Wad Posted August 18, 2008 Share Posted August 18, 2008 I think that a new RICs residential letting survey is out tomorrow. A snippet is availbale on FT. http://www.ft.com/cms/s/0/a98c62bc-6d4a-11...00779fd18c.html Supply of rental accommodation rose at its quickest pace on record in the three months to July, outstripping the increase in demand from tenants, according to the latest data from the Royal Institution of Chartered Surveyors. RICs latest lettings survey showed that many potential homebuyers had been forced into rental accommodation because they were unable to obtain a mortgage. Meanwhile, record numbers of homeowners were unable to sell their properties and were having to let them out. Well it looks like the number of properties comng forward has increased in Q2 and the number is now outpacing the number of tenants available. Oh dear - I fear rents may be falling. I wonder if this is yet another sign that deflation may be upon us soon in all sorts of areas of the economy. The survey says rents have fallen 10% in London already but have edged up elsewhere though the expectation is for rents to be falling everywhere later in the year. Quote Link to comment Share on other sites More sharing options...
renterbob Posted August 18, 2008 Share Posted August 18, 2008 I think that a new RICs residential letting survey is out tomorrow.A snippet is availbale on FT. http://www.ft.com/cms/s/0/a98c62bc-6d4a-11...00779fd18c.html Supply of rental accommodation rose at its quickest pace on record in the three months to July, outstripping the increase in demand from tenants, according to the latest data from the Royal Institution of Chartered Surveyors. snip Oh NO! Does this mean the landlords are gonna have long, long voids unless they drammatically lower their rents? Great! Quote Link to comment Share on other sites More sharing options...
0q0 Posted August 19, 2008 Share Posted August 19, 2008 Anything of good quality that's fair priced is let immediately. This one, just like one in Watford last week, let same day. http://www.rightmove.co.uk/viewdetails-190...1&tr_t=rent There are surplus properties in some areas, but mostly not. There's probably too many in the more expensive bracket. But the affordable end in many areas suffers a shortage. So far anyway! Quote Link to comment Share on other sites More sharing options...
BarryM Posted August 19, 2008 Share Posted August 19, 2008 Not enough cheaper one and two bedroom flats to let in prime areas of central London - but increasing number of average standard larger properties new to rental market. There was a good piece in the Telegraph on this - Accidental Landlords. Quote Link to comment Share on other sites More sharing options...
Matt Henson Posted August 19, 2008 Share Posted August 19, 2008 I think that a new RICs residential letting survey is out tomorrow.A snippet is availbale on FT. http://www.ft.com/cms/s/0/a98c62bc-6d4a-11...00779fd18c.html Supply of rental accommodation rose at its quickest pace on record in the three months to July, outstripping the increase in demand from tenants, according to the latest data from the Royal Institution of Chartered Surveyors. RICs latest lettings survey showed that many potential homebuyers had been forced into rental accommodation because they were unable to obtain a mortgage. Meanwhile, record numbers of homeowners were unable to sell their properties and were having to let them out. Well it looks like the number of properties comng forward has increased in Q2 and the number is now outpacing the number of tenants available. Oh dear - I fear rents may be falling. I wonder if this is yet another sign that deflation may be upon us soon in all sorts of areas of the economy. The survey says rents have fallen 10% in London already but have edged up elsewhere though the expectation is for rents to be falling everywhere later in the year. Ask yourself where the people who rent out their houses are going to live? in rented property per chance? What is the net effect of the same increased number of renters looking to move in to same increased number of rental properties? Common sense is a wonderful thing Quote Link to comment Share on other sites More sharing options...
Flopsy Posted August 19, 2008 Share Posted August 19, 2008 (edited) I made enquiries about renting a house in another area when our lease was about to expire. There were houses on the rental market that had not sold and their owners were all moving abroad. One couple was moving back into their parents house and another was renting out their second home that they normally used in the weekends to save money. We also have an increasing number of flats to rent in our central development London as foreign workers (who had company lets) move back. A german family left in the weekend. The number increases each week. Edited August 19, 2008 by Flopsy Quote Link to comment Share on other sites More sharing options...
renterbob Posted August 19, 2008 Share Posted August 19, 2008 (edited) Anything of good quality that's fair priced is let immediately. This one, just like one in Watford last week, let same day.http://www.rightmove.co.uk/viewdetails-190...1&tr_t=rent There are surplus properties in some areas, but mostly not. There's probably too many in the more expensive bracket. But the affordable end in many areas suffers a shortage. So far anyway! I'll see yours and raise you! Doon Sooth is different but here's a titbit from oop north A few months http://www.rightmove.co.uk/viewdetails-227...3&tr_t=rent ditto http://www.rightmove.co.uk/viewdetails-176...4&tr_t=rent At least 6 months http://www.rightmove.co.uk/viewdetails-158...9&tr_t=rent Loads in this block...some over 6 months, rents unchanged....I am following them with joy....the LA (Martin and Co) often have the same property on different sites at different prices. Greedy scum. http://www.rightmove.co.uk/viewdetails-190...1&tr_t=rent It goes on and on....anyone who says rents are going fast 'oop' north needs their braincell recharging, accepted London is different, it is a sh**hole! EDIT: Gibberish correction Edited August 19, 2008 by renterbob Quote Link to comment Share on other sites More sharing options...
renterbob Posted August 19, 2008 Share Posted August 19, 2008 Ask yourself where the people who rent out their houses are going to live? in rented property per chance?What is the net effect of the same increased number of renters looking to move in to same increased number of rental properties? Common sense is a wonderful thing Rubbish They are moving back in with their parents, in their droves......google it and you'll see. Common sense, yes, agreed. So then, increased rental properties and decreased numbers of renters. Common sense suggests = DECREASED RENTS. Quote Link to comment Share on other sites More sharing options...
Matt Henson Posted August 20, 2008 Share Posted August 20, 2008 Rubbish They are moving back in with their parents, in their droves......google it and you'll see. Common sense, yes, agreed. So then, increased rental properties and decreased numbers of renters. Common sense suggests = DECREASED RENTS. Are we reverting Bob? you are pretty unlikley to move your family and kids in to mum and dads? it is the economic movers in our area that are becoming the accidental LL's. People are renting their houses out simply to facilitate the move not (yet) because of financial distress Quote Link to comment Share on other sites More sharing options...
renterbob Posted August 20, 2008 Share Posted August 20, 2008 (edited) Are we reverting Bob? you are pretty unlikley to move your family and kids in to mum and dads? it is the economic movers in our area that are becoming the accidental LL's. People are renting their houses out simply to facilitate the move not (yet) because of financial distress Reverting to what Matt? I agree with your economic movers bit...I know of three myself in the last month alone...NONE can sell. Great news for me as a renter, the market is becomming flooded. There was a couple with kids on GMTV just a few months ago doing exactly what you say they would not. The couple could not afford the mortgage and had no choice but to try and let the house and moved back in with Mummy and Daddy, or is it Granny and Grandad? Perhaps you ought to reconsider your statment 'People are renting their houses out simply to facilitate the move not (yet) because of financial distress'. I suggest you remove 'not (yet)'. I would but don't wish to put words into your mouth Matt. Edited August 20, 2008 by renterbob Quote Link to comment Share on other sites More sharing options...
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