Are Rents Going Up?

[philip999]

Increasing rent is quoted in the media about as often as petrol prices. I have been renting now for over three years and, as I become increasing tight ar*ed during this time, have been paying less and less every year for rent. I now pay £400 pcm and only £865 pa council tax (2 bed house with garden). I have moved around alot but was wondering what the forums experiences are of rent. Are there any stats to back up the media available. Or, is it just a pro-buy strategy from VIs. I appreciate hearing about any experiences you have had.

[Goat]

Have been flat for last 18 months.

[OverInflated]

Ive noticed they have gone up in some areas because ive been looking to move, but most of the letting agents have told me that because im not a student they will probably reduce the rent anyway.

[the_duke_of_hazzard]

About seven years ago I paid 880 quid a month for a two bed flat in Balham with a cold damp bedroom.

Then one year later I paid 1000 per month for a small one-bed in Queensway. Then moved to big damp dark 1-bed flat in Kensington for 950 pcm.

Have recently moved to a very nice 2-bed recently refurbished flat in West Dulwich, 12 minutes from Victoria. Pretty much equivalent to the Balham one, I'd say, and slightly cheaper in nominal terms.

In 7 years then, I've had static/falling rents. Assuming a steady growth of 5% in rents, I would have been expecting to be paying about 1250/month.

About seven years ago I paid 880 quid a month for a two bed flat in Balham with a cold damp bedroom.

Then one year later I paid 1000 per month for a small one-bed in Queensway. Then moved to big damp dark 1-bed flat in Kensington for 950 pcm.

Have recently moved to a very nice 2-bed recently refurbished flat in West Dulwich, 12 minutes from Victoria. Pretty much equivalent to the Balham one, I'd say, and slightly cheaper in nominal terms.

In 7 years then, I've had static/falling rents. Assuming a steady growth of 5% in rents, I would have been expecting to be paying about 1250/month.

A cursory glance at some estate agents suggests that I can get better flats for cheaper in the same part of Balham now...

[MrShed]

In the Newcastle area, most areas seem to have risen between about 20-40% over the last 3-4 years.

[abaxas]

In the Newcastle area, most areas seem to have risen between about 20-40% over the last 3-4 years.

Price have doubled and rents have increased 20-40%..... hmmmm...

[Planner]

From my expierence in the Northwest, there are so many flats and apartments on the market that they cant give them away. Rents have falling around here.

[MrShed]

Price have doubled and rents have increased 20-40%..... hmmmm...

Huh?

[redwing]

Just secured a rental property with an offer £50 below asking. Turns out to be £30 less than the landlord charged the last tenants.

[Fancypants]

by way of comparison - my g/f's auntie has recently bought a 3bed house in SE London - monthly mortgage = £1800. She now wishes to rent it out to us.

I looked at comparable properties on the same area & street. They are asking for c£800/month in rent!

Ouch.

[OzzMosiz]

by way of comparison - my g/f's auntie has recently bought a 3bed house in SE London - monthly mortgage = £1800. She now wishes to rent it out to us.

I looked at comparable properties on the same area & street. They are asking for c£800/month in rent!

Ouch.

offer £700 as you're family!!

[Fancypants]

offer £700 as you're family!!

my thoughts exactly! Well, she is trying to suggest that she is doing us a favour...

[Chrysalis]

My rent is what I consider too high luckily for me the housing benefit department deemed it ok. But if my LL decides to increase it next year I will negotiate to keep how it is since I know he added £25 over the last tenant and I think its already overvalued. In my last property he didnt raise it for the 3 years I was there so hopefully I will be ok.

[waitingandsaving]

Our rent has just gone up by £50 - we moved in 18 months ago, and this is the first increase. I don't mind, as it's a great place, in the right location, and was the best value by far when we initially found it

Even with the increase, the LL is only just breaking breaking even on his mortgage payments (by my reckoning, and that's not including taking out the agents fees - he was definitely making a loss before).

In our previous house (through a housing association - tied to job) there was an obscure rent increase equation (applied annually) which was starting to seem out of hand.

I can only assume that if you're in any HA housing that the equation is applied to all rents - which means presumably that council tenants (through associations) have their rents raised every year. Is this correct? If so, there are a lot of COuncil Tenants who are probably getting a raw deal in comparison to a private house rental.

[MrShed]

There is a difference between council housing and housing association housing - although this difference is no longer as clear since the widespread introduction of ALMO's(Arms Length Management Organisations). Which are you speaking about? Individual HA housing companies will, to an extent(although they are clearly regulated by government bodies), have their own individual polices and calculations on rent increases. You also need to bear in mind that the vast majority of this property is a fair way below private market rents anyway.

[waitingandsaving]

Thank you Mr Shed.

I think we must have been with an individual HA housing company - a website says they (the HA) have existing agreements with five Registered Social Landlords and a Health Authority. I would have said that the house we rented from them was on a par with what was available in the private market in the area (Colchester) and becoming increasingly less value for money year by year.

[flabbergasted]

Thank you Mr Shed.

I think we must have been with an individual HA housing company - a website says they (the HA) have existing agreements with five Registered Social Landlords and a Health Authority. I would have said that the house we rented from them was on a par with what was available in the private market in the area (Colchester) and becoming increasingly less value for money year by year.

Housing Associations are increasingly under scrutany. I bought a shared ownership in London 5 years ago. The rent and service cahrge has gone up from £171 to £230 a month. That's an increase well above inflation. I have tried to complain but got nowhere and the attitude seems to be your lucky to have a flat so f off.

[FedupTeddiBear]

In the Reading/Wokingham/Maidenhead area private rentals have stayed the same, maybe even dropped slightly over the past 3 years.

Any similar property advertised for more than we are currently paying (unchanged for 3 years) sticks around for ages. Eventually you see it advertised for a bit less, and finally when it reaches the same rent as ours, it is "let by"!

The media like to let people think there is a real reason behind house price increases (such as shortage of supply), hence the lies about increasing rents.

We are currently eying out a bigger property than our current one in the same area for the same rent!