But landlord has ‘concern’ for low-income Maidstone-born people who are priced out
Fergus Wilson, Britain’s most controversial buy-to-let landlord, is increasing rents across his 900 houses in Kent by up to 33% and filling his properties with eastern European migrants – while at the same time saying that Britain is heading for a “housing disaster”.
Wilson told Guardian Money that when he let a three-bed mid-terrace home in Maidstone, Kent, last weekend, he managed to hike the rent from £900 a month to £1,200. Most of the demand, he says, is from migrants who are willing to pay higher rents than other local residents.
He will now be seeking similar rent increases across his property empire.
“I will not be asking them to leave but will serve them with a Section 13 Notice to increase the rent so that they have the opportunity to move to another landlord should they wish. That is if they can find a house of the same quality and a price they can afford. By the time they have paid out fees etc, some will take the view there is not much in it.”
He said a red-hot lettings market in Kent means he can fill houses within hours. “In Maidstone, houses are let the moment a tenant moves out. New tenants move in the next day! The houses in Maidstone are filled with east European immigrants who are very necessary for the economy. I do have a concern for low-income Maidstone-born people who are being priced out of it. (AtW's comment - if things are that good, then it should be easy to find a buyer for those properties...)
“We have more and more legal immigrants but nowhere to house them. It has passed crisis point in Maidstone. We have a housing disaster on our hands. Gobbling up the countryside is hardly the answer, but where do the people go displaced by east Europeans?”
When asked why he has to increase rents, he says landlords have no choice in response to budget tax changes that will slash the amount of tax that can be offset against mortgage interest paid. “Many landlords are saying they simply will have to charge more rent. It is the distinct shortage of houses that is fuelling the rent increases. If the government wish to control rents, it must supply more houses, and quickly.”
Last year Wilson said he was selling his portfolio to foreign buyers, but the collapse of the Shanghai stock market has put those plans on ice. “Chinese investors are not in the abundance of previous months, for obvious reasons.
Source: As migrants fill his properties, Fergus Wilson puts up rents by 33% | Money | The Guardian
How the feck migrants can afford to pay even £900 per month?
Fergus Wilson, Britain’s most controversial buy-to-let landlord, is increasing rents across his 900 houses in Kent by up to 33% and filling his properties with eastern European migrants – while at the same time saying that Britain is heading for a “housing disaster”.
Wilson told Guardian Money that when he let a three-bed mid-terrace home in Maidstone, Kent, last weekend, he managed to hike the rent from £900 a month to £1,200. Most of the demand, he says, is from migrants who are willing to pay higher rents than other local residents.
He will now be seeking similar rent increases across his property empire.
“I will not be asking them to leave but will serve them with a Section 13 Notice to increase the rent so that they have the opportunity to move to another landlord should they wish. That is if they can find a house of the same quality and a price they can afford. By the time they have paid out fees etc, some will take the view there is not much in it.”
He said a red-hot lettings market in Kent means he can fill houses within hours. “In Maidstone, houses are let the moment a tenant moves out. New tenants move in the next day! The houses in Maidstone are filled with east European immigrants who are very necessary for the economy. I do have a concern for low-income Maidstone-born people who are being priced out of it. (AtW's comment - if things are that good, then it should be easy to find a buyer for those properties...)
“We have more and more legal immigrants but nowhere to house them. It has passed crisis point in Maidstone. We have a housing disaster on our hands. Gobbling up the countryside is hardly the answer, but where do the people go displaced by east Europeans?”
When asked why he has to increase rents, he says landlords have no choice in response to budget tax changes that will slash the amount of tax that can be offset against mortgage interest paid. “Many landlords are saying they simply will have to charge more rent. It is the distinct shortage of houses that is fuelling the rent increases. If the government wish to control rents, it must supply more houses, and quickly.”
Last year Wilson said he was selling his portfolio to foreign buyers, but the collapse of the Shanghai stock market has put those plans on ice. “Chinese investors are not in the abundance of previous months, for obvious reasons.
Source: As migrants fill his properties, Fergus Wilson puts up rents by 33% | Money | The Guardian
How the feck migrants can afford to pay even £900 per month?
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