve not earned it
Wow just wow, the caller saying you have to sell … you know that as homes get cheaper that large companies like Blackrock will just buy more inventory right. It’s not mum and pop shops that are the problem here, it’s basic supply and demand … you had an ever growing migration issue – there’s too few homes for the population of the country … if you have net migration of 600k you need to build more than that to keep up …
If more landlords are forced to sell, your rent will go up as there are now fewer rental properties available .
YouTube blocking my VPN
Bye YouTube
What about listed houses? They can’t be C rated!
The comments here from completely out of touch and exploitative landlords are hilarious.
If none paid rent the landlords would have to get a f—job.
I’m sorry, you mean renters can’t have problems? Of my car breaks and can’t get to work, should I complain and ask to pay less tax? You make money from renting, get taxed. Everyone has problems, yet we still pay taxes.
How sorry I feel for the landlords. 🤣🤣
Landlords like James will sell and Blackrock will buy the properties
Deluded James
The problem is that rented properties used to be owned outright by wealthy people, not regular people mortgaged up to the hilt. 30 years ago you couldn’t get a mortgage on a second home and unfortunately the greedy banks changed that and changed the way people looked at homes. A way of snatching houses out of market to get a tenant to pay and get a free house. This also had a profound shift in fuelling house pricesas second mortgage are quicker to get than someone actually moving to a new home thus hijacking the houses from people genuinely looking to buy and live in their house. They also don’t see their mortgage they pay to eventually own the property as profit. That’s right ! After 20 years they have profited a whole house. They think paying the mortgage is a cost not a growing appreciating asset. If your mortgage is £1000 per month on A property and you charge 1500, then you profit is £1500 less interest in mortgage. If you can’t afford the mortgage and pay tax & landlord repairs while you are paying to keep the growing asset and claim you’re a victim then then that is simply your maths failing or living in serial that the tenant is actually paying your mortgage on a property you cannot afford without them paying for it. This bank greed for a plateaued mortgage market 2nd property you have no intention in living in but getting it paid by someone renting was a big mistake!
There are a record number of properties on the market right now – prices are coming down now. The market is dead. Believing landlords own all the houses is a myth.
The problem is not landlords and renters, the problem is a lack of social housing. Where are all the new houses to meet the growing population? Where are all the new government owned houses to replace the ones sold off to long term tenants. Stop blaming landlords who saves all their life to buy a couple of rental properties as a pension. Landlords bashing is a distraction from the real problem. Let’s also mention another reason the government want small landlords out is to help the financial corporations monopolize the rental market.
The argument goes away quite quickly when you point out that most people who pay their own rent (via work or whatever) normally don't rent for more than a few years before buying somewhere. The people 'renting' long term have no intention of ever buying – why would they when the government pays their rent because they don't work or at least pretend not to work!!
how many rental houses do you think would need to come on the market for house prices to drop significantly?
We’re inviting million people a year into the country …
the politics of envy classic Labour tactic?
We forget that there were NO new residential lettings in the early 1980's, just existing long term council and private lettings, no one would voluntarily lock their house up in a secure/registered tenancy. Most folk bought their homes.
Assessing rents in the UK I can confirm that there are steadily growing numbers of corporate landlords, of the new housing estates in particular.
I do think that there should be a cap on the number of rental properties an individual can own but even that won’t solve the problem. The problem is the entire global economic system is not sustainable long term.
This caller is deluded, companies are waiting to buy the stock and raise rents…
15 grand isn’t a lot of money. I think people need to look at themselves if they are squabbling over scraps.
I own 15 properties
I charge around £75 below market value they all got full back to brick refurbs no one has ever moved out and they love it and have no intention of buying.
We own our home and my wife hates owning she wants the freedom of moving about and not having the stress of break downs and unexpected costs so not every one wants to own this man is an absolute clown
bro who thought house price will come down becuz landlord sell learnt Econ at McDonald’s 😂