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DoubleBubbleTrouble

Anecdotal: Rent Had Halved In 3 Years

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Was looking at a nice 3 bed flat to rent on a new Cala development here in Edinburgh.

Didn't take it but it was a good price at £695 a month with a garage, ensuite bath/shower and all the trimmings.

Went into the Cala sales office afterwards to see what they were selling them at, would you believe it, it was £230,000 to buy the same type of flat! If you borrowed money to buy that place right now, say £200,000 you would be paying over £1000 in interest only!!!

I told the sales guy that I could rent one from £695 and he looked a bit perturbed and confessed that 3 years ago that similar places in the previous phases were renting out at £1500 a month!

How screwed up is everything right now!

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Was looking at a nice 3 bed flat to rent on a new Cala development here in Edinburgh.

Didn't take it but it was a good price at £695 a month with a garage, ensuite bath/shower and all the trimmings.

Went into the Cala sales office afterwards to see what they were selling them at, would you believe it, it was £230,000 to buy the same type of flat! If you borrowed money to buy that place right now, say £200,000 you would be paying over £1000 in interest only!!!

I told the sales guy that I could rent one from £695 and he looked a bit perturbed and confessed that 3 years ago that similar places in the previous phases were renting out at £1500 a month!

How screwed up is everything right now!

230k bargain!

investing in edinburgh property always a winner ;)

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I have noticed this everywhere in the South East. However I do not think rents can go much lower than another 25% because although there is a current excess of rented accomodation available, and there will be more in the next year, there will also be more people looking to rent after downsizing, selling up or even being repossessed.

I have noticed a large number of rented flats especially which have gone through the floor in the last three months, and I also see a considerable relaxation of terms. A year ago it was a global "no smokers, no pets, no goldfish, no parties, no sex, no DSS", with landlords feeling they have the right to dictate your lifestyle. Nowadays they consider almost anyone who can stump up the rent.

What goes around comes around.....

VP

Edited by VacantPossession

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  • 301 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%



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