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London Tonight 14 July - "rents Are Up" "gazumping In Rents"

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Just now on London Tonight, ITV1, Louisa Fletcher, brought news of about 3% rises in rents, as buyers turn to renting instead, this has happened over past few months they claim, don't hang about if you find something, put your best offer forward immediately...

Apparently tenants have much or notably reduced bargaining power. Rises in rents of 2 to 3% in Kingston, Wandsworth, Islington.

Panic panic, grab any place now, run for the hills.... was the general message to tenants, put as calmly as possible, in what was a brief slot.

This does tie in with my own findings of a sudden upswing, but might be short-lived and the downtrend recommence.

Certainly some of the properties I'd offered on and my offer was refused - they are still unlet and voids.

However, other stuff is going quickly. It's patchy.

VI spin or a real permanent upswing in demand for rentals? I don't know.

edit no to notably

edit date 14 July

Edited by The Last Bear

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Different picture round here, some way SW od London. 'To Let' boards going up everywhere. Once they go up, they tend to stay up. Reduced prices flagged on some rental ads in local paper.

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Just now on London Tonight, ITV1, Louisa Fletcher, brought news of about 3% rises in rents, as buyers turn to renting instead, this has happened over past few months they claim, don't hang about if you find something, put your best offer forward immediately...

Apparently tenants have much or no reduced bargaining power. Rises in rents of 2 to 3% in Kingston, Wandsworth, Islington.

Panic panic, grab any place now, run for the hills.... was the general message to tenants, put as calmly as possible, in what was a brief slot.

This does tie in with my own findings of a sudden upswing, but might be short-lived and the downtrend recommence.

Certainly some of the properties I'd offered on and my offer was refused - they are still unlet and voids.

However, other stuff is going quickly. It's patchy.

VI spin or a real permanent upswing in demand for rentals? I don't know.

You can't get a mortgage to pay your rent!

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Apparently tenants have much or no reduced bargaining power. Rises in rents of 2 to 3% in Kingston, Wandsworth, Islington.

I keep an open mind about London opportunities... and, while I don't know much about London at all, I look for ways in which I could concievably commute to, say Canary Wharf or the Square mile in under an hour... and not feel revolted at the place I end-up sleeping.

In my most recent trawls, I was extremely impressed with the appearance of places with Parking+2-beds as rentals in the Kingston-Upon-Thames area... though realise that they're at the limit for a 1hr commute by public transport. The prices were in the £1200 -> £1250 per month range. I was particularly taken with the photographs of Surbiton...

Where else would be good to focus? I liked the look of Greenwich when I visited - and could cope with Rotherhithe as an area (though it isn't special)... though non-entry-level rentals there seem remarkably expensive.

Suggestions about where else to look?

Different picture round here, some way SW od London. 'To Let' boards going up everywhere. Once they go up, they tend to stay up. Reduced prices flagged on some rental ads in local paper.

Where, specifically?

Edited by A.steve

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I'm on the outskirts and they can't rent em out. Big ads but no joy by the looks of it. Costs are too high to commit to in an uncertain time so people with any sense will be looking to minimise their risks. Overpriced rentals are flagging and I bet this only means the more sensibly priced ones have more people after them.

TFH

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VI spin or a real permanent upswing in demand for rentals? I don't know.

It's a complete load of BS IMO, rents are certainly not rising at all round my way, if anything LL are competing for tenants.

My recent experience, I just negotiated full 10% discount on a new let, paying £900pcm for a house that was concurenlty for sale at £299K. The house is imaculate with new kitchen, new bathroom and new carpets throughout, located in the best part of town just 5 mins walk from the station and with veiws over open countryside.

The LL is letting because he cannot sell, and at least half the others we looked at were the same - advertised concurently for sale or rent. Renters currenlty looking for 3 or 4 bedroom homes are spoilt for choice.

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Thanks for the posts all.

As I'm nowhere near those areas I can't say if true or not, but even if they are up 3% that might be a rebound after a recent drop.

Only 1 or 2 of the areas I monitor have marched steadily upwards, the others go down and up like a stripper's garter.

One area I monitor has seen a definite fall but it's Herts, not London. I'd say about 10% off there since the spring.

My own area of residence has been climbing though, and from RM a definite shortage of anything that was the normal lower end price this time last year.

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located in the best part of town just 5 mins walk from the station and with veiws over open countryside.

Aaagh! Which 'town'???

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I keep an open mind about London opportunities... and, while I don't know much about London at all, I look for ways in which I could concievably commute to, say Canary Wharf or the Square mile in under an hour... and not feel revolted at the place I end-up sleeping.

In my most recent trawls, I was extremely impressed with the appearance of places with Parking+2-beds as rentals in the Kingston-Upon-Thames area... though realise that they're at the limit for a 1hr commute by public transport. The prices were in the £1200 -> £1250 per month range. I was particularly taken with the photographs of Surbiton...

Where else would be good to focus? I liked the look of Greenwich when I visited - and could cope with Rotherhithe as an area (though it isn't special)... though non-entry-level rentals there seem remarkably expensive.

Suggestions about where else to look?

Where, specifically?

Staines - Waterloo in about 40 minutes, rent is a lot cheaper than 1200 pcm for 2 beds (should get a v.nice 3 bed) for that.

Greenwich is quite nice, Rotherhythe is probably not somewhere you would like to walk around at night. Surbiton is a shithole and Kingston is too (although it's a wealthy one). Not sure where you need to go into London but find the main line from there and trains that take <> 45 minutes. You can find some nice, "cheapish" places to the West / South West. Don't really know much about places North / North East of the smoke.

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Rents in North Wales seem to be rising in parts. Flats which were £450 in early spring are now £500 and no problem letting. Middle and upmarket still very difficult though.

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If it's any help, I'm watching rentals as well as sales on Right Move with Property Bee. Am looking in KT area and have noticed plenty of rent reductions and lots of property hanging around (or going "let agreed" then coming back as "available" a week or so later).

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There are some cheap rentals next to City Airport (if you can put up with them warming up the engines at 6am). All double glazed though - I was paying £240 pm - shared bathroom & kitchen, but 10 mins from Canary Wharf.

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I think it's been predicted on here that there would be a temporary spike in rents because landlords would try to cover rises in mortgage payments with increased rents, and VIs would try to hype the market in the same way they did with sales.

VIs have however argued rents are rising due to increased demand now that people can't buy; but this would seem unlikely since the evidence suggests the rental supply is increasing; leading me to suspect any increases in prices are temporary and won't last.

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And guess what was on just on the itv Wales news ?

...great demand for rentals because people can't buy......rents going up .....shortage of rental properties.....blah, blah, blah.....

just checked rents for large family houses by us, and they don't seem to of gone up at all since we were looking for same, 7 months ago. Couldn't say for other types of propeties though.

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Aaagh! Which 'town'???

Hemel Hempstead (it does have some quite decent bits, beleive it or not! Certainly a lot greener than Surbiton and no further from Docklands)

If you are looking for somewhere half reasonable within 1 hour of Docklands try looking around East Herts. There are a few sh1tty areas (i.e. Stevenage, Cheshunt etc.) but also some very nice villages with bargain rents - Just ask FP, IIRC he lives around that way.

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It is a load of manure, rents going up. Asking prices are up, but I don't know of many people paying them. Everyone puts in offers and keeps going to until they get a good price.

There is more property out there that is a good rental than ever before, imo. I get three to four emails every day that meet my specifications for rental, and with three to four properties on each email. I can only conclude that there is more choice for tenants and more space to negotiate.

This is an extension of what happens every year when the grads arrive to live in a nasty two bed flat in Clapham - the asking prices for the rent go through the roof then, and don't calm down until Christmas.

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Staines - Waterloo in about 40 minutes, rent is a lot cheaper than 1200 pcm for 2 beds (should get a v.nice 3 bed) for that.

Greenwich is quite nice, Rotherhythe is probably not somewhere you would like to walk around at night. Surbiton is a shithole and Kingston is too (although it's a wealthy one). Not sure where you need to go into London but find the main line from there and trains that take <> 45 minutes. You can find some nice, "cheapish" places to the West / South West. Don't really know much about places North / North East of the smoke.

Surbiton wasn't quite right - within half a mile - Thames Ditton... large aesthetically pleasing places. I'd not worry about wandering around myself in Rotherhythe - but I accept your point. I don't know where I'd need to commute - but Canary Wharf / Square Mile were my basic assumptions... Thames Ditton to Canary Wharf comes up (according to the journey planner) at 1 hour... which is longer than I'd like. I'd be happy to pay the £1250/month if it were 20 minutes away... and I could cope if Thames Ditton is the best place to be with an absolute budget (say) of £1250/month.

This idea of "nice cheapish" places to the West/South West is intriguing... Any hints about focal points to feed to Rightmove?

There are some cheap rentals next to City Airport (if you can put up with them warming up the engines at 6am). All double glazed though - I was paying £240 pm - shared bathroom & kitchen, but 10 mins from Canary Wharf.

Ta.... that's cheap.... but aircraft noise would drive me mad... and I need at least 2 beds plus kitchen and living room in a self-contained place (I'd like a garage too - but would settle for a parking space if there are big cupboards. ;)

Mind you, @£240/month, I could afford a room plus a 5-bed detached house in Nottingham - LOL!

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yeah I think the story is complete ********.

I talked to an agent last week in Shad thames (tower bridge) and they told me it was taking up to 4 -5 viewings to rent and the asking prices were not achieved.

Job loses in the city I guess.

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This just proves that the VI's control our media in this country. When a powerful group such as letting agents state that rents are rising the media just report it without checking it out. Similar to the mania in "home ownership" over the past decade (fuelled by VI's), the VI's will try and pump the rental market now (and of course the media will oblige! :angry: ). When are we going to get a truly investigative and independent media in this sorry banana republic excuse for a democracy?

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This just proves that the VI's control our media in this country. When a powerful group such as letting agents state that rents are rising the media just report it without checking it out. Similar to the mania in "home ownership" over the past decade (fuelled by VI's), the VI's will try and pump the rental market now (and of course the media will oblige! :angry: ). When are we going to get a truly investigative and independent media in this sorry banana republic excuse for a democracy?

Yeah I agree. Probably desperate to rent out their shitty Buy to Lets, and the Estate agents need to get their income else where since they can't shift property.

My rent renewal is coming up and I'M NOT PAYING A PENNY MORE THAN I DO NOW.

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At the point at which it is cheaper to buy than to rent house prices ought to stop falling. We can get there by reducing house prices or increasing rents. Perhaps it has occurred to someone somewhere that causing panic amongst tenants and telling them that rents are on the up will encourage them to overpay, increasing rents and slowing the houseprice fall.

Fortunately if 'the people' have a salary that isn't increasing and they are unable to get credit, they won't be able to pay these rents so it won't work.

"Hey worth a shot though, maybe the idiots will start house sharing when they rent! hahaha" - Caroline Flint

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At the point at which it is cheaper to buy than to rent house prices ought to stop falling. We can get there by reducing house prices or increasing rents. Perhaps it has occurred to someone somewhere that causing panic amongst tenants and telling them that rents are on the up will encourage them to overpay, increasing rents and slowing the houseprice fall.

Fortunately if 'the people' have a salary that isn't increasing and they are unable to get credit, they won't be able to pay these rents so it won't work.

"Hey worth a shot though, maybe the idiots will start house sharing when they rent! hahaha" - Caroline Flint

i rented my old flat out as shacked up with the Mrs, and upon renewal i retained rent level to retain existing tenants. the agent suggested a 5% rise but i didnt want the risk of seeking a new tenant, and one lost week rent (around £200) is worth saving the hassle! my Mrs's old place had its rent upped by the agent without telling us until he'd let it. he managed to get us another 10%. other stuff in Borough SE1 has shifted upwards a little but only on tip-top walk in 'trendy' flats. anything tatty or dated isnt letting - apparently according 2 my 2 agent mates in borough high st and kalmars on bermondsey st

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I think it's been predicted on here that there would be a temporary spike in rents because landlords would try to cover rises in mortgage payments with increased rents, and VIs would try to hype the market in the same way they did with sales.

VIs have however argued rents are rising due to increased demand now that people can't buy; but this would seem unlikely since the evidence suggests the rental supply is increasing; leading me to suspect any increases in prices are temporary and won't last.

Well its going to have a knock on effect and a large one at that.

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  • 396 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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