Tory Watch

[Max Fowler]

Imagine being upset that Osborne was getting married to someone.

[CEB]

There are people on this site who would start a new thread for a photo of Liz Truss out shopping, so I admire your restraint in posting it context free here.

Ooooofff. Happy wedding day George

In fact, from looking into it a bit, it’s entirely possible for once that even this place might get a cease & desist for posting it, so I’m deffo not repeating anything from it

[Max B Gold]

Am I wrong or is the Tory Party just a swingers club with an organised crime and corruption branch?

[The Mindsweep]

Am I wrong or is the Tory Party just a swingers club with an organised crime and corruption branch?

That's the headline, but wait till you see what they are up to in the main piece.

[StillSpike]

Surely this cannot be true?

https://www.thepoke.co.uk/2023/07/11/bo ... -deadline/

[Dunners]

....
There were 24.9 million dwellings across England in 2021:

• 32.6% of these were owned outright

• 28% were owned with a mortgage or loan

• 20% were privately rented

• 17% were classed as social housing

• 2.4% included unoccupied dwellings

....

....
Of the 20% of dwellings that are Privately Rented - that's about 5m homes - I wonder what % of those are also mortgaged.
....

....
That's a whole other sh*tshow and, short to medium term, the pain being felt by the BTL crowd could be devastating for private renters....

The Bank of England's financial stability report has provided an answer. Of those 5m rented homes, 2.1m are subject to a BTL mortgage.

The average monthly repayments on BTL mortgages by the end of 2025 is projected to increase by £275.

This will impact on the interest coverage ration (ICR) for each BTL investment. The rule of thumb for BTL landlords is for the ICR to be at 125% or higher to cover all of their costs and generate a worthwhile return. Below 125% and you could be in trouble.

4% of BTL homes had an ICR below 125% at the end of 2022. By 2025 that is going to leap up to 40%.

Those landlords will either try and force the pain onto their tenants by increasing the rents or, if that's not possible, they will try and sell. The latter, while in the medium to longer term could see property values pushed down (a good thing), will make the current shortage of available homes to rent much, much worse.

[Max B Gold]

....
Of the 20% of dwellings that are Privately Rented - that's about 5m homes - I wonder what % of those are also mortgaged.
....

....
That's a whole other sh*tshow and, short to medium term, the pain being felt by the BTL crowd could be devastating for private renters....

The Bank of England's financial stability report has provided an answer. Of those 5m rented homes, 2.1m are subject to a BTL mortgage.

The average monthly repayments on BTL mortgages by the end of 2025 is projected to increase by £275.

This will impact on the interest coverage ration (ICR) for each BTL investment. The rule of thumb for BTL landlords is for the ICR to be at 125% or higher to cover all of their costs and generate a worthwhile return. Below 125% and you could be in trouble.

4% of BTL homes had an ICR below 125% at the end of 2022. By 2025 that is going to leap up to 40%.

Those landlords will either try and force the pain onto their tenants by increasing the rents or, if that's not possible, they will try and sell. The latter, while in the medium to longer term could see property values pushed down (a good thing), will make the current shortage of available homes to rent much, much worse.

This may sound harsh but can I just say the BTL Brigade are amongst the most vile, sh*tty people on the planet.

The concept of someone paying them rent to enrich them sickens me to the core of my soul.

[Dunners]

This may sound harsh but can I just say the BTL Brigade are amongst the most vile, sh*tty people on the planet.

The concept of someone paying them rent to enrich them sickens me to the core of my soul.

It's hard to mount any defence for the BTL crowd. At a push I would say that many of them have never thought through the ethics of what they do, but are just doing something that has been normalised and encouraged by successive governments.

Privately, Gove would be quite happy to see a reduction in the BTL provision within the UK housing supply. However, while he knows amateur BTL is not sound housing policy, he's mainly looking at US investment firms to step in an as the mainstream private rental provider solution for the UK.

The typical small-time BTL investor has had his day, and the real players now want in.

[StillSpike]

Those landlords will either try and force the pain onto their tenants by increasing the rents or, if that's not possible, they will try and sell. The latter, while in the medium to longer term could see property values pushed down (a good thing), will make the current shortage of available homes to rent much, much worse.

Not sure why it'll increase the shortage of available homes to let? Surely the number of homes will remain as it is, regardless of who owns them. If prices are supressed to a level that people currently renting can afford to buy, then they will - vacating rented stock.

Is it because it'll reduce the demand for property and see building slow down?

[Max B Gold]

This may sound harsh but can I just say the BTL Brigade are amongst the most vile, sh*tty people on the planet.

The concept of someone paying them rent to enrich them sickens me to the core of my soul.

It's hard to mount any defence for the BTL crowd. At a push I would say that many of them have never thought through the ethics of what they do, but are just doing something that has been normalised and encouraged by successive governments.

Privately, Gove would be quite happy to see a reduction in the BTL provision within the UK housing supply. However, while he knows amateur BTL is not sound housing policy, he's mainly looking at US investment firms to step in an as the mainstream private rental provider solution for the UK.

The typical small-time BTL investor has had his day, and the real players now want in.

There is no defence in saying they live their lives in an ethics free environment. They don't.

They are vultures. The big ones that circle around the vulnerable looking for carcasses to feast on. I don't include the performing one at the Lakes Wildlife Park in this. He seemed different and mildly entertaining.

Jeremy would have built more social housing and solved the problem. What state are the Housing Associations in? When I worked with them they were heavily leveraged so may have exposure to rocketing interest rates.

[Max B Gold]

Those landlords will either try and force the pain onto their tenants by increasing the rents or, if that's not possible, they will try and sell. The latter, while in the medium to longer term could see property values pushed down (a good thing), will make the current shortage of available homes to rent much, much worse.

Not sure why it'll increase the shortage of available homes to let? Surely the number of homes will remain as it is, regardless of who owns them. If prices are supressed to a level that people currently renting can afford to buy, then they will - vacating rented stock.

Is it because it'll reduce the demand for property and see building slow down?

Why you askin' him? He never wrote it.

But I also had the same thought. I suppose some of the stock could become AirBnB and be removed from the reaches of some poor souls who just want somewhere they can call home.

[Dunners]

Those landlords will either try and force the pain onto their tenants by increasing the rents or, if that's not possible, they will try and sell. The latter, while in the medium to longer term could see property values pushed down (a good thing), will make the current shortage of available homes to rent much, much worse.

Not sure why it'll increase the shortage of available homes to let? Surely the number of homes will remain as it is, regardless of who owns them. If prices are supressed to a level that people currently renting can afford to buy, then they will - vacating rented stock.

Is it because it'll reduce the demand for property and see building slow down?

Over time it may self correct to some extent. But in the short term, it's unlikely that a BTL home being sold due to low ICR will be bought by another prospective BTL investor.

Also, many people currently renting will not necessarily find that they are in a position to buy just because open market values decline. They are more likely to be squeezed by inflation, and less likely to have secure jobs with decent wages.

As I said, over a longer time period it could* result in a more stable housing supply. But there will still be a very painful period of adjustment with renters getting the brunt of the pain.

*Obviously, subject to competent and ethical governance and housing policy.

[Max Fowler]

The latter, while in the medium to longer term could see property values pushed down (a good thing), will make the current shortage of available homes to rent much, much worse.

The properties are still there.

There are lots of people with lots of money knocking about who will hoover these up.

[Dunners]

This may sound harsh but can I just say the BTL Brigade are amongst the most vile, sh*tty people on the planet.

The concept of someone paying them rent to enrich them sickens me to the core of my soul.

It's hard to mount any defence for the BTL crowd. At a push I would say that many of them have never thought through the ethics of what they do, but are just doing something that has been normalised and encouraged by successive governments.

Privately, Gove would be quite happy to see a reduction in the BTL provision within the UK housing supply. However, while he knows amateur BTL is not sound housing policy, he's mainly looking at US investment firms to step in an as the mainstream private rental provider solution for the UK.

The typical small-time BTL investor has had his day, and the real players now want in.

There is no defence in saying they live their lives in an ethics free environment. They don't.

They are vultures. The big ones that circle around the vulnerable looking for carcasses to feast on. I don't include the performing one at the Lakes Wildlife Park in this. He seemed different and mildly entertaining.

Jeremy would have built more social housing and solved the problem. What state are the Housing Associations in? When I worked with them they were heavily leveraged so may have exposure to rocketing interest rates.

Yeah, I agree.

Housing Associations - Since 2010 government policy, through the Housing regulator, has been to encourage them to merge into mega-corps and to utilise their pooled assets to access private finance so to be less reliant on grant. Many of them are up to their eyeballs in debt and in the last few years many of the smaller ones that were too exposed have been forced into acquisitions with the larger ones.

They've also been hammered by the building safety/cladding crisis, and are having to reforecast their 5-year financial plans to reduce investment into new and existing homes. Plus, the trend for developing big multi-phased new developments is backfiring, as many are sitting on sites with hundreds of unsold homes. And the US firms are the vultures circling to acquire the unsold stock for their Build to rent portfolios.

[Dunners]

The latter, while in the medium to longer term could see property values pushed down (a good thing), will make the current shortage of available homes to rent much, much worse.

The properties are still there.

There are lots of people with lots of money knocking about who will hoover these up.

Maybe. But the word on the street for those with the cash and inclination is to not acquire the individual property yourself (that can come with a lot of hassle and liabilities), but instead to invest in a fund that targets the UK rental market. It provides investors with a degree of separation from those troublesome tenants. And those funds prefer to focus on Build to Rent developments instead of individual properties scattered across the country.

[Friend or fart]

Today's Sunday Times has named Andrew Rosindell as the MP who has been arrested and under investigation for rape among other things. It says that he has nor been to Parliament for over a year. I couldn't find a reason why, they have now decided to name the Romford MP. Could it be a charge is imminent?

[ComeOnYouOs]

Today's Sunday Times has named Andrew Rosindell as the MP who has been arrested and under investigation for rape among other things. It says that he has nor been to Parliament for over a year. I couldn't find a reason why, they have now decided to name the Romford MP. Could it be a charge is imminent?

I've known it was Rosindell for ages, he's been bailed 4 or 5 times, without being charged. The most astounding thing is, he's been given the green flag to stand as the Tory candidate in next years General Election.

[Friend or fart]

Yeah it has been possible to ascertain that the ( possible ) offending MP was Rosindell. What surprised me is that he has been named now & by a Tory organ.

[Rich Tea Wellin]

Dunno why but this has proper depressed me. Rishi is obsessed with traditional education and subjects, a really bizarre thing to focus on. It's not like the government are paying the fee's so have any right to a say. Students are paying thousands in fees, getting into debt and not can't even study what they want.

https://www.theguardian.com/education/2 ... ue-degrees

Don't know anything about university's but aren't they private entities? How can the government decide what they offer or dont offer?

[Dunners]

Heh.

[Dunners]

[Long slender neck]

30yo Blonde gets life peerage https://www.bbc.co.uk/news/uk-politics-66292492

[Max Fowler]

30yo Blonde gets life peerage https://www.bbc.co.uk/news/uk-politics-66292492

There doesn't seem to be a lot of coverage of this in the media, which is really baffling.

[Friend or fart]

They seem to be in the process of abandoning their green policies. A few weeks of rain and one election success and they totally give up any principles they might possibly have had!

[Dunners]

30yo Blonde gets life peerage https://www.bbc.co.uk/news/uk-politics-66292492

Good to see the Tories have something to offer us Millennials.