It’s defo not just landlords cashing out while prices are stupid high. Can’t be that.
I wasn’t aware that landlords were being held to Sinn Féin’s housing policy. Last I checked policies were set by the government, which is the FFGG coalition.
SF already have eyes on government and trying to get ahead of idea that landlords are leaving the market because of SF. SF have spent the last four years blaming FFG for the housing crisis and it could be argued that the upcoming rental crisis could be placed at the feet of SF.
The PWC namechecked SF in suggesting its clients sell assets. I’m assuming they’re saying that if SF got into power, they would reimplement the ban of evictions. And I think this is a fair assumption. Any landlord that still had a property at that point could be stuck with a tenant indefinitely and have no access to their asset. It’d like being responsible for a child you didn’t ask for. You’d have to sell with the tenant in-situ, which means nobody would buy. I’m not even sure you can evict if they don’t pay their rent.
I can see why Mary-Lou is trying to suggest that landlords are happy with SF’s housing policy but I think you’d need a hole in the head to believe her. If their policy is causing lots of landlords to sell, then they have to accept a role in any potential future rental crisis. Just like FFG have to accept their role in the housing crisis.
Roll up, roll up folks and welcome to the amazing, fantastic SF supporters acrobatics show!
Queue the 100 comments denying this, while even the most die hard SF supporter knows its true. SF are effectively saying they will put huge long term restrictions on your investment. You would be mad to hold onto it (while its at its peak) unless you are a big institutional investor.
Buy low sell high.
I know personally of a small housing development company that has retained between 50 and 100 houses through its career that is selling up specifically because of the discourse surrounding the eviction ban. With parties like SF calling for it to be extended so flagrantly, it’s simply not worth the risk to keep rentals anymore
Landlords are selling up at a peak price, those who bought their houses 20-30 years ago are selling up now when they’re aware that interest rates are going up and their equity might drop from its peak as a result. This narrative of landlords selling because of Sinn Fein, tax rates or because tenants are too hard to evict is total nonsense. It’s not rocket science, they bought low and they’re selling high.
Worth noting that the big boys pay 13% tax on profits while your average village landlord with 2 houses pays close to 50%, this does not make sense. In a housing emergency there should be a separate tax rate of 20-30% for all landlords
So even if the reason landlords are exiting the market are 100% because of SF the discussion should still be how has housing been considered such a lucrative investment. It’s one thing to buy a property, rent it, then years later sell and make a profit. As long as the rent is paying for all expenses on the property and perhaps a small profit. Issue is many landlords want instant return on investment, being able to charge way above market for rent essentially. Property investment is like any other investment, it’s about the long term return, slow and steady. If you are looking for a quick return then you are playing in the high risk market and when things don’t go as planned you cut your losses and move on like any other investment vehicle.
Cue the clueless defending landlords.
She thinks squinting makes her look like she knows what she’s talking about.
Polithicks
It is a bit rich to blame Sinn Fein when they have never been in government. Nope FF and FG have implemented all the policies that have resulted in an exodus of private landlords and a lack of rental accommodation. Why? Because they were advised to do it by their banker friends so that the banks and investment funds could corner the market and drive up rents and profits. And just look at the low, discriminatory tax rate they get as the cherry on top.
Many of the landlords selling are not accidental landlords. They ate selling for several reasons.
High property prices aren’t the main driver.
There have been 40 plus amendments to the 2004 residential tenancies act in the last few years. It’s become toxic to be a landlord. If you get a bad tenant it’s impossible to deal with then quickly. The RTB are to slow to soft on tenants while coming down hard on landlords and given all the legal charges it’s easy to make a mistake.
Sinn Féins rhetoric is very anti landlords pro tenant which is very off putting. And is a big factor in pushing many to sell.
There is little hope of fixing this quickly. SF seem to be very populist and will do whatever it take to get votes. Given the sentiment against landlords its easy to see that there is more to come. If they introduce indefinite tenancies it will destroy the value of rental properties. That is why many are selling. These are people who’s pensions are invested in property so they are safeguarding them.
I also believe that FF/FG are happy for LLs to take the heat because it takes it away from them. This mess was caused by them and only them.
SF policies and rhetoric are certainly not an incentive to become a landlord. If it’s not an incentive then what is it?
I’m not sure if Mary Lou is being coy here or just naive. A shift on the political landscape may well suit some people here but it won’t suit everyone and fucking off to foreign shores might be just the ticket.
Pity
I’m selling up ahead of Sinn Fein tbh
[deleted]
This whole post here on the sub seems incredibly pre-planned, brigaded and almost bot like by ffg voting landlords.
21 comments
It’s defo not just landlords cashing out while prices are stupid high. Can’t be that.
I wasn’t aware that landlords were being held to Sinn Féin’s housing policy. Last I checked policies were set by the government, which is the FFGG coalition.
SF already have eyes on government and trying to get ahead of idea that landlords are leaving the market because of SF. SF have spent the last four years blaming FFG for the housing crisis and it could be argued that the upcoming rental crisis could be placed at the feet of SF.
The PWC namechecked SF in suggesting its clients sell assets. I’m assuming they’re saying that if SF got into power, they would reimplement the ban of evictions. And I think this is a fair assumption. Any landlord that still had a property at that point could be stuck with a tenant indefinitely and have no access to their asset. It’d like being responsible for a child you didn’t ask for. You’d have to sell with the tenant in-situ, which means nobody would buy. I’m not even sure you can evict if they don’t pay their rent.
I can see why Mary-Lou is trying to suggest that landlords are happy with SF’s housing policy but I think you’d need a hole in the head to believe her. If their policy is causing lots of landlords to sell, then they have to accept a role in any potential future rental crisis. Just like FFG have to accept their role in the housing crisis.
Roll up, roll up folks and welcome to the amazing, fantastic SF supporters acrobatics show!
Queue the 100 comments denying this, while even the most die hard SF supporter knows its true. SF are effectively saying they will put huge long term restrictions on your investment. You would be mad to hold onto it (while its at its peak) unless you are a big institutional investor.
Buy low sell high.
I know personally of a small housing development company that has retained between 50 and 100 houses through its career that is selling up specifically because of the discourse surrounding the eviction ban. With parties like SF calling for it to be extended so flagrantly, it’s simply not worth the risk to keep rentals anymore
Landlords are selling up at a peak price, those who bought their houses 20-30 years ago are selling up now when they’re aware that interest rates are going up and their equity might drop from its peak as a result. This narrative of landlords selling because of Sinn Fein, tax rates or because tenants are too hard to evict is total nonsense. It’s not rocket science, they bought low and they’re selling high.
Worth noting that the big boys pay 13% tax on profits while your average village landlord with 2 houses pays close to 50%, this does not make sense. In a housing emergency there should be a separate tax rate of 20-30% for all landlords
So even if the reason landlords are exiting the market are 100% because of SF the discussion should still be how has housing been considered such a lucrative investment. It’s one thing to buy a property, rent it, then years later sell and make a profit. As long as the rent is paying for all expenses on the property and perhaps a small profit. Issue is many landlords want instant return on investment, being able to charge way above market for rent essentially. Property investment is like any other investment, it’s about the long term return, slow and steady. If you are looking for a quick return then you are playing in the high risk market and when things don’t go as planned you cut your losses and move on like any other investment vehicle.
Cue the clueless defending landlords.
She thinks squinting makes her look like she knows what she’s talking about.
Polithicks
It is a bit rich to blame Sinn Fein when they have never been in government. Nope FF and FG have implemented all the policies that have resulted in an exodus of private landlords and a lack of rental accommodation. Why? Because they were advised to do it by their banker friends so that the banks and investment funds could corner the market and drive up rents and profits. And just look at the low, discriminatory tax rate they get as the cherry on top.
Many of the landlords selling are not accidental landlords. They ate selling for several reasons.
High property prices aren’t the main driver.
There have been 40 plus amendments to the 2004 residential tenancies act in the last few years. It’s become toxic to be a landlord. If you get a bad tenant it’s impossible to deal with then quickly. The RTB are to slow to soft on tenants while coming down hard on landlords and given all the legal charges it’s easy to make a mistake.
Sinn Féins rhetoric is very anti landlords pro tenant which is very off putting. And is a big factor in pushing many to sell.
There is little hope of fixing this quickly. SF seem to be very populist and will do whatever it take to get votes. Given the sentiment against landlords its easy to see that there is more to come. If they introduce indefinite tenancies it will destroy the value of rental properties. That is why many are selling. These are people who’s pensions are invested in property so they are safeguarding them.
I also believe that FF/FG are happy for LLs to take the heat because it takes it away from them. This mess was caused by them and only them.
SF policies and rhetoric are certainly not an incentive to become a landlord. If it’s not an incentive then what is it?
I’m not sure if Mary Lou is being coy here or just naive. A shift on the political landscape may well suit some people here but it won’t suit everyone and fucking off to foreign shores might be just the ticket.
Pity
I’m selling up ahead of Sinn Fein tbh
[deleted]
This whole post here on the sub seems incredibly pre-planned, brigaded and almost bot like by ffg voting landlords.