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Putney prices to come down

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About Putney prices to come down

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    HPC Newbie

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    putney sw15 & northwood ha6
  1. Hello We are currently requesting our landlady (and her estate agent) to reduce our rent as our tenancy is coming to an end. Here is my draft response to their letter enquiring about renewal subject to a rent review. Is there anything I should add, delete or change?? Should I copy my landlady or allow Foxtons to communicate with her?? Regards Tina _________________________________ Dear Mr XXX (Foxtons Renewals) Thank you for your letter dated 24 April 2009 regarding the renewal of our tenancy agreement. As house prices continue to fall and we are waiting to buy we would like to renew our tenancy contract subject to the rent review. An increased supply of properties (owners who are unable or unwilling to sell have been forced to let) has placed immense pressure on rents (asking and achieved) and we understand from visiting various property price websites and discussion forums that tenants are renegotiating rents at significantly lower levels. In light of the above, an increase in rent is unthinkable and we will definitely look to move at the end of the existing contract should the landlady want to increase the rent. Having looked at the variety and quality of the properties available to rent in our price range in Northwood and Moor Park, we consider a rent reduction of 12-15% to be fair and in line with changes in the property environment. Although we are reading of higher discounts being widely achieved we recognise that there is a cost and effort with moving house which we would like to avoid if possible. Our current rent of £1,950 per month is high and the property management / maintenance has been less than satisfactory. You may not be aware that the boiler is very old and broke down 6 times between October 08 and January 09. Having experienced one of the worst winters in recent years and with two young children (my youngest being but a few weeks old) this was very inconvenient. We had identified various snags and problems with the property at the start of our tenancy but almost all issues still remain outstanding. The landlady and her maintenance person has visited on a few occasions but (as an example) we continue to live with a door that does not shut to the family bathroom. At the current level of rent we would like to let the tenancy lapse into a statutory periodic tenancy and carry on with the same terms. We our landlords ourselves (having let our property through Foxtons Putney) and recognise the rapidly changing circumstances (ie rents falling). We hope you appreciate the fairness of our proposal and encourage our landlady to accept the rent reduction. This will benefit all parties, it saves us moving and the landlady will have a continued tenancy (no void period). We have been and will remain exemplary tenants looking after the property and making our payments on due date. We look forward to hearing from you soon. Regards
  2. your assumption is right and i think prices are set to continue their fall. buying 30% below peak means you are buying at current market value, it does not guarantee against further price falls which are in my opinion inevitable.
  3. music to my ears, great to hear. looking forward to continuing property price falls, currently renting and waiting to attack.
  4. tim warren said on 6th march 2009 that a 30% reduction is currently required to achieve a sale in putney. this is a 30% less than peak (july-august) 2007 price. source: http://www.putneysw15.com/default.asp?sect...ault.asp?site=3 it is difficult to suggest a set discount to asking price as asking prices vary greatly between dreamers who are testing the market or those in denial thinking that although prices across the country are falling their house/street has held up and those who have to or want to sell and have priced their properties accordingly. although tim warren is an estate agent (yes, much disliked on this forum) he has consistently and periodically provided honest and useful information on both the property snake and putneysw15 websites. he knows what he is talking about and is very highly respected as an agent in putney. please note for the record that i do not work for tim warren. i am not related to tim warren. i have neither met nor spoken to tim warren. approximately 2 years ago i asked on the local putneysw15 discussion forum whether people thought property prices would fall in putney (as i did) and by how much, tim warren responded and since then has been periodically providing the site/forum with regular updates.
  5. sunday times on 1st march 2009, home section, page 12, the market: eight bedroom - six bathroom victorian house in fulham down 42%; from £3 million now reduced to £1.75 million. last year a house half the size on the same street sold for £1.7m.
  6. i would let it out and use the rent collected to pay down the mortgage. it can be paid off in a short time. good luck.
  7. due to the snowstorm in london most people will have missed the headline. what a shame, hope it is repeated.
  8. I plan to buy late 2009, hopefully down 25-30% from peak. Regards Tina
  9. i take the job of spreading house price crash news very seriously. i read all the articles posted on the home page of this website on a daily basis and email them to my ever increasing group of house price watchers.
  10. impatient. i am in putney and thought volume has disappeared prices aren't falling greatly. getting more impatient with each day.
  11. hpc needs positive publicity (and possibly a pr agent) the mainstream view of hpc'ers is that we are doom mongerers who wish for and enjoy the financial misery of property owners. house price falls are reported by the media against the much dreaded scenario of negative equity and estimates of price falls necessarily mean a bleak future for our economy. we need to convince people that a hp crash/correction will help more people than it will harm and get the media to start reporting house price falls in a more positive light. we are not against homeowners, indeed all of us are waiting for property prices to crash/correct to be able to get on or move up the ladder ourselves. most homeowners, people who have bought a home without stretching themselves and can meet their financial commitments, have nothing to fear from the price declines - it is only paper profit which has moved up and is now moving down. we are not against estate agents, indeed by selling as many properties as they could for as high a price as they could achieve they were only doing what they were being paid for my the sellers. estate agents make money from a fluid market, it is volume (number of transactions) that matters to them. the volume has dried up and they should be eager to reignite the trade flow. if we stop attacking them, estate agents can help accelerate the price plunge. a short plunge in prices is far better and more efficient than a slow prolonged trickle down. finally, we are not against the government, indeed if the government's spin doctors see an opportunity to turn price falls to their advantage we will have gordon brown and all his men (women) telling the country and the media of hpc benefits.
  12. i have a colleague who is due to exchange next week (buying). he is now considering pulling out thanks to my constant badgering of how house prices are surely headed down, only the pace and degree of the plunge (how fast and how much) is uncertain. fingers crossed, will keep you posted.
  13. ridiculous really. reserves are required when times are bad. what is the point of making banks maintain reserves during the boom years only to waive them when things start getting tough??
  14. http://commentisfree.guardian.co.uk/carole..._confusion.html spot on. just today i was thinking to myself that all the press coverage on property price falls conveys a morbid picture of doom and gloom while property price falls will actually benefit far more people than it will hurt. property price falls need to be actively reported by the mainstream media in a positive light. the hpc website also has an inaccurate reputation of being filled with people who have been priced out and unable to step on and 'benefit' from the property boom. that is factually incorrect as i am a property owner (2 bed flat in putney, mortgage paid) but want to buy a four bed house and am waiting (albeit impatiently) for the correction/crash. i contacted our mortgage broker last week just to find out if i would indeed be able to get the mortgage i was considering and was assured that on our incomes and considering our cash savings, my husband and i would have no problem obtaining the required credit. yet, i am unwilling to buy for a million pounds what may be worth £800K by the end of next year. availability of credit is not the only issue, buyers are stepping away for fear of buying at an inflated price. lastly, and i will probably not make any friends by saying this, estate agents have been (and are being) wrongly maligned. if they sold as many properties as they could at as high a price as they could possibly achieve, they were only doing their job - that is what they were paid to do, they are instructed by the sellers. estate agents cannot inflate prices without the ability and willingness of buyers to spend their cash, buyers who perhaps misguidedly bought in to the 'shortage of properties & never-ending demand' theory. many people confuse desire with demand - everyone would like to live in a mansion, that can be counted as demand only if they are able and willing to pay for the privilege. i believe that estate agents could help accelerate the price crash/correction with the right about of encouragement and positive re-enforcement. prices are only trickling down (atleast in putney) but volume is collapsing. it is in the interest of the estate agents for prices to correct quickly so that volumes can pick up. hpc'ers and estate agents should become friends.
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