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


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HOLA441
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.

I've been letting a place in the SE for three years.

There has been no increase in rents at all - not even to keep pace with inflation.

As the new-build developers desperately turn to letting rather selling, you are lucky to keep a tenant. The BTL mob and the builders are asking fancy rents. But on the whole, they're not getting them.

I wasn't a BTL and I don't have a mortgage on my parents' old place. But I'd reduce the rent rather than have a void and pay council tax and more agents' fees and so on. I think most letters would do the same.

This is shameful, talk up the market hype. People have less money than they had three years ago, whether to buy or to rent.

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HOLA443
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?

Bromley, and Chislehurst are good. 25 mins into London Bridge. I lived there for a while, and we had great neighbours.

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HOLA445
a rise even smaller than the fiddled chosen lower representation of inflation? who cares? and where have these people suddenly appeared from? immigrants are leaving and no-one's houses are selling? sounds like a fabrication to me

is this anything to do with Estate Agents moving over to lettings and transferring their sheister-ramping practices ? they just can't help themselves.....

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HOLA446
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.

Strange, a mate said his was 450 last year, and he's getting it reduced to 365 this year.

Many diffferent stories out there, but for sure, it is a renters market, and more and more properties coming online will accelerate the freefall in rental prices...hurray!!

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HOLA447
a rise even smaller than the fiddled chosen lower representation of inflation? who cares? and where have these people suddenly appeared from? immigrants are leaving and no-one's houses are selling? sounds like a fabrication to me

Has there ever been a fall in the UK population since WW2? The rate of increase may change but it never goes down, our little island is only getting more crowded!

Don't get me wrong this doesn't explain the HPI over the last 10 years but I think this immigrants leaving thing is very overblown.

London is made up of many many markets and rents are going up in some - most W postcode for a start. But very annoyingly house prices aren't dropping that much in these areas either... Its p!ssing me off...

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HOLA449
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.

Suggestions about where else to look?

E Herts - 25-40 mins to City, epending on slow or fast train. Voila!

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HOLA4410
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HOLA4412
http://www.thisislondon.co.uk/standard/art...pear/article.do

I like the only comment at the bottom.

So do I !

Borough Average monthly rental

Westminster £1986

Kensington & Chelsea £1725

Islington £1480

Wandsworth £1426

Tower Hamlets £1407

Camden £1393

Hammermith & Fulham £1379

Kingston £1362

Lambeth £1263

Hackney £1248

Merton £1245

Southwark £1244

Ealing £1228

Richmond £1201

Brent £1156

Barnet £1141

Newham £1116

Haringey £1114

Greenwich £1093

Hounslow £1087

Waltham Forest £1065

Croydon £1008

Harrow £1023

Enfield £1012

Hillingdon £985

Redbridge £981

Bromley £969

Lewisham £961

Barking & Dagenham £929

Bexley £897

Sutton not enough data

Havering not enough data

The City not enough data

Meanwhile, in the real world, the official statistics show rents going down. Who are we going to believe, the impartial civil servants or a bunch of landlords and estate agents who make more money if rents go up?

- Roderick Random, London, UK

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HOLA4413

I have friends who have moved to 2-3 beds in SW19 recently. Nice houses on quiet roads, walking distance from Wimbledon and South Wimbledon stations. Would certainly fit the 1hr commute to the City bill. All have been able to haggle reductions in rents from LLs who wanted to sell but can't.

They may be asking for more rent, but I doubt they're achieving it.

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Guest Mr Parry
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

They really do want to use each other into oblivion in that damn awful country.

Vile bloody place.

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HOLA4417
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.

( OFF TOPIC )

Hi Boomer,

I tried to send you a PM about these. I'm starting a contract in London ( looking for Mon - Thu accommodation ) shortly and the rental seems very competitive. The 6am start is just about right! If you've any further information, can you PM me?

Cheers

M21er

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HOLA4418

Many people will be unable to afford to rent flats and houses and will move back in with their parents, especially if they are young, unemployed or going through a divorce. We will probably begin to see a big increase in the amount of homeowners renting out rooms to cover the rising living costs over the next few years. Cheap lodgings in shared homes and people moving back in with their parents will totally undermine the rental prices people charge. A lot of the rental agencies will go to the wall.

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HOLA4419
http://www.thisislondon.co.uk/standard/art...pear/article.do

I like the only comment at the bottom.

I like this bit, tucked away at the bottom, which is perhaps the grain of truth in the whole article:

But further up the property ladder, conditions for landlords are less buoyant because of the flood of homes being let by vendors refusing to accept reduced sale prices.

If my recent experience in the rental market is anything to go on, many long term LL with 3 & 4 bed houses are finding it very, very diffcult ATM.

Their tired old houses look sh1t compared to the many nice houses being offeed by desperate OOs who have failed to sell, which are usualy much beter presented on account of the fact that they used to be the LL's own home which they have been trying to sell. Also the 'failed to sell' type LL tend to be more 'distressed' and up for a haggle on the rent.

The LL with the Sh1tty places are either having to drop their rents, or they just sit unlet for weeks on end.

Edited by Sonic the Hedge Fund
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HOLA4420
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.

Where, specifically?

I commute from West Norwood to Canary Wharf takes about 40mins and my rent is very resonable

with just one increase in 10 years :P

You dont want to live docklands area as its pretty dead at the weekend..

also East London is not too nice... :ph34r:

Try south of the river theres a number of areas which are not too bad..

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HOLA4421
I commute from West Norwood to Canary Wharf takes about 40mins and my rent is very resonable

with just one increase in 10 years :P

You dont want to live docklands area as its pretty dead at the weekend..

also East London is not too nice... :ph34r:

Try south of the river theres a number of areas which are not too bad..

Are you serious? South West London has some of the nastiest parts of the capital.

West Norwood is a bit too close to Streatham for comfort. I can look after myself, but Streatham is one place where my car doors stay locked. I even saw people dealing drugs at the traffic lights down there, as if it were a bunch of roses.

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HOLA4422

Thanks, all. I'm now thinking about these areas too:

West Norwood (Though I stayed clear of anything even vaguely near Stretham when I visited)

Bromley, and Chislehurst - which I'd never considered and no-one suggests are a bad idea.

E Herts, too I will consider - though I was considering door-to-door not just the train ride...

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HOLA4423
Are you serious? South West London has some of the nastiest parts of the capital.

West Norwood is a bit too close to Streatham for comfort. I can look after myself, but Streatham is one place where my car doors stay locked. I even saw people dealing drugs at the traffic lights down there, as if it were a bunch of roses.

West Norword is actually South East London, SE27.

</pedant> ;)

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HOLA4424
Thanks, all. I'm now thinking about these areas too:

West Norwood (Though I stayed clear of anything even vaguely near Stretham when I visited)

Bromley, and Chislehurst - which I'd never considered and no-one suggests are a bad idea.

E Herts, too I will consider - though I was considering door-to-door not just the train ride...

Nothing wrong with Dulwich..

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HOLA4425

Do you want to live in London, with the nightlife etc. of London, or is your preference for leafy quiet streets, large garden and so on? If it's the latter, Bromley and Chislehurst may be for you but they are much less 'cultural' with not a lot going on evening/weekends. Bromley does have the usual shops if that's your thing. Friends of mine who'd lived in Brixton/Streatham for years moved down that way after having kids and although they love the larger houses they have they are quite bored socially.

If you wanted somewhere a bit livelier but still suburban and green, maybe Beckenham?

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