On a scale of 1 to 10, we're Fcked!

[vetran]

should have stayed in Southall then eh??

You seem obsessed with Southall do you really aspire to live in that Trumphole then? I suppose anything is better for you than Broadmoor.

I live somewhere in the Slough postcode as does the King.

[willendure]

Can't be doing with any of this pension nonsense, doubt there will be anything left. It just goes into property which will be my retirement fund and hopefully a stream of income so I can retire early.

Had my property let out as AirBnb but in Scotland they introduced a licensing scheme. Since then, the number of AirBnbs has gone way down - good for those that got licenses though! We were still in it as most AirBnb landlords were giving up and our last year saw a 10+% yield overall on the property, up from 6% normally. However, I think these kind of AirBnb tax/licence schemes will be coming to rest of the UK soon?

I decided that over the 8 years of being a landlord that I would actually have made a better return on a good portfolio of bonds+stocks+precious metals. Since this can be done relatively tax-free (touch wood!!) through a pension, and residential investment cannot, I have sold up. Not actually put any of the property money into a pension yet, I am waiting to listen to the buget first and consider the risks of the opm addicts stealing our private pensions too. Pensions do carry a risk, since there are rules about how you can get the money back out again, and over the long term, those rules will change! Tax rates, age limits, etc.

I didn't like the idea of switching from AirBnb to normal letting landlord. Again, in Scotland tennants rules were introduced that greatly favour the tenants and make them much harder to evict and so on. Overall, I think its a positive thing, just feels risky as if you get bad tenants you can get shafted by the system being on their side. Again, these are basically the rules Labour will be bringing in to the rest of the UK.

Thing is, as landlords sell up, private equity is buying, and that is not a good thing.

[FIERCE TANK BATTLE]

AirBNB

Yeah interesting one. I have a house that I hope is going to increase in value a fair bit. I agree with the point on tenant rules, so I have lodgers. I bought another house, which is where I spend most of my time these days, as I'm prepping it to be AirBNB ready (and also enjoy living here more, it's quieter and nicer).

If I wasn't banking on my main residence increasing in value then probably savings is the way to go. I'm no financial expert though and to be honest a lot of it is way above my head. I want the money now though, not when I retire.

My plan is to turn both properties into rental (one regular, one airbnb) and then bugger off to Europe. I read that you keep your tax allowance if you become a citizen of another country, so I might even leave the UK completely and work abroad (permie), if I can enjoy tax free rental income in addition to whatever allowance I get abroad. Don't really know how it works, very hard to find out.

No license required on my Airbnb it's not in a place that is particularly oversaturated. However Bristol where my house is, more and more draconian measures are coming in that make renting there a nightmare.

The house I have there is built as a HMO, but to turn it into one I have to apply for a license and planning permission for change of use. That requires updating it to meet modern regulations, which will probably cost a bit, you can't have regular fire alarms that serve the country fine, you can't even just get a bog standard set of scottish compliant interlinked, no, they have to be some specific model with a tamperproof battery costing £120/each. Then it needs emergency lighting too, because it's a townhouse and thus 3 narrow floors meaning all kinds of extra regs. It has fire doors but now they have to be CE marked, which mine are not, so they'd probably need replacing at £100+ each. Add the planning permission request, and the HMO license fee, and it's not worth the bother.

Although parts of Bristol now require all of that HMO stuff even for renting to 2+ people. I expect that will spread and my house will be included eventually also. Considering it's one of the worst hit places in the country for housing, you'd think they'd want to encourage HMOs.

Anyway, rant over :-) I have a friend who just put all his money into a generic savings account and sleeps like a baby every day not worrying about any of this crap. There is a strong temptation to do the same, but I don't want to be destitute when I retire.

[vetran]

Anyway, rant over :-) I have a friend who just put all his money into a generic savings account and sleeps like a baby every day not worrying about any of this crap. There is a strong temptation to do the same, but I don't want to be destitute when I retire.

vote Labour!

[milanbenes]

To those who might leave the UK, I say bon voyage! We need people like you to help balance the net migration figures. Go for it.

good luck with that rotflmfao

Milan.

[milanbenes]

the only solution is to raise taxes and interest rates

Milan.

[xoggoth]

Stock market has already fallen according to the DT. I ain't no expert on economy but doubt things will get better.

The Budget 2024 live: FTSE slumps ahead of Rachel Reeves’s speech

PS Photo on that page looks like a fake. Or maybe Reeves has a fake face.

[milanbenes]

the answer is progressive taxation


Milan.

[vetran]

PS Photo on that page looks like a fake. Or maybe Reeves has a fake face.

Looks like a "readers wives" photo from a 70 - 80s porno mag not sure that was what she was looking for.

[vetran]

Well £10B of the "tories" blackhole seems to be the pay rises Labour awarded to the strikers. Maybe the other £10B will turn out to be Kier's wardrobe costs?