ONS admits it "badly underestimated" rent inflation for years

Loughton_Monkey

IveSeenTheLight wrote: »

Just had a call from one of my tenants.
His friend is looking for a flat and wondered if I had any available.

The reason he is looking is that his current place needs repairs and whilst the letting agent has agreed to the repairs, they are looking to increase the rent by £300 per month for a 4 bed place.

Not sure of the details if they were due for an escalation or if they were substantially below the market rate, but that would appear to be some increase.

Incidentally, I do not have any spare properties as all are on extended leases

C'Mon ISTL. Let's go!

Is this not a red-hot signal for you to clean up?

Buy some!!!!!!

Shouldn't be difficult for a man of your means to out-maneouvre the naive first time buyers. Get in first. Lick of paint. Throw in a couple of sticks of cheap furniture. Market them at a rent that just about makes the pips squeak.

Make it clear they can have all the repairs they want.... and you'll just double the cost and add it to the rent. Who dares, wins!

This time next year you'll be a millionaire.

.... large gin & tonics all round.... :rotfl:


ps: Don't rent to that tenant who's getting the £300 hike. You know virtually nothing about him, and in the extremely short time you have been aware of him you've had nothing but complaints.

Generali

TickersPlaysPop wrote: »

Very interesting to see the usual suspects avoiding this thread lol

ONS .... how can we use their data in future to substainciate agruments?

It just goes to show, you need to know the loyalties and associatations of a group before you take their information into account. It's a bit like YOUGOV polls... run by a devoted ex Tory party member.

We can use their data to substainciate arguments because they made this mistake and were then open and honest about it and looked for a better way to do things. That's one of the things that makes the ONS such an excellent organisation: they are happy to engage in conversation about how and why they do things and listen to alternatives.

IveSeenTheLight

Loughton_Monkey wrote: »

C'Mon ISTL. Let's go!

Is this not a red-hot signal for you to clean up?

Buy some!!!!!!

Shouldn't be difficult for a man of your means to out-maneouvre the naive first time buyers. Get in first. Lick of paint. Throw in a couple of sticks of cheap furniture. Market them at a rent that just about makes the pips squeak.

Make it clear they can have all the repairs they want.... and you'll just double the cost and add it to the rent. Who dares, wins!

This time next year you'll be a millionaire.

.... large gin & tonics all round.... :rotfl:


ps: Don't rent to that tenant who's getting the £300 hike. You know virtually nothing about him, and in the extremely short time you have been aware of him you've had nothing but complaints.

Now Loughton,

You know thats not how I run my business model

chewmylegoff

ruggedtoast wrote: »

The golden goose has been squeezed dry and there is nothing left from its udders.

Biotechnology has a lot to answer for!

chewmylegoff

theEnd wrote: »

I rented in London from 98-13 and rents hardly moved at all, so the original ONS numbers looked fairly accurate to me.

The real question is how they were allowed to use this figure for inflation, but a much higher number for the imputed rent portion of GDP. Feels like deliberate fraud to me.

I rented in London from 1997 to 2014. I think I may have been renting in a different London to you. Are you talking about London, Ontario by any chance?

purch

theEnd wrote: »

I rented in London from 98-13 and rents hardly moved at all

The price of cardboard hasn't changed much for ages :eek:

Loughton_Monkey

IveSeenTheLight wrote: »

Now Loughton,

You know thats not how I run my business model

Well I know that. But that doesn't avoid the fact that you are a "rentier" much hated by some on these boards.

Good job you're not a boomer as well, otherwise you'd be toast [no pun intended].

Anyway, I hope it continues to do well and that you make enough for a good early retirement. May tax relief on your mortgages continue, and HPI continue to be exponential.

HAMISH_MCTAVISH

TickersPlaysPop wrote: »

Very interesting to see the usual suspects avoiding this thread lol.

Denial... Not just a river in Egypt.:D

mwpt

westernpromise wrote: »

Eventually capital prices fall and rents rise to the point where enterprising individuals buy property, accepting the risk of further falls, and let it out at a profit to people scared to do the same.

Thus was BTL born and thus may there very well be a second wave (fingers crossed).

Hypocrite.

Crashy_Time

Looks like Aberdeen is fighting hard against the trend?:rotfl: