I was shocked recently to read in the papers about a lady who decided to leave the buy-to-let market for a variety of reasons, including the new tax increases. What was upsetting was the abuse she subsequently received online, including her Facebook page, primarily for her simply being a landlord.
Of course all landlords are not perfect and there are a fair number of rogues out there. There are plenty of rogue tenants about too, of course.
Newham council in East London has introduced an innovative licensing scheme for landlords throughout the borough. It has found some awful cases of inhuman and unsafe housing conditions and brought over a thousand prosecutions resulting in the banning of the worst 28 landlords from operating in the borough.
Interestingly they received massive support not only from tenants but also from landlords who don’t want to have their name associated with the rogues and their poor practices.
Clearly the buy-to-let market has generally proved to have been an excellent investment for landlords, especially with interest rates being held so low. It also provides a vital service for tenants who do not wish to purchase property or are unable to do so.
My point is that the vast majority of landlords are honest people trying to provide a valuable service for a reasonable return. Don’t blame them all for the faults of the odd one or two rogues.