London rents drop by 10%

chewmylegoff

http://www.mortgageintroducer.com/mortgages/247017/5/Industry_in_depth/London_rents_drop_10pc.htm

Timber!!!!!!

No doubt this won't affect Nollag's imaginary BTLs. I wonder how the dear old thing is getting along.

Thrugelmir

Starting to see the impact of housing benefit cuts perhaps.

ruggedtoast

London rents need to fall a lot more than that before they are fit for decent people.

Hopefully this signals the beginning of the end of spivs, shysters and asset carbonaters inveigling their way into the pockets of hard working families.

Generali

chewmylegoff wrote: »

http://www.mortgageintroducer.com/mortgages/247017/5/Industry_in_depth/London_rents_drop_10pc.htm

Timber!!!!!!

No doubt this won't affect Nollag's imaginary BTLs. I wonder how the dear old this is getting along.

Possibly this is a side-effect of the FFL scheme: people can buy so the demand for rent is falling.

I wonder what impact this will have on the inflation numbers.

harpoboy

Generali wrote: »

Possibly this is a side-effect of the FFL scheme: people can buy so the demand for rent is falling.

I wonder what impact this will have on the inflation numbers.

Yes - that would be my guess too.

As mortgage availability improves, so the number of forced renters will fall as FTBs pile into the market and drive house prices further up

chucknorris

I just looked at our rents a few days ago and came to the conclusion that I have fallen a bit behind the market again and should increase my rents again soon:

SW11 Battersea:
2 bed flats with garden rented at £1,200/month and £1,220/month
3 bed flat with communal garden £1,711/month
3 bed flat with balcony £1,440/month (edit: I missed this months £45 increase)

N17 Tottenham Hale:
3 bed house with garden £1,150/month

harpoboy

Where in Battersea are you? I have a couple of two bed flats off Lav Hill, neither of them have gardens and both are renting for well in excess of £1,700 pcm.

chucknorris

They aren't under rented by that much (I am a chartered surveyor), but I do choose to rent slightly under market value (I haven't had a void in 22 years and far less management hassle). 3 of them are on Builen Street in Goulden House (ex council, but very good quality) and the 4th is on Stanmer Street (again ex council but only in a block of 4 and we now own the freehold). Plus I let them directly, so there is no letting agents fee to pay.

CLAPTON

Generali wrote: »

Possibly this is a side-effect of the FFL scheme: people can buy so the demand for rent is falling.

I wonder what impact this will have on the inflation numbers.

population of London is growing by about 100,000 per annum

chewmylegoff

Generali wrote: »

Possibly this is a side-effect of the FFL scheme: people can buy so the demand for rent is falling.

I wonder what impact this will have on the inflation numbers.

not much as i think that rents are actually rising YOY across the country as a whole.

chucknorris

chewmylegoff wrote: »

not much as i think that rents are actually rising YOY across the country as a whole.

I was quite surprised to read that London rents has fallen 10%, it certainly didn't reflect my experience, but as I rent slightly under market value that might explain that. But at the end of the day it will be what it is, and concern about it is a wasted emotion.