Jump to content
House Price Crash Forum
Sign in to follow this  
oldsport

Anyone Remember Rent To Sell?

Recommended Posts

When the crash started back in 2008 there were stories of a huge number of people renting out their current homes in order to move house, either because they couldn't sell or didn't like the price they were being offered.

I was just wondering what might have happened to all these houses. Maybe they'll come back on the market for sale adding to the pent up supply.

Anyone have any insight into this?

Share this post


Link to post
Share on other sites

I presumed that was estate agent bull

When the crash started back in 2008 there were stories of a huge number of people renting out their current homes in order to move house, either because they couldn't sell or didn't like the price they were being offered.

I was just wondering what might have happened to all these houses. Maybe they'll come back on the market for sale adding to the pent up supply.

Anyone have any insight into this?

Share this post


Link to post
Share on other sites

When the crash started back in 2008 there were stories of a huge number of people renting out their current homes in order to move house, either because they couldn't sell or didn't like the price they were being offered.

I was just wondering what might have happened to all these houses. Maybe they'll come back on the market for sale adding to the pent up supply.

Anyone have any insight into this?

We sold to rent. Unfortunately where we wanted to rent has very few professional LL's. We have moved a number of times as we have had to rent from reluctant landlords who having bought another property had to rent the 1st out (after the original sale fell through or 'surprisingly' no offers were made at an acceptable price). While living in the rentals, the houses have sold and we have had to move out after 6 months. Huge PITA for everyone. Hopefully rental we are in now is going to last until we are ready to buy.

If there are lots more RTS's then I think the tipping point might soon be reached when they start to be affected by rising rates and GCT etc.

Share this post


Link to post
Share on other sites

When the crash started back in 2008 there were stories of a huge number of people renting out their current homes in order to move house, either because they couldn't sell or didn't like the price they were being offered.

I was just wondering what might have happened to all these houses. Maybe they'll come back on the market for sale adding to the pent up supply.

Anyone have any insight into this?

yep. The 2 bed flat in Brighton I just move out of was up for sale for £290k in 2008 but the Landlord couldn't shift it. He bought it at the peak of the market in 2006 for £280k but had to relocate for work. When he couldnt shift it he decided to wait until the market picked up and rent it out in the meantime.

I rented it out for £1k per month (less than his mortgage repayment). Now that the market has 'picked up' again he has decided to try his hand and he put it back on the market 2 months ago for £300k. In the second to last month of my tenancy there were lots of initial viewings (including people who were openly talking of buying it to rent out !!) but nobody put in an offer. In the last month there were hardly any viewings at all.

its now repriced at £290k... The monthly payment of around £1200 (according to informed sources) for a flat which is sitting empty is going to really start to hurt soon and if i was him i would be looking at cutting my losses very soon. My gut instinct is that his story is not all that unique.

Share this post


Link to post
Share on other sites

its now repriced at £290k... The monthly payment of around £1200 (according to informed sources) for a flat which is sitting empty is going to really start to hurt soon and if i was him i would be looking at cutting my losses very soon. My gut instinct is that his story is not all that unique.

That story reminds me of those happy days back in 2008. Also good to hear that not everyone's managed to get their IR slashed.

Hope your gut is right!

Edited by newdman

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.