Episodi
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Rob discusses the challenges landlords face regarding eco-upgrades and Energy Performance Certificate (EPC) ratings, particularly in light of the Labour government's mandate for a minimum EPC rating of C by 2030. The episode highlights a recent article from The Telegraph, which claims that landlords may not recoup their investments in costly green upgrades. Rob focusses on the lack of correlation between improved EPC ratings and increased property values, making it a risky investment for landlords.
KEY TAKEAWAYS
Landlords must achieve an Energy Performance Certificate (EPC) rating of C by 2030, which may require significant financial investment in eco-upgrades. Upgrading properties from a G rating to a C rating can cost around £27,000, while moving from a D rating to a C rating may cost approximately £10,000, depending on the property's current rating. There is no solid data to support that improving an EPC rating will increase the property’s market value, leading to concerns among landlords about the return on their investment in eco-upgrades. An article from PropertyMark suggested five ways to boost a Victorian property's EPC rating, but some recommendations, such as turning down the thermostat and adding roller blinds, do not actually impact the EPC rating. Many landlords are facing financial strain due to the costs associated with meeting EPC requirements, which may lead some to sell their properties rather than invest in necessary upgrades.BEST MOMENTS
"Landlords are not going to get their money back if they've done costly eco-upgrades."
"There is no hard data to suggest that a higher EPC rating leads to a higher value of the property."
"Turning down the thermostat isn't going to increase your EPC rating."
"If you have a chimney that's open and you don't have a working fire, then draft proofing the chimney... will actually improve the EPC rating."
"Landlords are between a rock and a hard place at the moment."
VALUABLE RESOURCES
https://www.msn.com/en-gb/money/homeandproperty/landlords-won-t-get-money-back-after-costly-eco-upgrades/ar-AA1pKQpQ?ocid=winp2fptaskbar&cvid=aa2983d6b21f47b1d45fdfa886d10ec5&ei=4
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Property FAQs = https://amzn.to/3MWfcL4
Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast
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Rob talks about the alarming trend of landlords in London selling their properties, which has reached a 10-year high. This surge is largely attributed to the anticipated changes in capital gains tax, expected to be announced in the upcoming autumn budget. Rob delves into the broader implications of these potential tax hikes, including the impact on housing supply and rental prices, as well as the challenges posed by rising mortgage rates and energy efficiency regulations.
KEY TAKEAWAYS
Landlords in London are selling properties at a 10-year high, largely due to anticipated changes in capital gains tax rates, which may increase significantly. The potential influx of properties for sale could flood the market, potentially suppressing property prices in the short term. However, this could lead to a decrease in rental property supply, driving rental prices higher. Despite claims of decreasing inflation, the reality is that many costs, such as fuel and food, have risen significantly, indicating that the economy is not as healthy as portrayed. The proposed tax changes and increased regulations, such as energy performance certificate requirements, could lead to higher rental prices, further trapping tenants in a difficult housing market. There is a need for government action to increase the supply of rental properties rather than imposing tax increases and regulations that could harm both landlords and tenants.BEST MOMENTS
"London landlords selling up has hit a 10-year high... it seems highly likely that there are going to be changes to capital gains and the way that it is taxed."
"If demand remains the same... then your price will go higher. Then people that are renting are going to be even more trapped than they might already feel."
"The same government will then argue that they're trying to protect the renters... when really they're just lying out their ass."
"What we're hearing... the higher tax rate is going to increase from 20% to 45%. That's not good at all."
"We're basically in a scenario where it's no bueno. It's no good, as we say. And it's only going to get worse."
VALUABLE RESOURCES
https://www.msn.com/en-gb/money/other/london-landlords-selling-up-hits-10-year-high-as-capital-gains-raid-looms/ar-AA1pUcOt?ocid=winp2fptaskbar&cvid=0cd5d7b0e5e9448b9304ed95d42f796d&ei=15
GET YOUR PROPERTY DEVELOPMENT FINANCE HERE:
https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration
SOCIAL MEDIA/CONTACT US
https://linktr.ee/thepropertynomadspodcast
BOOKS
Property FAQs = https://amzn.to/3MWfcL4
Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast
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Episodi mancanti?
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Rob delves into the planning challenges faced by Jeremy Clarkson at his Diddly Squat Farm in West Oxfordshire, as showcased in the popular series "Clarkson's Farm." The discussion highlights Clarkson's attempts to build a restaurant and farm shop, which have been met with repeated rejections from the local council due to concerns over parking and local transport. Rob explores the broader implications of planning issues in the UK, particularly the impact of NIMBYism (Not In My Backyard) and the slow bureaucratic processes that hinder development.
KEY TAKEAWAYS
There are significant planning issues faced by Jeremy Clarkson in his efforts to develop Diddly Squat Farm, particularly in relation to building a restaurant and farm shop. A positive outcome from Clarkson's experiences is the introduction of "Clarkson's Clause," which allows farmers to convert unused buildings into homes or shops without needing planning permission. The slow and bureaucratic nature of local councils can hinder development projects despite offers of solutions from entrepreneurs and builders. To meet housing targets, such as the proposed 1.5 million new homes by 2029, there is a call for reforming the planning process to facilitate quicker and more efficient development.BEST MOMENTS
"Planning can be an absolute pain in the backside."
"Clarkson went back and said, well, that's not a problem. What we can do is we can build this car park here."
"It always feels that either the council don't like it or there is someone within that constituency that will kick up a fuss."
"This program will probably make your blood boil a little bit."
"If Jeremy Clarkson has listened to this, thank you very much because what you've done for your Clarkson's Farm is provide a lot of very useful information."
VALUABLE RESOURCES
https://metro.co.uk/2024/05/21/clarksons-farm-just-changed-law-20882369/
https://www.express.co.uk/showbiz/tv-radio/1940651/jeremy-clarkson-issues-clarksons-farm-axe
https://uk.news.yahoo.com/jeremy-clarkson-councillors-threats-144729472.html
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https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration
SOCIAL MEDIA/CONTACT US
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BOOKS
Property FAQs = https://amzn.to/3MWfcL4
Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast
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Rob discusses the ongoing issues surrounding cladding in UK housing, particularly in light of a recent fire in a tower block in Dagenham. Drawing parallels to the tragic Grenfell Tower fire in 2017, he highlights the alarming safety concerns related to building materials and the potential negligence in planning approvals.
KEY TAKEAWAYS
The recent fire in a Dagenham tower block has reignited discussions about cladding safety, highlighting ongoing issues since the Grenfell Tower fire in 2017, which resulted in significant loss of life and raised questions about building regulations. Eyewitness accounts from the Dagenham fire indicate that fire alarms and sprinkler systems may not have functioned properly, raising serious concerns about the safety measures in place within high-rise buildings. There is a growing demand for accountability in the housing market, particularly regarding how buildings with potentially unsafe cladding have been approved. Trust in builders and the housing market is crucial for future developments. Residents of buildings with cladding issues may face increased insurance costs, difficulties in selling their properties, and rising service charges, which can lead to financial strain and decreased property values.BEST MOMENTS
"What's alarming is that people... were trying to set off the fire alarms... that either the fire alarm sprinkler system wasn't working or the alarms weren't working."
"If cladding has been faulty or incongruent with the building itself or building rules and regulations, then there has to be some accountability there."
"This is one of those expenses that is... necessary, because you're dealing with people's livelihoods here."
"If you're going to do something, do it properly, and ideally do it right first time."
VALUABLE RESOURCES
https://www.bbc.co.uk/news/articles/c8er93k051xo
https://www.bbc.co.uk/news/articles/c07e5ke71kmo
GET YOUR PROPERTY DEVELOPMENT FINANCE HERE:
https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration
SOCIAL MEDIA/CONTACT US
https://linktr.ee/thepropertynomadspodcast
BOOKS
Property FAQs = https://amzn.to/3MWfcL4
Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast
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Rob discusses the impending tax increases that are likely to affect the property market in the UK. The Chancellor's sudden realisation of a £22 million black hole in public finances has prompted the government to consider raising taxes rather than cutting down on spending. Rob stresses the importance of having a strong power team, including a good accountant and tax advisor, to navigate these potential tax changes and remain tax-efficient.
KEY TAKEAWAYS
Tax increases are likely coming for property owners due to a £22 million black hole in public finances. Having a strong power team, including a good accountant and tax accountant, can help mitigate the impact of tax increases on property businesses. Potential tax increases could include changes to capital gains tax, income tax rates, corporation tax, VAT, national insurance, and inheritance tax. The government may target smaller landlords with tax increases, potentially impacting how property businesses are operated. Despite the looming tax increases, having a good power team can help navigate and minimize the impact of these changes on property investments.BEST MOMENTS
"Tax increases are coming your way. Property is likely to be included."
"Argentina, with Javier Melo, who has gone in, attacked the Argentinian economy with a chainsaw, as he said he would, and has turned Argentina's budget deficit into a budget surplus."
"We were once a shining light on the world. You know, we're not really anymore, but we like to poke our noses in every now and then."
"Always have a good power team. Always have a very good team around you. They will help you."
VALUABLE RESOURCES
GET YOUR PROPERTY DEVELOPMENT FINANCE HERE:
https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration
SOCIAL MEDIA/CONTACT US
https://linktr.ee/thepropertynomadspodcast
BOOKS
Property FAQs = https://amzn.to/3MWfcL4
Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast
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Rob delves into the Labour Party's plans for the rental market, discussing 12 key policies that could potentially impact landlords and tenants. He covers a range of topics, including the abolition of Section 21 evictions, increasing tenant protections, introducing rent caps, implementing AWAB's law for hazard fixes, and setting new energy efficiency standards.
KEY TAKEAWAYS
Abolishing Section 21 evictions could have pros and cons, affecting landlords and tenants. Implementing rent caps and banning rental bidding wars may suppress the free market. Strengthening energy efficiency standards and removing the mandate to replace gas boilers by 2030 are part of Labour's plans. Building 1.5 million new homes and introducing stable tax rates are also on the agenda. Strengthening local councils' enforcement powers could impact both private and social housing landlords.BEST MOMENTS
"Getting rid of section 21, we're against it, we don't think it's a good idea because the court system, the court process at the moment is very very slow."
"Banning rental bidding, again, doesn't make sense. It's shooting people in the foot, because again, you're suppressing the free market."
"The fact that gas boilers will still be around and about is a very good thing because we're already seeing a lot of people with fuel poverty."
"I do think the idea is good, but you need to have accountability across the board. Because what I'm seeing is it seems to be one rule for private landlords, yet it's a different rule for social housing landlords."
VALUABLE RESOURCES
GET YOUR PROPERTY DEVELOPMENT FINANCE HERE:
https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration
SOCIAL MEDIA/CONTACT US
https://linktr.ee/thepropertynomadspodcast
BOOKS
Property FAQs = https://amzn.to/3MWfcL4
Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast
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Rob presents examples of social housing mismanagement, highlighting the disparities in accountability between private landlords and social housing landlords. The episode delves into cases where social housing landlords have failed to meet basic safety standards, such as providing electrical safety certificates or carrying out necessary repairs.
KEY TAKEAWAYS
Social housing landlords seem to be held to a different standard compared to private landlords when it comes to meeting property maintenance criteria. There is a perceived lack of urgency and accountability for social housing landlords in addressing tenant complaints and property issues. Clarion, the largest housing association in the UK, was fined for failing to repair a child's bedroom window for four years, leading to health issues for the family. The discrepancy in consequences between private and social landlords for similar property maintenance failures is concerning and unjust. It is crucial for all landlords, regardless of ownership type, to prioritize property maintenance and timely resolution of tenant complaints to ensure tenant safety and well-being.BEST MOMENTS
"The private landlord hasn't met a criteria and has been given a fine, and quite rightly so. Social housing landlord, hasn't met a criteria, no accountability, doesn't matter by the sounds of it."
"I think if you're going to have these rules for not meeting EPC standards or not having your gas safety certificate or electrical safety certificate in place, then we should all be hit with the same brush."
"According to Clarion, they said, and I quote, 'we apologise sincerely to the resident and their family. In this case, the issue took too long to resolve and our communication was not good enough.'"
"If it took you four years to fix a window, you can guarantee your arse health and safety, environmental health, are right on you. They're going to be on you like a dog on heat."
"If you're gonna throw the book at people, throw the book at everyone, no matter how many properties you've got, you must get back and do your repairs. You've got to have good maintenance throughout your portfolio."
VALUABLE RESOURCES
https://www.msn.com/en-gb/news/uknews/uk-s-biggest-housing-association-fined-over-four-year-failure-to-fix-window/ar-AA1oGgYp?ocid=winp2fptaskbar&cvid=381c6dbe5be548fbd3f5f64f882b5413&ei=10
GET YOUR PROPERTY DEVELOPMENT FINANCE HERE:
https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration
SOCIAL MEDIA/CONTACT US
https://linktr.ee/thepropertynomadspodcast
BOOKS
Property FAQs = https://amzn.to/3MWfcL4
Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast
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Rob discusses the ineffectiveness of rent controls in the property market. Drawing on examples from history and recent studies, he highlights how rent controls can actually push up prices, reduce the number of available properties, and lower the quality of housing.
KEY TAKEAWAYS
Rent controls have been shown to push up prices, reduce the number of properties available, and lower the quality of housing according to 200 studies. Implementing rent controls can lead to a decrease in supply, an increase in demand, and ultimately result in higher rents. History has repeatedly shown that price controls, including rent controls, do not work effectively. Scotland's introduction of rent controls led to a depressed property market, less house building, and financial challenges for social housing providers.BEST MOMENTS
"Rent controls do not work. History has shown that that's the case, yet people, politicians, seem to not want to learn this."
"If they were to go down the rent control route, it will be under the assumption of protecting renters, but it will have the opposite effect."
"Tenants are complaining about the price of how much their rent costs up and down the country."
"Labour government are potentially looking to introduce measures to curb soaring rent, but rent controls do not solve the issue."
VALUABLE RESOURCES
https://www.msn.com/en-gb/money/homeandproperty/rent-controls-drive-up-prices-for-tenants-as-khan-pushes-for-new-powers/ar-AA1oTxxk?ocid=winp2fptaskbar&cvid=5e89594eb4394cf6f3a0be203435ae2c&ei=10
https://www.bbc.co.uk/news/articles/cj627rr3wk9o
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https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration
SOCIAL MEDIA/CONTACT US
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BOOKS
Property FAQs = https://amzn.to/3MWfcL4
Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast
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Rob discusses what he considers to be one of the worst property deals in history involving Birmingham City Council. The council is facing a loss of 300 million pounds after selling off 755 properties from the athletes' village built for the 2022 Commonwealth Games. Rob examines the lack of foresight and planning by the council, highlighting the high loan-to-value ratio and the failure to consider alternative strategies.
KEY TAKEAWAYS
Birmingham City Council is facing a significant loss of 300 million pounds by selling off 755 properties from the athletes' village homes built for the 2022 Commonwealth Games. The council's lack of foresight and failure to have a backup plan has led to this disastrous property deal, resulting in a burden on taxpayers. The council borrowed a significant amount, with a loan-to-value ratio of about 85-90%, which is uncommon in private property investment. Despite retaining 213 newly built homes, the decision to sell off 755 properties seems illogical and detrimental to the community. The council's reasoning of a lack of market appetite in the area where the properties are located raises questions about their decision-making process.BEST MOMENTS
"Birmingham hosted the 2022 Commonwealth Games and as with most sporting events they're very prestigious but they don't actually necessarily do the economy in the grand scheme of things."
"Local MPs have come out and said that it's, and I quote, an absolute scandal, end quote, and that the Labour-led authority had agreed last week, or a little while ago, to sell more than 700 homes to a private company, and that's resulted in a £300 million loss."
"Taxpayer funds have been used to build some infrastructure in order to host the Commonwealth Games. They have now been hosted. And as a result of that, people of Birmingham are left with this white elephant of a project."
"So they're selling off 755 properties to a private bidder, bidder's yet to be named, that's going to result in significant loss to the public purse."
VALUABLE RESOURCES
https://www.msn.com/en-gb/news/uknews/birmingham-council-to-sell-off-athletes-village-homes-at-more-than-300m-loss/ar-AA1oJkqN?ocid=winp2fptaskbar&cvid=7757e87e44f941b2e6790a54417f7887&ei=10
GET YOUR PROPERTY DEVELOPMENT FINANCE HERE:
https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration
SOCIAL MEDIA/CONTACT US
https://linktr.ee/thepropertynomadspodcast
BOOKS
Property FAQs = https://amzn.to/3MWfcL4
Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast
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Rob discusses the reintroduction of EPC targets by the Labour government, aiming for a minimum EPC rating of C by 2030 for property investors. He questions the feasibility of this target, highlighting the disparity between the government's goals and the current rate of upgrades in homes, and expresses concerns about the financial implications for landlords and the challenges of upgrading older properties to meet the required standards.
KEY TAKEAWAYS
EPC targets are back due to the Labour government reintroducing green targets for property investors. The government aims for all homes to have a minimum EPC rating of C by 2030, but the current rate of upgrades suggests it may take until 2042 to achieve this target. The disparity lies in the number of homes being upgraded annually (115,000) compared to the required rate (340,000-350,000) to meet the 2030 target. Challenges in achieving a C rating include high renovation costs, conservation area restrictions, and the nature of older housing stock. Energy shocks highlight the need for energy independence, but the focus on upgrading homes may not directly address the root causes of energy issues.BEST MOMENTS
"Labour have reintroduced plans to reintroduce green targets for property investors, i.e. with your energy performance certificate rating."
"Yet the Labour government want to introduce or reintroduce EPC C rating by 2030."
"Energy shocks in recent years have shown the urgent need to upgrade British homes."
"To me, nuclear is the answer. You need to be building as many nuclear plants as you can and upgrading the infrastructure of the grid."
"So yes, energy shocks in recent years have been brought on by government. So that's a government issue, not this current government."
VALUABLE RESOURCES
https://www.msn.com/en-gb/money/other/landlords-would-take-18-years-to-meet-epc-targets/ar-AA1oDlAe?ocid=winp2fptaskbar&cvid=b12630545a6c4623947868777f0ea779&ei=14
GET YOUR PROPERTY DEVELOPMENT FINANCE HERE:
https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration
SOCIAL MEDIA/CONTACT US
https://linktr.ee/thepropertynomadspodcast
BOOKS
Property FAQs = https://amzn.to/3MWfcL4
Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast
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Rob looks at the disparity in treatment between private landlords and social housing landlords when it comes to electrical safety certificates. He highlights a case where a private landlord in Hastings was fined £10,000 for failing to provide an electrical safety certificate, while Brighton and Hove City Council, owning over 25% of social housing homes without the necessary certificates, faced no consequences.
KEY TAKEAWAYS
Landlords, both private and social housing, have a duty to provide safe and secure housing for tenants. Private landlords can face fines for not providing necessary certificates, such as electrical safety certificates. There is a disparity in how private landlords and social housing landlords are treated when it comes to compliance with regulations. Accountability is lacking for social housing landlords who fail to meet legal requirements, putting tenants at risk. It is important to raise awareness about the issue and hold councils and social housing landlords accountable for their failings.BEST MOMENTS
"It is criminal that councils can seemingly get away with this, yet landlords cannot."
"You should always have your certificates in place. But then we go to Brighton and Hove Council, and we live in Brighton and Hove, so we can speak with a bit of volition here."
"There is no accountability, by the sounds of it. You're going to have people that, and God forbid, people that could die in social housing homes because electrical safety certificates haven't been put in."
"There needs to be more accountability here. There needs to be a way that people can hold their local council, they can hold their feet to the fire."
VALUABLE RESOURCES
https://www.theargus.co.uk/news/24508660.serious-council-failings-uncovered-brighton-hove-homes/
https://www.theargus.co.uk/news/24509556.landlord-taken-court-hastings-borough-council-fined-10-000/
GET YOUR PROPERTY DEVELOPMENT FINANCE HERE:
https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration
SOCIAL MEDIA/CONTACT US
https://linktr.ee/thepropertynomadspodcast
BOOKS
Property FAQs = https://amzn.to/3MWfcL4
Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast
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Rob discusses the impact of decreasing interest rates on the housing market, highlighting the recent decrease in the Bank of England rate from 5.2% to 5% and speculates on the possibility of further reductions. With the government's pledge to build 1.5 million homes in five years, the episode explores how lower interest rates could make mortgages more attractive, potentially leading to increased demand for housing.
KEY TAKEAWAYS
Interest rates have decreased from 5.2% to 5%, potentially leading to further decreases in the future. The decrease in interest rates can make mortgages more attractive, stimulating the housing market. The government's pledge to build 1.5 million homes in five years may impact the housing market. Increased demand for housing due to lower interest rates could lead to bidding wars and higher prices. While the decrease in interest rates may benefit some in locking in good mortgage deals, the long-term impact on the housing market remains uncertain.BEST MOMENTS
"Chances are house prices are then going to go up as a result because it's going to be a lot of people or more people considering moving."
"But we are pretty much sat on a house of cards."
"If you've got demand or increased demand chasing the same amount of supply or even a slightly diminished supply, then that will lead to higher prices."
"I've got a feeling it's not going to end up very well."
"If you have a chance to lock in a good deal, a good mortgage deal, certainly better than what we've seen in the last couple of years, then I'm not an independent financial advisor."
VALUABLE RESOURCES
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https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration
SOCIAL MEDIA/CONTACT US
https://linktr.ee/thepropertynomadspodcast
BOOKS
Property FAQs = https://amzn.to/3MWfcL4
Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast
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Rob discusses the recent decision by the Bank of England to lower the base rate, creating increased competition in the mortgage market. He explores the potential implications of further rate cuts on property investments, suggesting that locking in long-term deals could be beneficial in the face of potential inflation. From a non-property economic perspective, Rob expresses concerns about the impact of decreasing interest rates on inflation and the overall economy.
KEY TAKEAWAYS
The Bank of England reduced the base rate from 5.25% to 5%, leading to increased competition in the mortgage market. With potential future rate cuts, it may be a good time to consider fixing in a long-term mortgage deal to avoid potential inflation and interest rate increases. Inflation is expected to reignite due to economic factors, potentially leading to a cycle of rate cuts followed by increases. The current economic situation, including social unrest and murmurs of tax increases, may contribute to a challenging environment for the UK economy. While the decrease in the Bank of England rate may have negative implications from a non-property economic perspective, it could present an opportunity for property investors to secure favourable mortgage rates before potential future increases.BEST MOMENTS
"I do like the fact that the headline from the mirror said that it offered a record low rate of three point eight four when you go back to four or five years ago. It's definitely a lot lower than that."
"If rates drop, it might be an idea to then look at locking in long-term deals on your mortgages because the chances are inflation is going to reignite itself and then we're off to the races and then all hell breaks loose."
"Inflation is not going to go away, and with these decisions and with everything else that's going on in the economy at the moment."
"From a non-property economic head, not good news. From a property head point of view, actually, the lowering of interest rates could be a good time, possibly one of the last times where you can lock in an okay rate."
VALUABLE RESOURCES
GET YOUR PROPERTY DEVELOPMENT FINANCE HERE:
https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration
SOCIAL MEDIA/CONTACT US
https://linktr.ee/thepropertynomadspodcast
BOOKS
Property FAQs = https://amzn.to/3MWfcL4
Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast
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Rob looks into the housing challenges faced by Cornwall, a popular holiday destination in the United Kingdom, and the council's proposed solutions to the housing issues include a 300% council tax surcharge on second homes, a £3 tourist tax, closing a business rate relief loophole, and introducing rent caps.
KEY TAKEAWAYS
Cornwall Council is considering implementing a 300% council tax surcharge on second homes, a £3 tourist tax, and closing a business rate relief loophole. Introducing rent caps, whether on regular housing or Airbnb properties, is not a viable solution and may have negative consequences. Cornwall heavily relies on tourism, and any measures that deter tourists could have detrimental effects on the local economy. It is crucial for Cornwall Council to use any additional tax revenue wisely, such as investing in building more homes for residents. Rent caps have been proven ineffective in other regions, and Cornwall should learn from these examples to avoid similar pitfalls.BEST MOMENTS
"Cornwall Council looking to introduce a £3 tourist tax. Probably not a bad idea, as long as those funds are channeled into sensible projects, i.e., build more homes."
"Rent caps do not work. Cornwall Council, rent caps do not work. They will not work. Please do not put your constituents through the mess of rent caps."
"If you're rich and wealthy enough to own a second home in Cornwall, then I would imagine increasing the council tax bill by 300% is probably not going to have a detrimental effect on whether you want to sell your home."
"They want a bit more, a fairer share of tax streams. And again, it's okay to ask that from the government, that's fine. If you then are granted that, great, well done, then use it to go and build houses."
"Tourism is one of the most, if not the most important cog in the Cornwall wheel. There we are. Let's see what happens. That's all we can say to that. Just please don't put a rent cap in. It's not going to work."
VALUABLE RESOURCES
https://www.msn.com/en-gb/money/other/cornwall-plots-second-home-crackdown-and-tourist-tax/ar-BB1qH25d?ocid=winp2fptaskbar&cvid=ee677a4891974870eb9a6b46ad657f19&ei=6
GET YOUR PROPERTY DEVELOPMENT FINANCE HERE:
https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration
SOCIAL MEDIA/CONTACT US
https://linktr.ee/thepropertynomadspodcast
BOOKS
Property FAQs = https://amzn.to/3MWfcL4
Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast
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Rob discusses a controversial decision made by Bolton Council to sell off land worth £1.2 million for just £4 to a property developer, Watson Homes. He explores the implications of this deal from both the perspective of the property developer and the council, highlighting the missed opportunity for the council to potentially enter into a joint venture agreement with the developer, which could have been more beneficial for both parties and the community.
KEY TAKEAWAYS
Instead of selling off valuable land for a minimal amount, councils should explore joint venture agreements with developers to maximise the potential benefits for both parties. The example of Bolton Council selling land worth £1.2 million for just £4 highlights the missed opportunities and lack of business acumen by some councils. By creating win-win situations through joint venture agreements, councils can generate revenue, improve the community, and enhance their reputation among constituents. There are developers willing to collaborate with councils, provided that the council can provide the land and approve planning, while developers can bring in the necessary financing and expertise for development projects.BEST MOMENTS
"Bit unlucky if you live in Bolton, purely because your council has decided to sell off land that is reputedly worth £1.2 million for just £4 to a property developer."
"I think you've got a fantastic deal there, getting some land for £4, especially when there looks like there is a lot of potential there for development and for making a lot of cash."
"It's a win-win situation. Superb. Now, it might mean that if it's at 1.2 million pounds, as is the supposed land value, then the council might have to wait three or four years maybe to get that 1.2 million pounds."
"The solution is to all councils listening to everyone out there, There's a lot of developers out there that are willing to work with the council. All it takes is creating a win-win situation."
VALUABLE RESOURCES
https://www.msn.com/en-gb/money/other/furious-residents-slam-council-for-selling-land-worth-1-2m-for-4/ar-BB1qJcme?ocid=winp2fptaskbar&cvid=adeabdb2ae6545408e47c8bb18679245&ei=19
GET YOUR PROPERTY DEVELOPMENT FINANCE HERE:
https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration
SOCIAL MEDIA/CONTACT US
https://linktr.ee/thepropertynomadspodcast
BOOKS
Property FAQs = https://amzn.to/3MWfcL4
Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast
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In this milestone 500th episode of the Property Nomads podcast, Rob expresses gratitude to all past and present contributors, including guests, co-hosts, and the behind-the-scenes team, and then delves into the implications of Labour's vow to end no-fault evictions through the Renters' Right Bill, specifically focusing on the potential imbalance it may create between landlords and tenants.
KEY TAKEAWAYS
The proposed Renters' Right Bill by Labour aims to end no-fault evictions, which may benefit tenants but pose challenges for landlords without court reforms. Ending Section 21 could lead to imbalances favoring tenants, potentially resulting in higher rents and landlord sell-offs. The need for court system reform is crucial to efficiently handle situations where good landlords face issues with bad tenants. Labour's plan to end no-fault evictions for renters may have unintended consequences, such as higher rents, without addressing court system reforms.BEST MOMENTS
"To get to episode 500 is a fantastic achievement. It's been really good fun to do that."
"The challenge that you've got with ending Section 21 is that you might be in a scenario where you are a good landlord but you've got a bad tenant."
"At the moment, getting rid of Section 21, that's very good for tenants, not so good for landlords."
"If landlords sell up, and they then sell up to people that are buying that are not landlords, you're then creating a demand."
"If Labour are going to end no fault evictions for renters, that is going to lead to higher rents. So hallow higher rents."
VALUABLE RESOURCES
https://www.msn.com/en-gb/money/homeandproperty/labour-to-end-no-fault-evictions-for-renters-but-estate-agents-warn-of-landlord-exodus-without-court-reform/ar-BB1qjivJ?ocid=winp2fptaskbar&cvid=0513837ac0214345ba088ebdbc7065df&ei=6&sc=shoreline
GET YOUR PROPERTY DEVELOPMENT FINANCE HERE:
https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration
SOCIAL MEDIA/CONTACT US
https://linktr.ee/thepropertynomadspodcast
BOOKS
Property FAQs = https://amzn.to/3MWfcL4
Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast
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Rob discusses the issue of high rents and the proposed solution of implementing rent controls. He argues that rent controls do not work and uses examples from the USA and Scotland to support this claim, emphasising the importance of addressing the supply side of the housing market rather than implementing price controls.
KEY TAKEAWAYS
Rent controls do not work and have never worked in the past. Implementing price controls or rent controls can lead to a temporary suppression of issues, but they resurface when the controls are removed. Scotland's experience with rent controls for social housing and private landlords showed that rents skyrocketed once the controls were lifted. Governments should focus on addressing the supply side of housing economics rather than implementing rent controls. Letting the free market operate without controls is essential to effectively address high rents.BEST MOMENTS
"Price controls, rent controls do not work. They never have worked. They never will work."
"The ironic thing about that and the sad thing about that as well is that when you bring in these sorts of controls and then you bring them in for social housing landlords as well, again like what happened in Scotland."
"We've touched upon this before in Scotland, that rental controls do not work."
"Let the free market deal with it. What you need to do is deal with the supply side of the economics."
VALUABLE RESOURCES
https://www.crisisinvesting.com/p/rents-too-high-here-comes-biden-with
GET YOUR PROPERTY DEVELOPMENT FINANCE HERE:
https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration
SOCIAL MEDIA/CONTACT US
https://linktr.ee/thepropertynomadspodcast
BOOKS
Property FAQs = https://amzn.to/3MWfcL4
Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast
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Rob discusses the challenges of housing supply in the UK, focusing on the reluctance to build new homes due to concerns about heritage and local impact. He highlights a specific case where a Labour MP objected to a 1,500 home project in his constituency, citing concerns about the impact on local heritage. Rob looks at the need to prioritise the supply side of housing economics, pointing out the various obstacles developers face, such as red tape, regulations, and public objections.
KEY TAKEAWAYS
Housing shortage in the UK is viewed as a supply side issue, focusing on building more homes by opening up land, simplifying planning rules, and reducing friction in housing plans. Nimby attitude (Not In My Backyard) poses a challenge to building new homes, with concerns about economic impact and heritage preservation hindering development. Private developers face challenges such as high costs, red tape, ventilation regulations, and planning laws, which can lead to projects being rejected despite meeting requirements. The need for government intervention to streamline approval processes and prioritize housing development to address the housing crisis effectively. Collaboration between government, local councils, and developers is essential to overcome obstacles and ensure the successful approval and construction of new homes.BEST MOMENTS
"We try not to look too much into the migration numbers, emigration numbers, immigration numbers, those sorts of numbers."
"New homes need to be built. If we're going to attack the housing shortage that we have, and we're going to focus on the supply side economics of it, we need to build more homes."
"You've got to make sure that that development makes cash end of."
"You shouldn't then be allowing all these plans to be sat in the hands of councillors who then go, oh, yes, but it's going to impact the heritage."
"I am interested to see what the Labour government does from a bringing everyone together point of view."
VALUABLE RESOURCES
https://www.msn.com/en-gb/news/uknews/housing-minister-tried-blocking-1-500-home-project-in-constituency/ar-BB1pHwRR?ocid=winp2fptaskbar&cvid=07f913c5f1df425f8f572881d5fd3676&ei=10&sc=shoreline
GET YOUR PROPERTY DEVELOPMENT FINANCE HERE:
https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration
SOCIAL MEDIA/CONTACT US
https://linktr.ee/thepropertynomadspodcast
BOOKS
Property FAQs = https://amzn.to/3MWfcL4
Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast
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Rob discusses a surprising trend where tenants are requesting to be served with Section 21 notices by their landlords in order to access council housing. The episode highlights the reasons behind this trend, such as the rising rents in the private rental sector compared to council housing.
Rob also delves into the implications of this trend on both tenants and landlords, emphasising the financial benefits for tenants seeking more affordable housing options.
KEY TAKEAWAYS
There is a surge in tenants asking to be made homeless in order to access council housing. More tenants are requesting landlords to serve them with Section 21 notices to increase their chances of getting council housing. Rents in council housing are typically lower than in the private rental sector, making it a more affordable option for struggling tenants. Some tenants may be voluntarily asking for eviction to create a win-win situation for themselves and their landlords. The housing sector in the UK is facing a shortage, leading to councils placing tenants in temporary or emergency housing before finding more permanent solutions.BEST MOMENTS
"More and more tenants are asking their landlords to serve them with Section 21 notices... so that they can access council housing."
"Rents increased year on year 11.4% in 2022, and then 8.2% in 2023."
"We're seeing more and more tenants requesting landlords to serve as Section 21 because they've had advice from their council on the process to get council housing."
"Councils are also desperate... there needs to be big reform... in order to increase the supply of housing."
VALUABLE RESOURCES
https://www.msn.com/en-gb/money/homeandproperty/surge-in-tenants-asking-to-be-made-homeless/ar-BB1phU2q?ocid=winp2fptaskbar&cvid=0cfe4c417c0442d8ac3dd157e734a155&ei=8
GET YOUR PROPERTY DEVELOPMENT FINANCE HERE:
https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration
SOCIAL MEDIA/CONTACT US
https://linktr.ee/thepropertynomadspodcast
BOOKS
Property FAQs = https://amzn.to/3MWfcL4
Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast
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Rob discusses a concerning situation in Edinburgh, Scotland, where residents in affordable homes have experienced a staggering 450% increase in their gas prices. The properties are part of the Harvester's Way Development, managed by Places for People Scotland, and are connected to a district heating system. This lack of control over gas prices has left residents feeling helpless and frustrated, especially as the properties were marketed as greener and more efficient. The episode highlights the importance of researching heating systems when buying or renting property to avoid being caught off guard by unexpected price hikes.
KEY TAKEAWAYS
Residents in a development in Edinburgh experienced a 450% increase in gas prices, highlighting the issue of lack of control in district heating systems. The development was marketed as greener and more efficient, but residents are now facing unaffordable gas bills, contradicting the initial promises. The situation emphasises the importance of researching heating systems before buying, renting, or investing in properties to avoid unexpected cost increases. The residents' lack of control over their heating costs due to the district heating system showcases the potential pitfalls of modern build housing and future home standards. It is crucial for homeowners, renters, and investors to be cautious about green investments and thoroughly examine the implications of such developments to avoid financial surprises.BEST MOMENTS
"Prices are on the increase overall, but when that increase is 450%, that's correct, 450, Then we have a bit of an issue."
"Control in the world is important, too much so in terms of World Economic Forum and Club of Rome and that stuff, but this isn't the episode for that."
"This situation just doesn't look good on anyone. It doesn't reflect well on anyone at all, especially as, again, part of that drive to induce people or seduce people into potentially buying and renting these homes."
"You don't want district heating. You don't need community heating because you need to be able to have control over those elements so that you can monitor things properly."
"As long as it's sold as a green investment, and it's good for the environment, and it's good for the economy, then you know, people are going to lap it up."
VALUABLE RESOURCES
https://www.bbc.co.uk/news/articles/cmm2n3527m4o
GET YOUR PROPERTY DEVELOPMENT FINANCE HERE:
https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration
SOCIAL MEDIA/CONTACT US
https://linktr.ee/thepropertynomadspodcast
BOOKS
Property FAQs = https://amzn.to/3MWfcL4
Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast
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