lostinessex Posted July 15, 2020 Share Posted July 15, 2020 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. Quote Link to comment Share on other sites More sharing options...
ebull Posted July 15, 2020 Share Posted July 15, 2020 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. Quote Link to comment Share on other sites More sharing options...
Warwick-Watcher Posted July 15, 2020 Share Posted July 15, 2020 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. Quote Link to comment Share on other sites More sharing options...
the_duke_of_hazzard Posted July 15, 2020 Share Posted July 15, 2020 Love the headline. "Rents falling fast... good news for tenants" - how stupid do they think we are? Quote Link to comment Share on other sites More sharing options...
Warwick-Watcher Posted July 15, 2020 Share Posted July 15, 2020 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 Quote Link to comment Share on other sites More sharing options...
Timm Posted July 15, 2020 Share Posted July 15, 2020 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. Quote Link to comment Share on other sites More sharing options...
Former postman Posted July 15, 2020 Share Posted July 15, 2020 Where rents go, house prices follow. Quote Link to comment Share on other sites More sharing options...
GodlessEndeavor Posted July 15, 2020 Share Posted July 15, 2020 6 minutes ago, Postman said: Where rents go, house prices follow. But also: where printed money goes, house prices follow. Maybe. Quote Link to comment Share on other sites More sharing options...
shlomo Posted July 15, 2020 Share Posted July 15, 2020 6 minutes ago, Postman said: Where rents go, house prices follow. I would agree with the logic of that Quote Link to comment Share on other sites More sharing options...
Warwick-Watcher Posted July 15, 2020 Share Posted July 15, 2020 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 Quote Link to comment Share on other sites More sharing options...
PropertyMania Posted July 15, 2020 Share Posted July 15, 2020 53 minutes ago, Postman said: Where rents go, house prices follow. Nope, rents have barely risen in real terms over the last decade. House prices meanwhile... Quote Link to comment Share on other sites More sharing options...
Former postman Posted July 15, 2020 Share Posted July 15, 2020 13 minutes ago, PropertyMania said: Nope, rents have barely risen in real terms over the last decade. House prices meanwhile... Fake news Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted July 15, 2020 Share Posted July 15, 2020 Has to be true because my daughter has recently paid a fortune to rent a flat in an expensive part of London. Two year lease with only 6 months expired... oh well, c'est la guerre. Quote Link to comment Share on other sites More sharing options...
mattyboy1973 Posted July 15, 2020 Share Posted July 15, 2020 3 hours ago, the_duke_of_hazzard said: Love the headline. "Rents falling fast... good news for tenants" - how stupid do they think we are? Is it not good news for tenants? Quote Link to comment Share on other sites More sharing options...
highcontrast Posted July 15, 2020 Share Posted July 15, 2020 Make sure the VI trolls don't see this thread, especially the London BTL scum...as they will POOP THEIR PANTS!!!! Â Quote Link to comment Share on other sites More sharing options...
squeezed Posted July 15, 2020 Share Posted July 15, 2020 "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 Quote Link to comment Share on other sites More sharing options...
Former postman Posted July 15, 2020 Share Posted July 15, 2020 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. Quote Link to comment Share on other sites More sharing options...
Smiley George Posted July 15, 2020 Share Posted July 15, 2020 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. Quote Link to comment Share on other sites More sharing options...
highcontrast Posted July 15, 2020 Share Posted July 15, 2020 From/via @Killer Bunny  - an absolute must read!!!!!!!!!!!!!!!!!!  Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted July 15, 2020 Share Posted July 15, 2020 7 hours ago, the_duke_of_hazzard said: Love the headline. "Rents falling fast... good news for tenants" - how stupid do they think we are? What should the headline be? Quote Link to comment Share on other sites More sharing options...
Orb Posted July 15, 2020 Share Posted July 15, 2020 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 property. If 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. Quote Link to comment Share on other sites More sharing options...
Killer Bunny Posted July 16, 2020 Share Posted July 16, 2020 8 hours ago, MonsieurCopperCrutch said: What should the headline be? It’s not the headline that’s worth reading. It’s the Twitter thread. Quote Link to comment Share on other sites More sharing options...
Killer Bunny Posted July 16, 2020 Share Posted July 16, 2020 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 property. If 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! Quote Link to comment Share on other sites More sharing options...
richmondtw Posted July 17, 2020 Share Posted July 17, 2020 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 Quote Link to comment Share on other sites More sharing options...
Former postman Posted July 17, 2020 Share Posted July 17, 2020 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 Quote Link to comment Share on other sites More sharing options...
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