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Is the rental market ever likely to turn back in Ts favour?
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Comstock
Posts: 322 Forumite
Hi, I'm renting at the very lowest level (shared house)
As I'm in my 30s, I really think it's time I had a place of my own. But rents are so expensive these days. Is it worth sticking out another year or so sharing, or is the market not likely to 'turn' in any realistic time frame?
I do realise no-one has a crystal ball, but just wondered what peoples views are, and what they may have read that I have missed.
As I'm in my 30s, I really think it's time I had a place of my own. But rents are so expensive these days. Is it worth sticking out another year or so sharing, or is the market not likely to 'turn' in any realistic time frame?
I do realise no-one has a crystal ball, but just wondered what peoples views are, and what they may have read that I have missed.
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Till letting agents are regulated I don't think so. I have used government and key worker rent schemes to reduce costs. It may be worth looking uo affordable rent properties on such schemes. That way you can save more for your own home.
Goodluck:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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Till letting agents are regulated I don't think so. I have used government and key worker rent schemes to reduce costs. It may be worth looking uo affordable rent properties on such schemes. That way you can save more for your own home.
Goodluck
Thanks for that, but I was more thinking in terms of monthly rents/ supply and demand
FWIW, I've got no interest in ever owning. Yes I know that means I'm throwing money away etc etc. Spare me. I don't want to own. Full stop.0 -
Till letting agents are regulated I don't think so.
That's irrelevant to the level of rents.
Rents go up and remain high when the supply side (ie. landlords) are in a strong position.
IMO, this is likely to remain the case as long as people will struggle to buy and number of new constructions will remain low.
When will that change? No idea... But following the indicators above should give an early indication that rents might fall.0 -
jjlandlord wrote: »That's irrelevant to the level of rents.
Rents go up and remain high when the supply side (ie. landlords) are in a strong position.
IMO, this is likely to remain the case as long as people will struggle to buy and number of new constructions will remain low.
When will that change? No idea... But following the indicators above should give an early indication that rents might fall.
I mean in terms of extra fees which letting agents are charging not the actual rent. There are a lot of cowboys out there taking advantage.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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Thanks, JJLandlord.
I'm guessing one issue at the minute is the fact that people can't afford to buy until prices come down, but while prices are falling banks are going to be loathe to give mortgages out.
I'm not asking for a rental price crash (ultimately that might result in landlords leaving the market anyway), just that the whole supply/demand thing becomes a little more equal, so that landlords have to try and please tenants, rather than the other way around.
When it costs well over a grand to move into a basic 1 bed rental property (say £450 rent £450 deposit and £200 fees) and the property still attracts loads of interest it's easy to get disheartened.0 -
I think the advantage will be with landlords for a while. Mortgage availability for first time buyers is not really going to improve for the forseeable future. The level of immigration is outpacing homebuilding and people moving to the UK need somewhere to live. As JJlandlord has suggested this is going to push rents up.0
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I don't think the rental market is in the landlord's favour either. Mortgages are expensive so rent is expensive.0
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Only under a Labour government.
Conservatives are on landlords side.
Your choice in future elections0 -
theartfullodger wrote: »Only under a Labour government.
Conservatives are on landlords side.
Your choice in future elections
But we aren't going to have another election until 2015. My immediate concern is the short to medium term outlook for studio/ 1 bed flat rents0
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