Re: up to a 20 per cent pay cut overnight... For many, the cost of their current mortgage
Also the government for not instituting limits on the amount of residential property that can be purchased by an individual
Its the governments fault people are interested in buy to let. As a Gen Xer, when I started work I could retire on a private pension at 50. Gains and dividends in my pension grew tax free. Labours first act was to tax the arse out of them, thus reducing the gains. Their second act was to delay my retirement by 5 years out of spite, while no such extension to public sector pensions was legislated for.
Fast forward to the current government and they bump the private sector retirement age by a further 3 or 4 years, and bring in caps on the amount that can be contributed each year, making it much harder to bring your retirement income up to a liveable level. Again no such age bump is applied to the public sector.
Is it really any wonder that some people look at property and thought "Hmm, that provides a regular income from rent, sort of like a pension, but I get to control when I retire, not the government".
When I started work I had to work a minimum of 28 years before I could retire. Having worked for 23 years, I still have to work another 14 years before I can take my private pension. Angry doesn't begin to cover it, and while I have not resorted to buying houses to rent, I can well understand why others have.