Jump to content
House Price Crash Forum
Starla

Anecdotal: Rising Rents In London

Recommended Posts

I'm in the process of interviewing new flat mates at the moment. I live in a flatshare, in a nice part of London and never have any trouble finding decent people. Saw someone yesterday who came to look at the place and he said the reason for moving out of his current flatshare is the landlord has just put the rent up by £400. I said "What for the year?" he said "No £400 a month, 25% increase!" That's £400pm extra for a flat with no windows in the bedroom, bathroom and kitchen,

My mate lives in a houseshare and his landlord has just tried it on by wanting to raise the rent £400 a month, 20%. The landlord knows the place isn't worth it and if my mate and co. decided to reject his offer and move out he'd have to spend £10,000 on the place to demand that price. They negotiated him down to £150pm increase.

My current place is about 20% under market value and I'm hoping to keep flying under the radar for as long as possible.

Way I look at it is houseshares are the final compromise of renting, a reliable cheap option after you've worked out you can't afford a flat on your own or even a studio flat.

Rent+London=Nightmare.

Share this post


Link to post
Share on other sites

Way I look at it is houseshares are the final compromise of renting, a reliable cheap option after you've worked out you can't afford a flat on your own or even a studio flat.

How cheap are they nowadays? I recollect it taking most of my after-tax income for a place that would probably get condemned today.

Rent+London=Nightmare.

London=Nightmare. Rent is just one (major) aspect of it.

Share this post


Link to post
Share on other sites

How cheap are they nowadays? I recollect it taking most of my after-tax income for a place that would probably get condemned today.

London=Nightmare. Rent is just one (major) aspect of it.

If you want to get financially assaulted then the most expensive route is via an Estate Agent, so Rightmove would be an example of what not to pay. You can find much cheaper places if you put in a bit of leg work and go via flatmate websites and sniff out the bargains and be quick. I took that route and found a great flat share 2 years ago, 3 (massive) bed flat, 2 bathrooms, great part of Chiswick for £1600pm, so we each pay £530ish. This place would probably market for about £500k+ so I have no problem with what I pay.

Mate of mine lives in Holloway and keeps telling me how it's one of the most expensive parts of London so I've had to clue her up that Holloway isn't exclusive, she's under that illusion because Foxtons are taking the p*ss and charging her £1900pm for a tiny 2 bed new build.

Flat/house shares in my part of London vary from £400-£1000 each, and that can vary from condemned to fantastic. Some shocking places for premium prices and great places for cheaper. Luck, determination and savvy required.

Share this post


Link to post
Share on other sites

A lot pay over the odds because they insist on being in zone 1/2 or being next to a tube station. A little bit of flexibility can save you an absolute fortune (maybe 300 a month even after the extra travelcard expenses) by going out to zone 4 etc but taking a train route into town/work.

Share this post


Link to post
Share on other sites

A lot pay over the odds because they insist on being in zone 1/2 or being next to a tube station. A little bit of flexibility can save you an absolute fortune (maybe 300 a month even after the extra travelcard expenses) by going out to zone 4 etc but taking a train route into town/work.

If I had to commute to W1 again (perish the thought), I think I'd look for zone 2 or 3. Wouldn't want cycling to work to become an ordeal.

Share this post


Link to post
Share on other sites

My bf goes to W1 frequently for work. They defo need pedestrian tourist lanes and "people that need to get to work now please" lanes. I live in London, but I've never worked there, which gives me a much more pleasurable view of the place.

I'm happy in Zone 3, and have a 25 minutes drive to work, out of London, watching the poors sods nose to tail London bound.

Share this post


Link to post
Share on other sites

One would think that, with vendors not wanting to accept 'insulting' offers from potential buyers and instead becoming accidental landlords, then there would be a good supply of rentals for tenants to choose from, thus keeping rentals to an acceptable level.

The rent on my flat has just gone up £10 to £490 a month (c. 1.9% increase. Quite lucky in this respect). If the rent ever increases to town house levels then I will consider moving.

I'm happy in Zone 3, and have a 25 minutes drive to work, out of London, watching the poors sods nose to tail London bound.

Seems like the best way to commute to work. :)

PS: Starla - your avatar intrigues me. :) Is it of a kid going down a conventional slide or is it a cheese grater? :unsure::D

Share this post


Link to post
Share on other sites

I'm in the process of interviewing new flat mates at the moment. I live in a flatshare, in a nice part of London and never have any trouble finding decent people. Saw someone yesterday who came to look at the place and he said the reason for moving out of his current flatshare is the landlord has just put the rent up by £400. I said "What for the year?" he said "No £400 a month, 25% increase!" That's £400pm extra for a flat with no windows in the bedroom, bathroom and kitchen,

My mate lives in a houseshare and his landlord has just tried it on by wanting to raise the rent £400 a month, 20%. The landlord knows the place isn't worth it and if my mate and co. decided to reject his offer and move out he'd have to spend £10,000 on the place to demand that price. They negotiated him down to £150pm increase.

My current place is about 20% under market value and I'm hoping to keep flying under the radar for as long as possible.

Way I look at it is houseshares are the final compromise of renting, a reliable cheap option after you've worked out you can't afford a flat on your own or even a studio flat.

Rent+London=Nightmare.

Of course if we stopped giving housing to people who don't work in London then rents for workers would fall.

I don't think that people who are unemployed should be put on the street but they should be prepared to move for work (as I was) or for free housing.

Share this post


Link to post
Share on other sites

well - not London but Guildford (generally same sort of silly prices, plus commuting costs) the 2 bed house I finished renting about 14 months ago for £1100/month is now on for £1250/month

As I was there for just over a year thats 13.5% rise in 2 years (or 6.8%/year)

Share this post


Link to post
Share on other sites

Matt - Yes a cheesegrater, I thought it reflected the abrasive nature of this forum perfectly. I should actually join in with the Norwich threads as have plenty of family there, one of which I'm ashamed to say is STILL marketing a house at the SAME over-priced price, 18 months later and I haven't had the heart to point out the obvious.

iamnumerate - Agree with your point about stopping giving (council/susidised) housing to people in London that don't work in London (eg retired/no intention of working/can't work). It would free up essential homes, especially for key workers. As long as I'm not evicted as I live and pay my way in London but work 10 miles out of it.

Share this post


Link to post
Share on other sites

Matt - Yes a cheesegrater, I thought it reflected the abrasive nature of this forum perfectly.

It certainly does! :D

I should actually join in with the Norwich threads as have plenty of family there, one of which I'm ashamed to say is STILL marketing a house at the SAME over-priced price, 18 months later and I haven't had the heart to point out the obvious.

Things are very quiet on the East Anglia sub forum, sadly. :mellow: I take my chances on the main forum more frequently nowadays.:ph34r:

Share this post


Link to post
Share on other sites

Matt - Yes a cheesegrater, I thought it reflected the abrasive nature of this forum perfectly. I should actually join in with the Norwich threads as have plenty of family there, one of which I'm ashamed to say is STILL marketing a house at the SAME over-priced price, 18 months later and I haven't had the heart to point out the obvious.

iamnumerate - Agree with your point about stopping giving (council/susidised) housing to people in London that don't work in London (eg retired/no intention of working/can't work). It would free up essential homes, especially for key workers. As long as I'm not evicted as I live and pay my way in London but work 10 miles out of it.

You can spend your money on what you like. I don't want my money spent on other people having housing that 70% of the population can't afford.

Share this post


Link to post
Share on other sites

Things are very quiet on the East Anglia sub forum, sadly. :mellow: I take my chances on the main forum more frequently nowadays.:ph34r:

Just make sure your statements are 100% accurate (provable with multiple backup links and PDF files) and your spelling is impeccable, then you'll be half way to safe (ish).

Scarier than a night out in Peckham.

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...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 333 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.