| Comment | While more choice for people is a great thing, the financialisation of property has been horrendus for people and this was the key point i was making.
Majority of new buy to let properties aren't purchased by small private landlords, they are bulk bought in cash by already cash rich landlords and fund managers.
A development in Manchester around Pomona Strand (X1 Manchester Waters) would sell individual units to cash buyers at £150-180k a unit, biggers discounts the more you purchased. Meanwhile to buy a similar property as a home owner you would have to pay double that amount (300k).
The property boom in Manchester has done nothing to help renters or buyers. The streets are riddled by homeless, an issue thats gotten worse only in recent times. Many locals have been forced out of areas they called home, and fewer property's suitable for first time buys.
In Glasgow we are seeing development of high end student accommodation and i'm noticing serviced apartments that charge minimum of around £1000/month for one bed. Nothing about the buy to let only properties in the UK is about affordability or choice. |
|---|