Monday, July 7, 2008

In Manchester, asking prices are up but real prices are down

Tables turn in favour of tenants

"Don't believe all you hear about sky-high rental prices. News reports might suggest otherwise, but letting agents are reporting rents requested, not rents achieved. Ignore those ludicrous prices displayed outside and politely ask if they have anything cheaper on their books. In one instance, the morning rent was a risibly inflated £700. At midday, the price had shrunk to £600 and by the evening it was £500 (negotiable) inclusive of parking. Times have changed and the plethora of new flats should benefit tenants."

Posted by drewster @ 04:11 AM (910 views)
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6 thoughts on “In Manchester, asking prices are up but real prices are down

  • mark wadsworth says:

    Good stuff. Still no sign of Halifax June report.

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  • japanese uncle says:

    Ignore those ludicrous prices displayed outside (typically £650pcm for an average, one-bed flat – nice try
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    650 for a one-bed flat in Manchester!! Be in no doubt, the reasonable rent should be 400, which will be 350 this time next year, and 300 in 2010.

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  • holding out says:

    Mark – It has now be shunted to Tuesday – Could move again of course. Perhaps it’s bad and they want it to influence the MPC meeting on Thursday.

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  • crash n burn says:

    Well I managed to negotiate a 1 bed studio type flat down from £900pcm to £800pcm just next to Wimbledon Common. So much for the rising rents! Still feels expensive though – ouch!

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  • Billiant:

    “Don’t believe all you hear about sky-high rental prices, especially not in those ubiquitous modern flat-pack apartments. News reports might suggest otherwise, but gather round, as I have some heartbreaking revelations: there is no Santa, no tooth fairy – and sometimes estate agents “misremember” details. They are reporting rents requested, not rents achieved (I’d like to earn £100K a year, but I don’t).”

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  • mark wadsworth says:

    Holdingout, my thoughts exactly.

    Re rent levels, might this be … er … “market forces”, those wicked unseen forces that balance interests of supplier and consumer?

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