Finding it very difficult to let at the moment

i4U

I have a property in London which has had the same tenants in there for the last three years. They are now moving. It's a good property and has always been easy to let. However, I have done more than 15 viewing now, with not much luck.

It's also on EA, and they are not having much luck either. Most people seem to like it but the offers are really well below market price. At present I have it on for £170 a week. This is £160 below my monthly mortgage.

It's a one bedroom house/flat with it's own front entrance, allocated parking with the house, garden, living and kitchen/diner seperate. It's in Zone 2 close to DLR and Canary Wharf.

If anyone else let's out in London, can you please tell me where I am going wrong.

I have had very good relationship with the tenants that are leaving, so much so that they are willing to speak to people.

silvercar

Recession hits.

One bed in Docklands would have appealed to bankers etc Now they are reluctant to commit to a tenancy. Have you though about offering a shorter tenancy, 6 months say or even 4?

pawpurrs

My Dad has several flats he rents in London in W1, he rents them fully furnished to people on contract work, and so far hasnt had a problem renting them, could you furnish it and consider this market? You need to supply everything for this, though but the rental is higher.

00ec25

i4U wrote: »

If anyone else let's out in London, can you please tell me where I am going wrong.

simple - it's a buyer's/renter's market and rates are falling, your market rate is not what the market is prepared to pay - price, price and price!
Righmove shows 400 properties at 700pcm or lower in approximately your area

AMILLIONDOLLARS

Where exactly are you? close to DLR Canary Wharf, could be????

We can't give you any real advice until we know the location, as this could be putting people off.

AMD

chewmylegoff

silvercar wrote: »

Recession hits.

One bed in Docklands would have appealed to bankers etc Now they are reluctant to commit to a tenancy. Have you though about offering a shorter tenancy, 6 months say or even 4?

i know quite a lot of bankers. i don't know any who would see any appeal in a one bed in docklands, especially one that is only £735pcm. very few professional staff working in canary wharf live in docklands, because it's rubbish.

the market for a 1 bed flat in docklands at that price (which is fairly cheap as far as 1 beds in london go) is the sort of person who cannot afford to live in a better part of london - maybe admin and support staff who work at canary wharf would be interested.

silvercar

chewmylegoff wrote: »

i know quite a lot of bankers. i don't know any who would see any appeal in a one bed in docklands, especially one that is only £735pcm. very few professional staff working in canary wharf live in docklands, because it's rubbish.

the market for a 1 bed flat in docklands at that price (which is fairly cheap as far as 1 beds in london go) is the sort of person who cannot afford to live in a better part of london - maybe admin and support staff who work at canary wharf would be interested.

Take your point, but I thought it would be attractive to someone who has their main (family) home elsewhere and wants a crash pad near work.

Pee

The rent seems affordable enough to me - in that it is twice what I would expect it to be round here and people in London get paid twice what people round here do - and if it is less than your mortgage, you don't want to cut it. Why are the current tenants moving out? Are there any obvious places nearby, such as a hospital where you could put up notices for staff?

Ask the EA what they think, and check out other rental properties in the area. Are they cheaper?

Could you advertise somewhere where foreigners/ gap year people would see it?

ILW

Think you need to drop the price. Rentals are falling and there is over supply. Tenants can afford to be very choosy.

AMILLIONDOLLARS

A lot of tenants are now buying as its cheaper for them to do so, plus there is now a glut of flats/apartments on the market as everyone wanted to be a Buy to Let Landlord, this sector is crashing big time not enough tenants to pay the rent and their mortgages!!

AMD

i4U

Firstly, it's always been let furnished.

It's near Royal Albert station. It's not exactly posh but it's a good commutable location. As it's near a large park, and there are horses grazing there most days of the week.

The last thing I want to do is reduce the price further.

I am willing to look at short term tenancy. However, I feel that the general cause is that there are a lot of flats/houses coming onto the market in the docklands because a lot of the builds that started just before recession start are now completing.

The tenants are moving to be even closer to the city.