London rents drop by 10%

Sibley

My friend has increased his 2 bed London rental properties 20% in 2013.

Last month he had 15 people apply for 1 place including a guy offering 1 years money up front with view to buy.

That makes a bit of a mockery of OP article and this is real life

Sibley

Your mates on HPC agree with me as well

http://www.housepricecrash.co.uk/forum/index.php?showtopic=189839

shortchanged_2

Sibley wrote: »

My friend has increased his 2 bed London rental properties 20% in 2013.

Last month he had 15 people apply for 1 place including a guy offering 1 years money up front with view to buy.

That makes a bit of a mockery of OP article and this is real life

So your one individual case makes a mockery of the article and is the same for every case in London is it?

Unless your friend owns every single rental property in London of course.

chucky

chucknorris wrote: »

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

How are these rents doing now Chuck?

chucknorris

chucky wrote: »

How are these rents doing now Chuck?

I have long standing tenants in those 4 flats chucky, about 8, 5, 3 and 2 years, I have (want) to balance losing a good tenant against ensuring that I don't fall too far below the market rent. At the time of posting (last July) I had already notified my tenants of last summers increase. But there will be a more significant upward adjustment this summer for sure, when I said ‘soon’ last July I was thinking long term so soon I actually meant this summer.


I’ve just taken a peep at rents in that block, there was only one available, which was a 3 bed for £2,060/month, which seems a very high rent to me and probably optimistically priced, also it has just been refurbished and furnished to let out to the top of the market. I’ll have better look later this week but it appears that I have good scope to increase the rents this summer. The interesting thing was that the 3 bed was actually the same layout of one of my two bed flats, they have moved the kitchen into the lounge and converted the kitchen into a 3rd bedroom.

purch

You can't put a price on sleeping in the Kitchen :eek:

purch

chucknorris wrote: »

I’ve just taken a peep at rents in that block,

I never do that.

Always makes me realise what a soft touch I am !!!

chucknorris

purch wrote: »

I never do that.

Always makes me realise what a soft touch I am !!!

Well that was my conclusion too, but I think mainly because the market seems to have moved significantly in the last year. I knew I was below the market, but I seem to be much lower than I had envisaged (good news for my future rental income though).

chucknorris

purch wrote: »

You can't put a price on sleeping in the Kitchen :eek:

It looks like the revised layout works, the lounge was 21' x 10' so it is just about large enough to take an open kitchen (see link below which has a floor plan). I definitely think that it is an option that I should consider. But it only creates a single bedroom 11' 7" x 7' 5", although some agents might call it a double bedroom, this particular agent calls it a 'good sized bedroom'. Note it is on with 2 agents, the cheaper one at £2,060/month (which is what I quoted).



http://www.rightmove.co.uk/property-to-rent/property-29719530.html?backListLink=%2Fproperty-to-rent%2Fmap.html%2Fsvr%2F1703%3FlocationIdentifier%3DUSERDEFINEDAREA%5E%7B%22id%22%3A391554%7D%23locationIdentifier%3DUSERDEFINEDAREA%255E%257B%2522id%2522%253A391554%257D%26box%3D-0.17748%2C-0.16311%2C51.46964%2C51.47489%26popupPropertyId%3D29719530&fromMap=true


EDIT: What does everyone else think, is 11'7" x 7' 5" a double or a single bedroom? I suppose these days it is almost getting up to a small double bedroom.

purch

I did notice the other week that an apartment in a block @Hampton Court where I have properties in is being marketed at £ 2700 pm, when I have one very similar but nicer rented for £ 2250 pm

On the other hand it did only cost me £38K at auction in 1991 so I think I've had me moneys worth.