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'Gazumping' As Rents Hit New Record High
Comments
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We were renting a tiny two bed mid terrace in NW London for £1100pcm. We were there for 18 months and I always felt it was too much, but when we moved out the neighbours told us he put it up to £1300. Apparently he got it too.
As my wife was off work due the baby we could barely have taken a £100 rise, but I guess that was waiting for us if we's re signed. We needed to move to a 3 bed but would have been back to renting a flat. Its crazy, its getting so hard to make ends meet these days.0 -
So people are now being forced to buy because they cannot afford to rent !!!!!!!!
All part of the market correction. On current property prices the rental on some is not high enough to be commercially viable over the longer term.
( i.e, may cover the mortgage but doesn't allow a reserve to be built up to replace the roof, the bolier, refurbish kitchen and bathroom).0 -
My rent is unchanged from last year, I just signed a new contract. Zone 2 London.0
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tartanterra wrote: »As you state, the West Midlands has the biggest fall in rents, and, the tenants are spoilt for choice.
So....on a modest £100 a week rental, a landlord can expect a reduction in income of 70 pence a week on average. A whopping £36:40 per annum.
If that's as bad as it gets, it doesn't appear too disastrous for landlords, does it?
So you don't reckon on the gazumping being true either then
"At the other end of the scale, rents raced ahead by 1.4% in the East during May"
No one would gazumo for £70 a year surely?0 -
Er....
I hate to gloat [he lied] but some of us got there first. November last year to be precise.
https://forums.moneysavingexpert.com/discussion/2848192=0 -
Certainly see a lot of competition amongst tenants for decent properties around my way. Good news for rents in the short term, and house prices in the medium to longer term once mortgage availablity strengthens0
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