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Latest observations from the trenches ( Mrs BF works in an EAs somewhere in the SE):

5 times the number of houses for sale as this time last year - thats all EAs in the area

More properties for sale than boards available, so 'for sale' boards are rotated - also gives impression things are selling.

A 'flood' of people seeking property to rent. Struggling to cope with demand. Rents staying flat however.

A lot of people going STR - or trying to.

A few sales going through but only where all in the chain agree to a sizeable drop in price.

People still asking EAs what is happening in the market and for their predictions for the near future !! -- Yes ask a salesman thats a good idea - people are so stupid.

Her boss is telling punters that the crunch will blow over in 8 or so months and then things will pick up again because we have a shortagae of property :lol:

Edited by Bearfacts

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A 'flood' of people seeking property to rent. Struggling to cope with demand. Rents staying flat however.

Who? As in what types of people?

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More properties for sale than boards available, so 'for sale' boards are rotated - also gives impression things are selling.

I've been counting signs on my way back from work (It's a very boring walk) and waiting for the legendary 'forest' of 'For Sale' boards to appear. Didn't realise the EAs were pulling the dirty trick above. They ruin everything! :rolleyes:

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5 times the number of houses for sale as this time last year - thats all EAs in the area

That makes a lot of sense as to why we had a notice through our door from the EA notice board company asking to collect their old sign (it never sold, we rent!) recently when they hadn't bothered to collect it in months.

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I don't agree rents are flat. They had fallen and now climbing back up in some areas I monitor. One of the areas I monitor has seen a steady rise and no fall. i find that all the 2-bedders I go for are gone within days if half decent & reasonable.

One of the areas I monitor, the newspaper has front page headline of estate agents closing due to slump. Says estate agents laying off staff, "Market Crisis".

Agents have told me they have turned to lettings to stay afloat. But there's plenty of tenants, they say. In some areas this might be a bluff, but my own experience at the moment suggests that's actually true and as such there's a definite shortage of rental apartments at the reasonably priced end - but then that's not anything new is it, people always want a bargain! But my point is that there's almost none of those cheaper ones in most places I monitor any more and even the tat is priced up.

I'm hoping it's just a blip and rents fall again once the mass unemployment and EUs going home kicks in fully. The flatshares now seem more in abundance, so perhaps the EUs or London workers are going. Perhaps in a few months a rent down trend will establish itself.

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I don't agree rents are flat. They had fallen and now climbing back up in some areas I monitor. One of the areas I monitor has seen a steady rise and no fall. i find that all the 2-bedders I go for are gone within days if half decent & reasonable.

One of the areas I monitor, the newspaper has front page headline of estate agents closing due to slump. Says estate agents laying off staff, "Market Crisis".

Agents have told me they have turned to lettings to stay afloat. But there's plenty of tenants, they say. In some areas this might be a bluff, but my own experience at the moment suggests that's actually true and as such there's a definite shortage of rental apartments at the reasonably priced end - but then that's not anything new is it, people always want a bargain! But my point is that there's almost none of those cheaper ones in most places I monitor any more and even the tat is priced up.

I'm hoping it's just a blip and rents fall again once the mass unemployment and EUs going home kicks in fully. The flatshares now seem more in abundance, so perhaps the EUs or London workers are going. Perhaps in a few months a rent down trend will establish itself.

If rents stay the same or rise it'll kill local governments, housing benefits dept around the country are at financial bursting point.

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If rents stay the same or rise it'll kill local governments, housing benefits dept around the country are at financial bursting point.

My sister has just come to the end of a year long tenancy and the landlord has asked for a rent increase in line with RPI. My sister gets housing benefit from the local council and apllied for extra cash to help pay the increase. Simple answer was 'No'.

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My sister has just come to the end of a year long tenancy and the landlord has asked for a rent increase in line with RPI.

Then she should move. There is a huge supply of BTLs needing regular payment.

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If rents stay the same or rise it'll kill local governments, housing benefits dept around the country are at financial bursting point.

Yes, I agree on that, hmm...very good point.

My sister has just come to the end of a year long tenancy and the landlord has asked for a rent increase in line with RPI. My sister gets housing benefit from the local council and apllied for extra cash to help pay the increase. Simple answer was 'No'.

Computer says no.

Then she should move. There is a huge supply of BTLs needing regular payment.

Depends where you are and your price range, doesn't it.

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Then she should move. There is a huge supply of BTLs needing regular payment.

Or she could call his bluff. Just search Rightmove and see whats about. If she can find a cheaper property, print it off and say she'll be off there if the rent increases.

However, if he is a decent Landlord (as they are few and far between), I'd be inclined to negotiate and would be prepared to pay a little extra (although not nearly 5% extra). It's all well and good moving to a desperate BTL, but will they have the funds for repairs when needed. Tenants are really an inconvinience to most BTL landlords. perhaps if tennants had better ights, a lot of people would not consider BTL.

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Then she should move. There is a huge supply of BTLs needing regular payment.

Generally I would agree. I pay the same as her but live in a somewhat different place! I have to drive 10 miles to see anyone though whereas she can walk her little girl to school in the morning. Now she could move further from the school which in theory would help reduce the rent, however, she then moves towards the catchment area for the next school etc. Additionally, there isn't that much to rent around here.

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Latest observations from the trenches ( Mrs BF works in an EAs somewhere in the SE):

5 times the number of houses for sale as this time last year - thats all EAs in the area

More properties for sale than boards available, so 'for sale' boards are rotated - also gives impression things are selling.

Could be a opening in the market there, what about BIO DEGRADABLE FORSALE SIGNS, after 4 years they turn into compost.

Maybe we should make last a bit longer with the present economic climate or there may be a lot of compost about.

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"Market slumps 50%, estate agents lay off staff...jeremy Leaf housing spokesman for RICS and a surveyor in N Finchley said "...at the same time rent is going up and it may well soon be cheaper to buy than to rent."

From The Press July 10, not yet online but probably will be at icnorthlondon.co.uk in a few days or so.

I don't normally agree with Jeremy Wet Lettuce, but on rents up I do, and shortage of value flats, even the tat's up at the moment. Might all change though - can only hope. Might be a blip up on the way back down, can't be sure it's a firm uptrend yet.

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crash2006 #7: If rents stay the same or rise it'll kill local governments, housing benefits dept around the country are at financial bursting point.

Councils only adminster HB. It is funded by the DWP.

'DWP -- Resource Centre':

http://www.dwp.gov.uk/housingbenefit/faq/subsidy.asp

Q. How is Housing Benefit/Council Tax Benefit currently funded?

A. From April 2004 DWP pays subsidy at the rate of 100% to local authorities to reimburse them for Rent Allowance, Rent Rebates and Council Tax Benefit. One uniform subsidy rate has been introduced for all types of benefit.

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Could be a opening in the market there, what about BIO DEGRADABLE FORSALE SIGNS,

How about Intelligent For Sale boards?

They monitor sentiment & the chances of success

& react by self-destructing

showing emoticons

.......... or even speaking

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How about Intelligent For Sale boards?

They monitor sentiment & the chances of success

& react by self-destructing

showing emoticons

.......... or even speaking

Laughing would be more appropriate at the moment!

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Laughing would be more appropriate at the moment!

What about digital display forsale signs which displays the price and automatically reduces the price everytime the Halifax and nationwide figures come out. Save a lot of messing about.

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What about digital display forsale signs which displays the price and automatically reduces the price everytime the Halifax and nationwide figures come out. Save a lot of messing about.

Look Mildred, the sign is flashing:- "The one next door just sold for 62% less at auction"

Odd isn't it. Selling prices become the mark..........unless it's inconvenient

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Then she should move. There is a huge supply of BTLs needing regular payment.

Jonathan is right....I cannot see how rents can be rising, unless agents are simply lying and talking up the rental market. It doesn't make sense. If there is an avalanche of unsold properties then a lot of them will have desperate owners willing to try anything, including renting out, to hang on. There is a huge increase in rental accomodation in my area and it must be exceeding the increase in potential renters. The trend is down, not up. It will exactly mirror plummeting sales prices in the long run. How could it not?

VP

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Today it looked like one of the 9 estate agent in my town has closed. It was one of the bigger ones, so it's a bit surprising. All the ads ha been moved from the racks in the shop window and left in a heap on the floor. Also it was empty and post left on the floor (Saturday sfternoon) . This agent didn't have an ad in the local paper and I noticed their for sale signs had disappeared from properties.

Also, looking round other agents, there's much more open display of reduced prices. One agent had new prices stuck over older ones. I could see one or two of the old prces showing through. One semi had been reduced from £152,000 to £125,000. That's BIG, unless the original price was a typo!

I'm guessing that the closure of one agent has shocked others into reducing prices.

There is a huge mushrooming in the number of properties to rent round here too. Some places have been 'to let' for weeks. I reckon rents are going to come crashing down soon too - possibly quicker than house prices.

Edited by blankster

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Jonathan is right....I cannot see how rents can be rising, unless agents are simply lying and talking up the rental market. It doesn't make sense. If there is an avalanche of unsold properties then a lot of them will have desperate owners willing to try anything, including renting out, to hang on. There is a huge increase in rental accomodation in my area and it must be exceeding the increase in potential renters. The trend is down, not up. It will exactly mirror plummeting sales prices in the long run. How could it not?

VP

Agents are bound to be talking up the rental market, they will do anything to replace income lost from sales.

IMO we have another hyped up LIAR nonsense scenario happening right now and the subject might be worthy of its own thread.

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  • 401 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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