Friday, Mar 20, 2009
The exploited?
The Times: Tenants exploit oversupply to force down rent
Poor old RICS complaining on behalf of their tenants that people want fair value.... Of the declines, "many reporting a fall of up to 30 per cent in rents".
Later in the report, the only voices bleating flawed facts are the Estate Agents: "“The bottom end of the market is very lively indeed. Renters looking to negotiate on anything below £500 a week will get a bit of a shock".
Folowed by the classic Estate Agent "in my area" misleading fiction of...
"in some areas not much is coming in to replace them. Estate agents said that if this were to continue, demand could soon outstrip supply and rents could rise."
Righ.I live in Gerrards Cross. One of the areas with the highest average house price. Check Rightmove "To Let" and see what there is sub 2000 pcm. Tons. Dreamers
11 Comments
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1. paul said...
Something must be done to protect these entrepreneurs' investments!
I propose making all rental prices non-negotiable downwards, and immediate government support for these impoverished property robber-barons.
2. Mr Rigsby said...
I'll second you on that Paul.....
3. crunchy said...
Shock horror.
To think that they may only get the rent that they did seven years ago, if they get it at all.
The deleveraging must be painful seeing all those yet to materialise millions vanish.
4. Nomad said...
Moved to North Devon 12 months ago and it was difficult to acquire a decent 3 bed property to rent - we took one uninspected and paid 6 months up front. Now we are looking again in the whole of North Devon and we can have our pick in any area be it town or village from the coast to the centre. And, of course, the prices are down. So many second homes. Is there anywhere we can discover the percentage of housing stock that is not first residency? I mean main home and not a room at your sister's house in London.
When the penny drops that houses can't be sold and that they can't be rented - that's when the HPC comes.
5. Kiwihat said...
However, demand for rental property is growing at double the average rate, the survey showed — the fastest in the history of the survey — as would-be first-time buyers rent because they cannot find mortgage finance.
haha what are they goinjg to do keep renting or move out of the tent.....
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7. need-a-crash said...
I know those pesky tenants, don't they know they only exist as serfs to make us elite property owners rich in our retirement! I mean how dare they "exploit" us like this and lower the amounts they pay.
8. letthemfall said...
"Estate agents said that if this were to continue, demand could soon outstrip supply and rents could rise."
Just as demand has made house prices continue to rise? The BTL Times strikes again.
9. mark wadsworth said...
They are mental, since when is £500 pw the bottom end? Above £500 is the top end!!!
Below £500 per month may well be 'the bottom end'.
10. Koala Bear said...
We gave notice on our flat, it's now being marketed for less rent than was being charged two year's ago. One month until we move and still no viewings. We're moving into one of those many properties that would otherwise be vacant, at half the rent we pay now. Best of all, we cut out unscrupulous estate agents, deal direct with the landlord, pay no deposit (friend of a friend's place) and save on fees. No signs of demand outstripping supply around here!
11. uncle tom said...
Yes, I thought £500 per week being described as 'bottom end' was a bit unreal - in the poshest bits of London maybe, but elsewhere in the country, £500 per month is the bottom end.
It is the fall in rents that will catch many of the BTLers who otherwise thought they could sit out the storm - that, and higher void periods due to the excess of supply..