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23 October 2023

James O'Brien Ayatollah of the Airwaves: Buy-to-Let controversy lives on


Some years back, we ventured into the realm of James O'Brien, the outspoken LBC radio presenter known for his fearless approach to contentious issues. At the time, O'Brien was fervently condemning buy-to-let property investors, accusing them of inflating rent prices and obstructing the younger generation's path to homeownership. However, our revelation about O'Brien's involvement in the buy-to-let market left many across the nation shocked and bewildered. The Big Retort

Moses on Mortgages

In 2014, LBC’s James O'Brien engaged in a spirited on-air exchange with the Archbishop of Canterbury, Justin Welby, focusing on the Church's land ownership and its impact on tenants. O'Brien's Moses-like critique implied that God had ventured into the realm of demon buy-to-let landlords.

O'Brien's relentless sermon

O'Brien's relentless sermon on buy-to-let painted landlords as the culprits behind housing unaffordability and skyrocketing rental costs. In his view, there were demons lurking within the whole sordid property system. 

St James passionately singled out pensioner investors. Igniting a heated on-air debate, O'Brien ranted: “If we’d have invented this [buy-to-let] system now and tried to sell it to the British public, they’d have chased us out of the country. Yeah… what we’re gonna do… we’re gonna create a system in which people have already got a lot of money; they will 'sort' of buy a house. But they’ll borrow a bunch of cash to buy it! You who have got less than them, you’re gonna pay their mortgage for them. [Smiling inanely in his Podcast] Okay!"

Significantly he added: " Is everybody cool with that - yeah...? Rich bloke here, already got a house. Got a bit of money in the bank! Uses it… uses it to get a - put a - deposit in a flat. You! You’re earning enough to pay a mortgage, but you haven’t got a lump sum to pay the deposit on-- So you’re gonna buy him another house! Is that okay! You’re just gonna buy him a flat...? By living in it and paying for the privilege. (Smiles) Vote me!”

Vote me indeed. First-time buyers were ‘nowhere near being able to afford’ to purchase O’Brien’s former Queen’s Park home - and even if they could, they couldn't - because James held on to it to rent it out.

Begone, Satan!

Our revelation that O'Brien was both an outspoken critic and also a secret player in the buy-to-let market came as a shock to many. Archbishop Welby though seemed unaware of it when he was pushed by O'Brien into defending God's right to rent for profit. It added an intriguing layer to our story. 

While lambasting others for their involvement in buy-to-let, we revealed that O'Brien had retained his former home in Queen's Park as a buy-to-let. All while moving on to pastures new in buttered-parsnips Chiswick - a move often dubbed 'rent-to-buy' in buy-to-let jargon.

Property Investment Details

O'Brien's former property in Queen's Park was prominently advertised for rent at a substantial monthly price. While he claimed to be living there making much-needed improvements to get planning permission. It was eventually sold in 2013, netting him a considerable profit. This then allowed him one year later to sit in front of God’s property managing agent Archbishop Justin Welby and point the moral finger and condemn the rest of the buy-to-let flock too.

The Rachman of the Airwaves

While it might not be entirely fair to compare O'Brien the Prophet from Ampleforth to notorious landlords like *Rachman, he undoubtedly profited from his retention of his then former home - for five and a half years. Given his past experience as a buy-to-let landlord, which he did not confess to the Archbishop Justin Welby, or his listeners, his vocal criticism of buy-to-let investors seemed somewhat dubious. Our report raised questions about the consistency of his stance and whether his critiques might be perceived as hypocritical, given his substantial financial gains from buy-to-let. Our estimates suggested that he may have earned well over a million pounds from his property investment endeavours. It does seem somewhat ironic, doesn't it?

Buy-to-Let on Damascus Road

In light of James O'Brien's history in the buy-to-let market, this story prompts us to re-evaluate the consistency and integrity of some of his viewpoints, surely. While he once profited from buy-to-let, he now vehemently argues against it. A transformation akin to Paul's conversion on the Road to Damascus. It reminds us that, while he can significantly influence public opinions and positions, O’Brien’s personal involvement in buy-to-let also leads him to conveniently forget his own past as a demon landlord. A past from which he profited, hugely. Is everybody cool with that?

[*Perec "Peter" Rachman (16 August 1919 – 29 November 1962) was a Polish-born landlord He operated in Notting Hill, London, England in the 1950s and early 1960s. He became notorious for his exploitation of his tenants, with the word "Rachmanism" entering the Oxford English Dictionary as a synonym for the exploitation and intimidation of tenants.]

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