As far as I’m aware the skitz is in Eire not UK, however for the UK some of the below applies from my experience. When Gordon Brown changed the tax rules on Private pensions a lot of self employed started investing in property at least a lot of SE I’ve rubbed past as a way to finance their pension. Be it larger properties to dwell in then downsize on retirement, some invested in rental properties and some more heavily than others. The other benefit of investing in property is you can usually liquidate it fairly quickly either by selling or re-mortgaging something you can’t do or couldn’t back then with a pension pot. I have a rental property mine is my pension fund or my children’s deposit of their houses when that time comes. Mine is through accident not design, I’d bought mine before meeting my partner but kept it in case things didn’t pan out. Later it was decided to keep it for the reasons stated above, those that have multiple rental properties will be paying a hefty tax on them once they liquidate them unless they work around that. Not everyone who buys property does so with ill intent, a lot of landlords get stung by non paying renters it’s not all easy money all the way through.
I got into property about 5 years ago when it was the thing to do. I was an IT Contractor earning good money and it was seen as simply part of the pension options. I also paid a good wack into a stocks and shares pension that has recently been decimated. But the house is still standing! I have a great pair of young lads in there now and I took a chance with them and as they were two young lads they were struggling for any private landlords to let them take somewhere. they've been great tenants and have been there for a few years, I don't harass them and always try to go above and beyond for them, including reassuring them that with the pandemic if they struggle with rent we can work something out. I don't see what his wrong with that but I do completely understand the problems with 2nd home ownership.
Stopping the right to buy of council housing stock, will continue to provide affordable homes, for those that need them. Thses are often bought with another party involved who has their own property. The ex council stock can then be sold for profit, or rented out on the private market, at inflated prices on what the council would've charged. Many who are on waiting lists for council properties, often turn down housing association properties, as they do not have a right to buy those houses. Councils are now buying stock on the private market, in order to bring their own stock levels up to meet the demand for homeless applications.
I was always set on buying a couple of rental properties for some additional income, but quite rightly the government made it slightly less appealing and more difficult, So I've been paying off more of my current house and more in my pension. I'd still like to but the margins aren't great, much better off buying a bigger house and renting a room out tax free to be honest! My Dad invested in property for his and my mum's retirement, he passed but she has a great income from 2 houses and an industrial unit, but it does come with more stress than a simple pension payment every month. I live in a decent area in a nice 3 bed semi, my mortgage is £500 a month with about 20 years to run currently, next door was rented out for £730 a month. Crazy difference.
I have just finished a housing scheme of 40 houses very well finished and nice modern build they were bought lock stock by Kildare council so everyone who had put there name down as an expression of interest is gone !! They now go to people on the housing list for rental peanuts while genuine people move further out of Dublin to face horrible commutes every morning and its all the councils here doing it. It takes any responsibility for housing out of there hands !
A bit idealistic but maybe to act as a stimulus the current incumbents could maybe start to build more social/council houses adding to rental stock and giving those in construction much needed work? Kinda a win win.
The problem we have here is there's nobody in construction anymore all the kids are computer skills trained and its hard to get the capacity up ! Its a great idea though of its targeted right !
There's a guy in our pub from Skye, he has his own house there and has just inherited his late mothers house. He feels guilty about having empty homes for most of the year, finds it hard to spend as much time there as possible, but his kids are in school here, their money is earned here, his home is here. We have chatted at length about the demise of the community, schools etc. Builders and cleaners will always do well from the rental market, it's the communities that will die.
They are given to people who don't work despite our economy being in full employment (before the virus) meanwhile the people who were trying to purchase are pushed further out as thats where the houses are , the rent that is collected is a fraction of the build cost and the going rate !
No Some work the majority don't and won't as getting a job loses them more than they can earn ,I know a good few genuine people like that there caught in limbo !! And before the accusations of my information start I'm born and bred in a council estate a proper shithole and seen first hand multiple generations of the same family's milk the system on a row of 10 houses my dad was one of 3 working
Let's put things into perspective here and remember one thing folks,that the mature citizens in this country were relying upon on interest on their hard earned life savings,fifteen odd years ago and not god.so they've invested wisely with a second home so the government doesn't have to bail them out every week like people on the dole that can work. #Not including the latest covid-19 job loss victims.
In fairness the dole was there for a reason but when able bodied people can spend there life claiming benefits the system is fooked !
Totally agree,i see it everyday with people taking the piss with system,i did report someone a while back and got the impression...so what,why are you phoning us was their attitude.
In England. over four million homes were rented from councils or housing associations in 2017. Of these, 1.6 million were council homes and 2.4 million were from housing associations. In 2017 the entire UK had 1.56 million people classed as unemployed. Some council tenants will be retired. Some council tenants could be unemployed but not claiming any benifits. But there simply is not enough unemployed to make your statement that most council tenant don't work mathematically plausible... Now perhaps you will say its different in Ireland?
