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The Bachelor of Arts

Rental Prices To Fall In London

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OK quick background. Have been renting in London for last 6 months (Putney). Have recently (last week) moved to Africa for 10 months (at least) to get some tax free income whilst the UK economy falls into the abyss.

Called the estate agent to make sure she is happy with flat, clean etc,. Asked her if there has been any interest with new tennants (am liable for 1 months extra rent unless someone else moves in.)

Her reply:

"No interest really. Landlords need to be more competitive. Because no one can sell, they are all coming on to the market as rentals, and due to the supply and demand, there is a huge oversupply. So its a renter's market at the moment and landlords who keep their rents where they are, are not getting the tennants. I must go, as I'm showing someone around - you won't believe how busy it is with rentals at the moment."

So - 15 sellers for every buyer - I believe will turn to 7 sellers for every buyer and 7 renters for every renter (and one repo!). So much for rents going up, and the so called 'housing shortage'.

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OK quick background. Have been renting in London for last 6 months (Putney). Have recently (last week) moved to Africa for 10 months (at least) to get some tax free income whilst the UK economy falls into the abyss.

Called the estate agent to make sure she is happy with flat, clean etc,. Asked her if there has been any interest with new tennants (am liable for 1 months extra rent unless someone else moves in.)

Her reply:

"No interest really. Landlords need to be more competitive. Because no one can sell, they are all coming on to the market as rentals, and due to the supply and demand, there is a huge oversupply. So its a renter's market at the moment and landlords who keep their rents where they are, are not getting the tennants. I must go, as I'm showing someone around - you won't believe how busy it is with rentals at the moment."

So - 15 sellers for every buyer - I believe will turn to 7 sellers for every buyer and 7 renters for every renter (and one repo!). So much for rents going up, and the so called 'housing shortage'.

Erm, is it you or me having a blonde moment? Surely the in bold sentence contradicts what you say about it being a renters'/tenants' market (eg cheaper for tenants) ?

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As a renter that's a heart warming anecdotal :)

As it happens I'm looking forwards to the results of the next ARLA quarterly survey, due out mid September (Last One, Next One)

EDIT: put the correct link in...

EDIT2: and now in the correct order...

Edited by Kuma

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Erm, is it you or me having a blonde moment? Surely the in bold sentence contradicts what you say about it being a renters'/tenants' market (eg cheaper for tenants) ?

It's going to be much busier for the poor letting agents having to show tenants round a dozen possible properties instead of just two or three ;)

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It's going to be much busier for the poor letting agents having to show tenants round a dozen possible properties instead of just two or three ;)

Oh I see, apologies, I'll get my stilettos and boob tube on now to complete my look.

(Might have to abandon the beard I was growing though.)

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I'm seeing an increase of supply in Chafford Hundred also (near Lakeside in Essex). Early in the year there were 2-3 2 bedroom houses for rent at any one time with prices of £725-£800 per month. In the last couple of months the volume of houses available for rent has stayed the same while the rent for a 2 bedroom house was always above £800 per month.

I just checked Rightmove yesterday and what do you know - I can see 14 2 bedroom houses with rents starting at £775-£850. I guess that it won't be long before they all go back down to £700 or less. :lol:

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yeah I'm just negotiationing now, landlord wants 30 quid more a week

Said no, wants 10 quid a week now

Said no,

Should find out in next couple of days. I have never seen so many properties for rent.

Even the estate agent is getting pissed off with the landlord.

:rolleyes:

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OK quick background. Have been renting in London for last 6 months (Putney). Have recently (last week) moved to Africa for 10 months (at least) to get some tax free income whilst the UK economy falls into the abyss.

Called the estate agent to make sure she is happy with flat, clean etc,. Asked her if there has been any interest with new tennants (am liable for 1 months extra rent unless someone else moves in.)

Her reply:

"No interest really. Landlords need to be more competitive. Because no one can sell, they are all coming on to the market as rentals, and due to the supply and demand, there is a huge oversupply. So its a renter's market at the moment and landlords who keep their rents where they are, are not getting the tennants. I must go, as I'm showing someone around - you won't believe how busy it is with rentals at the moment."

So - 15 sellers for every buyer - I believe will turn to 7 sellers for every buyer and 7 renters for every renter (and one repo!). So much for rents going up, and the so called 'housing shortage'.

I also live in Putney and have contradictory evidence - 2 friends of mine had real trouble getting a two bed flat and found nothing below the asking price was taken (they were even gazumped apparently). There are so many intricacies in the renting market (location, type of place, bedrooms) which mean that at any point in time markets can be very volatile either way.

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yeah I'm just negotiationing now, landlord wants 30 quid more a week

Said no, wants 10 quid a week now

Said no,

Should find out in next couple of days. I have never seen so many properties for rent.

Even the estate agent is getting pissed off with the landlord.

:rolleyes:

We have the same landlord, the flats are next door to each other, ours is nicer, we originally paid £150 a month less, it is now £200 less. I said no to the increase and explained why i thought it unnecessary, neighbors didn't think they could negotiate............. :lol:

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....Called the estate agent to make sure she is happy with flat, clean etc,. Asked her if there has been any interest with new tennants (am liable for 1 months extra rent unless someone else moves in.)

Her reply:

"No interest really. Landlords need to be more competitive. Because no one can sell, they are all coming on to the market as rentals, and due to the supply and demand, there is a huge oversupply. So its a renter's market at the moment and landlords who keep their rents where they are, are not getting the tennants. I must go, as I'm showing someone around - you won't believe how busy it is with rentals at the moment."...

Call me cynical, but surely neither she, nor the landlord has any incentive whatsoever to get a tenant to move in during that extra month. Indeed if the agent did find someone else, being as most agents are, they'd probably take the money off the new tenants and tell you that it was empty. (I knew someone who knew an estate agent, and they boasted about this once).

However, yes, I'm not disagreeing with the points in general. - Just pointing out how they're not on your side!

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Maybe a strange anecdote, but I think it points to LL's being keen to secure tenants atm. We completed our STR last month and throughout our sale I was nearly as worried about finding a rental as I was about our sale going through, as I was expecting finding a zone 3 rental willing to allow dogs really tough. I went as far as to organise a 4 week period between exchange and completion to give us the best possible chance of getting a rental. We were prepared to pay an extra large deposit, bribe the LA or even pay extra rent in order to be allowed a place with the dogs. We thought we might end up moving to a grottier house/area or that we might end up having to lie about the dogs.

In reality on the day we exchanged I made an appointment to see a house in a great area. Liked the house, asked if we could move in with the dogs, and before I could offer to increase my deposit I was told that would be fine. So I then went on to negotiate a £50pm discount on the rent. Not a huge amount, but it's £300 in my bank a/c at the end of the year that I hadn't expected. B)

Edited by iguana

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Have you noticed we seem to be getting alot of contradictions when it comes to rents.

The flat next to mine now rents for £100 more than it did a year ago. Greenwhich london.

How can you have a flat in Greenwich and spell the name wrong.

After all it must be on signs that you pass every day :ph34r:

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How can you have a flat in Greenwich and spell the name wrong.

After all it must be on signs that you pass every day :ph34r:

Trust me, I live in Hutfield.

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How can you have a flat in Greenwich and spell the name wrong.

After all it must be on signs that you pass every day :ph34r:

Don't think Greenwich is in spell check - hang on - Greenwhich - oh yes it is.

Rents along with sales are subjective. A property is only worth what the buyer is willing to pay and the seller willing to accept. So asking is the first step to getting what you want...........

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Off

topic,

Erm, is it you or me having a blonde moment? Surely the in bold sentence contradicts what you say about it being a renters'/tenants' market (eg cheaper for tenants) ?

Probably "7 renters for every renter" that caught your eye.

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If we're playing anecdotes, round here asking rents (which are usually very nearly achieved) here spiked - we pay £1250 a month and have done since October '06. Had we moved in October '05 we'd have got somewhere like this for more like £1150, and by October '07 probably £1400.

Now, however, I think we're back down substantially - asking around £1300 for equivalent properties and could well haggle back to what we pay. No attempt by our (professional corporate) LL to raise the rent, touch-wood, and a smaller but otherwise similar property slashed down the road on property bee from asking £1300 to asking £1080.

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OK quick background. Have been renting in London for last 6 months (Putney). Have recently (last week) moved to Africa for 10 months (at least) to get some tax free income whilst the UK economy falls into the abyss.

Called the estate agent to make sure she is happy with flat, clean etc,. Asked her if there has been any interest with new tennants (am liable for 1 months extra rent unless someone else moves in.)

Her reply:

"No interest really. Landlords need to be more competitive. Because no one can sell, they are all coming on to the market as rentals, and due to the supply and demand, there is a huge oversupply. So its a renter's market at the moment and landlords who keep their rents where they are, are not getting the tennants. I must go, as I'm showing someone around - you won't believe how busy it is with rentals at the moment."

So - 15 sellers for every buyer - I believe will turn to 7 sellers for every buyer and 7 renters for every renter (and one repo!). So much for rents going up, and the so called 'housing shortage'.

Recentley noticed for the first time RENT REDUCED TAGS on some propertys for rent in local property rag, and i am seeing a lot of for rent signs now outside property when they used to be very scarce.

I know a couple of people who were just hanging onto property they had inherited etc (not even renting)purely because the value was going up, they are now trying to sell because of the fall in house prices but are considering renting because they cannot sell.

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£600 methinks.there was a thread on pets.those clauses are against the law apparently,re enjoying full use of the property

Talk about a blonde moment.

Do you have a link to that thread? I'd love to find out more about that law incase I have to move for any reason.

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  • 400 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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