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More Higher End Rentals Hitting The Market.

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I am also noticing expensive properties being put up to let, with rents asked of nearly £2000 pcm. Bizarrely they are using multiple agencies to try and get the property let. The most shocking is a house being offered by 4 letting agents! As anyone else noticed this?

Edited by spectre

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here in leics I regularly check the rightmove rentals.I've noticed recently that a lot of higher end rentals-for round here anyway-have come on.Used to be between £1000-£2000,there'd be twenty houses.Now there's near 100.

Is it people who cant sell?Or am I forgetting how it was.Lots are sticking,just can't get tenants

Interesting - when we STRed 3 months ago, there was very little in the £1000 - £1500 bracket or indeed with > 2 bedrooms (area is Leamington Spa / Warwick). It seemded that it was almost all 2 bed BTL 'investment' properties. I haven't looked at rental since and there are now many many more, including a couple that are also for sale. I think lack of supply was keeping up prices (although they were still far less than an Interest Only mortgage). This should keep renals down nicely.

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Similar story in Central London. We're seeing alot more stock (virtually all new to the market) from 500 - 1500 pw in prime areas. Some of the slack is being taken up by professional sharers. 300 pw is scarcely enough to get a good one bedroom flat in South Kensington for example - yet 700 - 1000 pw for a three bedroom flat widens the choice for sharers. Our South Kensington lettings office let another three bedroom flat on Old Brompton Road to three sharers yesterday - the flat had been let to families for the last five years. There aren't enough affordable flats to go round so this looks lilely to continue. Landlords who are holding out for "corporate families" on anything other than "top drawer" property are increasingly having to accept lower rents than they are used to.

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Similar story in Central London. We're seeing alot more stock (virtually all new to the market) from 500 - 1500 pw in prime areas. Some of the slack is being taken up by professional sharers. 300 pw is scarcely enough to get a good one bedroom flat in South Kensington for example - yet 700 - 1000 pw for a three bedroom flat widens the choice for sharers. Our South Kensington lettings office let another three bedroom flat on Old Brompton Road to three sharers yesterday - the flat had been let to families for the last five years. There aren't enough affordable flats to go round so this looks lilely to continue. Landlords who are holding out for "corporate families" on anything other than "top drawer" property are increasingly having to accept lower rents than they are used to.

ahh, Chard.....the ones who had a one bed in Notting Hill Westbourne Pk on for 500k about 18 months back with a note saying the seller was linked to the EA....someone got a dead cat there....

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I am also noticing expensive properties being put up to let, with rents asked of nearly £2000 pcm. Bizarrely they are using multiple agencies to try and get the property let. The most shocking is a house being offered by 4 letting agents! As anyone else noticed this?

Yes, here's one that's been up for sale for some time - now for rent with at least 3 agencies.

The other two have it up for £1900.

Pretty house and only about a minute's walk from Richmond Park, but a vehicle entrance, hence a lot of traffic heading via that road for the park.

http://www.findaproperty.com/displayprop.a...p;agentid=13135

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Yep I've seen a recent development of 7 houses go up in Mid Beds, all unsold & up for silly rents with multiple agents, 2 months on nothing moved.

What I can't undestand is why the EA's have overpriced the properties by £300p/m. And thanks to property bee I can see rents still falling :rolleyes:

Though I have noticed more agents are starting to focus on lettings

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here in leics I regularly check the rightmove rentals.I've noticed recently that a lot of higher end rentals-for round here anyway-have come on.Used to be between £1000-£2000,there'd be twenty houses.Now there's near 100.

Is it people who cant sell?Or am I forgetting how it was.Lots are sticking,just can't get tenants

Yes, same thing here in Surrey.

The reason is clearly that a lot of people who are suddenly trying to liquidate expensive homes for which their is no market and so are looking at letting them out instead. I actually produced this chart, and whilst the low end volume market has a lot of stock, as a percentage of annual sales volumes over the last 8 years it is not too high, though of course volumes are now only 40% of what they were hence things are moving slowly.

The situation at the high end those is dire. For £1m+ homes there is something like 5 or 6 years worth of stock on the market. Basically a massive, massive oversupply. Many of these will have to fall to well under a £million to fill the gap between £500k and £700k.

Chart below:

Edited by mikelivingstone

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here in leics I regularly check the rightmove rentals.I've noticed recently that a lot of higher end rentals-for round here anyway-have come on.Used to be between £1000-£2000,there'd be twenty houses.Now there's near 100.

Is it people who cant sell?Or am I forgetting how it was.Lots are sticking,just can't get tenants

Of course they are.

I live (rent) in a pleasant suburb of south manchester at £1,900 per month for a 6 bedroom edwardian semi with 3/4 acre garden. While far from a perfect house, properties like this never went up for rental in the past. Why? Landlord was looking for £825,000, then reduced to £750,000. Good house in many ways but no chance in present market, especially round here as kitchen is a bit small, decoration, bathrooms and fittings cheaply done and no toilet on ground floor (has one in cellars, 1st and 2nd floor..... bizarre). Good house, but far too ambitious with price. Landlord has expressly said "won't get what its worth in the present market". Wait until next summer, mate!!!!

There is a house which can't sell on market for £1.2m up for rental for about £3,000/month. Were it my house there is no way I would want tenants in - state of the art everything... gym, sauna etc.

Various others have come on for rental which have clearly never been rented before - only one explanation.

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  • 395 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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