UK is getting a harder place to be as landlord with the constant change in regulation, from deductions you can make to stamp duty, electrical inspection requirements, PET tests, deposit scheme, and overseas landlord registration to name a few things.
Don’t get a house, that just brings extra issues like the garden and fixing the fence etc. Flats are the best, buy a three bedroom and rent out the rooms to different young professionals. You can even rent out the lounge as a bedroom. This way you can get four tenants in and charge them more. My friend does this in London and makes a lot more than me.
Being a Landlord in Taiwan is easier as you don’t have as many regulations, but then the yield is lower and you don’t have products like legal expense or income protection insurance if your tenant doesn’t pay.
Yeah. Now you can’t deduct mortgage payments off your taxes. I feel like landlords in London are either going to jack up rent or not rent it out because they’ll lose money off taxes if they’re over a certain income bracket. They can count on the houses gaining in price so no need to even rent if the taxes are unfavorable of rental income.
I think some people are also switching to AirBnB because it’s more favorable this way. Which will also drive rent up with less places available.
Rent will go up or they will be forced to sell, the margins are too thin and it’s too expensive for many landlords to leave places empty. I’m many cases you still have to pay full council tax on an empty property. Our council will increase your council tax to 150% if the property is left unoccupied for over two years.
Add to that if you own flats you will have ground rent and service charges which can amount to several £k per year. Also there are now major problems with external cladding on some types of flats all across the uk, in some cases leaseholders are being hit with huge bills, and properties are unsalable. Freehold properties have to be maintained, bringing their own costs.
As for the long term depreciation in the pound, I don’t see any reason why that would change. We have an incompetent government in place at the moment, their failure and the fallout from covid, and the upcoming brexit mess is not looking good. Most reports I have read seem to the think the UK economy is going to continue to weaken and put pressure on the pound.
Don’t need to cite numbeo. Just look at London house prices on Rightmove.co.uk then look at similar priced houses on 591 in Taipei. You get so much more for your money in London. It’s laughable how crap and small the apartments are in Taipei compared to the beautiful houses you can get in London for the same price.
But the ping includes common areas and parking which you many not have access to since the building manager can’t be bothered to open the gym or maintain the pool, gardens ect.
My flat is ex-council (but nice ex-council) and far away from any stations in an “undesirable” part of London, but the area will be going through regeneration soon. If you want to be near a station, so that living in Zone 3 actually has the benefit of an easy commute, then you won’t get a flat for that price.
When I was looking to buy a flat, I actually considered Taipei because I know I want to live there long-term in the future, but it made no sense whatsoever. If I rent out my London flat, after paying my mortgage repayments, agency fees, etc., I still get a little bit of money at the end of the month. In this particular part of London, going through regeneration as it is, the idea that I’ll lose money on my investment is extremely unlikely. In Taipei, not only would I be out-of-pocket if I rented the property out, but there’s also a good chance that the bubble will burst and the value when I sell will be less than what I paid.
Furthermore, I was able to save up enough for a deposit on salaries ranging from below-average to slightly-above-average in a couple of years while renting a room, which is what any sensible person who isn’t able to live with their parents would do.
I don’t care what you say - in Taipei a single person on an average salary can’t get on the housing ladder if they don’t have help from their parents. More to the point, it isn’t even necessarily worth them trying, because property prices in Taipei are inflated beyond any sense of proportion.
I wonder why sometimes landlords will try to inflate prices of utilities. If they aren’t getting much renting then they’ll have to find some way of getting additional money through utilities, or just not rent at all.
By the way regarding salary in Taiwan, and some of you said TSMC. If you are everyone else (meaning not someone with specialized knowledge that is being actively headhunted), you do not get into TSMC unless you take a hard exam, similar to those civil service exams. That means I can’t get into TSMC unless I can pass those exams.
A lot of UK landlords got/getting burnt by the coronavirus act 2020, where you can’t evict tenants for non payment.
And with the furlough scheme coming to an end soon it’s going to be tough for landlords to raise rents when tenants suddenly have no income.
Unemployment in Great Britain will hit between 7.5-10% this year, maybe higher if a hard Brexit is on the cards. How many people do you see on you LinkedIn open to work these days, or have suddenly become consultants.
If the deposit in Taiwan were only 15% or even 10%, I would easily be able to put down a deposit for a one bedroom in New Taipei City within like 1 or 2 years too, but it’s 30%, so it’d take a bit longer.
Except you should really check your thighs in the mirror. Yes, Taipei’s property prices are highly inflated, but London’s is just as inflated, if not more.
Mate, I really don’t understand why you’re pushing against what I’m saying so much. The point I’m making is you get more out of properties in London than you do in Taipei. It’s easier, it’s more affordable, it’s better value, and a better investment. These statements are objective truths.
Except that you actually get your money’s worth in London, but you don’t in Taipei! If London’s property prices were more inflated than Taipei’s, then mortgage repayments wouldn’t be cheaper than paying rent on the same property. In Taipei, it’s the opposite.
