Good news for tenants RENTS FALLING

MyOnlyPost

So many people think London and the SE is the be all and end all of the UK.

Rents are falling in those areas but over the rest of the country they are either stable or rising. I assume you realise that the majority of the population don't live within or around the M25?

buglawton

Office of National Statistics, or Moneyweek with opposite figures, which to choose? I notice that Moneyweek has a big pop up ad urging people:

"To avoid the timebomb at the heart of this sector you need to read our new investment report" Which you'll need to subscribe for.

Funny that.

westernpromise

Moneyweek relying on an estate agent no less. Hmm, whom to believe, a VI or the ONS?

Marktheshark

Housing benefit cap taking hold and about time, housing benefit payments was the engine driving the rent train.
It was out of control with no driver at the footplate.

AG47

MyOnlyPost wrote: »

So many people think London and the SE is the be all and end all of the UK.

Rents are falling in those areas but over the rest of the country they are either stable or rising. I assume you realise that the majority of the population don't live within or around the M25?

Yes this thread should be re titled rents are falling in london and the south east....

chucknorris

AG47 wrote: »

Yes this thread should be re titled rents are falling in london and the south east....

The only problem is that its about as true as that property portfolio that you didn't sell, I've brought this up before, your post first then mine:

AG47 wrote: »

Back in the 90s the prop bears were proved correct. That was a significant bottom I was buying back then, I have since sold all of my property portfolio which I think will prove to be near the very top this time around.

I will start buying again near the bottom of the next prop crash, but there is plenty of time yet before we are any where near the bottom ):) I can see property falling in real terms for quite some time before it bottoms out again.

The perma prop Bulls are to quote your words " obviously not capable of understanding this"

chucknorris wrote: »

Something else doesn't quite ring quite true here, and after the football finished last night it has been preying on my mind, about you recently selling a property portfolio that you originally bought in the 90's, with the view to later reinvesting again:

1. If we did that, it would cost us approx £1.25m in CGT, stamp duty, estate agent's fees, not to mention the possibility of rental voids near to the sale. It is not something that someone would do.

2. If you originally bought a property portfolio back in the 90's, you would probably be similar to my age, and like me approaching retirement, I don't think that many people would sell up, and later reinvest into an illiquid asset again at that time of life (having to pay all those costs). You even say that there is 'plenty of time', but there isn't at your time of life because property is a long term investment.

3. The language that you use e.g. 'perma bulls' etc. I have never heard before from property investors, you just don't sound like someone that has previously owned a property portfolio to me.

Futhermore you posted this in 2013:

https://forums.moneysavingexpert.com/discussion/comment/61620499#Comment_61620499

I messed up. We had a change in situation my wife started working I tried ringing up to tell TC. On hold for ages kept getting cut off. We kept trying to get through to someone we did not know how to get through to someone.

Now all payments have stopped. No child tax credit or working tax credit at all for weeks and weeks.

Things are getting hard for us, we only have a small amount of earnings, itsnot enough to live on. we are slipping further and further into debt. the debt is now in the several thousands.

We are maxed out all our overdrafts and credit cards. No new wages are due until the end of the month. Child benefit comes once a month but we already spent all that this month.Our kids are hungry and the nearest food bank is a long way from us, we have no money at all to get there.

Are there any options for please, we are in a very desperate situation. really our kids are hungry and we have no money at all since our TC have been stopped.

Hardly the situation of someone who was selling a very profitable property portfolio near the top of the market, is it?

westernpromise

Good bit of digging, chuck.

I think our troll is an HPC refugee...

buglawton

MyOnlyPost wrote: »

So many people think London and the SE is the be all and end all of the UK.

Rents are falling in those areas but over the rest of the country they are either stable or rising. I assume you realise that the majority of the population don't live within or around the M25?

Just relet west of London, put rent 5% up on last time let 2 years ago. Took 5 days to let as I couldn't get access for viewings earlier. 1st viewer took. Will allow 1 week void to clean & refurb a bit.

economic

the thing about rental figures/data is that many properties have landlords who dont raise rents in line with market levels (at a level where it would clear). this understates the numbers.

buglawton

You can't really gauge local demand till viewers step through the door and give you feedback based on the rent you're asking. So I've always asked a slightly optimistic amount (from LL viewpoint) so there's room for a fallback position if reaction isn't great. As it is I've so far always a reached my asking price. The next metric is churn. It may indeed be a fact that if you're pushy on rent then churn will be higher. But that suits localities with a mobile working population which is where my BTL is.