BTL: it's NOT the Boomers

[expat]

Most BTL wealth is not in the hands of the Boomers, it's owned by Gen X. Next comes the "Late Boomers", born 1959-64. They are not really the Baby Boomer Generation, they got reclassified into it by the statistical fact that the boom in babies continued until 1964. But as a Generation, they are not Boomers.

Just saying: if you lambast "Boomers" for the evils of BTL, you don't know what you're talking about.

[SueEllen]

Social scientists use different years for when different generations started and ended. Some even point out that there are differences between the US and other Western countries whilst others state they are the same.

In general if you were born after 1970 you are poorer than if you were born in 1960. You also have less social mobility e.g. someone who was an apprentice is less likely to become a senior manager.

All this stuff is not hard to find out because every UK university who does economics, politics etc courses posts links to their academic research work online.

[BrilloPad]

https://en.wikipedia.org/wiki/Generation_X_(band)

I preferred Billy Idol after he left.

I don't blame people getting old and owning a house. I am not even sure that an elderly person living in a mansion is a problem.

People buying property they don't liv in with a mortgage is wrong. Removing tax relief on BTL mortgages is a start. A tax on rental income is also needed.

And foreigners owning UK property is wrong. It must be made illegal.

[AtW]

Just saying: if you lambast "Boomers" for the evils of BTL, you don't know what you're talking about.

I think right now the BTL narrative has shifted to Evil Osborne...

[SueEllen]

And foreigners owning UK property is wrong. It must be made illegal.

You cannot make that illegal.

What you can do is demand they have five years UK residence and an NI number, which some other EU countries have managed to do successfully...

[scooterscot]

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And foreigners owning UK property is wrong. It must be made illegal.

Why? Owning property, renting it out to some poor mug, exporting the tax free profits whilst not being resident is so much win.

[AtW]

You cannot make that illegal.What you can do is demand they have five years UK residence and an NI number, which some other EU countries have managed to do successfully...

Good way to collapse London market

And probably UK banking system.

You do realise that foreigners from countries like Russia, Nigeria, China don't just buy £50 mln two bedroom houses in Chelsea and stop at that? They'd bring in at least 10 times more laundered cash into UK banking system, it's all criminal money - stolen/defrauded in their own countries, very well protected in this country, which is why they come over. There are some exceptions, but I'd say the higher the value of house they buy in London the less chance of such exception to happen.

[SueEllen]

Good way to collapse London market

And probably UK banking system.

You do realise that foreigners from countries like Russia, Nigeria, China don't just buy £50 mln two bedroom houses in Chelsea and stop at that? They'd bring in at least 10 times more laundered cash into UK banking system, it's all criminal money - stolen/defrauded in their own countries, very well protected in this country, which is why they come over. There are some exceptions, but I'd say the higher the value of house they buy in London the less chance of such exception to happen.

The Russians, the Arabs and the Nigerians won't have a problem "proving" their 5 years residence but the Chinese may find it a problem unless they "studied" over here.

[AtW]

The Russians, the Arabs and the Nigerians won't have a problem "proving" their 5 years residence but the Chinese may find it a problem unless they "studied" over here.

All of the above are disappearing from the market - higher taxes (they used to buy using offshore firms to hide names of real owners of the property), a lot less new money coming into respective countries to there is less to steal there, and frankly London property specifically is crazy overpriced, how would 5 year requirement even work with companies buying property???

[BrilloPad]

Good way to collapse London market

And probably UK banking system.

You do realise that foreigners from countries like Russia, Nigeria, China don't just buy £50 mln two bedroom houses in Chelsea and stop at that? They'd bring in at least 10 times more laundered cash into UK banking system, it's all criminal money - stolen/defrauded in their own countries, very well protected in this country, which is why they come over. There are some exceptions, but I'd say the higher the value of house they buy in London the less chance of such exception to happen.

So all positive outcome then....