goldrush over?

Goldrush Over?

Once upon a time, in the not too distant past, a money making machine launched onto the UK property scene and fortune seekers far and wide sat rubbing their hands with glee. Overnight, the kind of wealth that dreams are made of became a reality for the common man, and suddenly striking it rich was within arm 's reach. A fever began...

Over many a dinner table and many a water cooler, conversations reached fever pitch, as, reverberations of the Californian Gold Rush took a new form. The prospect of easy capital was beyond temptation, as man, as we know, is inclined to blinkered vision when it comes to pound notes, and this moment in our history was no different.

Even the unlikeliest of people became landlords; it was so simple and a pathway that appeared more inclusive than usual. An opportunity for ordinary folk to be brave and secure a prospect for their evermore. The launch of the 1996 Buy to Let mortgage set clear goal posts and was seemingly there for the taking and before you knew it you were the proud owner of a second home. Some, a third, a fourth or even a fifth. In fact, portfolios became an accessory for the new landlord. There, you had the perfect pension pot in bricks and mortar, forever more. A second income and a pot of gold at the end, what joy this brought across the land, as many could sleep easy knowing their future was wrapped up.

But alas dear folks, like any good fortunes, there is an end. As tax benefits and breaks have strangled and sucked the buy to let yield and as the hunger of the countries ' landlords consumed all the bricks in sight, those poor old first time buyers were kicked out of sight.

On and on the buy to let market grew, a market made up of both good and bad, but nonetheless, collectively their ambition grew and first time buyers were just a few. A few that had the fortunes of mum and dad, but like all nations, this is a select minority, and the rest were left to save and save, an amount of money, that is out of reach for many.

With rising costs on daily living, what 22 year old can save, and make a living? And now the average age has risen. But change is again on the horizon, and one does wonder if the buy to let mortgage gold rush will be buried.

The powers that be have brought in new laws, making it harder for most to make a living, as profits fall, are buy to let mortgages soon to be designated to our past?

But what we need is the market to welcome back into the fold our young and aspirational next generation of homeowners. For they are the ones that bring stability and hope and are and always will be the oxygen of this market.

‘The powers that be need ' to give them an olive branch and get creative, for without them, the market, will continue to ebb more than flow, and this is not good for anyone! We should know!

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