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EGardener

Rental Price Crash In Wandsworth

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Hi,

I'm new to this pragmatic site, and this is my introductory post...

It was only one year ago when I wanted to rent in Wandsworth (Putney/Earsfield/Southfields area) and my requirements were rather "modest"

- one bed

- off street parking

- decent kitchen

- furnished

- Not a ex-authority property

- No more than 1000 GBP PCM (Including Council Tax)

It was very hard to come across any property that could meet this criteria. I had even found a couple of properties in Foxtons, they invented me see them but once I got in the "mini" I was told by the agent that I those properties had problems and that I would be presented with other ones instead. One of properties was what I call "a glorified studio flat" (they create an extra room by putting a wall and remove all furniture to make it look big, "the landlord will provide the forniture once you move" in I was told). Fortuantely, in metric countries we take area, area, area a lot in consideration, not just location, location, location, and laminated floors can't compensate for what is really is TRUE LACK OF LIVING SPACE, that flat must have been 26 sq mt. Then I was presented with another one which was "OK" but it didn't look like it could cost less than 1000 GBP.

The agent didn't want to give me a price, she asked instead whether I liked the properties, after a couple of days I got the "quotes", 1200 for the so called "one bedroom" flat, and 1300 for the other "decent" one.

What a dissapointment. In the end I managed to get hold of a flat in Southfields that would only be freed in two months time, and the price was low to rent quickly in order to avoid void periods. (920 pcm)

It was a very traumatic experience and I told myself that I would move to "my own" property next time, rather than "throwing money down the toilet". Just for curiosity I fired findaproperty.com in my area, and what a surprise. I can almost rent a 2 bed flat for what I am paying at the moment!!!!. It's freaking FULL of flats like mine for around 800, all meeting my original criteria. Some of them are even victorian conversion flats!.

I had made all my calculations on what I would be "saving" by buying and that I would be able to rent reasonably if I wanted to move. This doesn't longer hold true. I've seen like a 10% drop in rental prices and the area seems to be really FLOODED with properties. I am quite sure that there will be some stadistical data that will contradict my impression.

Has anyone else perceived the same thing in his/her area???

Regards,

Ernesto

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I wish they would be more forthcoming about the area of a flat too - looking at new builds or BTL conversions there is a trend to squash as much in as possible. Sub-30sqm is really not practical.

Anyway, welcome to the site. Glad you learnt your Foxtons lesson without too much pain. ;)

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Sorry u got fried by the Fuxtons monster, Ernesto.

Most people at some point get ripped off by Foxtons - that's what they are - a rip off. They really are the dregs of humanity, and no doubt there is a special level in EA Hell reserved just for them, their braying cheap-suited teenage 'salesmen', and their gaylord minis.

On a happier note, they are in trouble financially - a recession/hpc of more than a few months duration will allegedly put them out of business (manager of a branch lives next door to my sister - she went to his moving in party a couple of months ago, and he got V drunk, and spilled his guts).

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Hi,

I'm new to this pragmatic site, and this is my introductory post...

It was only one year ago when I wanted to rent in Wandsworth (Putney/Earsfield/Southfields area) and my requirements were rather "modest"

- one bed

- off street parking

- decent kitchen

- furnished

- Not a ex-authority property

- No more than 1000 GBP PCM (Including Council Tax)

It was very hard to come across any property that could meet this criteria. I had even found a couple of properties in Foxtons, they invented me see them but once I got in the "mini" I was told by the agent that I those properties had problems and that I would be presented with other ones instead. One of properties was what I call "a glorified studio flat" (they create an extra room by putting a wall and remove all furniture to make it look big, "the landlord will provide the forniture once you move" in I was told). Fortuantely, in metric countries we take area, area, area a lot in consideration, not just location, location, location, and laminated floors can't compensate for what is really is TRUE LACK OF LIVING SPACE, that flat must have been 26 sq mt. Then I was presented with another one which was "OK" but it didn't look like it could cost less than 1000 GBP.

The agent didn't want to give me a price, she asked instead whether I liked the properties, after a couple of days I got the "quotes", 1200 for the so called "one bedroom" flat, and 1300 for the other "decent" one.

What a dissapointment. In the end I managed to get hold of a flat in Southfields that would only be freed in two months time, and the price was low to rent quickly in order to avoid void periods. (920 pcm)

It was a very traumatic experience and I told myself that I would move to "my own" property next time, rather than "throwing money down the toilet". Just for curiosity I fired findaproperty.com in my area, and what a surprise. I can almost rent a 2 bed flat for what I am paying at the moment!!!!. It's freaking FULL of flats like mine for around 800, all meeting my original criteria. Some of them are even victorian conversion flats!.

I had made all my calculations on what I would be "saving" by buying and that I would be able to rent reasonably if I wanted to move. This doesn't longer hold true. I've seen like a 10% drop in rental prices and the area seems to be really FLOODED with properties. I am quite sure that there will be some stadistical data that will contradict my impression.

Has anyone else perceived the same thing in his/her area???

Regards,

Ernesto

Latest homes in Brighton (our local property rag) is over-run with places to rent, more than I have ever seen in my 6 years here!

Its now possible to negotiate rents but, as you can imagine, if your mortgage is 800 per month & you cant get more than 650 in rent- you are stuffed! This is what is going to tip the market I think as the BTL'ers will soon have to sell up!

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On a happier note, they are in trouble financially - a recession/hpc of more than a few months duration will allegedly put them out of business.

Oh dear, how sad. :D:D:D:D:D

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Sorry u got fried by the Fuxtons monster, Ernesto.

Most people at some point get ripped off by Foxtons - that's what they are - a rip off. They really are the dregs of humanity, and no doubt there is a special level in EA Hell reserved just for them, their braying cheap-suited teenage 'salesmen', and their gaylord minis.

I'm renting from Foxtons. So far no problems but of course the most difficult part of a tenancy is when it ends. I hope they don't pull the £100 per hour (or whatever it was) cleaning trick on me.

Billy Shears

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Has anyone else perceived the same thing in his/her area???

Regards,

Ernesto

Hi Ernesto

I am also in Wandsworth, and have seen a flat similar to the one I currently rent come on the market for 15% less than I pay at the moment.

Can't wait until my lease runs out! :)

Looks like there are too many TTRTR clones on the streets of Wandsworth....... :rolleyes:

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Hi Ernesto

I am also in Wandsworth, and have seen a flat similar to the one I currently rent come on the market for 15% less than I pay at the moment.

Can't wait until my lease runs out! :)

Looks like there are too many TTRTR clones on the streets of Wandsworth....... :rolleyes:

Here's the lowdown on TTRTR's finances (confirmed as being "damn close" to actual by TTRTR himself):

Equity £1.2m (after 8% loss on Wandsworth property as per land registry quarterly report)

Debt £2.25m

Total portfolio value = £3.45m

gearing = 65%

Annual income (yield of 6.75% on £3.75m) = £253k

Annual interest payments @ 5% = £112k

Profit before expenses = £141k

Depreciation (Land registry, 8%)= £300k

Net loss £(159)k

TTRTR is in trouble.......

Imagine TTRTR as homeless !!!

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I'm renting from Foxtons. So far no problems but of course the most difficult part of a tenancy is when it ends. I hope they don't pull the £100 per hour (or whatever it was) cleaning trick on me.

Billy Shears

They are exceedingly likely to and they are also exceedingly likely to steal your deposit or at least a hefty part of it. Two friends of mine were doubly shafted by them in precisely this manner. Rent filthy flat, clean it til it shines like a new pin as you move in AND as you move out and then pay for 'cleaning' when you move out and let them keep several hundred of your squid. Grreeeat!

And when it comes to deposit theft - roll on the escrow system, although I'm sure VIs will bang on about how bad an idea it is just as they currently are about the HIPs. <_<

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I am not surprised that rents are falling. There is an acute oversupply of flats for rent. Check findaproperty.co.uk.

We bought a modest flat on Garratt Lane in Earlsfield and sold it in 2002. There is now a similar flat with the same asking price now. If I was a BTLer in that area I would be thinking about getting out now before everyone does the same...all at the same time!!!

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I think the BTL's here have decided to drop the lettings agencies. I see loads of signs in window with "Flat to rent. Phone xxxxx"

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To throw in a regional perspective - there is definitely an increase in property for rent in Exeter. The local paper has published a property supplement every Thursday for years. About a month ago it pulled the properties for rent and created a brand new Tuesday supplement just for them. There is plenty of property available but I have not been watching long enough to tell if prices are falling.

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I have been looking for a 2BR flat to rent in London, and I have seen properties at the same rent I was payign 5 years ago (or less) in nicer areas. And some very nervous landlords.

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I'm looking to move quite soon, and have been viewing properties in Putney and Richmond.

One estate agent told me to make offers 15% below the asking price for rentals.

As usual the Foxtons agent gave me the "rental market is really busy, if you like something make an immediate offer" rubbish.

From my personal experience of viewings in the last month there is a glut of places to rent, and you can expect at least 10% off.

I'm now asking for off street parking, 2 bathrooms, newly renovated etc. 12-1300 pcm.

I have also started vetting landlords, I don't want some newbie BTL twit going bust with my money.

Edited by BandWagon

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Hi I live in Derby

There's an obsolute flood of rental properties on the market, my wife and I pay a very reasonable price but rest assured I will be shopping around when my agreement finishes. I hope to play my part in the crash :lol:

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Sorry u got fried by the Fuxtons monster, Ernesto.

Most people at some point get ripped off by Foxtons - that's what they are - a rip off. They really are the dregs of humanity, and no doubt there is a special level in EA Hell reserved just for them, their braying cheap-suited teenage 'salesmen', and their gaylord minis.

On a happier note, they are in trouble financially - a recession/hpc of more than a few months duration will allegedly put them out of business (manager of a branch lives next door to my sister - she went to his moving in party a couple of months ago, and he got V drunk, and spilled his guts).

Well my thoughts exactly. Everyone can find a bargain after they've shopped at Harrods if you know what I mean.

Yeesusss christos (as they say in Sweden, meaning Jesus Christ), I never bloody thought I'd agree with anything you said.

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As I recall, Wandsworth did indeed get walloped in the last crash, as th ehopefuls who had been priced out of better areas (chelsea, fulham, clapham etc) realised what a horrible unremittingshitehole wandsworth was.

There's no reason to expect any difference this time - it's ramped up a long way, it will no doubt crash 40% or so before the decade is out.

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As I recall, Wandsworth did indeed get walloped in the last crash, as th ehopefuls who had been priced out of better areas (chelsea, fulham, clapham etc) realised what a horrible unremittingshitehole wandsworth was.

There's no reason to expect any difference this time - it's ramped up a long way, it will no doubt crash 40% or so before the decade is out.

That's a bit of a sweeping statement. As you can see from the attached file Wandsworth SW18 did only slightly worse than the adjacent areas during the last crash.

Wandsworth covers a wide range of areas, some nicer than others. Putney is a better area, Tooting less so. I wouldn't say it was an unremitting shitehole unless I had some particularly bad experience there.....

londonprices.jpg

post-158-1140608281.jpg

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there may be some people who would prefer wandsworth to other more civilized areas; people such as 'ganstas' and muggers, pimps, drug dealers, aussie immigrants etc,people who prefer easier escapes when committing crimes, and fewer CCTVs and public amenities, but the majority of normal people would far prefer to live in better areas. How about yourself - free choice, Chelsea or Wandsworth? doh.

As for your graph, it omits the middle bit in the early 90's when wandsworth was down 35% or more. Nasty. As you can clearly see, it was STILL 5% off your starting price in 1995. And the peak in Wandsworth wasn't till 90 anyway, so it fell a LONG LONG way in wandsworth, and will do so again. Point worth remembering, at the low in 1992, there was no clear pointer as to where it was going. it might have kept on slipping for all people knew, which is why the panic set in, of course.

Interesting how the better areas held up more sturdily.

Generally, opinion holds that Wandsworth is 'shepherds Bush' to Fulham's 'Notting Hill'. Pound shops, kebab shops, train lines, rapists and massive levels of cancer-inducing pollution. ptuiu. You wanna live there you feel free, sucker.

:-) :-) :-)

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Guest Winners and Losers

At last we agree on something. This is a momentous day for me. :)

I was living in Wandsworth in the early 90's (not a property owner), and I know that there were plenty of people in very dire straights. Not to say that this was not the case elsewhere, but I know that Wandsworth was particularly hard hit. I am sure that Westminster coped relatively well!

there may be some people who would prefer wandsworth to other more civilized areas; people such as 'ganstas' and muggers, pimps, drug dealers, aussie immigrants etc,people who prefer easier escapes when committing crimes, and fewer CCTVs and public amenities, but the majority of normal people would far prefer to live in better areas. How about yourself - free choice, Chelsea or Wandsworth? doh.

As for your graph, it omits the middle bit in the early 90's when wandsworth was down 35% or more. Nasty. As you can clearly see, it was STILL 5% off your starting price in 1995. And the peak in Wandsworth wasn't till 90 anyway, so it fell a LONG LONG way in wandsworth, and will do so again. Point worth remembering, at the low in 1992, there was no clear pointer as to where it was going. it might have kept on slipping for all people knew, which is why the panic set in, of course.

Interesting how the better areas held up more sturdily.

Generally, opinion holds that Wandsworth is 'shepherds Bush' to Fulham's 'Notting Hill'. Pound shops, kebab shops, train lines, rapists and massive levels of cancer-inducing pollution. ptuiu. You wanna live there you feel free, sucker.

:-) :-) :-)

You forgot to mention the 'ladies of the night' and the shennanigans that go on in Clapham Common in the wee small hours. :unsure:

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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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