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MSE News: Rents slip as more first time buyers get mortgages
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# 1
MSE Helen
Old 15-02-2013, 1:26 PM
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Default MSE News: Rents slip as more first time buyers get mortgages

"Private rents dropped for the third consecutive month in January as increased mortgage availability eased pressure..."

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Rents slip as more first time buyers get mortgages



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# 2
tim123456789
Old 15-02-2013, 2:09 PM
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I have to say I can't see the point in news release like this

Rent changes vary considerably from region to region and posting headlines based upon the average is just nonsense

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# 3
sandsni
Old 15-02-2013, 4:46 PM
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It's also possible that rents have slipped in the past 3 months because few people want to move close to Christmas time and desperate LLs have dropped their prices to attract more interest. Might have nothing whatsoever to do with mortgage availability.
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# 4
rogerblack
Old 15-02-2013, 9:42 PM
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Or indeed because the changing of LHA to the 30th percentile rates has finally kicked in, and tenants on LHA are being forced to negotiate lower rents, or are unable to take up properties with higher rents.
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# 5
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Old 15-02-2013, 11:13 PM
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Good! GOOD!!!
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# 6
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Old 15-02-2013, 11:21 PM
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Quote:
Originally Posted by sandsni View Post
It's also possible that rents have slipped in the past 3 months because few people want to move close to Christmas time and desperate LLs have dropped their prices to attract more interest. Might have nothing whatsoever to do with mortgage availability.
That's right.

The LSL rent index falls over winter every year.

It would be good news if significantly more people were getting mortgages, and so lessening demand for renting to the extent rents would come down, but it's unlikely that point has been reached yet.

Rents will probably rise again this year, but perhaps more slowly than the last few years, as mortgage availability continues to slowly increase.
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# 7
sammyw
Old 16-02-2013, 9:36 PM
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Our rent went up £40 a month in January Still saving for deposit for our first house
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# 8
Turnbull2000
Old 16-02-2013, 10:12 PM
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Just a seasonal blip. Rents will rise ahead of earnings for a good few years yet. Expect 5-6% growth in 2013.
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# 9
jayship
Old 16-02-2013, 10:16 PM
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I wish!!!!. Landlords in London are demanding an increase.
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# 10
zerog
Old 17-02-2013, 11:53 AM
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I wish!!!!. Landlords in London are demanding an increase.
Rents have nothing to do with mortgages, at least in London. Private rents are set by the councils, as landlords will not rent privately with all the risk when the council will pay them directly to house those people who don't pay their own rent.

Lots of foreigners want to live in London and either they don't care what the rent is, or the employer pays and doesn't care. This forces people who do care about their rent to move further out, which increases the demand there.
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# 11
jayship
Old 17-02-2013, 12:10 PM
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Zerog
This thread is about rents and from what i know private landlords are reluctant to let out to local authotities in London as they pay 25/30% less than what they are able to get privately. There is a possibility of rent not being paid in all sectors including where housing benefit is paid to the tenant and not the landlord.
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# 12
keybored
Old 17-02-2013, 2:57 PM
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Quote:
Originally Posted by sammyw View Post
Our rent went up £40 a month in January Still saving for deposit for our first house
Luxury, our landlord wants an extra £200pcm
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# 13
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Old 18-02-2013, 3:42 AM
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If I get good tenants, I typically don't raise rent for the first three years, because the changeover cost a lot of time and money, so I would rather they don't economise by downgrading. In these days of long term salary freezes, you can upset a perfectly good apple cart by being too greedy.

If they are a nuisance, the increase in rent is really a hint that I want them to go.
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