No doubt many of you will have seen the reports re rents down 7 to 9% in the press, although some inner London up.
Here's a summary of my fidnings.
St Albans - mostly sticking, some going in a week, prices static to down 8% since March, rumour of much more stock coming on according to one agent (we'll see)
Enfield - prices down 6% since March
Barnet - prices down 5% since March
Potters Bar - prices up 10% since March
NW London - prices static
Overall picture - except Potters Bar, 2-bedders are down compared to a few months ago, many in St A have been void for 3 months+
(BASED ON RIGHTMOVE prices only - some less comprehensive other websites show conflicting info and no falls)
edit- 1 that was empty/void for 3 months I've just discovered went Let Agreed 2 weekends ago, they didn't update RightMove
Full Version: Tlb's Rents & Demand Report (2 Bedders)
Herts/London border - 2 bedder with garage, rent ask at 5% above last year but with the garage of course - let within 7 days.
QUOTE (The Last Bear @ Jun 14 2008, 10:07 AM) 
Herts/London border - 2 bedder with garage, rent ask at 5% above last year but with the garage of course - let within 7 days.
Uh uh - no, the green Let Agreed has vanished and it's back on, I think with a different agent, so the above went under offer by a tenant quickly but something was amiss, it's now back on at the same price. It's the cheapest in that area on RM and a good deal as with a garage and near a golf course.
Further update, now that flat reduced by 7% a month, see also the Harrow down from 850 to 750 thread I posted.
Must stress though: some LLs are hiking and gullible tenants are biting, depends on where it is. There are adjacent areas where like for like is 10 to 15% higher simply because there are a few chancer agents or LLs trying to lift or re-rate.
If renters continue to chasten these rises and new properties continue to come on, these rent rises will not take hold.
On the other hand, if the BTL LLs are near the edge of default, low rents will actually risk a loss of rental stock. Or have I over-simplified it? Put me straight if I have.
I wish I could name names, but I observe agents blatantly extracting the urine - 2 bedders next door each other at 10% difference, the higher one being poorer in quality sometimes, they feign ignorance if you challenge them on why next door is 10% less etc etc.
There's a lot of effort going on right now to get rents up if you ask me - they're failing miserably in most but not all the areas I monitor - none of those areas are anything special, all are outer London and Herts.
The irony is I know of 3 or 4 landlords that turned down my "low" offers and yet have a void. Instead of taking 10% off, they have been empty for 2+ months.
In some areas there's no doubt that rents are static or down, but if you're unlucky enough to have your sights set on one fo the areas where people still flock, you will be annoyed when you read this post and say I'm out of touch. I assure you that on the areas I monitor I'm very much in touch, and I say that most but not all are dropping due to either migrant workers going home and/or more flats coming on.
Must stress though: some LLs are hiking and gullible tenants are biting, depends on where it is. There are adjacent areas where like for like is 10 to 15% higher simply because there are a few chancer agents or LLs trying to lift or re-rate.
If renters continue to chasten these rises and new properties continue to come on, these rent rises will not take hold.
On the other hand, if the BTL LLs are near the edge of default, low rents will actually risk a loss of rental stock. Or have I over-simplified it? Put me straight if I have.
I wish I could name names, but I observe agents blatantly extracting the urine - 2 bedders next door each other at 10% difference, the higher one being poorer in quality sometimes, they feign ignorance if you challenge them on why next door is 10% less etc etc.
There's a lot of effort going on right now to get rents up if you ask me - they're failing miserably in most but not all the areas I monitor - none of those areas are anything special, all are outer London and Herts.
The irony is I know of 3 or 4 landlords that turned down my "low" offers and yet have a void. Instead of taking 10% off, they have been empty for 2+ months.
In some areas there's no doubt that rents are static or down, but if you're unlucky enough to have your sights set on one fo the areas where people still flock, you will be annoyed when you read this post and say I'm out of touch. I assure you that on the areas I monitor I'm very much in touch, and I say that most but not all are dropping due to either migrant workers going home and/or more flats coming on.
Another new 2-bedder come on at £625, represents a 11% drop on typical price a month ago, 16% on probable price in March.
This one's not even available until 21 Aug, so LL is not being desperate, just realistic.
Will this reality take hold or is this downward a blip down, same as the blips up I've seen? Well, seems a slight increase in props coming on and many sticking (or RM not showing them as Let anyway). So, I think we've got static rents at the very least, with some promising signs of a possible long-term downtrend.
If so, then good for tenants provided that LLs don't go into repo if the rent's below their mortgage. Then we'll be back to rising rents due to a shortage.
Bit of a balancing act.
This one's not even available until 21 Aug, so LL is not being desperate, just realistic.
Will this reality take hold or is this downward a blip down, same as the blips up I've seen? Well, seems a slight increase in props coming on and many sticking (or RM not showing them as Let anyway). So, I think we've got static rents at the very least, with some promising signs of a possible long-term downtrend.
If so, then good for tenants provided that LLs don't go into repo if the rent's below their mortgage. Then we'll be back to rising rents due to a shortage.
Bit of a balancing act.
Just to add:
Some areas such as commuter runs to London, eg deep Essex, show rent increases of about 10% on last year. It's my guess these will run out of steam and retract like the other areas I've mentioned.
Might like to think of the rent drops as a ripple effect starting in Cities nearby and moving outwards.
What could halt rent falls? More places being repo'd causing a shortage, economic upturn, significant new economic migration, change of culture to rent rather than buy preference.
As the outlook can never be 100% positive of continued rent falls, my advice is that if you see somewhere you like now, put a <10% offer in and take it if the LL discounts to 10% or thereabouts.
Blips up and down in the rental market this past 10 months means that at some points people have 10 to 12% overpaid at times on similar accom, timing is everything now.
Some areas such as commuter runs to London, eg deep Essex, show rent increases of about 10% on last year. It's my guess these will run out of steam and retract like the other areas I've mentioned.
Might like to think of the rent drops as a ripple effect starting in Cities nearby and moving outwards.
What could halt rent falls? More places being repo'd causing a shortage, economic upturn, significant new economic migration, change of culture to rent rather than buy preference.
As the outlook can never be 100% positive of continued rent falls, my advice is that if you see somewhere you like now, put a <10% offer in and take it if the LL discounts to 10% or thereabouts.
Blips up and down in the rental market this past 10 months means that at some points people have 10 to 12% overpaid at times on similar accom, timing is everything now.
Well, no change in what's let. they're all still unlet as before.
What is new, a clear 10% off a new-to-market 2-bedder in Nth London, in an area previously buoyant. I would give details but I may go for it myself so must be a bit guarded! Sorry. Once I've ruled it out I'll say where it is!
The significance of this is that this has only just come on and is already right down. It would have been on for at least 10% more, perhaps even 15% more just a few months ago, of that I am totally certain as it's an area I can never usually find anything in.
What is new, a clear 10% off a new-to-market 2-bedder in Nth London, in an area previously buoyant. I would give details but I may go for it myself so must be a bit guarded! Sorry. Once I've ruled it out I'll say where it is!
The significance of this is that this has only just come on and is already right down. It would have been on for at least 10% more, perhaps even 15% more just a few months ago, of that I am totally certain as it's an area I can never usually find anything in.
Quick update
Just done a phone round - 90% are now let although as we know at reduced prices. The last one which is not terribly cheap but cheaper, that is still available, though of course they say it has viewers today and not sure they have time for me to view. One of them that I thought was cheap was not quite so cheap (the new to market N Ldn 2-bedder), since they wanted ground rent on top of the rent, that is now let anyway.
Things are taking longer to let, prices have been reduced to get them let, BUT the market is holding up for those that reduce their Ask rent somewhat.
It's easier for tenants at the moment, but not as easy as it should be, here in London, not yet anyway.
I expect blips up and down this year but the price trend to get a tenant seems downwards.
This is the last of my reports for now. Although trend is down in many places, by no means time to rejoice that tenants have real negotiating power in N London, not yet anyway. But by Xmas, perhaps...
Just done a phone round - 90% are now let although as we know at reduced prices. The last one which is not terribly cheap but cheaper, that is still available, though of course they say it has viewers today and not sure they have time for me to view. One of them that I thought was cheap was not quite so cheap (the new to market N Ldn 2-bedder), since they wanted ground rent on top of the rent, that is now let anyway.
Things are taking longer to let, prices have been reduced to get them let, BUT the market is holding up for those that reduce their Ask rent somewhat.
It's easier for tenants at the moment, but not as easy as it should be, here in London, not yet anyway.
I expect blips up and down this year but the price trend to get a tenant seems downwards.
This is the last of my reports for now. Although trend is down in many places, by no means time to rejoice that tenants have real negotiating power in N London, not yet anyway. But by Xmas, perhaps...
T've been monitoring "Primelocation" for the past 4 weeks. The number of properties available in my development has stayed fairly consistant with around 60-62 shown as available. Very few flats are showing up as "let" or disappearing from the list.
This may be because the flats are fairly similar as if the agents have several on the books they may not bother to update the listing.
The cheapest advertised price for a 2 bed 2 bath flat is £520 per week and there are others at £550 - 750.
When I moved into this block the cheapest advertise price was £550 but we negotiated a rent well below that.
The drop of £30 per week off the advertised price means that prices have gone down in the 2 years I have been here. The 60 advertised shows that many more properties are available (or at least advertised) than when I moved in.
I have not seen anyone move into a flat here for some months.
This may be because the flats are fairly similar as if the agents have several on the books they may not bother to update the listing.
The cheapest advertised price for a 2 bed 2 bath flat is £520 per week and there are others at £550 - 750.
When I moved into this block the cheapest advertise price was £550 but we negotiated a rent well below that.
The drop of £30 per week off the advertised price means that prices have gone down in the 2 years I have been here. The 60 advertised shows that many more properties are available (or at least advertised) than when I moved in.
I have not seen anyone move into a flat here for some months.
QUOTE (Flopsy @ Jul 1 2008, 10:56 AM)
T've been monitoring "Primelocation" for the past 4 weeks. The number of properties available in my development has stayed fairly consistant with around 60-62 shown as available. Very few flats are showing up as "let" or disappearing from the list.
This may be because the flats are fairly similar as if the agents have several on the books they may not bother to update the listing.
The cheapest advertised price for a 2 bed 2 bath flat is £520 per week and there are others at £550 - 750.
When I moved into this block the cheapest advertise price was £550 but we negotiated a rent well below that.
The drop of £30 per week off the advertised price means that prices have gone down in the 2 years I have been here. The 60 advertised shows that many more properties are available (or at least advertised) than when I moved in.
I have not seen anyone move into a flat here for some months.
This may be because the flats are fairly similar as if the agents have several on the books they may not bother to update the listing.
The cheapest advertised price for a 2 bed 2 bath flat is £520 per week and there are others at £550 - 750.
When I moved into this block the cheapest advertise price was £550 but we negotiated a rent well below that.
The drop of £30 per week off the advertised price means that prices have gone down in the 2 years I have been here. The 60 advertised shows that many more properties are available (or at least advertised) than when I moved in.
I have not seen anyone move into a flat here for some months.
Oop north the situation is very different...all out crash.......the rents are dropping like flies....there are places where a 3 bed new build, with garage and gardens are going for 350 month.
Last year they were 750 month.
city centre flats are even worse....last year 800 for a two bed...now...they are empty even at 400 month.
hiliarious.
Come on the crash
An update, you may need to refer to my other threads to read what I'm banging on about.
TLB Warning: I cannot guarantee the info here since sometimes places are let but it doesn't show on Rightmove, sometimes they're let by another agent so the agent tells me they're unlet when as actually they're let, sometimes they are let but some dodgy landlords tell agents to keep showing in case they get more (story told to me last week, have no reason to doubt the agent).
The Herts 2-bed 750pcm with gge that was in poor internal conditon and I was told abruptly "No offers" - UNLET. The real value of this place would be I'd say 15% less. I asked what sort of offers, got very curt p*ss off-style and tone response of "We're not." It stands empty. Now empty about 2 months.
The other Herts area 800pcm duplex 2-bed that I was told by agent was "cheap for that area" and that landlord wouldn't take less than he got from previous tenant (which would be 3% off Ask) - UNLET. This is a posh area but flat needs updating. I had offered to do some updating free if they accepted my offer. No deal. It stands empty. Now empty about 2 months. (I was also told rival applicants were coming for a 2nd look, well that was some time ago, so it's unlet.)
The other Herts area 825pcm maisonette - UNLET, probably empty by now. That's 2 months on. The 2-bed 825pcm dated flat in same area, vanished from Rightmove but UNLET. My offer ignored on that one (-15%). The 2-bed flat in the same area on for 775pcm, many viewers, UNLET no takers, now 750pcm, been a void for about 4 months. The brand new quality 2-bed flat 800pcm , last one apparently, seems UNLET as still listed. Been empty a month, although the other 4 said to have been let 3 weeks ago.
The "no offers" flat I saw by the coast - UNLET. But it had another viewer or two.
The cheaper end tat stays unlet by and large. The tat that's over-priced or too small for the rent wanted also sticks.
The landlords end up with a month extra void at the very least - meaning that they run the risk of squatters for at least a month longer than necessary by not accepting an offer early on. If the eventual tenant paying nearer the Ask stays only 7 months, they are in fact worse off in most cases.
So - what's happening? Well, just when a trend at this cheaper end seems to emerge, something is let or unlet to disprove that trend. But as there seems to be a shortage of fresh stock coming on in most of the areas I monitor, it might be safest to assume prices will not fall much for the time being. I check religiously each day, I see only the tiniest of trickles of fresh 2-bedders, and some are just relisted after a break. When stuff is delisted on RM, it just vanishes, even if you've saved it, as far as I can see. So if there's something you like, save it and print it and note the agent in case it totally vanishes for a week or so.
In a nutshell: areas I'm checking/cheaper end 2-bedders - stagnation on pcm, possible 3% further drops by year end. If job losses and slump, make it -10% unless people flee the higher priced rentals and trade down.
TLB Warning: I cannot guarantee the info here since sometimes places are let but it doesn't show on Rightmove, sometimes they're let by another agent so the agent tells me they're unlet when as actually they're let, sometimes they are let but some dodgy landlords tell agents to keep showing in case they get more (story told to me last week, have no reason to doubt the agent).
The Herts 2-bed 750pcm with gge that was in poor internal conditon and I was told abruptly "No offers" - UNLET. The real value of this place would be I'd say 15% less. I asked what sort of offers, got very curt p*ss off-style and tone response of "We're not." It stands empty. Now empty about 2 months.
The other Herts area 800pcm duplex 2-bed that I was told by agent was "cheap for that area" and that landlord wouldn't take less than he got from previous tenant (which would be 3% off Ask) - UNLET. This is a posh area but flat needs updating. I had offered to do some updating free if they accepted my offer. No deal. It stands empty. Now empty about 2 months. (I was also told rival applicants were coming for a 2nd look, well that was some time ago, so it's unlet.)
The other Herts area 825pcm maisonette - UNLET, probably empty by now. That's 2 months on. The 2-bed 825pcm dated flat in same area, vanished from Rightmove but UNLET. My offer ignored on that one (-15%). The 2-bed flat in the same area on for 775pcm, many viewers, UNLET no takers, now 750pcm, been a void for about 4 months. The brand new quality 2-bed flat 800pcm , last one apparently, seems UNLET as still listed. Been empty a month, although the other 4 said to have been let 3 weeks ago.
The "no offers" flat I saw by the coast - UNLET. But it had another viewer or two.
The cheaper end tat stays unlet by and large. The tat that's over-priced or too small for the rent wanted also sticks.
The landlords end up with a month extra void at the very least - meaning that they run the risk of squatters for at least a month longer than necessary by not accepting an offer early on. If the eventual tenant paying nearer the Ask stays only 7 months, they are in fact worse off in most cases.
So - what's happening? Well, just when a trend at this cheaper end seems to emerge, something is let or unlet to disprove that trend. But as there seems to be a shortage of fresh stock coming on in most of the areas I monitor, it might be safest to assume prices will not fall much for the time being. I check religiously each day, I see only the tiniest of trickles of fresh 2-bedders, and some are just relisted after a break. When stuff is delisted on RM, it just vanishes, even if you've saved it, as far as I can see. So if there's something you like, save it and print it and note the agent in case it totally vanishes for a week or so.
In a nutshell: areas I'm checking/cheaper end 2-bedders - stagnation on pcm, possible 3% further drops by year end. If job losses and slump, make it -10% unless people flee the higher priced rentals and trade down.
Update The other Herts area 825pcm maisonette - UNLET, probably empty by now. That's 2 months on. NOW LET
QUOTE
The other Herts area 800pcm duplex 2-bed that I was told by agent was "cheap for that area" and that landlord wouldn't take less than he got from previous tenant (which would be 3% off Ask) - UNLET. This is a posh area but flat needs updating. I had offered to do some updating free if they accepted my offer. No deal. It stands empty. Now empty about 2 months. (I was also told rival applicants were coming for a 2nd look, well that was some time ago, so it's unlet.)
NOW REDUCED 5% ON ASK.
NOW REDUCED 5% ON ASK.
Welwyn G/C , Herts - 2-bed house, been advertised in Homes24 for a month or more @725, now 750
The one reduced by 5%, now let, agent would not disclose if at the reduced ask or lower.
Landlords take note - price correctly and you will avoid a void! Price high and your void will cost you more than if you price correctly in the first place. Don't chance it hoping for more, if it doesn't shift in a few days, cut it to a realistic level and your loss will be less.
I have also been told "more's coming on now" - although am yet to see it. If true, cutting your rent now will ensure you get more than when the rest of them come on to let and prices start to permanently drop. At the moment, drops might be a summer slump, but even so by leaving you rproperty empty for a month or two due to over-pricing, you generally lose out quite a bit unless your next tenant is in for well over a year.
Landlords take note - price correctly and you will avoid a void! Price high and your void will cost you more than if you price correctly in the first place. Don't chance it hoping for more, if it doesn't shift in a few days, cut it to a realistic level and your loss will be less.
I have also been told "more's coming on now" - although am yet to see it. If true, cutting your rent now will ensure you get more than when the rest of them come on to let and prices start to permanently drop. At the moment, drops might be a summer slump, but even so by leaving you rproperty empty for a month or two due to over-pricing, you generally lose out quite a bit unless your next tenant is in for well over a year.
2-bedder in one part of Herts reduced 4%, making it over 12% cheaper than a rival flat in the same block. A healthy number of new places to rent have come on in that area, but wouldn't call it a surge really, not yet anyway.
Another part of Herts where an agent promised me lots were coming on - nothing materialised as yet, but noticed 1 or 2 small drops on other agents' lets in that area. Maybe they know rival stuff is coming on soon?
However, elsewhere in Herts stuff is coming on and being let in 24 to 48 hours in some cases. Don't ask me why only in some cases, they all look samey to me. The former local authority props up for rent are sticking a long, long time. Like 2 months or more in some cases where the 2nd bedroom is a single.
What does it look like right now? Patchy as ever. The area nearest to me that I'm searching in, outskirts of London and start of Herts, no surge in the cheaper 2-bed bracket and stuff is letting quite quickly, although some is a bit cheaper than a month or so ago on a like for like. However, a few months before that the prices were lower. With few new ones coming on, prices may hold up here and in similar areas (no sh*t, Sherlock!).
No real conclusions to draw except it might just might be that the glut of rentals is starting to emerge in some areas and slowly flooding through. The "higher ground" places are holding up in price so far due to no glut of rentals as yet.
That could all change: foreign workers going home, unemployment sending renters back to their family residence or to lodge with owner-occupiers or existing tenants, people from t'North going t'back (aye, better off oop there t'anyway, nicer folk up t'North, and I say that as a t'Southerner who thinks t'Northerners are very nice on t'whole).
Already I see less foreign folk around, many more rooms to rent, talk of recession everywhere to be overheard.
If all this comes to pass, the 2-bedder flats will drop in rental price, and the 1-bedders and studios will plummet.
The counter to this are people still in jobs opting to rent rather than buy, the drop off in new BTL landlords due to less mortgages or less likelihood of making a go of it, and landlords being repo'ed (reducing stock).
But if lots of vendors who can't sell do indeed come on for rent, it'll be a renters' market indeed.
Another part of Herts where an agent promised me lots were coming on - nothing materialised as yet, but noticed 1 or 2 small drops on other agents' lets in that area. Maybe they know rival stuff is coming on soon?
However, elsewhere in Herts stuff is coming on and being let in 24 to 48 hours in some cases. Don't ask me why only in some cases, they all look samey to me. The former local authority props up for rent are sticking a long, long time. Like 2 months or more in some cases where the 2nd bedroom is a single.
What does it look like right now? Patchy as ever. The area nearest to me that I'm searching in, outskirts of London and start of Herts, no surge in the cheaper 2-bed bracket and stuff is letting quite quickly, although some is a bit cheaper than a month or so ago on a like for like. However, a few months before that the prices were lower. With few new ones coming on, prices may hold up here and in similar areas (no sh*t, Sherlock!).
No real conclusions to draw except it might just might be that the glut of rentals is starting to emerge in some areas and slowly flooding through. The "higher ground" places are holding up in price so far due to no glut of rentals as yet.
That could all change: foreign workers going home, unemployment sending renters back to their family residence or to lodge with owner-occupiers or existing tenants, people from t'North going t'back (aye, better off oop there t'anyway, nicer folk up t'North, and I say that as a t'Southerner who thinks t'Northerners are very nice on t'whole).
Already I see less foreign folk around, many more rooms to rent, talk of recession everywhere to be overheard.
If all this comes to pass, the 2-bedder flats will drop in rental price, and the 1-bedders and studios will plummet.
The counter to this are people still in jobs opting to rent rather than buy, the drop off in new BTL landlords due to less mortgages or less likelihood of making a go of it, and landlords being repo'ed (reducing stock).
But if lots of vendors who can't sell do indeed come on for rent, it'll be a renters' market indeed.
Well I've checked out on that reduced one in Herts, the one where the block has 1 at 12% more. It's poor. Nice road though, friendly people around, flat an absolute shoebox and slavebox.
No glut of rentals at the lower end as yet, but agent kinda sorta almost implied that more to rent was coming onstream soon, although not at any reduced prices as yet.
Reductions on quality rents? Glut of places to rent? Not yet, but watch this space maybe come Q4.
Edit Thanks to the marvellous Property Bee program, got clarification that in Essex one I was watching is down by 15% plus.
No glut of rentals at the lower end as yet, but agent kinda sorta almost implied that more to rent was coming onstream soon, although not at any reduced prices as yet.
Reductions on quality rents? Glut of places to rent? Not yet, but watch this space maybe come Q4.
Edit Thanks to the marvellous Property Bee program, got clarification that in Essex one I was watching is down by 15% plus.
The 15% cut Essex flat seems to have gone, agent vague and failed to call me back. Agent charges huge fee as well. Highest ever noted.
Roll on Q4, maybe the glut will appear then, if the BTLers existing now aren't vapourised, thus ironically driving rents up.
Roll on Q4, maybe the glut will appear then, if the BTLers existing now aren't vapourised, thus ironically driving rents up.
Now noting 2.5 to 5% drops in asking rents for some 2-bedders in St Albans and London Colney (nearby).
Summer slowdown or glut of places coming on driving rents back to where they were some months ago or even last year? We'll wait and see.
Summer slowdown or glut of places coming on driving rents back to where they were some months ago or even last year? We'll wait and see.
Some extra flats have come on in Essex but at 10% above general previous prices.
Flat in Watford let in 24 hrs http://www.rightmove.co.uk/viewdetails-226...1&tr_t=rent
Flat in Cockfosters let in 24 hrs http://www.rightmove.co.uk/viewdetails-190...1&tr_t=rent
Anything of good quality that's fair priced is let immediately. This one, just like one in Watford last week, let same day.
http://www.rightmove.co.uk/viewdetails-190...1&tr_t=rent
There are surplus properties in some areas, but mostly not.
There's probably too many in the more expensive bracket. But the affordable end in many areas suffers a shortage.
So far anyway!
Flat in Watford let in 24 hrs http://www.rightmove.co.uk/viewdetails-226...1&tr_t=rent
Flat in Cockfosters let in 24 hrs http://www.rightmove.co.uk/viewdetails-190...1&tr_t=rent
Anything of good quality that's fair priced is let immediately. This one, just like one in Watford last week, let same day.
http://www.rightmove.co.uk/viewdetails-190...1&tr_t=rent
There are surplus properties in some areas, but mostly not.
There's probably too many in the more expensive bracket. But the affordable end in many areas suffers a shortage.
So far anyway!
Rents are in some cases up 3% in half the Herts areas I monitor for 2-bedders. This is compared to a few weeks ago. A probably try it on blip up.
However, new stock for rent has for this week been almost nil.
Also one or two agents are actually contacting me now, almost unheard of before. So perhaps fewer tenant applicants.
However, new stock for rent has for this week been almost nil.
Also one or two agents are actually contacting me now, almost unheard of before. So perhaps fewer tenant applicants.
QUOTE (The Last Bear @ Aug 28 2008, 04:25 PM)
Rents are in some cases up 3% in half the Herts areas I monitor for 2-bedders. This is compared to a few weeks ago. A probably try it on blip up.
However, new stock for rent has for this week been almost nil.
Also one or two agents are actually contacting me now, almost unheard of before. So perhaps fewer tenant applicants.
However, new stock for rent has for this week been almost nil.
Also one or two agents are actually contacting me now, almost unheard of before. So perhaps fewer tenant applicants.
There's no 'perhaps' about it.
I've had three calls this week from letting agents, this time last year I couldn't get through, and they never ever replied to calls/messages.
I'm thinking of calling the police and getting a harassment case going against the scum!
whta's the song?
'Things can only get better'...and they will, but not unfortunately for letting agents and BTLers.
Shame
The one reduced by 5%, now let, agent would not disclose if at the reduced ask or lower.
Landlords take note - price correctly and you will avoid a void! Price high and your void will cost you more than if you price correctly in the first place. Don't chance it hoping for more, if it doesn't shift in a few days, cut it to a realistic level and your loss will be less.
I have also been told "more's coming on now" - although am yet to see it. If true, cutting your rent now will ensure you get more than when the rest of them come on to let and prices start to permanently drop. At the moment, drops might be a summer slump, but even so by leaving you rproperty empty for a month or two due to over-pricing, you generally lose out quite a bit unless your next tenant is in for well over a year.
**Firstly do not take offence to what i say to this if you are a tenant or one of the above (What i like to call window shoppers)
From reading your post i take it your are a renter. But from reading your post above, Are you really one to give advice. Your renting and the person your renting off is the owner..Maybe you should as for tips as how do "i" get on the property ladder.
Shouldnt you think sometimes as when you have the NERVE to suggest to a landlord to take a knock in his rent he or she might have no mortgage on the property? Which would intail having no hefty yearly cost if it was to remain vacant????
I'll anwser this for you..........NOOOOOOOOOOOOOOOOOOOOOOOOOOOO
Some landlord feel from spekaing to them that when reducing the rent you get a certain type of TENANT, people that want to live in your arsehole for free. This might sound wrong but there their to make money, not to give you a free ride just so you can go out on the weekend and blow your money on booze, coke and whores. Sometimes i also feel tenants expect to much and in my responce to that is, get another job, work a few more hrs a week and you'll be able to get thsi lovely 3 bedroom flat in NW London with sky in every room with council tax and water rates paid for £350 a week but i dnt like to offencd. I let the window shoppers look round and move on.
My rant over..
Landlords take note - price correctly and you will avoid a void! Price high and your void will cost you more than if you price correctly in the first place. Don't chance it hoping for more, if it doesn't shift in a few days, cut it to a realistic level and your loss will be less.
I have also been told "more's coming on now" - although am yet to see it. If true, cutting your rent now will ensure you get more than when the rest of them come on to let and prices start to permanently drop. At the moment, drops might be a summer slump, but even so by leaving you rproperty empty for a month or two due to over-pricing, you generally lose out quite a bit unless your next tenant is in for well over a year.
**Firstly do not take offence to what i say to this if you are a tenant or one of the above (What i like to call window shoppers)
From reading your post i take it your are a renter. But from reading your post above, Are you really one to give advice. Your renting and the person your renting off is the owner..Maybe you should as for tips as how do "i" get on the property ladder.
Shouldnt you think sometimes as when you have the NERVE to suggest to a landlord to take a knock in his rent he or she might have no mortgage on the property? Which would intail having no hefty yearly cost if it was to remain vacant????
I'll anwser this for you..........NOOOOOOOOOOOOOOOOOOOOOOOOOOOO
Some landlord feel from spekaing to them that when reducing the rent you get a certain type of TENANT, people that want to live in your arsehole for free. This might sound wrong but there their to make money, not to give you a free ride just so you can go out on the weekend and blow your money on booze, coke and whores. Sometimes i also feel tenants expect to much and in my responce to that is, get another job, work a few more hrs a week and you'll be able to get thsi lovely 3 bedroom flat in NW London with sky in every room with council tax and water rates paid for £350 a week but i dnt like to offencd. I let the window shoppers look round and move on.
My rant over..
QUOTE (Van the man @ Aug 29 2008, 05:36 AM)
The one reduced by 5%, now let, agent would not disclose if at the reduced ask or lower.
Landlords take note - price correctly and you will avoid a void! Price high and your void will cost you more than if you price correctly in the first place. Don't chance it hoping for more, if it doesn't shift in a few days, cut it to a realistic level and your loss will be less.
I have also been told "more's coming on now" - although am yet to see it. If true, cutting your rent now will ensure you get more than when the rest of them come on to let and prices start to permanently drop. At the moment, drops might be a summer slump, but even so by leaving you rproperty empty for a month or two due to over-pricing, you generally lose out quite a bit unless your next tenant is in for well over a year.
**Firstly do not take offence to what i say to this if you are a tenant or one of the above (What i like to call window shoppers)
From reading your post i take it your are a renter. But from reading your post above, Are you really one to give advice. Your renting and the person your renting off is the owner..Maybe you should as for tips as how do "i" get on the property ladder.
Shouldnt you think sometimes as when you have the NERVE to suggest to a landlord to take a knock in his rent he or she might have no mortgage on the property? Which would intail having no hefty yearly cost if it was to remain vacant????
I'll anwser this for you..........NOOOOOOOOOOOOOOOOOOOOOOOOOOOO
Some landlord feel from spekaing to them that when reducing the rent you get a certain type of TENANT, people that want to live in your arsehole for free. This might sound wrong but there their to make money, not to give you a free ride just so you can go out on the weekend and blow your money on booze, coke and whores. Sometimes i also feel tenants expect to much and in my responce to that is, get another job, work a few more hrs a week and you'll be able to get thsi lovely 3 bedroom flat in NW London with sky in every room with council tax and water rates paid for £350 a week but i dnt like to offencd. I let the window shoppers look round and move on.
My rant over..
Landlords take note - price correctly and you will avoid a void! Price high and your void will cost you more than if you price correctly in the first place. Don't chance it hoping for more, if it doesn't shift in a few days, cut it to a realistic level and your loss will be less.
I have also been told "more's coming on now" - although am yet to see it. If true, cutting your rent now will ensure you get more than when the rest of them come on to let and prices start to permanently drop. At the moment, drops might be a summer slump, but even so by leaving you rproperty empty for a month or two due to over-pricing, you generally lose out quite a bit unless your next tenant is in for well over a year.
**Firstly do not take offence to what i say to this if you are a tenant or one of the above (What i like to call window shoppers)
From reading your post i take it your are a renter. But from reading your post above, Are you really one to give advice. Your renting and the person your renting off is the owner..Maybe you should as for tips as how do "i" get on the property ladder.
Shouldnt you think sometimes as when you have the NERVE to suggest to a landlord to take a knock in his rent he or she might have no mortgage on the property? Which would intail having no hefty yearly cost if it was to remain vacant????
I'll anwser this for you..........NOOOOOOOOOOOOOOOOOOOOOOOOOOOO
Some landlord feel from spekaing to them that when reducing the rent you get a certain type of TENANT, people that want to live in your arsehole for free. This might sound wrong but there their to make money, not to give you a free ride just so you can go out on the weekend and blow your money on booze, coke and whores. Sometimes i also feel tenants expect to much and in my responce to that is, get another job, work a few more hrs a week and you'll be able to get thsi lovely 3 bedroom flat in NW London with sky in every room with council tax and water rates paid for £350 a week but i dnt like to offencd. I let the window shoppers look round and move on.
My rant over..
Good rant but it never hurts to negociate, I have done for my last three rents and always got some money off even if it was only £50 a month. The best was £1100 pm to £900 pm on condition of a three month notice period in the break clause for a property in Farnham
QUOTE (Van the man @ Aug 29 2008, 04:36 AM)
From reading your post i take it your are a renter. But from reading your post above, Are you really one to give advice. Your renting and the person your renting off is the owner..Maybe you should as for tips as how do "i" get on the property ladder.
Shouldnt you think sometimes as when you have the NERVE to suggest to a landlord to take a knock in his rent he or she might have no mortgage on the property? Which would intail having no hefty yearly cost if it was to remain vacant????
I'll anwser this for you..........NOOOOOOOOOOOOOOOOOOOOOOOOOOOO
Some landlord feel from spekaing to them that when reducing the rent you get a certain type of TENANT, people that want to live in your arsehole for free. This might sound wrong but there their to make money, not to give you a free ride just so you can go out on the weekend and blow your money on booze, coke and whores. Sometimes i also feel tenants expect to much and in my responce to that is, get another job, work a few more hrs a week and you'll be able to get thsi lovely 3 bedroom flat in NW London with sky in every room with council tax and water rates paid for £350 a week but i dnt like to offencd. I let the window shoppers look round and move on.
My rant over..
Shouldnt you think sometimes as when you have the NERVE to suggest to a landlord to take a knock in his rent he or she might have no mortgage on the property? Which would intail having no hefty yearly cost if it was to remain vacant????
I'll anwser this for you..........NOOOOOOOOOOOOOOOOOOOOOOOOOOOO
Some landlord feel from spekaing to them that when reducing the rent you get a certain type of TENANT, people that want to live in your arsehole for free. This might sound wrong but there their to make money, not to give you a free ride just so you can go out on the weekend and blow your money on booze, coke and whores. Sometimes i also feel tenants expect to much and in my responce to that is, get another job, work a few more hrs a week and you'll be able to get thsi lovely 3 bedroom flat in NW London with sky in every room with council tax and water rates paid for £350 a week but i dnt like to offencd. I let the window shoppers look round and move on.
My rant over..
My name says it all.
Oh, I think some scummy Landlords have alot of nerver to expect us renters to pay for their retirement, the sooner the bank of England do their blumming jobs and put interest rates up tp 10% the better - this would encourage saving, discourage stupid borrowing.
The great news though is there would be ahellofalot of collateral damage...overstretched BTL fools going bust..literally within a few months.
BTLers - we have a message for ya - 'Drop by 50% or have voids'.
More and more BTLers are going to the wall. It is fact. There are huge voids everywhere in the UK due to massive oversupply of rental property.
And you want us renters to work a few more hours so you can live it up and have a great life with our money.
Oh, my friend, those days are over.
QUOTE (renterbob @ Aug 29 2008, 07:14 AM)
My name says it all.
Oh, I think some scummy Landlords have alot of nerver to expect us renters to pay for their retirement, the sooner the bank of England do their blumming jobs and put interest rates up tp 10% the better - this would encourage saving, discourage stupid borrowing.
The great news though is there would be ahellofalot of collateral damage...overstretched BTL fools going bust..literally within a few months.
BTLers - we have a message for ya - 'Drop by 50% or have voids'.
More and more BTLers are going to the wall. It is fact. There are huge voids everywhere in the UK due to massive oversupply of rental property.
And you want us renters to work a few more hours so you can live it up and have a great life with our money.
Oh, my friend, those days are over.
Oh, I think some scummy Landlords have alot of nerver to expect us renters to pay for their retirement, the sooner the bank of England do their blumming jobs and put interest rates up tp 10% the better - this would encourage saving, discourage stupid borrowing.
The great news though is there would be ahellofalot of collateral damage...overstretched BTL fools going bust..literally within a few months.
BTLers - we have a message for ya - 'Drop by 50% or have voids'.
More and more BTLers are going to the wall. It is fact. There are huge voids everywhere in the UK due to massive oversupply of rental property.
And you want us renters to work a few more hours so you can live it up and have a great life with our money.
Oh, my friend, those days are over.
I have a dream that one day all rents will be free and we shall all return to comunism
I have a dream the scum bag LL will all be burned at the stake and RenterBobs the world over will take over over their houses
I have a dream.....
keep dreaming and get a grasp of basic ecomonics Bob, 10% interest rate would damage business and that would hurt jobs, also what is wrong in saving for the future using investments, better than expecting the tax payer to fork out and no different to a pension scheme (although much more risky IMHO)
You have a very large chip on your shoulder don't you
QUOTE (renterbob @ Aug 29 2008, 07:14 AM)
My name says it all.
Oh, I think some scummy Landlords have alot of nerver to expect us renters to pay for their retirement, the sooner the bank of England do their blumming jobs and put interest rates up tp 10% the better - this would encourage saving, discourage stupid borrowing.
The great news though is there would be ahellofalot of collateral damage...overstretched BTL fools going bust..literally within a few months.
BTLers - we have a message for ya - 'Drop by 50% or have voids'.
More and more BTLers are going to the wall. It is fact. There are huge voids everywhere in the UK due to massive oversupply of rental property.
And you want us renters to work a few more hours so you can live it up and have a great life with our money.
Oh, my friend, those days are over.
Oh, I think some scummy Landlords have alot of nerver to expect us renters to pay for their retirement, the sooner the bank of England do their blumming jobs and put interest rates up tp 10% the better - this would encourage saving, discourage stupid borrowing.
The great news though is there would be ahellofalot of collateral damage...overstretched BTL fools going bust..literally within a few months.
BTLers - we have a message for ya - 'Drop by 50% or have voids'.
More and more BTLers are going to the wall. It is fact. There are huge voids everywhere in the UK due to massive oversupply of rental property.
And you want us renters to work a few more hours so you can live it up and have a great life with our money.
Oh, my friend, those days are over.
Scummy landlord..Im guessing your one of these people that want to live in my arsehole and one of my propertys for next to nothing.
You are obviously where you are because you have no understanding on how the world works with regards to interest rates. Like someone has said already, pushing rates to 10% will kick out all the wannabe billionaires but will not kill the market.
Do you honestly think banks would want this either? Think about it...
Banks have a security against your property, if rates went 10% all what would happen is alot of reposession and no buyers. Even more turnmoil to compared to what we have now.
IMO Northern rock should of been sunk. Then we wouldnt be in this problem right now. Why try and save soemthing which is already prononced dead.
QUOTE (Van the man @ Aug 29 2008, 01:50 PM)
Scummy landlord..Im guessing your one of these people that want to live in my arsehole and one of my propertys for next to nothing.
You are obviously where you are because you have no understanding on how the world works with regards to interest rates. Like someone has said already, pushing rates to 10% will kick out all the wannabe billionaires but will not kill the market.
Do you honestly think banks would want this either? Think about it...
Banks have a security against your property, if rates went 10% all what would happen is alot of reposession and no buyers. Even more turnmoil to compared to what we have now.
IMO Northern rock should of been sunk. Then we wouldnt be in this problem right now. Why try and save soemthing which is already prononced dead.
You are obviously where you are because you have no understanding on how the world works with regards to interest rates. Like someone has said already, pushing rates to 10% will kick out all the wannabe billionaires but will not kill the market.
Do you honestly think banks would want this either? Think about it...
Banks have a security against your property, if rates went 10% all what would happen is alot of reposession and no buyers. Even more turnmoil to compared to what we have now.
IMO Northern rock should of been sunk. Then we wouldnt be in this problem right now. Why try and save soemthing which is already prononced dead.
Ugggh...no thanks Van the Man......
I ALSO HAVE A DREAM......
I want 10% rates, that's what we want.
WHAT DO WE WANT?
10% RATES
QUOTE (renterbob @ Aug 29 2008, 01:59 PM)
Ugggh...no thanks Van the Man......
I ALSO HAVE A DREAM......
I want 10% rates, that's what we want.
WHAT DO WE WANT?
10% RATES
I ALSO HAVE A DREAM......
I want 10% rates, that's what we want.
WHAT DO WE WANT?
10% RATES
What will that do for us, push up mortgage rates, push up business costs, put people out of business...?
Also savings rates have nothing to do with the BoE headline rate and all to do with LIBOR....
Be careful what you wish for, it may cost you your job
I'm with Renterbob.
BOE base rate at 5% is so only marginal to RPI that it is making saving look rubbish.
At around 10% savers would get a decent return and it'd put a complete dampner on the housing market.
Van is a complete scumbag, and I don't want to live in, out or anywhere near his arsehole.
I rent. I pay a phuqing heap of money every year to keep some slumlord paying his phuqing mortgage. As far as I'm concerned the sooner these parasites die the better.
Go for it Bob.
[edit to add: sorry TLB for the hijacking of a really interesting thread. Please keep on with your tales of N London rental prices.]
BOE base rate at 5% is so only marginal to RPI that it is making saving look rubbish.
At around 10% savers would get a decent return and it'd put a complete dampner on the housing market.
Van is a complete scumbag, and I don't want to live in, out or anywhere near his arsehole.
I rent. I pay a phuqing heap of money every year to keep some slumlord paying his phuqing mortgage. As far as I'm concerned the sooner these parasites die the better.
Go for it Bob.
[edit to add: sorry TLB for the hijacking of a really interesting thread. Please keep on with your tales of N London rental prices.]
QUOTE (redwing @ Aug 30 2008, 11:20 PM)
[edit to add: sorry TLB for the hijacking of a really interesting thread. Please keep on with your tales of N London rental prices.]
I don't phuqing mind at all, be my guest!
QUOTE (redwing @ Aug 30 2008, 11:20 PM)
I'm with Renterbob.
BOE base rate at 5% is so only marginal to RPI that it is making saving look rubbish.
At around 10% savers would get a decent return and it'd put a complete dampner on the housing market.
Van is a complete scumbag, and I don't want to live in, out or anywhere near his arsehole.
I rent. I pay a phuqing heap of money every year to keep some slumlord paying his phuqing mortgage. As far as I'm concerned the sooner these parasites die the better.
Go for it Bob.
[edit to add: sorry TLB for the hijacking of a really interesting thread. Please keep on with your tales of N London rental prices.]
BOE base rate at 5% is so only marginal to RPI that it is making saving look rubbish.
At around 10% savers would get a decent return and it'd put a complete dampner on the housing market.
Van is a complete scumbag, and I don't want to live in, out or anywhere near his arsehole.
I rent. I pay a phuqing heap of money every year to keep some slumlord paying his phuqing mortgage. As far as I'm concerned the sooner these parasites die the better.
Go for it Bob.
[edit to add: sorry TLB for the hijacking of a really interesting thread. Please keep on with your tales of N London rental prices.]
People like you look at the small picture. Push up interest rates and everything will be fine. Just think if the country is near tits up @ rates of around 6/7% what do you reckon will happen if they were more close to 10+ you bloody donkey.
You might not even have a job cos the company you are working for may need to have job cuts in which will mean you wont be able to pay us fat cat landlords and will mean when im going to pick up my rent from my new tenants i'll be more than likely stepping ver you when youre sleeping homeless outside the gaff.
you say you pay a phucking load of money in rent but dont you think you should think a little bit more logically. Your staying in a property (if in nw london and say a 2 bed flat) £250k+ worth..But you dont do you..
You despice paying his mortgage then why dont you get your own place..COS YOU CANT AFFORD ONE..Stop complaning, The landlord is doing you a favor by not having you sleeping rough on the streets but allowing you to stay in his gorgeous flat.
every tenant has the same opinion on landlords but us landlords have the same opinion on you *****. Other than you ***** paying my mortgage you also enable me to wear bespoke suits from savill row (Ozwald Boateng) and i thank you..
QUOTE (Van the man @ Aug 29 2008, 05:36 AM)
Some landlord feel from spekaing to them that when reducing the rent you get a certain type of TENANT, people that want to live in your arsehole for free. This might sound wrong but there their to make money, not to give you a free ride just so you can go out on the weekend and blow your money on booze, coke and whores. Sometimes i also feel tenants expect to much and in my responce to that is, get another job, work a few more hrs a week and you'll be able to get thsi lovely 3 bedroom flat in NW London with sky in every room with council tax and water rates paid for £350 a week but i dnt like to offencd. I let the window shoppers look round and move on.
My rant over..
My rant over..
ok so the tenant shouldnt be allowed to have a life, all their income must go on rent
I think rental prices have to be put in perspective, landlords renting out properties which they probably wouldnt live in due to the condition, asking for high rents on small properties, that kind of thing because they think the property is worth more than it is.
I expect rents to rise in general on small properties (1 bed). But be static or drop on large properties.
Dont be angry about the situation you are in white van man, you've had it good and now the tide is turning you'll have to accept that now all your suits will be purchased from charity shops.
I'm renting (fortunately) sold 2 years ago (fortunately) know where I'd rather be - forcing rents down with my fellow tenants.
I'm renting (fortunately) sold 2 years ago (fortunately) know where I'd rather be - forcing rents down with my fellow tenants.
From what I can vaguely gather, agents a little less busy. However, no glut and no obvious drops, except the hard to shift rubbish, some of those are down 12%.
But the quality flats are only slightly down if down at all, some are of course up.
Property Bee shows this one as UP...
2 bedroom cluster house to rent
South Oxhey
£750 pcm
* 2 bedroom New Build modern House Furnished * Off Road Parking For 2 Cars * Communal Garden * Walking Distance To Carpenders Park Mainline Station
History
date event
09 September 2008 18:59:27
* Price changed: from '£725 pcm' to '£750 pcm'
04 September 2008 21:08:27
* Status changed: from 'Let agreed' to 'Available'
19 August 2008 09:14:37
* Agent found: Martin & Co
* Agents Location found: Watford
* Agents Telephone found: 08454024094
* Brief Description found: * 2 bedroom New Build modern House Furnished * Off Road Parking For 2 Cars * Communal Garden * Walking Distance To Carpenders Park Mainline Station
* Price found: £725 pcm
* Status found: Let agreed
* Subtitle found: 2 bedroom cluster house
* Title found: South Oxhey
But the quality flats are only slightly down if down at all, some are of course up.
Property Bee shows this one as UP...
2 bedroom cluster house to rent
South Oxhey
£750 pcm
* 2 bedroom New Build modern House Furnished * Off Road Parking For 2 Cars * Communal Garden * Walking Distance To Carpenders Park Mainline Station
History
date event
09 September 2008 18:59:27
* Price changed: from '£725 pcm' to '£750 pcm'
04 September 2008 21:08:27
* Status changed: from 'Let agreed' to 'Available'
19 August 2008 09:14:37
* Agent found: Martin & Co
* Agents Location found: Watford
* Agents Telephone found: 08454024094
* Brief Description found: * 2 bedroom New Build modern House Furnished * Off Road Parking For 2 Cars * Communal Garden * Walking Distance To Carpenders Park Mainline Station
* Price found: £725 pcm
* Status found: Let agreed
* Subtitle found: 2 bedroom cluster house
* Title found: South Oxhey
QUOTE (redwing @ Aug 30 2008, 11:20 PM)
I'm with Renterbob.
BOE base rate at 5% is so only marginal to RPI that it is making saving look rubbish.
At around 10% savers would get a decent return and it'd put a complete dampner on the housing market.
Van is a complete scumbag, and I don't want to live in, out or anywhere near his arsehole.
I rent. I pay a phuqing heap of money every year to keep some slumlord paying his phuqing mortgage. As far as I'm concerned the sooner these parasites die the better.
Go for it Bob.
[edit to add: sorry TLB for the hijacking of a really interesting thread. Please keep on with your tales of N London rental prices.]
BOE base rate at 5% is so only marginal to RPI that it is making saving look rubbish.
At around 10% savers would get a decent return and it'd put a complete dampner on the housing market.
Van is a complete scumbag, and I don't want to live in, out or anywhere near his arsehole.
I rent. I pay a phuqing heap of money every year to keep some slumlord paying his phuqing mortgage. As far as I'm concerned the sooner these parasites die the better.
Go for it Bob.
[edit to add: sorry TLB for the hijacking of a really interesting thread. Please keep on with your tales of N London rental prices.]
Thanks Redwing......
I find it bizarre in the extreme that BTL wannabees and landlords don't want the rest of us to have increased interest rates for our savings.....selfish toads!
QUOTE (Van the man @ Aug 31 2008, 03:18 PM)
People like you look at the small picture. Push up interest rates and everything will be fine. Just think if the country is near tits up @ rates of around 6/7% what do you reckon will happen if they were more close to 10+ you bloody donkey.
You might not even have a job cos the company you are working for may need to have job cuts in which will mean you wont be able to pay us fat cat landlords and will mean when im going to pick up my rent from my new tenants i'll be more than likely stepping ver you when youre sleeping homeless outside the gaff.
you say you pay a phucking load of money in rent but dont you think you should think a little bit more logically. Your staying in a property (if in nw london and say a 2 bed flat) £250k+ worth..But you dont do you..
You despice paying his mortgage then why dont you get your own place..COS YOU CANT AFFORD ONE..Stop complaning, The landlord is doing you a favor by not having you sleeping rough on the streets but allowing you to stay in his gorgeous flat.
every tenant has the same opinion on landlords but us landlords have the same opinion on you *****. Other than you ***** paying my mortgage you also enable me to wear bespoke suits from savill row (Ozwald Boateng) and i thank you..
You might not even have a job cos the company you are working for may need to have job cuts in which will mean you wont be able to pay us fat cat landlords and will mean when im going to pick up my rent from my new tenants i'll be more than likely stepping ver you when youre sleeping homeless outside the gaff.
you say you pay a phucking load of money in rent but dont you think you should think a little bit more logically. Your staying in a property (if in nw london and say a 2 bed flat) £250k+ worth..But you dont do you..
You despice paying his mortgage then why dont you get your own place..COS YOU CANT AFFORD ONE..Stop complaning, The landlord is doing you a favor by not having you sleeping rough on the streets but allowing you to stay in his gorgeous flat.
every tenant has the same opinion on landlords but us landlords have the same opinion on you *****. Other than you ***** paying my mortgage you also enable me to wear bespoke suits from savill row (Ozwald Boateng) and i thank you..
Actually I love my landlord as he fixes everything that I ruin in his flat, for free.
Great guy.
I think the most accurate report I can give at the moment is largely static rents with the odd hard to shift 2-bedder getting a 5% haircut here and there.
The well-presented flats are, by and large, going quickly when priced correctly.
The rubbish is lingering longer, sometimes months more, but eventually goes when the rent is dropped of course.
No surge of places yet, but here and there maybe 1 or 2 more than I'd expect to see.
Agents still behaving mostly in a tenants are 10 a penny manner.
The well-presented flats are, by and large, going quickly when priced correctly.
The rubbish is lingering longer, sometimes months more, but eventually goes when the rent is dropped of course.
No surge of places yet, but here and there maybe 1 or 2 more than I'd expect to see.
Agents still behaving mostly in a tenants are 10 a penny manner.
QUOTE (redwing @ Aug 30 2008, 11:20 PM)
I'm with Renterbob.
BOE base rate at 5% is so only marginal to RPI that it is making saving look rubbish.
At around 10% savers would get a decent return and it'd put a complete dampner on the housing market.
Van is a complete scumbag, and I don't want to live in, out or anywhere near his arsehole.
I rent. I pay a phuqing heap of money every year to keep some slumlord paying his phuqing mortgage. As far as I'm concerned the sooner these parasites die the better.
Go for it Bob.
[edit to add: sorry TLB for the hijacking of a really interesting thread. Please keep on with your tales of N London rental prices.]
BOE base rate at 5% is so only marginal to RPI that it is making saving look rubbish.
At around 10% savers would get a decent return and it'd put a complete dampner on the housing market.
Van is a complete scumbag, and I don't want to live in, out or anywhere near his arsehole.
I rent. I pay a phuqing heap of money every year to keep some slumlord paying his phuqing mortgage. As far as I'm concerned the sooner these parasites die the better.
Go for it Bob.
[edit to add: sorry TLB for the hijacking of a really interesting thread. Please keep on with your tales of N London rental prices.]
Yes please do keep on with your N. London rental tales - hugely informative and enjoyable! But maybe you have now found the perfect 2 bedder at the right price? Or were you just put off by the totally rude BTL interjection?
(London/Essex/Herts - some slow spots only) Higher priced 2+ bedders and some other places are falling if you check on Property Bee, -10%. This might put pressure on the cheaper end so that £750 PCMs rent for £700 sooner rather than later. Of course, this is just guesswork. If the areas currently slow or slumping start to creep or even spread like wildfire due to jobs being lost, migrants vacating the UK, people moving back to their parental home, more people taking in lodgers, etc, then there will be more and more empty self-contained places and downward price pressure.
The flipside is if landlords go bust then there will be less places to rent, so prices static or up.
But at the moment, it's looking more like static or drops in an increasing number of slow and slump areas, even here in the (chuckle) "prosperous South East".
I was out at some bars tonight - definitely emptier, perhaps -40%, than ever for a Fri night. But the restaurants were still doing I would say 90% usual biz.
The flipside is if landlords go bust then there will be less places to rent, so prices static or up.
But at the moment, it's looking more like static or drops in an increasing number of slow and slump areas, even here in the (chuckle) "prosperous South East".
I was out at some bars tonight - definitely emptier, perhaps -40%, than ever for a Fri night. But the restaurants were still doing I would say 90% usual biz.
Half the areas I check are showing about 5% to 8% reductions on rents, dotted here and there. The majority are flats above shops.
There have been almost no new properties coming on in most of the areas I check, past 5 days. Only the odd one. No surge, for sure.
October for the surge? A couple of weeks and we'll know.
I am noticing ever higher agents' fees to tenants, some have almost doubled since last I checked 6 months ago.
There have been almost no new properties coming on in most of the areas I check, past 5 days. Only the odd one. No surge, for sure.
October for the surge? A couple of weeks and we'll know.
I am noticing ever higher agents' fees to tenants, some have almost doubled since last I checked 6 months ago.
When are BTL bastards like Van the Man going to realise that as landlords you are not INVESTORS, you are BUSINESSPEOPLE?
Tennants are not scum who are an necessary evil paying for your retirement; they are your customers.
If your property is not being let in a few weeks then it is too expensive. You can keep it empty and see if this is just a lull in the market or you can drop the price. 2 months void is approx 16% of the annual rent you are not getting. This is worse than dropping the rent 10%. If you are not getting the returns you planned for or you even make a loss - tough - that's business.
I don't see supermarkets keeping stuff on the shelves for months when it is not selling - they drop their prices. Clothes shops have regular sales for the same reason. So do car sales rooms. Letting is just the same.
Tennants are not scum who are an necessary evil paying for your retirement; they are your customers.
If your property is not being let in a few weeks then it is too expensive. You can keep it empty and see if this is just a lull in the market or you can drop the price. 2 months void is approx 16% of the annual rent you are not getting. This is worse than dropping the rent 10%. If you are not getting the returns you planned for or you even make a loss - tough - that's business.
I don't see supermarkets keeping stuff on the shelves for months when it is not selling - they drop their prices. Clothes shops have regular sales for the same reason. So do car sales rooms. Letting is just the same.
In a nutshell : rents drifting down in Herts areas 5% or so per month on ones that are sticking (2 bedders) - slight increase in stock - no real sign of proper rents slump yet nor proper surge of stock yet. Read on for some chat about these findings...
Slight increase in places in some parts of Herts, also slightly more are sticking and being reduced about 4 or 5% after 3 or 4 weeks. Curiously, one place I tried to view in Herts has been up then down then up again rent-wise, and the agent never got me a viewing despite my making 3 calls. It's still unlet, unsurprisingly.
LANDLORDS - if your place ain't let it could just be the agent's a fruitcake - do a test purchase/mystery shop and get a pal to call up pretending to be a viewer. Do that once a fortnight, make sure your pals get the call back to view. If they don't, you know why it's not let.
It's not unusual to chase agents several times to get a viewing - in 2 cases I can think of in Herts I never got to view despite several calls, and the places are still unlet. It happens, believe you me.
Lately, getting the odd agent call me up speculatively to see if I want to view a new place.
That hasn't happened for a long time. Mostly it still doesn't.
Also getting estate agents call me and ask if I want to put the flat up for sale, well I'd love to, but the landlord would probably take a bit of offence...
Renting is an agreement where a payment is made for the temporary use of a good or property owned by another person or company. The owner of the property may be referred to as the lessor and the party paying to use the property as the lessee or renter. There is typically an implied, explicit, or written rental agreement or contract involved to specify the terms of the rental, which are regulated and managed under contract law.
Anecdotally, drop in the number of tenants looking.
Seems to be a few extra 2-bedders coming on in most areas but strangely not St Albans! Before the surplus was there!
Rents static to down 5%
My offer of 12% off for 6 mths adv rent - declined
Seems to be a few extra 2-bedders coming on in most areas but strangely not St Albans! Before the surplus was there!
Rents static to down 5%
My offer of 12% off for 6 mths adv rent - declined
48 hrs on and I'm seeing another 1 or 2 at the cheaper end in most of the areas I monitor.
Strangely enough, the one I offered on is still unlet. The agent completely ignored my fax and email. Definitely still unlet though. Don't want to take anything off or no more than 2 or 3 % a month.
They're going to be sorry as it's now a void.
Like the last one I offered on - they lost a month's rent and had to in the end let it to someone else for the same or less than I offered.
LANDLORDS - this is not a bluff, make sure your letting agent passes all offers to you and think carefully about when you lose more: a void of a month or 3, or taking an offer. Furthermore, someone who offers less may have more intention of paying than someone who takes it anyway and introduces you to their foibles, late payments, bounced standing orders, and demands of a reduction mid-AST.
The LLs who turned their nose up at me miss out on someone who's never been late once with rent, not ever in all the years, has not even done the slightest damage to any property (apart from moldy shower curtains!), makes no noise, doesn't smoke or drug, tolerates loads of spiders and the noise of others. Blimey, I sound boring...
Strangely enough, the one I offered on is still unlet. The agent completely ignored my fax and email. Definitely still unlet though. Don't want to take anything off or no more than 2 or 3 % a month.
They're going to be sorry as it's now a void.
Like the last one I offered on - they lost a month's rent and had to in the end let it to someone else for the same or less than I offered.
LANDLORDS - this is not a bluff, make sure your letting agent passes all offers to you and think carefully about when you lose more: a void of a month or 3, or taking an offer. Furthermore, someone who offers less may have more intention of paying than someone who takes it anyway and introduces you to their foibles, late payments, bounced standing orders, and demands of a reduction mid-AST.
The LLs who turned their nose up at me miss out on someone who's never been late once with rent, not ever in all the years, has not even done the slightest damage to any property (apart from moldy shower curtains!), makes no noise, doesn't smoke or drug, tolerates loads of spiders and the noise of others. Blimey, I sound boring...
DOWN DOWN DOWN
Rather than quote boring percentages for the 2-bedders, here are some actual prices...
825 to 795
780 to 750
795 to 750
750 to 700
There are an increasing number slashing 3 to 10% off in areas of Herts/London border I monitor.
Mysteriously, the place I offered on is still available. They'd rather have it empty than reduce it! That one is a pro landlord's place, he has lots of props.
It's all looking quite encouraging for tenants in the areas I check.
However, caution - if rents drop too much some weaker landlords will fail and new BTLs will evaporate, meaning less choice for tenants and higher prices.
Rather than quote boring percentages for the 2-bedders, here are some actual prices...
825 to 795
780 to 750
795 to 750
750 to 700
There are an increasing number slashing 3 to 10% off in areas of Herts/London border I monitor.
Mysteriously, the place I offered on is still available. They'd rather have it empty than reduce it! That one is a pro landlord's place, he has lots of props.
It's all looking quite encouraging for tenants in the areas I check.
However, caution - if rents drop too much some weaker landlords will fail and new BTLs will evaporate, meaning less choice for tenants and higher prices.
I think 80% of those I offered on and was refused or more usually totally ignored are all still for let across herts and essex.
Rents seem down in a good many cases on the ask.
Looks quite obvious that the demand from tenants has dropped by a quarter to a half in many of these "aspirational" areas and even some where the going should be better than it is.
Reasons? I speculate...
EU immigrants going home
People scaling down as incomes or disposable incomes drop
More jobs being lost than we know about so less accom demand
Speculative relocators cancelling their plans and staying put in their cheaper existing towns and accom
More places coming up for let that can't be sold
More competition at the lower end as the higher ends drop their price
Rents seem down in a good many cases on the ask.
Looks quite obvious that the demand from tenants has dropped by a quarter to a half in many of these "aspirational" areas and even some where the going should be better than it is.
Reasons? I speculate...
EU immigrants going home
People scaling down as incomes or disposable incomes drop
More jobs being lost than we know about so less accom demand
Speculative relocators cancelling their plans and staying put in their cheaper existing towns and accom
More places coming up for let that can't be sold
More competition at the lower end as the higher ends drop their price
I'm seeing real drops in Dulwich/Herne Hill. It seems money's been sucked right out of London, and it's hitting hard.
Lovely!
Lovely!
Some of the places I'd mentioned before that refused my offers now say to me "let at full ask", but I wonder, because they're still on Rightmove and there are better places for the same rent next to them on the listing. Guess I'll have to drive past and see if the lights are on and a new tenant's in!
Generally am seeing reductions, mostly small, occasionally chunky. Some ads are now saying "£150 cashback if you move in by Dec 1" which I've never seen before, and some are saying "Special offer, our fees including refs, admin, inventory, check in, just £125 when you rent this". Again haven't seen that before either.
In some areas there seems to be no drops when as last month there were plenty of drops. Odd I know. Fits & starts it seems. But looking at the economics, it's hard to see rents going up across the board, even by the miserly 3% the BBC claimed. Anecdotally I think they're clearly down.
Generally am seeing reductions, mostly small, occasionally chunky. Some ads are now saying "£150 cashback if you move in by Dec 1" which I've never seen before, and some are saying "Special offer, our fees including refs, admin, inventory, check in, just £125 when you rent this". Again haven't seen that before either.
In some areas there seems to be no drops when as last month there were plenty of drops. Odd I know. Fits & starts it seems. But looking at the economics, it's hard to see rents going up across the board, even by the miserly 3% the BBC claimed. Anecdotally I think they're clearly down.
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