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Guardian - "London Rents are Falling Fast"


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His conclusions don't match the facts presented.

All depends on the next moves in the lockdown nonsense but he rightly observes that if the best paid jobs no longer require attendence at c.london offices AND all the going out scene remains emasculated or straight out closed then there's no point in renting OR BUYING in London.

This applies to a huge and ever growing cohort who sacrificed living environment and cost for  all the [now removed] advantages of London. Added to huge extra supply from no airbnbers [which were almost all illegal but lazy/complicit councils never took action against].

Decreasing prices on top of that could well lead to a downward spiral as more 'investors' run for the exit.

Of course Boris may do the big U-turn and declare everything 100% back to normal normal but non looking like it ATM.

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23 minutes ago, lostinessex said:

Not seen this posted yet:

https://www.theguardian.com/money/2020/jul/15/london-rents-falling-tenants-coronavirus-lockdown

He concludes that we shouldn't expect a house price crash, but before that lots of good bear food about plummeting rental prices in London.

Claim in the article that rents outside London are rising. How does that stack up when a million people have signed on in the past 3 months and another 1-2 million are about to lose their jobs?

Banbury 2 bed flat example :-

https://www.zoopla.co.uk/to-rent/details/54879417?search_identifier=f2bcea97b7a3ed72ebbdf7fa0a76f223

Reduced by almost £75 a month, so that's £900 a year less income for the landlord. At say 5% yield (asking £802x12) that caps the value of the flat at £192,000.

Highest previous sale of a flat in that street is £183,000. Not looking likely that's going to be beaten any time soon.

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4 minutes ago, Warwick-Watcher said:

Claim in the article that rents outside London are rising. How does that stack up when a million people have signed on in the past 3 months and another 1-2 million are about to lose their jobs?

Banbury 2 bed flat example :-

https://www.zoopla.co.uk/to-rent/details/54879417?search_identifier=f2bcea97b7a3ed72ebbdf7fa0a76f223

Reduced by almost £75 a month, so that's £900 a year less income for the landlord. At say 5% yield (asking £802x12) that caps the value of the flat at £192,000.

Highest previous sale of a flat in that street is £183,000. Not looking likely that's going to be beaten any time soon.

Or houses in Leamington Spa - developer obviously bought the colour palette from Homes Under The Hammer - grey is the new beige magnolia!

Reduced 4 times since March from £1,400 to £1,000 ppm asking.

Bought in 2019 for £250,000. So at best £12,000 p.a. rental income on a £250k capital outlay - under 5% yield. 

https://www.zoopla.co.uk/to-rent/details/54451526?search_identifier=fe6567976fac9717baf94caad4cafab0

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I'm guessing if you want to move out of London, you will either the full on village idyll, one of the smaller towns such as Woodstock or Chippy, or you'll want a compromise between city and rural. In these parts, that is Oxford.

I doubt anyone would want to move out of London to end up in Banbury.

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56 minutes ago, Timm said:

I'm guessing if you want to move out of London, you will either the full on village idyll, one of the smaller towns such as Woodstock or Chippy, or you'll want a compromise between city and rural. In these parts, that is Oxford.

I doubt anyone would want to move out of London to end up in Banbury.

True, unless they have a thing about horse statues!

Looks like Oxford may be dropping or rising - who knows!

https://www.zoopla.co.uk/to-rent/details/54584532?search_identifier=3cb7fb052a098bd41e02758d79a16984

Someone really wants a tenant - 4 price drops in 17 days!

https://www.zoopla.co.uk/to-rent/details/55176286?search_identifier=3cb7fb052a098bd41e02758d79a16984

What's going on here - on the rental market for 11 months with 7 price changes?

https://www.zoopla.co.uk/to-rent/details/52410793?search_identifier=3cb7fb052a098bd41e02758d79a16984

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"Take a look at what Rightmove doesn’t tell you when you are searching for a property to rent or buy. Download the (free) Property Log extension for Google Chrome so you can see when a property was first listed, and what has happened to the rent or price since."

Wheeeeeeee this is fun! Now I can see property prices in my city going through the ceiling.... not

https://www.rightmove.co.uk/property-for-sale/property-71642287.html this is my favourite

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6 minutes ago, squeezed said:

"Take a look at what Rightmove doesn’t tell you when you are searching for a property to rent or buy. Download the (free) Property Log extension for Google Chrome so you can see when a property was first listed, and what has happened to the rent or price since."

Wheeeeeeee this is fun! Now I can see property prices in my city going through the ceiling.... not

https://www.rightmove.co.uk/property-for-sale/property-71642287.html this is my favourite

I'm seeing drops of around 15-50k in my target area on about 1 in 5  properties using property log. Many of these have been sitting on rightmove for over half a year. I can only see prices going down, dramatically. 

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14 minutes ago, squeezed said:

"Take a look at what Rightmove doesn’t tell you when you are searching for a property to rent or buy. Download the (free) Property Log extension for Google Chrome so you can see when a property was first listed, and what has happened to the rent or price since."

Wheeeeeeee this is fun! Now I can see property prices in my city going through the ceiling.... not

https://www.rightmove.co.uk/property-for-sale/property-71642287.html this is my favourite

I don't understand, I thought the market in Brum/Midlands was "red hot", it must be true it was posted in a thread on this site - I can only assume this is fake news and you are another troll ;) 

Only another £50k to go and they'll match what they paid for it in 2007.

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4 hours ago, squeezed said:

"Take a look at what Rightmove doesn’t tell you when you are searching for a property to rent or buy. Download the (free) Property Log extension for Google Chrome so you can see when a property was first listed, and what has happened to the rent or price since."

Wheeeeeeee this is fun! Now I can see property prices in my city going through the ceiling.... not

https://www.rightmove.co.uk/property-for-sale/property-71642287.html this is my favourite

Is there a Property Log extension for either Firefox or Opera? 

Also, regarding Birmingham, driving past spaghetti junction a week or so ago, one of the big illuminated advertisement boards proudly declared to passing motorists that "The Birmingham property market is booming right now" with a picture of what looked like Mr Singh Snr putting a key into the front door of his new propertyIf we have to be told it's hot right now, it obviously isn't. Much like the assertion "I'm a nice person". If anybody ever insists that about themselves, they're anything but. 

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8 hours ago, MonsieurCopperCrutch said:

What should the headline be?

It’s not the headline that’s worth reading. It’s the Twitter thread.

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7 hours ago, Orb said:

Is there a Property Log extension for either Firefox or Opera? 

Also, regarding Birmingham, driving past spaghetti junction a week or so ago, one of the big illuminated advertisement boards proudly declared to passing motorists that "The Birmingham property market is booming right now" with a picture of what looked like Mr Singh Snr putting a key into the front door of his new propertyIf we have to be told it's hot right now, it obviously isn't. Much like the assertion "I'm a nice person". If anybody ever insists that about themselves, they're anything but. 

I insist. I AM a nice person!

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On 7/15/2020 at 3:13 PM, Warwick-Watcher said:

Reduced by almost £75 a month, so that's £900 a year less income for the landlord. At say 5% yield (asking £802x12) that caps the value of the flat at £192,000.

And I am sure there are other examples of rent increases

On 7/15/2020 at 7:18 PM, Postman said:

I'm seeing drops of around 15-50k in my target area on about 1 in 5  properties using property log. Many of these have been sitting on rightmove for over half a year. I can only see prices going down, dramatically. 

Fine so ignore all the houses that have sold within a week then 

If they have been on for 6 months they came on overpriced anyway 

If is like trying to sell a can of beans for £5 - then reducing the price to 50p where it should have started 

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6 hours ago, richmondtw said:

And I am sure there are other examples of rent increases

Fine so ignore all the houses that have sold within a week then 

If they have been on for 6 months they came on overpriced anyway 

If is like trying to sell a can of beans for £5 - then reducing the price to 50p where it should have started 

The houses I have been keeping an eye on haven't been sold and a lot of them have came back on top the market because the sale collapsed

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  • 415 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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