Saturday, Apr 07, 2007
Are buy to let investors winning their 'war of attrition'?
Firstrung: London rental market soars on back of city boom - Foxtons
London's rental market is starting to keep pace with sales, as demand for property in the capital continues to soar, according to key indicators published by Foxtons, London's leading estate agent...Since January, Foxtons have had 20% more applicants for rented property than this time last year. This demand is leading to rent rises and an increase in renewals.
Posted by converted lurker @ 07:42 PM (194 views) Add Comment
4 Comments
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1. Davro said...
I'm paying a third of the cost of the mortgage on my place as rent. Last year my rent dropped. Figure that one out Foxtons.
2. royston said...
Foxtons?!? Did anybody see the Panorama documentary of estate agents last year. Foxtons were shown to be the most underhand disreputable estate agency in the country (anyone remember "chop-chop"?) - so I am compelled to question their motives in releasing this "information".
But let's suppose this alleged rise in rentals has some element of truth to it - it could signify that London is being flooded with people who can't find places to live and a scramble for both rental and sales properties is resulting - or, it could signify that more people are accepting the eye-watering sums of money being offered for their homes and moving into rental.
3. Neil9327 said...
I heard that the owner of Foxtons is trying to sell the business. So it makes sense for them to put across the assertion that the market is going very well, because it makes the business more valuable.
4. Rj said...
Foxton's are the worst propoganda agents that i have known. They can go to any length to deceieve people. Reports from estate agents, mortgage lenders are always away from truth . Imagine - an estate agent or a mortgage lender accepting that the housing market is in trouble !!! It would be most stupid thing for them to do . ruining there business.
So when you hear halifax or rightmove saying market is up 11% , take it with a pinch of salt. I have been tracking about 40-45 properties in Rightmove website ( South east london ) and i dont see any rise in prices since Dec2006 . In fact 60% of them are still unsold and 4 of them are now with reduced prices ( 300K from 325K) and still dont have buyers. !!!