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Everything posted by Bankside

  1. Queen's Speech 2017: Lettings fees to be banned - finally More than six months after first suggesting the idea, the government has finally announced plans to ban fees to lettings agents in England. A new Tenants' Fees Bill was announced in the Queen's Speech, which will stop tenants having to pay money to agents. The idea was first suggested by the Conservatives in the 2016 Autumn Statement. The measure is likely to pass into law, as all the main parties had it in their election manifestos. http://www.bbc.co.uk/news/business-40354019
  2. We don't allow anyone that has a different view here. They are chased away. It's a bit of a shame as we lose the ability of discussing and debating different potential outcomes
  3. Ha, Nice one! And a hat tip for the correct usage of the word "loose" It's been a long while since I saw 2 bed rentals at that rate within zone 2.
  4. There are a lot of new blocks of flats, Executive apartments coming on stream in SW8, and lots more over the last few years. Expectations have been high in regards to getting top dollar for rentals but the reality is somewhat different. Who know's what the expectations were with these purchases but huge reductions and long voids can't be good for the savvy investors!!! Here's a few examples http://www.zoopla.co.uk/to-rent/details/42671631 First listed £5,417 pcm on 20th Dec 2016 Asking rent changes £6,283 pcm 16.0% Increased on: 21st Dec 2016 £4,767 pcm 24.1% Reduced on: 18th Jan 2017 £4,333 pcm 9.1% Reduced on: 31st Jan 2017 £3,900 pcm 10.0% Reduced on: 8th Feb 2017 £3,683 pcm 5.6% Reduced on: 27th Feb 2017 £3,250 pcm 11.8% Reduced on: 11th Apr 2017 £2,817 pcm 13.3% Reduced on: 26th May 2017 http://www.zoopla.co.uk/to-rent/details/41145658 First listed £10,833 pcm on 27th Jul 2016 Asking rent changes £8,667 pcm 20.0% Reduced on: 10th Jan 2017 £5,850 pcm 32.5% Reduced on: 30th Jan 2017 http://www.zoopla.co.uk/to-rent/details/42911316 First listed £4,117 pcm on 8th Feb 2017 Asking rent changes £4,242 pcm 3.0% Increased on: 11th Mar 2017 £4,117 pcm 2.9% Reduced on: 18th Mar 2017 £3,250 pcm 21.1% Reduced on: 8th May 2017 £2,860 pcm 12.0% Reduced on: 11th May 2017 www.zoopla.co.uk/to-rent/details/42891062 First listed £4,333 pcm on 6th Feb 2017 Asking rent changes £3,683 pcm 15.0% Reduced on: 2nd Mar 2017 £3,250 pcm 11.8% Reduced on: 18th Apr 2017
  5. I'd ask for a counter offer. Seems she is in no hurry though. See if the Agent is interested in getting a sale through and some commission perhaps??
  6. I wonder if LLs are thinking they can spend this money on their properties to improve and enhance the sale price in the future. But the future may come faster than they are anticipating. Either way, we could see some spend on rentals happening soon.
  7. It looks like they were being sold for £465K early 2015. - http://www.rightmove.co.uk/property-for-sale/property-50480840.html Price are all over the place right now - Here's one for £650K - http://www.zoopla.co.uk/for-sale/details/42129034 And another for £516.9K - http://www.zoopla.co.uk/for-sale/details/39534241 So it looks like those selling teh £475K place are looking to get out with close to zero profit (assuming some costs for selling)
  8. It's also the first place if seen that wants the tenant to pay the Service charge - in addition to the £4k monthly rental!
  9. This one (down 25%) works out at £813 / Sq ft http://www.zoopla.co.uk/new-homes/details/42797575?search_identifier=109eed70d1846a736c3c72465cfe23cc Note - but they have added the "sky garden" as part of the calculation - sneaky! It's looking desperate in SW8 right now
  10. That's down to £880 / Sq ft which is a massive reduction on the numbers we were seeing a year or so ago (Was it £1,200 before??) And that's not including the two sky gardens (that's balconies to the unwashed ) - that's another 180 Sq ft This one is identical but on a lower floor - http://www.rightmove.co.uk/new-homes-for-sale/property-45823536.html I think it's unlikely they will get the asking £795K! There are plenty of other off plan and existing places on the market for £1,000+ / Sq ft. http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=POSTCODE^3961373&maxPrice=1000000&radius=0.25&includeSSTC=false Property bee tells a story and it's not a good one for sellers... Proces are set at the margins as someone far smarter than I once said. Does any one have any other examples - or can show the increasing (and now decreasing) £ per Sq ft?? Edited for better search link
  11. From their website Tenant Fees Our standard tenancy fees and possible additional fees Standard Fees Administration fee £420 per tenancy This is a fixed cost fee that can cover a variety of works depending on the individual circumstances of each tenancy, including but not limited to conducting viewings, negotiating the tenancy, verifying references and drawing up contracts. This charge is applicable per tenancy, and not per individual tenant. Deposit for a long let tenancy Equivalent to six weeks' rent Deposit for a short let tenancy £700 or equivalent to one weeks' rent (whichever is greater) Other Fees Change of occupancy within an existing tenancy £300 Letter sent by Foxtons regarding late or non-payment of rent £60 for each letter sent Tenant reference request £35 Tenancy renewal (long lets only) £96 per tenancy End of tenancy inventory check-out organised by Foxtons £165* *Where a landlord organises this inspection independently of Foxtons, the charge may vary. All fees unless otherwise stated are inclusive of VAT These look like they are at the high end of the scale. I can't see Landlords agreeing tho these when there are other Agents to deal with. Foxtons will have to significantly reduce their fees, or deal with a far reduced turnover of properties.
  12. http://www.thetimes.co.uk/article/theres-no-place-like-a-cosy-1m-hovel-near-a-crack-den-zjm3tct9p?shareToken=93290262770985baee35116f937cbb56 "The year began with a procession of estate agents with pink shirts and pink cheeks streaming through our flat like cut-out figures in a paper chain. The Hughs, as we called them, promised they could sell it in weeks for exorbitant sums and foolishly we believed them. “Oh yah,” one Hugh exclaimed approvingly. “The Russians will love the bijou luxury.” Another Hugh became quite fixated with the “bird’s-eye view”. We were optimistic. Never mind the four flights of stairs or the rickety ladder up to an illegal roof terrace; never mind that the flat has the same square footage as a Formula One car — with those estimates, we were on our way." The madness is going mainstream Seems there is a buildup of realisation that this isn't right, isn't healthy, and isn't going to end well...
  13. Interesting that the Telegraph is pointing out all of the new negatives of being involved in BTL. Unless this resuts in a U turn on all detailed aspects that are making it a poor investment - which I think is most unlikely, surely this will result in disuading new entrants, expansion of portfolios and potentially getting out of the business altogether?
  14. That's much the reason why I don't comment so much. Whilst the Count is a very enthused member of the forum, and has some interesting things to say at times, he doesn't like an opinion that doesn't agree with his own. It's shame really as it stifles decent debate.
  15. I think you'll find that Henry Prior makes money BUYING houses for people, He sees skyhigh prices as a barrier to transactions.
  16. Note The price given is a marketing price and not an indication of the property's market value. The vendor like any seller is looking to achieve the maximum price possible. Hence, by making an enquiry on this property, you recognise and understand that this property is strictly offers in excess of the marketing price provided.
  17. This property's sale history Date Sold Sold Price 22 Aug 2014 £574,000 Asking in excess of £900K now seems sensible enough...
  18. These aren't just flats. These are Avant Garde Apartments! Watch the video. I dare you
  19. Bought in Nov 2014 £268K http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=47499002&sale=52922837&country=england They may have added an extension at the back but even so...
  20. Sold 2001 - £180,000 http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=56516963&sale=39414656&country=england Simlar sold last year for £700,000 http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=46997375&sale=52900556&country=england Even at £1.1M this is flying the highest kite
  21. They are spinning this by saying "Increasing UK Buyers" (by percentage terms)
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