Correction Lyrics Kirstie Allsopp’s Reaction to the STRs by Bruno Powroznik

Back

Lyrics

Kirstie Allsopp's reaction to people who sold to rent (the STRs)

Do you think, as a rule of thumb, we should sell up, bank the money and rent?

Oh, [?], it's such a good thing that I'm not in the studio because I'm so angry that- I- that kind of thing is so irresponsible. Everyone has a right to make money in their own way, but to set up a website which is attempting to spread rumors about a market crash, causing misery to millions of people– I mean, it's like... starting a rumor that there's smallpox in the water because you have the patent of a smallpox vacuum- va- vaccinе. Well, yeah, I can hardly speak I'm so cross. Um, I rеally, really think that it's irresponsible. Um, the web has enormous power these days which we all recognize. We are, of course, all constantly concerned and talking about property prices, but the idea that the group of people who fancy taking a year out –which wouldn't we all love to do if we didn't have to pay our mortgages? – think they can take a year out to start a website which causes panic and then come back to find that prices have gone down and they've m- made money just makes me see red.

But apart from them, Kirstie, might there not be some people who are- have every right, perhaps–

I'd be very careful if I were you, just...

No, she's a long way away, it's fine. Um, to maybe decide they want to play the market in this way. I mean, could it work for them, I suppose is what I'm asking.

I- the- insert in the stock market, there's rules against this kind of thing, you know, there are insider trading regulations and that kind of thing and I totally appreciate people playing the property market – I can feel my face going red – and, um, I, I, I understand, as I said, people start to make money but I do think this is the type of website which is trying to start a panic. There isn't going to be a market crash, there may well be a levelling off in the prices which is something we've all been praying for for years, but the couple who sold their house a year ago – I do feel sorry for them because they will have seen that house go up in value over the last year, and with stamp duty and agents fees, you'd have to be looking at a 20% market crash in order simply to break even if you came out of the current market for more than a year. So, you have to be very, very careful because you really could lose money this way.

Quick final thought on that one, um – the whole buy-to-rent business – I read something in one of the Sunday papers that the lenders are now making it slightly easier on the multiples how much you can borrow on the rest of it, because rents are now actually beginning to come down, so it could all unravel anyway.

Of course [?] it could untavel – there's no doubt about that – but it's very unlikely because we have to go back to the two things which ground us. Interest rates are historically low despite the rises we've had recently and employment is very, very high, and as long as we have those two factors, it's incredibly unlikely. The last property market crash was when we had interest rates at 14% to 15% and, and we just haven't got that situation and um, um, uh, are unlikely to have it.

Kirstie, thank you very much indeed. It was nice to talk to you.

Thank you.

music video

Your name will be published. Leave fields blanks to remain anonymous.