James in Norwich, what's your story
here? James, you're on the radio. Good
morning.
>> Hi, Nick. Good morning. I agree
everything those previous two texts said
obviously about the offsetting of the
costs, but also we're going to end up
passing the cost on to the tenants
ultimately. Why we're going to pass that
cost on those people rent the two people
in my properties are one of them is a
really good friend and the other tenants
have become friends. you know, I keep
the rent reasonable. So, they they're
saving the nest egg to try and buy their
own property, get on the ladder by this,
all they're going to do is stump they're
going to stump that ability for them to
buy their own property eventually.
>> So, I'm not a landlord, but I have
family members or family members. It it
seems to me to get tougher and tougher
by the year.
>> The EPC thing is going to be mental is
going to be
>> just explain what this is the
certificate, the environmental
certificate you have to get. Is that
right?
>> That's correct. So the government, but
that's easy to obtain obviously, but the
in 2030 every property is going to have
to be a C-rated energy efficiency. So
I've got one of my properties is like
both of them are fairly new build built
within the last 10 years. Double
glazing, loads of loft insulation.
They're 10 years old, Nick. They're
fabulous properties.
>> And um yeah, they only they only best
they'd only ever achieve a C. They have
to have solar panels to beat to beat C.
You have to have solar panels. So,
anyone who sort of buys an older
property like a Victorian townhouse,
flips it to become a house, it's going
to be an absolute nightmare for them to
make that into a C-rated property.
>> You're going to go down some lovely
streets in London, some glorious streets
in London, and like where where you're
going to see an old rental property
where someone's had to put double
glazing in to try and meet the energy
efficiency.
>> So, it's really tough. Why do you keep
doing it lastly, James?
>> Because at the moment, there is
financial there is a financial gain to
it. There is. There is but that's but
that's sponsorreneurship is that's what
that's what be being that's what trying
to be a business owner is it's not legal
to make money out of a property
as I as I always say I'm not for the
rackman style but I am on the side of
landlords of course I am it's it's
worked really hard to buy those
properties it's not like I've not I've
not inherited them or anything I've
worked really hard to buy them and it
seems really unfair that it's everyone
looks at people landlords as these
people who got these houses as a way of
income from not hard work. You know,
we're taking this the risk of owning
them as well. You know,
>> James, don't go. Don't go. Steven
Sutton. Steve, you've not much sympathy
for landlords. Is that right?
>> Morning, Nick. I think it's basic
economics. I think if the landlords that
owned more than one property were taxed
heavily and were then were forced to
sell, you'd have an influx of properties
onto the housing market. House prices
would drop. The tenants now that are
forced to rent would then be able to
buy. Well, they're assuming they could
save £50,000, Steve. That's
>> Well, they don't need to save £50,000,
Nick. If you can buy a basic one-bedroom
flat,
>> right? Okay. Okay. Let's move out of
London. Let's say you've got I mean,
suddenly putting your hands on 15 grand
is not easy. Steve,
>> well, no, but 15 grand is a lot easier
than 50, Nick. And they could spend more
than 15 grand in rental in a year.
>> Well, let's put that to a landlord. You
should be taxed even more. James, what
would you say to Steve? Steve, so what
happens when like your property falls
when the property needs a new roof and
stuff and the we've been taxed to a
point where we've got no income this the
profit's so minimal do it take 10 years
to get even enough profit to replace the
roof in 10 years time 10 years worth of
rent might been paid to increase how
much do we take away
>> the running cost Steve how what would
you say to James
>> or the running cost for who the landlord
or the
>> no the so if god forbid if the boiler
goes in one of James' I think he's got
two properties or the roof needs
repairing he has to meet that out of his
expenditure Obviously.
>> Sure. So, what how's that relevant to
what I just said,
>> James?
>> See, what you're saying is we should be
taxed really heavily. So, what So, so
let's say if you're decreasing the
profit we're going to be earning off
each property, so the profit we're going
to have to set aside for future repairs
is going to be even less. So, like you
say, the boiler breaks, the boiler
breaks down, the boiler breaks down. I'm
really sorry. I'm we haven't got the
money in the kitty to pay for a new
boiler at the moment. So, you're going
to have no boiler. the rental rights.
You'd be straight on the phone saying
the right but we've got no boiler, no
running hot water. This isn't correct.
This isn't wrong. Okay. It's not fair.
>> It would it would it would force you to
sell
>> and then when you sell the the house
goes on the market, more properties come
on the market from landlords and house
prices decrease.
>> Why should he be forced to sell? I
thought we lived in the United Kingdom,
not North Korea.
>> Well, we do, Nick, but at the end of the
day, our kids can't afford to buy
anywhere anymore. But you seem to think
that these all these properties do do
you not realize that the ones who can't
afford to buy will the the rents will
simply go up because the stock will be
so fewer. They'll be so few market
forces Nick they they won't go up.
>> No they right if market forces mean if a
lot of landlords like James sell okay
that means that those who can't afford
and you must acknowledge not everyone
will be able to put the cash together
for a deposit. If there are fewer
properties that are available on the
rental market the landlords who stay in
the game will charge more.
>> Yes. But there'll be more properties on
the market for sale and the house prices
will come down.
>> All right. Do you see it that playing
out that way, James?
>> I don't see I don't see what he what he
wants me to do. So basically, Nick, I I
work really hard to buy more things to
make more money. So that's the culture
we live in. So what Nick So what this
guy's saying is basically not work as
hard. There's no point. I've got one
house. I don't need to I might as well
stop working really hard. Just do a
three day week ear enough to put fridge
food and beer in the fridge and stop
working. And then that way I can just I
can live in my one house and make sure
everyone else is okay.
>> Most of your tenants are paying rents
where they can't afford to put beer and
food in the fridge. At the end of the
day,
>> the landlords the landlords the
landlords that own between two and four
properties. They account for 38% of all
landlords.
>> Right?
>> Those owning five or more properties
make up 17% of all landlords.
>> Well, hang on. I Where have I put my
figures? Individuals make up 94. I mean,
we could blitz everyone with figures
here, but let's maybe move on.