blankster Posted July 12, 2008 Share Posted July 12, 2008 Repeating what my post last-but-one said..... lots of places to let round here, some have had boards up for weeks. Indicates the rental demand is not that strong - indicates falling rents before long. Quote Link to comment Share on other sites More sharing options...
Antsy Posted July 12, 2008 Share Posted July 12, 2008 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. Quite so, they have a stack of useless properties on their books and are thinking how they can use them to generate income. Why not just let them out, they no doubt suggest. Quote Link to comment Share on other sites More sharing options...
0q0 Posted July 12, 2008 Share Posted July 12, 2008 (edited) F P 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. Then gentlemen/ladies - we are faced with the ridiculous idea that they are deliberately hiding properties from Rightmove and prospective tenants! I can categorically tell you that in the areas I monitor (N London/Herts) it is mostly a case of the rental prices rising so that the cheapest ones go in days and what's now the cheapest is up 10% on what it was even a few weeks ago. A temporary smoke and mirrors trick by lots of agents or just "one of those things" before loads more come available to let? Well, quite unlikely. Instead it seems pretty sadly obvious that we're in an uptrend which I hope is a blip up before a downtrend, but I speak as I find - the Asking Rents are UP right now almost everywhere on 2-bedders. Fact. Edited July 12, 2008 by The Last Bear Quote Link to comment Share on other sites More sharing options...
Killer Bunny Posted July 12, 2008 Share Posted July 12, 2008 JXXXXXXXX is right.... Please do not use my name on this forum. Quote Link to comment Share on other sites More sharing options...
gasket37 Posted July 12, 2008 Share Posted July 12, 2008 Please do not use my name on this forum. s'funny - it is in your link in your signature Quote Link to comment Share on other sites More sharing options...
0q0 Posted July 12, 2008 Share Posted July 12, 2008 (edited) s'funny - it is in ... Ssshhhhhh! I think I'm getting the Sainsburys Basics avatar, you've inspired me. edit : new avatar done! Edited July 12, 2008 by The Last Bear Quote Link to comment Share on other sites More sharing options...
snowflux Posted July 12, 2008 Share Posted July 12, 2008 (edited) After something of a drought earlier on this year, there has, more recently, been a sudden cascade of rentals coming onto the market in my area. I suspect that the initial drought was caused by the increase in rental demand resulting from wait-and-see would-be buyers and maybe the odd STR. Now, though, supply seems to have overtaken demand, driven, I guess, by desperadoes who cannot sell their house for what they want turning to renting it out as a last resort (see e.g. British Expats). Edit: Typo + clarity Edited July 12, 2008 by snowflux Quote Link to comment Share on other sites More sharing options...
Bearfacts Posted July 12, 2008 Author Share Posted July 12, 2008 Who? As in what types of people? Mostly people who have STR'd. Theres a bit of an influx of people moving into the area due to a couple of infrastructure projects too. It seems that people who are moving into the area are renting rather than buying. Quote Link to comment Share on other sites More sharing options...
Bearfacts Posted July 12, 2008 Author Share Posted July 12, 2008 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. I see a lot of For Sale signs which have become overgrown since they were erected in Jan/Feb - many are toppling over as the posts rot too. Quote Link to comment Share on other sites More sharing options...
Bearfacts Posted July 12, 2008 Author Share Posted July 12, 2008 FWIW, been renting for a year. Just got the rental agreement through for the next 6 months.Jul 07 1095 Jan08 1105 Jul 08 1105 ----------------------- We've been renting for 2 years and the price hasnt changed. Quote Link to comment Share on other sites More sharing options...
Killer Bunny Posted July 12, 2008 Share Posted July 12, 2008 We've been renting for 2 years and the price hasnt changed. Rents in E Herts are at best static but more likely dropped from FIVE YEARS AGO! Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted July 12, 2008 Share Posted July 12, 2008 When I began renting last August in Swansea there was a dearth of rental property - first come first served. Now, within a 2 minute walk of my rental, there are numerous flats and houses, all empty, with 'To Let' signs outside. Some have been empty for months now. In the local paper last night I was surprised to see that they now have a supplement dedicated entirely to rental property which, as the supplement for 'for sale' property was been cut right down, is a true indicator of the market IMPO. Also, the 'for sale' property supplement used to be very thick and was freely available to pick up in any EA office or any bank or building society. Even coffee shops. In other words, you could get it anywhere. In the last month or so I have no longer been able to pick it up in my local banks/building societies and yesterday several EAs I visited did not have a copy either. I can only assume that the local rag has cut back on printing them due to a drop in advertising revenue from the local EAs. Quote Link to comment Share on other sites More sharing options...
Not Long Now Posted July 12, 2008 Share Posted July 12, 2008 read this article yesterday: http://defaqtoblog.com/iabn/2008/07/10/landlords-beware/ ......and it makes a few interesting points. Specifically, that there are a number of unlikely amateur landlords now who've decided to rent out their house due to the inability to sell at the value they deem their house to be "worth". I know two people who have done this personally. One of which has moved abroad and is renting his house out after trying to sell it for 6 months. He bought for 42k back in 2001 and was refusing to budge on his asking price of 125k! The other couldn't get the price she wanted for her house, so has kept it to rent out AND has bought another (bigger) house to live in! I did warn her that she would soon have 2 x depreciating assets. I'm sure EA's are encouraging those that cant sell or are refusing to lower the price to rent it out instead. As was mentioned further up this thread, EA's are saying this is a "blip" and normal service will be resumed early next year. Quote Link to comment Share on other sites More sharing options...
ccc Posted July 12, 2008 Share Posted July 12, 2008 read this article yesterday: http://defaqtoblog.com/iabn/2008/07/10/landlords-beware/......and it makes a few interesting points. Specifically, that there are a number of unlikely amateur landlords now who've decided to rent out their house due to the inability to sell at the value they deem their house to be "worth". I know two people who have done this personally. One of which has moved abroad and is renting his house out after trying to sell it for 6 months. He bought for 42k back in 2001 and was refusing to budge on his asking price of 125k! The other couldn't get the price she wanted for her house, so has kept it to rent out AND has bought another (bigger) house to live in! I did warn her that she would soon have 2 x depreciating assets. I'm sure EA's are encouraging those that cant sell or are refusing to lower the price to rent it out instead. As was mentioned further up this thread, EA's are saying this is a "blip" and normal service will be resumed early next year. I'll just rent it out instead Quote Link to comment Share on other sites More sharing options...
Not Long Now Posted July 12, 2008 Share Posted July 12, 2008 I'll just rent it out instead Thanks - I missed that thread originally. Quote Link to comment Share on other sites More sharing options...
Flatdog Posted July 12, 2008 Share Posted July 12, 2008 Then gentlemen/ladies - we are faced with the ridiculous idea that they are deliberately hiding properties from Rightmove and prospective tenants! I can categorically tell you that in the areas I monitor (N London/Herts) it is mostly a case of the rental prices rising so that the cheapest ones go in days and what's now the cheapest is up 10% on what it was even a few weeks ago. A temporary smoke and mirrors trick by lots of agents or just "one of those things" before loads more come available to let? Well, quite unlikely. Instead it seems pretty sadly obvious that we're in an uptrend which I hope is a blip up before a downtrend, but I speak as I find - the Asking Rents are UP right now almost everywhere on 2-bedders. Fact. I do not disagree with you, after all you do have research available with which to qualify your point. Nevertheless I reiterate my earlier suggestion regarding EAs, 'renting' could well be the new (only?) opportunity for them to stay in business...RPI as opposed to HPI, seems to me that your findings kinda support this. Quote Link to comment Share on other sites More sharing options...
0q0 Posted July 12, 2008 Share Posted July 12, 2008 (edited) I do not disagree with you, after all you do have research available with which to qualify your point.Nevertheless I reiterate my earlier suggestion regarding EAs, 'renting' could well be the new (only?) opportunity for them to stay in business...RPI as opposed to HPI, seems to me that your findings kinda support this. I don't half wish I was wrong, Greysquirrel!!!! Believe me, I'd LOVE to be wrong, perhaps within a few weeks I will be seeing falls or less of a rebound at least in the other areas. I reiterate, one particular area in Herts seems to be falling, that's about it. Agents don't even note your name down when you call them unless you want to view one of their over-priced ones. Typical exchange: me: Hello I'm calling about the 2-bed on Acacia Drive... LA: er, which one? me: the 695 per month, top floor, available mid July LA: oh, no that's gone, took a deposit on it last week, what sort of price range you looking up to? me: er, round about that figure or a landlord who'll negotiate to that LA: we've nothing else at the moment, sorry, check back with us later in the month, ok, bye... me: b...[line dead] (in those areas 695 would have comfortably got you a 2-bedder a year ago, now it's 775+ and even then they don't want your number) Edited July 12, 2008 by The Last Bear Quote Link to comment Share on other sites More sharing options...
Mr Blobby Posted July 12, 2008 Share Posted July 12, 2008 Using Property Bee on Rightmove is an easy way of finding out if rents are falling. Certainly in my area (Southampton) I am seeing many reductions on properties to rent, and quite a few that are still to rent that were there when I first started looking in May. 2 bed flats and houses under £650 seem to be going quite quickly, but 3 bed houses and above seem to be hanging around for ages. Quote Link to comment Share on other sites More sharing options...
Flatdog Posted July 12, 2008 Share Posted July 12, 2008 I don't half wish I was wrong, Greysquirrel!!!! Believe me, I'd LOVE to be wrong, perhaps within a few weeks I will be seeing falls or less of a rebound at least in the other areas. I reiterate, one particular area in Herts seems to be falling, that's about it. Agents don't even note your name down when you call them unless you want to view one of their over-priced ones.Typical exchange: me: Hello I'm calling about the 2-bed on Acacia Drive... LA: er, which one? me: the 695 per month, top floor, available mid July LA: oh, no that's gone, took a deposit on it last week, what sort of price range you looking up to? me: er, round about that figure or a landlord who'll negotiate to that LA: we've nothing else at the moment, sorry, check back with us later in the month, ok, bye... me: b...[line dead] (in those areas 695 would have comfortably got you a 2-bedder a year ago, now it's 775+ and even then they don't want your number) I honestly/really/truthfully am not suggesting that you are wrong TLB! Just trying to put forward my view that EAs are by design doing their utmost to ramp up rents....the higher the rent the higher their commission....i.e: yet another opportunity for them to make a killing. Quote Link to comment Share on other sites More sharing options...
0q0 Posted July 12, 2008 Share Posted July 12, 2008 Using Property Bee on Rightmove is an easy way of finding out if rents are falling. Certainly in my area (Southampton) I am seeing many reductions on properties to rent, and quite a few that are still to rent that were there when I first started looking in May. 2 bed flats and houses under £650 seem to be going quite quickly, but 3 bed houses and above seem to be hanging around for ages. Yeah, when you call up you'll find some of those "sticking" props are actually gone, they just don't bother to post them as Let Agreed or remove them. I honestly/really/truthfully am not suggesting that you are wrong TLB!Just trying to put forward my view that EAs are by design doing their utmost to ramp up rents....the higher the rent the higher their commission....i.e: yet another opportunity for them to make a killing. I agree they're doing that too, but the LAs I spoke with who said there's lots of renters now, well I'd doubted them and actually it seems they're right, at least in my price bracket. Thing is, my price bracket doesn't exist any more here! Sigh... Quote Link to comment Share on other sites More sharing options...
Flatdog Posted July 12, 2008 Share Posted July 12, 2008 Thing is, my price bracket doesn't exist any more here! Sigh... Yup, that is what really frightens me, irrespective of the cost of renting or, for that matter, house prices, just living in the UK is already well beyond the means of many. Quote Link to comment Share on other sites More sharing options...
Hatchet Man Posted July 12, 2008 Share Posted July 12, 2008 s'funny - it is in your link in your signature Someone who evidently has not read the Forum Rules unless his name is Mr Armstrong Davis. No business offers or advertising of any kind. Quote Link to comment Share on other sites More sharing options...
Flat Bear Posted July 12, 2008 Share Posted July 12, 2008 Rents in E Herts are at best static but more likely dropped from FIVE YEARS AGO! Rates in Reading have been going up steadily with, to date, high demand. Rental prices are at or near maximum affordability. There are large numbers of economic migrants in the area (50% of renters?) which has helped to maintain the local BTL market. As and when these migrants leave the rental market should collapse. Quote Link to comment Share on other sites More sharing options...
0q0 Posted July 12, 2008 Share Posted July 12, 2008 Yup, that is what really frightens me, irrespective of the cost of renting or, for that matter, house prices, just living in the UK is already well beyond the means of many. Absolutely, too right. It's a joke how things have become, talk about treasure island. Terms... "...No business offers or advertising of any kind..." Damnit, all hopes of launching myself as a male escort using an ad in my signature are lost... Quote Link to comment Share on other sites More sharing options...
uptherebels Posted July 12, 2008 Share Posted July 12, 2008 There is a sign in my local agents (Corby), that says ...................Now really is the right time to buy, so buy now before the market shows signs of a recovery !!............................You have to hand it to them . At least they are not in denial anymore Quote Link to comment Share on other sites More sharing options...
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