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Rents dropping fast in S London


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Have been looking at family homes in the Southwark area lately.

There's a glut on the market, and chatting to EAs, there are changes in regulation which mean that HMOs are less viable for landlords.

Unfortunately, the properties they are dumping onto the market are cheap but in very poor nick. We looked at one yesterday that smelt of paint but otherwise was completely run-down. It's hard to see these places staying on the market for long before the landlords decide to sell.

 

https://www.londonpropertylicensing.co.uk/survey-consumer-group-which-reveals-70-councils-now-operate-additional-or-selective-licensing

 

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1 hour ago, maffo in oxford said:

Any examples of properties up for sale?

Sorry, should have clarified - we are looking at rentals, which are dropping as the landlord try and find families to replace the multiple occupiers and dodge the regs.

There seems to be more on the market for sale as well, and that's dropping too, but still crazy prices. An example: 

http://www.rightmove.co.uk/property-for-sale/property-70306196.html

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2 hours ago, the_duke_of_hazzard said:

Sorry, should have clarified - we are looking at rentals, which are dropping as the landlord try and find families to replace the multiple occupiers and dodge the regs.

There seems to be more on the market for sale as well, and that's dropping too, but still crazy prices. An example: 

http://www.rightmove.co.uk/property-for-sale/property-70306196.html

I believe you live in my neck of the woods.  We're just about to move into another rental as our landlord is selling up - 3 bedroom in Dulwich for 1.7 million.  Big garden but needs a good bit spent on it for a refurb.

It's been on since Jan and has had 4 viewings.  I think there would probably have been a queue to buy at for 1.7m in 2015.  Anecdotally I'm seeing first hand the "turn".

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5 minutes ago, TonyJ said:

"but needs a good bit spent on it for a refurb". Bet the seller is not offering a discount to compensate for that eg refurb would cost £75k. Seller offers £25k off for this. Really the discount should be more than the cost, to cover costs and inconvenience.

Perhaps I'm being picky - a lot of people would probably be fine with is as is.  The guy who owns it inherited it and did it up on the cheap to rent out quickly (cheapie carpets, plastic corrugated conservatory roof)

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Selective landlord licensing coming to hackney later this year in three areas, not just HMO's, all landlords. I know someone who is a very amateur landlord in one of the areas who hasn't got a clue this is coming. They just let the property without EPC even though new rules came in 1st April.

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21 hours ago, the_duke_of_hazzard said:

Have been looking at family homes in the Southwark area lately.

There's a glut on the market, and chatting to EAs, there are changes in regulation which mean that HMOs are less viable for landlords.

Unfortunately, the properties they are dumping onto the market are cheap but in very poor nick. We looked at one yesterday that smelt of paint but otherwise was completely run-down. It's hard to see these places staying on the market for long before the landlords decide to sell.

 

https://www.londonpropertylicensing.co.uk/survey-consumer-group-which-reveals-70-councils-now-operate-additional-or-selective-licensing

 

Once the asking prices get low enough I hope developers snap them up, do the refurb and sell them on to owner occupiers. Would be a shame if they become derelict squats.

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21 hours ago, the_duke_of_hazzard said:

Sorry, should have clarified - we are looking at rentals, which are dropping as the landlord try and find families to replace the multiple occupiers and dodge the regs.

There seems to be more on the market for sale as well, and that's dropping too, but still crazy prices. An example: 

http://www.rightmove.co.uk/property-for-sale/property-70306196.html

That is a crazy amount for that place.

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12 minutes ago, TonyJ said:

Why developers? Why not owner occupiers doing up their own home?

to be fair, for a real doer upper, a developer who knows their stuff should do it more cheaply and better than an amateur, if it comes down to sorting out cr*p, imho

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