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I could have had thousands in rent, but my letting agent let me down

Mr Battsek wanted to let his two-bedroom flat in Maida Vale, an affluent area of west London, for six months while working in the US. In early May he approached lettings agency Foxtons, which valued the flat at £1,300 a week.

At that point, Mr Battsek did exactly what a prospective landlord should not do. 'I hold my hands up to this: I was greedy and had no idea whether this was realistic. £1,300 is a ton of money and I needed it. So I said yes.' He was encouraged by a representative of Foxtons lettings department who, he claims, described the local rental market as 'flying' and predicted the flat would let 'in a second'. But then the problems started.

...

In the meantime, Mr Battsek asked a rival lettings agency to price his home. The result? A valuation of just £600 a week, less than 50 per cent of the original Foxtons figure. Now he has dropped Foxtons and is seeking another agent.

Foxtons' local office refused to comment on the case, as did PR firm Bell Pottinger, which represents the agency. But a spokeswoman at Foxtons' head office said Mr Battsek had not followed the formal complaints procedure, which is to set out any grievance in writing to the company's chief operating officer.

'It's not in our interest to over-value a property or leave it empty because that way we don't receive any income. This is an isolated case,' she said. A flat's recommended rent might go down from week to week if other agents put similar apartments on the market at the same time in the same area, thereby increasing competition, she added. Yet when The Observer rang Foxtons' lettings department in St John's Wood, which handles the Maida Vale rental market, a rather different message came across.

'The lettings market here is the strongest it's been for four years,' said a lettings spokesman. 'We're not doing many price drops at all. In fact, rents have risen by 8 to 12 per cent this year. Depending on the motivation of the landlord, we crank up the rents.'

...

None of this is any consolation to John Battsek. He says that if he could have let his property for even £600 a week he would by now have earned about £5,000. 'I should have got a range of valuations and next time, I will,' he says. 'After this experience, I've learnt my lesson.'

Just thought I'd draw your attention to this story,

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Great post. He's a greedy btd now probably in deep doodoo.

I'm starting to like Foxtons.

:lol::lol::lol:

Renter bob - GET A LIFE

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Great post. He's a greedy btd now probably in deep doodoo.

I'm starting to like Foxtons.

:lol::lol::lol:

So you didn't actually read the article then?

Why is it wrong for him to let out his flat when he is working abroad for half a year?

Surely it is a good thing as it increases the supply of rental property and thus drives down rent.

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So you didn't actually read the article then?

Why is it wrong for him to let out his flat when he is working abroad for half a year?

Surely it is a good thing as it increases the supply of rental property and thus drives down rent.

Renter Bob has a huge chip on his shoulder and hates anyone who is more successful than him. Edit: hates anyone who is successful.

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So you didn't actually read the article then?

Why is it wrong for him to let out his flat when he is working abroad for half a year?

Surely it is a good thing as it increases the supply of rental property and thus drives down rent.

He is entitled to do as he wishes, he wished to rent for over 1k per month, when it was worth 600 max.

That's his choice, and because of his choice, he had the property void, and made absolutly zip, zappidy doodoo in the process.

That was his risk, there are winners and there are losers. He was one of the losers, many more to follow.

His idea was to make money from renters, and he failed. Now he is moaning like a little girl. Ridiculous.

He did increase the supply of overly priced unaffordable properties in the area. And he got nothing for his trouble.

Contrary to your view, he did not drive down rents, he attempted to drive them up, in league with our friends the Foxtons, and he failed.

The message from this article....

LOWER RENTS or stay VOID.

I enjoyed reading it actually.

Edited by renterbob

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Renter Bob has a huge chip on his shoulder and hates anyone who is more successful than him. Edit: hates anyone who is successful.

On the contrary I love to see success, and never compare myself to others.

Many EAs aren't going to be successfull this year or for the next few years, same goes for BTL investors and Letting agents.

Thoise who may survive this turmoil are those who lower rents and minimise the voids.

No need to get personal quine.

As with all investments, there are winners and there are losers.

Finally, renters are beginning to be winners, and LL/EAs/LAs all beginning to lose.

This is not my opinion, this is fact, as we have seen through huge redunancies this year, expected to continue for years to come.

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He is entitled to do as he wishes, he wished to rent for over 1k per month, when it was worth 600 max...

Correct, but your attack on him as being a "greedy btd" was unfair as he was told by the "professionals" what he should rent it out for.

The real villains in this piece are Foxtons, if you could take the chip off your shoulder long enough to actually think things through rather than posting bigoted vitriol then you might actually be able to get your point across. As it is you just come across as a spam bot programmed to post anti-landlord vitriol.

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Correct, but your attack on him as being a "greedy btd" was unfair as he was told by the "professionals" what he should rent it out for.

The real villains in this piece are Foxtons, if you could take the chip off your shoulder long enough to actually think things through rather than posting bigoted vitriol then you might actually be able to get your point across. As it is you just come across as a spam bot programmed to post anti-landlord vitriol.

'A Spam bot' :lol::lol:

Ok, I over reacted, my apologies to him.

But who actually listens to Foxtons......I remember my former boss saying he told them how much he had to spend when he was house hunting, and they showed him three houses all over 75k above his limit.

He went elsewhere.

That was his choice, Mr Battsek could have done the same but the promise of cash lead him along the dark path of greed. He admits this himself.

I can't blame Foxtons, they're just a bunch of young kids being greedy, but the BTL gurus who made a lot of money from the like of Foxtons valuations, and the renters who paid over the odds for less than good properties are the ones who never get mentioned.

Now these greedy so and so's are losing money they whinge like little girls without a lollipop.

I mention renters as human beings who deserve to have rights, and I get slammed here. Bizzare.

Edited by renterbob

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I mention renters as human beings who deserve to have rights, and I get slammed here. Bizzare.

Nowhere in this thread have you said anything about renters and their rights. All you have done is post vitriol.

If you want to get your message across, lose the vitriol and actually start arguing for renters rights rather than posting pointless attacks against someone who decided to make his flat available for someone to live in while he worked out of the country for 6 months.

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Nowhere in this thread have you said anything about renters and their rights. All you have done is post vitriol.

If you want to get your message across, lose the vitriol and actually start arguing for renters rights rather than posting pointless attacks against someone who decided to make his flat available for someone to live in while he worked out of the country for 6 months.

He did make it available at an unaffordable price, and it was void the entire time. He lost, and went crying to the press. If he won, he wouldn't be in the press..he be saying 'ha ha ha, some renters paid a ludicrous price'. Well, no renter did. Thank God.

Renters rights:

http://www.housepricecrash.co.uk/forum/ind...45&start=45

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Which you only posted after you made your claim "I mention renters as human beings who deserve to have rights, and I get slammed here. Bizzare."

"Sir, do you know what speed you were doing?"

"Ummm...."

"You were exceeding the speed limit by 20 mph sir"

"Oh, but that's OK officer, I was under the speed limit earlier on a different road"

:rolleyes:

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Which you only posted after you made your claim "I mention renters as human beings who deserve to have rights, and I get slammed here. Bizzare."

"Sir, do you know what speed you were doing?"

"Ummm...."

"You were exceeding the speed limit by 20 mph sir"

"Oh, but that's OK officer, I was under the speed limit earlier on a different road"

:rolleyes:

You seem to have it in for me CBW, and it is boring now.

Your analogy does not apply as I'm hardly going to post links to every thread and every post I've done am I?

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You seem to have it in for me CBW, and it is boring now.

Your analogy does not apply as I'm hardly going to post links to every thread and every post I've done am I?

I don't have it in for you. I'm just tired of your bad advice to renters.

The analogy does apply. This is a thread, in a forum. That's how these things work.

If you want to actually stand up for renters rights, why undermine yourself by obfuscating your message with a bigoted rant against anyone who might rent out property.

As it stands you do not stand up for my rights as a renter.

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I don't have it in for you. I'm just tired of your bad advice to renters.

The analogy does apply. This is a thread, in a forum. That's how these things work.

If you want to actually stand up for renters rights, why undermine yourself by obfuscating your message with a bigoted rant against anyone who might rent out property.

As it stands you do not stand up for my rights as a renter.

This is a total misrepresentation of my posts.

Your posts in this thread are unstructured, bias and incoherent to readers.

It's as if you have a vested interest in renting property to others and maxing the prices up

:rolleyes:

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This is a total misrepresentation of my posts.

Your posts in this thread are unstructured, bias and incoherent to readers.

It's as if you have a vested interest in renting property to others and maxing the prices up

:rolleyes:

That's right bob - if you can't win the argument, make an unfounded accusation.

For the record: I do not have any vested interest in "maxing the prices up" (interesting use of English. You accuse me of being incoherent?)

My record on talking down rents is there for all to see:

Tables turn in favour of tenants

Rents up by 11% ... not bloody likely

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That's right bob - if you can't win the argument, make an unfounded accusation.

For the record: I do not have any vested interest in "maxing the prices up" (interesting use of English. You accuse me of being incoherent?)

My record on talking down rents is there for all to see:

Tables turn in favour of tenants

Rents up by 11% ... not bloody likely

OK CBW..re read this:

You wrote:

So you didn't actually read the article then?

Why is it wrong for him to let out his flat when he is working abroad for half a year?

Surely it is a good thing as it increases the supply of rental property and thus drives down rent.

This is incoherent nonsense...you think putting the price of rents to 1300 quid when they should be 600 quid at best is pushing rents down? And you call this logic, and defend it? And now you say you don't wnat prices up? This is incoherent bias of a VI.

I wrote:

He is entitled to do as he wishes, he wished to rent for over 1k per month, when it was worth 600 max.

That's his choice, and because of his choice, he had the property void, and made absolutly zip, zappidy doodoo in the process.

That was his risk, there are winners and there are losers. He was one of the losers, many more to follow.

His idea was to make money from renters, and he failed. Now he is moaning like a little girl. Ridiculous.

He did increase the supply of overly priced unaffordable properties in the area. And he got nothing for his trouble.

This is structured and a sensible debate. No personal remarks etc, which your bias posts here are littered with.

That's what people do when they begin to lose arguments......or even debates....tjhat's exactly what yo have done throughout this thread.....read it and see

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OK CBW..re read this:

You wrote:

So you didn't actually read the article then?

Why is it wrong for him to let out his flat when he is working abroad for half a year?

Surely it is a good thing as it increases the supply of rental property and thus drives down rent.

This is incoherent nonsense...you think putting the price of rents to 1300 quid when they should be 600 quid at best is pushing rents down? And you call this logic, and defend it? And now you say you don't wnat prices up? This is incoherent bias of a VI.

I didn't read past this point

It doesn't matter what price he put it on the market at ... it fell to the market rate. The market rate falls as the supply increases in excess of demand. If more people in his position rent out their places rather than leave them empty, then this increases the supply further and drives down rents. This is not "...incoherent bias of a VI". This is economics.

Once again, you have to resort to trying to discredit me by claiming I have a vested interest. As I have already pointed out, you are very wrong on this point.

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It doesn't matter what price he put it on the market at ... it fell to the market rate. The market rate falls as the supply increases in excess of demand. If more people in his position rent out their places rather than leave them empty, then this increases the supply further and drives down rents. This is not "...incoherent bias of a VI". This is economics.

Once again, you have to resort to trying to discredit me by claiming I have a vested interest. As I have already pointed out, you are very wrong on this point.

Not bad, but you're still missing the point that he was a greedy so and so, and greedy so and so's have brung the economics you speak of to its knees.

My point was clear....he did not bring the price down, on the contrary he tried his best...for 6 months (not 1 or 2 weeks)...6 months he tried to ramp the prices up.....

He's not so dumb, he would have checked things himself...he did, and tried to pull a fast one.

He lost. I am very happy he failed

Wasn't it an ecomomics professor who said the Share prices had reached an eternal high...just before the great recession?

Economists, always right until they're wrong, then they jump ship and repeat the new mantra ad infinitum.....boring!

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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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