Another tiny studio going for £780 a month

chewmylegoff

IveSeenTheLight wrote: »

To follow up on my previous response to this post, I have not researched London, however a quick 5 minute google search has identified a number of options that would allow one to get into town, get settles, get to know the market better before making the next step.

Hell at these rates, you could even save more for a deposit

http://www.rightmove.co.uk/property-to-rent/property-44999134.html

The trouble with rightmove is that only a small fraction of the rentals that are advertised on it are actually available. Many of the adverts are for old properties that they haven't bothered to remove as they will still generate interest which the letting agent can just divert to any similar properties that come onto their books.

It is very difficult to find independent landlords who don't use agents. There are some advertised on places like gumtree but most of them turn out to be frauds. Most landlords seem to use agents.

Shared houses are the place to go if you're moving to London and haven't got much cash really- and they're not just occupied by drunk 20 year olds either. Pretty easy to find flat shares full of 30s/40s professionals.

chewmylegoff

PasturesNew wrote: »

Why is it so cheap in London??

I was in a house share 2 years ago at £500/month.

I thought London was expensive? (Never been, don't know the place... but I hear people always saying it's expensive).

Because it is a tiny room in a tiny flat with a horrid looking kitchen on a main road in a not very nice part of London, basically. It also looks like it might be above a shop and possibly a fried chicken shop...

ukcarper

alberty wrote: »

OK so I exhaggerated a little but in real terms you wouldn't be able to buy a quarter of your house if you were starting out today, (Edit: removed a house price chart as others have posted same innumerable times) especially if you had to rent longer to save a deposit, or went to university as is the norm now for home owning hopefuls. So that isn't much of an argument. There comes a point when too few people benefit from relocating 1/3 of the world to London.

My first house would cost 7x my earnings compared to 5x in the 70s. If I had rented I would not have been able to save deposit and I could borrow more in relation to my earnings now.

ukcarper

lukeh23 wrote: »

Some of the readers on here, upon reading your comment, will honestly think to themselves, 'what about all these yoofs with their ipads and that'. They will then get back to dreaming about the BTL they can buy with their early release pension next year.

They did nicely going up the ladder to pull it up after them and look down with scorn at the young generation below.

Iv'e heard this many times can you explain how we have pulled up the ladder.

ukcarper

SerialRenter wrote: »

I don't think it's a matter of having unrealistic expectations

I think it's a matter of not being able to see a future where they're in a better position.

I certainly wouldn't want to be stuck in a grotty house share, no personal space, spending most of my disposable income on rent and bills. Only having limited savings and no chance of anything changing in the next 10 years.

It's just depressing.

I do agree to some extent but the problem is not just high house prices buying decent property in London has been out of reach of people on average earnings for some time they were when I first bought in the 70s. The bigger problem as I see it is the lack of well paid jobs or at least jobs with the prospect of becoming well paid.

IveSeenTheLight

PasturesNew wrote: »

Who knows.... I'd have to read/care to work it out

I don't live in London ... and I bought a house the other week.... so often what I post isn't "my" situation ... but "the situation a lot of people are in".

So, often what you post is your perception regardless of whether it is a fact or not, inviting others to return comment of experience

IveSeenTheLight

chewmylegoff wrote: »

You clearly have no experience of renting in london.

I don't personally no, but I have family I have supported whilst they moved to London and eventually got onto the OO market.

chewmylegoff wrote: »

You are obliged to go with the agent if you want the property. Because there is so much competition for not very many half decent places, you can't decide you aren't going to look at properties advertised by particular agents and it is not practical to decide only to deal direct with landlords.

Your potentially being too selective when you first enter the market.
This is how agents can feed over your naivety.

If I were to move to London in this climate, I'd be prepared to lower my expectations and "get a foot in the door", sharing, commuting etc so I could get better knowledge of the market and position myself so I was not fleeced by such inflated costs.

chewmylegoff wrote: »

You have to take what is available and that's why agents can charge such a ludicrous credit checking fee etc etc.

Again, this links into accepting what is presented instead of knowing the market and positioning yourself accordingly.

If I had no insight into an area and the market was as red hot as people are portraying, I'd make sure that I choose a least financially impacted property / location to allow myself to get on top of my local market knowledge.

chewmylegoff wrote: »

Better to pay the fee than not have anywhere to live...

There are plenty of commutable / share-able properties out there.

IveSeenTheLight

chewmylegoff wrote: »

The trouble with rightmove is that only a small fraction of the rentals that are advertised on it are actually available.

I can accept that, it was just a quick 2 minute search.
I'm sure I would find a place if I was actively looking.
My commutable area is wide enough that I would not be very restrictive.

chewmylegoff wrote: »

It is very difficult to find independent landlords who don't use agents. There are some advertised on places like gumtree but most of them turn out to be frauds. Most landlords seem to use agents.

I totally understand this, often it's about being socially active and in the know.
For the last 5 years, I have not had to advertise my properties, because there have been prospective tenants interested in taking over the rental of a property prior to the existing tenants leaving

chewmylegoff wrote: »

Shared houses are the place to go if you're moving to London and haven't got much cash really- and they're not just occupied by drunk 20 year olds either. Pretty easy to find flat shares full of 30s/40s professionals.

Your agreeing with me then.
It's pretty easy to find accommodation, to get yourself into the local area / marketplace.
From there, you can assess and choose the best option (different rental or whether to buy)

IveSeenTheLight

chewmylegoff wrote: »

Because it is a tiny room in a tiny flat with a horrid looking kitchen on a main road in a not very nice part of London, basically. It also looks like it might be above a shop and possibly a fried chicken shop...

Are you being selective????????
It was a cheap rental in London to allow someone to relocate to the area.
I did a quick google map search of the road and it didn't look that bad.
I also found this 4 double bed rental which if shared would be relatively cheap for London.
http://www.zoopla.co.uk/to-rent/details/33022625


Is London so expensive to rent?
As Generali said: -

Generali wrote: »

Central London is very expensive. Zone 3 & 4 has loads of dull suburbs that are not.

Generali

IveSeenTheLight wrote: »

Are you being selective????????
It was a cheap rental in London to allow someone to relocate to the area.
I did a quick google map search of the road and it didn't look that bad.
I also found this 4 double bed rental which if shared would be relatively cheap for London.
http://www.zoopla.co.uk/to-rent/details/33022625


Is London so expensive to rent?
As Generali said: -

For every Clapham or Wimbledon there's a New Malden or Colliers Wood.