Rents hit record high

HAMISH_MCTAVISH

Loughton_Monkey wrote: »

Come back Peter Rachman. You are a demi-God. All is forgiven......

Give it a few years.....

When a decade of under building crashes into the biggest generation of 30-somethings in history, bigger even than the boomers. When the housing shortage is so severe rents take up 70%+ of the average salary, and still there's fights breaking out just to get a spot on the multi-year waiting list for even an interview with the letting agent. When population has grown by 10 million, and we've built less than 20% of the houses required.

Rachman will seem like Mother Theresa.

And even the bears will rue the day they ever thought a housing shortage could be solved by a mortgage famine and falling prices.

DervProf

HAMISH_MCTAVISH wrote: »

Give it a few years.....

When a decade of under building crashes into the biggest generation of 30-somethings in history, bigger even than the boomers. When the housing shortage is so severe rents take up 70%+ of the average salary, and still there's fights breaking out just to get a spot on the multi-year waiting list for even an interview with the letting agent. When population has grown by 10 million, and we've built less than 20% of the houses required.

Rachman will seem like Mother Theresa.

And Hamish will be happy (and probably many others).

Sad (greedy) B'ds.

Really2

geneer wrote: »

pretty sure these are part of the uk.

Yes they are, but you said the record was just london, it was a record average for the whole of the uk.

They all make up part of that average so even if three areas fell it is still a record average high for the UK.

Thrugelmir

Really2 wrote: »

They all make up part of that average so even if three areas fell it is still a record average high for the UK.

Rents rise.

Interest rates rise.

Reluctant landlords sell.

Tenants buy.

May take time but there's where we are heading.

HAMISH_MCTAVISH

DervProf wrote: »

And Hamish will be happy (and probably many others).

Hamish will continue to derive a great degree of satisfaction from being proven right...... Yet again.

I've got thousands of posts warning all of you crashaholics exactly what would happen as a result of mortgage rationing. And now it has.

But as for housing.... like most sane people, I'd much rather we got back to prudent, historically normal, lending standards so that builders can start building more houses again and FTB-s can get a house rather than being forced to enrich their landlords.

buglawton

Round this neck of the woods (Thames Valley green belt) there were very few lets available until about 2009 now there seem to be loads and whole agent shopfronts advertising them. And anecdotally I can say that a relative got a great deal renting due to landlord's nervousness about getting decent reliable tenants.

So the aforesaid news looks to be London London London Yada Yada Yada
Again

geneer

HAMISH_MCTAVISH wrote: »

Hamish will continue to derive a great degree of satisfaction from being proven right...... Yet again.

I've got thousands of posts warning all of you crashaholics exactly what would happen as a result of mortgage rationing. And now it has.

But as for housing.... like most sane people, I'd much rather we got back to prudent, historically normal, lending standards so that builders can start building more houses again and FTB-s can get a house rather than being forced to enrich their landlords.

Yes. You do appear to have thousands of post on the subject.

Warning of the unimaginable effects of banks lending less with stricter criteria.


I'm sure absolutely no one but you could guess the outcome of that.
I mean only a genius could have predicted renting increasing as the number of FTBs fell.
No doubt why you've been compelled to post it again and again and again. Yawn.

HAMISH_MCTAVISH

Thrugelmir wrote: »

Rents rise.

Interest rates rise.

Reluctant landlords sell.

Tenants buy.

May take time but there's where we are heading.

Or alternatively......


Rents Rise.

Increasing yields draw in investment capital which chases the current scarce housing stock.

House prices inevitably rise as a result.

The "wealth effect" kicks in and consumer confidence returns.

The economic recovery picks up as a result.

Strengthening economy and prices attract funding to the lending markets, still operating at record high margins.

An increase in funding enables the end of mortgage rationing and competition between lenders.

Rising asset prices, rising GDP, rising employment, shrinking lending margins, all meet the BOE's stated criteria for raising base rates, which they then do, slowly and surely so as not to derail the virtuous circle of recovery.

And the 20 year cycle starts all over again......;)

Sibley

Hamish will continue to derive a great degree of satisfaction from being proven right...... Yet again.

I've got thousands of posts warning all of you crashaholics exactly what would happen as a result of mortgage rationing. And now it has.

But as for housing.... like most sane people, I'd much rather we got back to prudent, historically normal, lending standards so that builders can start building more houses again and FTB-s can get a house rather than being forced to enrich their landlords.

I know I a a more extreme version of Hamish but one thing the crashers will never be able to deny is that we are usually spot on with our predictions.

When I joined HPC I said from the start the government would never allow house prices to drop.
I got loads of stick but here we are in 2011 with no crash in sight.

I would love to hear from some of the people who were quoting 70% falls and telling everyone how they would be living in a 4 bed detatched by Xmas 2009.

geneer

geneer wrote: »

Yes. You do appear to have thousands of post on the subject.

Warning of the unimaginable effects of banks lending less with stricter criteria.


I'm sure absolutely no one but you could guess the outcome of that.
I mean only a genius could have predicted renting increasing as the number of FTBs fell.
No doubt why you've been compelled to post it again and again and again. Yawn.

:rotfl:No comment from Hamishgettingouttahere McTavish.