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Debate House Prices


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Now Rental demand also outstripping supply....

13

Comments

  • LydiaJ
    LydiaJ Posts: 8,083 Forumite
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    My little microcosm says that the 3 bed semi I had to clear last month has not found a tenant yet, and is now being listed with two agents. When I handed the keys back to the agent just before New Year, I commented that the rent had been put up from what the tenant I knew had been paying. She said "Yes, but they'll end up getting the same as last time. People come in and make offers now, whereas before they just used to pay the asking price."
    Do you know anyone who's bereaved? Point them to https://www.AtaLoss.org which does for bereavement support what MSE does for financial services, providing links to support organisations relevant to the circumstances of the loss & the local area. (Link permitted by forum team)
    Tyre performance in the wet deteriorates rapidly below about 3mm tread - change yours when they get dangerous, not just when they are nearly illegal (1.6mm).
    Oh, and wear your seatbelt. My kids are only alive because they were wearing theirs when somebody else was driving in wet weather with worn tyres.     :)
  • dandy-candy
    dandy-candy Posts: 2,214 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I was interested to see this because the rental market in my bit of London is absolutely dead. There are a few houses which always home Japanese families over in the UK on 3 year work contracts which have been empty for 6 months+, also my neighbour's house has been empty and up for rent for 4 months now and only 2 people have been to view it. A very nice house further down the road has been up for rent since late December and no ones even viewed it yet. It really is unheard of around here!
  • dopester
    dopester Posts: 4,890 Forumite
    HAMISH_MCTAVISH wrote: »
    Rents will be going up this year, without a doubt.

    I don't know how you can hold this position.

    It seems to me more people in the private sector are having to cut back on spending inline with pay-cuts, hours cut, full-time to part-time, unemployment.

    How can your rents actually go up against this background? Do you believe landlords can squeeze blood from a stone, and rent increases will be followed by lots of tenants who can pay asking prices?

    Increasing numbers of people can't afford old-world rent levels, and you think they'll be jacked up even higher?
  • treliac
    treliac Posts: 4,524 Forumite
    HAMISH_MCTAVISH wrote: »
    The housing shortage deniers are looking more foolish by the day.

    There may be a shortage of houses - for people who 'ave no money.
  • IveSeenTheLight
    IveSeenTheLight Posts: 13,322 Forumite
    Mr.Brown wrote: »
    Here are the stats = I've xxx'd out the actual area.

    Land Registry Official Report
    Area: xxxxxxxx
    2009 YOY -14.3%

    I've looked at the latest LR release and no area is -14.3% YOY
    http://www1.landregistry.gov.uk/assets/library/documents/HPIreportronnov09.pdf

    The closest is Rochdale at -14.8% YOY
    The worst was Barking and Dagenham.

    Barking & Dagenham has increased the last two months (October and November) according to LR.
    Rochdale has pretty much stagnated since Feb 09

    The lowest region as a whole was Yorkshire & The Humber at -4.7% YOY

    Only West Midlands fell as a region in the last month, all others increased.
    :wall:
    What we've got here is....... failure to communicate.
    Some men you just can't reach.
    :wall:
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    treliac wrote: »
    There may be a shortage of houses - for people who 'ave no money.
    that's hamish's point - as long as a percentage of people own property with a certain number of transactions per year the only outcome is HPI.
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    chucky wrote: »
    that's hamish's point - as long as a percentage of people own property with a certain number of transactions per year the only outcome is HPI.

    Indeed.

    And we are well above the transaction and ownership percentages needed. And likely to remain so for the forseeable future.

    If you only add 33% of the housing needed, then only the top earning 33% of households need to be able to afford it.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • Out,_Vile_Jelly
    Out,_Vile_Jelly Posts: 4,842 Forumite
    Part of the Furniture 1,000 Posts
    HAMISH_MCTAVISH wrote: »


    Rents will be going up this year, without a doubt.

    Rents still competitive in SW London- currently reviewing my tenancy and the rent will stay the same "in light of the current climate". Not all landlords are stupid and greedy.
    They are an EYESORES!!!!
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    HAMISH_MCTAVISH wrote: »
    Indeed.

    And we are well above the transaction and ownership percentages needed. And likely to remain so for the forseeable future.

    If you only add 33% of the housing needed, then only the top earning 33% of households need to be able to afford it.
    i agree with your logic Hamish but there are a few variables that need to be taken into account - regional/national demographics and availability of credit. they can have an effect on it.
  • dgl1001
    dgl1001 Posts: 183 Forumite
    An on topic observation of the rental market here in sunny Northampton. I spoke my letting agent today who made the following comments:

    • Demand has picked up from last year with very strong demand for 3 to 4 bed houses
    • The market is crying out for them, so much so that they haven't ANY 3 to 4 bed properties on their books and when the do become available, they are ussally gone by the first viewing
    • They see this trend continuing
    • surplus requirement for 1 to 2 bed apartments.
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