Thursday, March 26, 2009

That’s sweet music to my ears!

Tenants 'haggling' as rents fall

"The cost of renting a home has continued to fall as UK householders let out their homes in a bid to beat the recession. Two surveys suggest that there has been a surge in properties available to rent, pushing down costs for tenants... According to Globrix, the number of new rental properties coming onto the market rose from 98,841 in the final three months of 2008 to 155,499 in the first quarter of 2009 - 57% increase... The poll by Findaproperty.com said that in March the average property had been listed for 65 days before being filled by tenants, down five days on the previous month, but up 17 days compared with a year ago... But Zaza Patterson, lettings manager at Dreweatt Neate estate agents, said that some of the biggest reductions in rent have been four-bedroom homes"

Posted by mark wadsworth @ 10:32 AM (1727 views)
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13 thoughts on “That’s sweet music to my ears!

  • It’s also REAL and true. I am moving house in 3 weeks. Gerrards X –>200m–> Gerrards X. 3 bed Terrace to 3 bed detached with garden + double garage and view over fields. 1495pcm now becomes 1200pcm. I wonder what the Ass-etz trolls make of this? A “softening” of rents?

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  • theboltonfury says:

    “What we are witnessing could be seen as a last-ditch attempt by thousands of worried homeowners to try and survive the worst economic climate in living memory and still have a property to show for it once we come out the other side,” said Daniel Lee, of Globrix.

    Perfetto

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  • The Times has reported that haggling tennants could endanger the viability of Songbird Estates (who own Canary Wharf).

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  • larger properties appear to have falling rents more than flats in decent areas…. Most people want to own their large family home not rent it

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  • It seems that the larger family home is less desirable to rent than the small flat…

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  • Whoever said renting was dead money? Not now its not. Hasn’t been for 18 months and won’t be for the next 2 years.

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  • @ 666

    The reports and comments issued by finadaproperty are to be read in the same sentiment as those from Fionnuala Earley (sp)

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  • growler – indeed. I like the reasoning that because less rental properties are flooding onto the market than were a while ago the price is about to reach it’s bottom (yes the lower increase in supply has the effect of dampening the decrease in price, but the supply is not decreasing, and demand may well be…)

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  • @666

    tyeah. The “demand” subject is one lost on almost all of these people. Demand seems to be taken for granted as some sort of fixed function. I’m a classical economist and it amuses me to read all the pontification re supply and how this will cause or lead to some load of tosh conclusion. The evidence is simple. If the ‘plane you’re in loses height less steeply, it’s still going to hit the ground.

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  • mark wadsworth says:

    @ Growler, good for you, we also moved 500 yards last year to a roughly equivalent house and saved £700 per month (yes, seven hundred). Her Indoors hates moving, but we’ll go to the letting agent before the tenancy is up for renewal and view a few slightly cheaper properties just to keep the pressure up.

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  • well I asked my landlord for a rent reduction and he said no the rent was still reasonable but that he wouldn’t put it up!!

    thats for a 1200pcm 2 bed in aldgate area. I suppose it was a good deal when we got it but basically he has called our bluff on being arsed to move…..

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  • the haunted says:

    I have just signed up to move from one 3 bed house to another. The new house is a fair bit nicer than my current rental and given that it is down £250 (almost 22%) from it’s asking price a few months back, it’s actually cheaper. I even managed to haggle the last £50 off after the landlord had come down by £200. Had I found a second property I could have probably haggled even more off the price.

    Kerrrching for tenants… Kerrr-chump for land lords.

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