Current NW Rental Market

MultiFuelBurner

Sarah1Mitty2 said:

MultiFuelBurner said:

Ksw3 said:

I know some friends have been invited to do sealed bids for a rental. Its madness out there. 

The flat we just left had a 35% increase in rent and was let within a week. 

I can see that becoming the norm and only the best positioned people being able to rent.

That couldn`t happen without a massive sell-off of BTL, and that would be enough to totally crash the market for flats, as long as there are so many people stuck with BTL mortgages there are always going to be cheap deals for the tenants who search beyond the overpriced agencies (who are paying for wages etc.) Not every landlord is stretched to the max, many can drop the rent to get long term decent tenants.

The fact is this is happening now (it simply is the case now) demand is outstripping supply by over 100:1 in this example.

With this demand landlords do not need to drop rents and they can chose who is best for them. In this thread the LL wanted someone who can pay the rent and stay for 2 years and they hand picked the best candidate for them. 

I suggest you look at how many B&B's are full of local authority housed families and individuals to see the state of the problem and demand and supply(over 100,000 families) The new rent reform bill means less and less of those will be able to find a property in the future as they are not the "safe" bet.

Sarah1Mitty2

MultiFuelBurner said:

Sarah1Mitty2 said:

MultiFuelBurner said:

Ksw3 said:

I know some friends have been invited to do sealed bids for a rental. Its madness out there. 

The flat we just left had a 35% increase in rent and was let within a week. 

I can see that becoming the norm and only the best positioned people being able to rent.

That couldn`t happen without a massive sell-off of BTL, and that would be enough to totally crash the market for flats, as long as there are so many people stuck with BTL mortgages there are always going to be cheap deals for the tenants who search beyond the overpriced agencies (who are paying for wages etc.) Not every landlord is stretched to the max, many can drop the rent to get long term decent tenants.

The fact is this is happening now (it simply is the case now) demand is outstripping supply by over 100:1 in this example.

With this demand landlords do not need to drop rents and they can chose who is best for them. In this thread the LL wanted someone who can pay the rent and stay for 2 years and they hand picked the best candidate for them. 

I suggest you look at how many B&B's are full of local authority housed families and individuals to see the state of the problem and demand and supply. The new rent reform bill means less and less of those will be able to find a property in the future as they are not the "safe" bet.

The 99 people who didn`t get this flat are very unlikely to all be housed in B&B`s by the local authority.

MultiFuelBurner

Sarah1Mitty2 said:

MultiFuelBurner said:

Sarah1Mitty2 said:

MultiFuelBurner said:

Ksw3 said:

I know some friends have been invited to do sealed bids for a rental. Its madness out there. 

The flat we just left had a 35% increase in rent and was let within a week. 

I can see that becoming the norm and only the best positioned people being able to rent.

That couldn`t happen without a massive sell-off of BTL, and that would be enough to totally crash the market for flats, as long as there are so many people stuck with BTL mortgages there are always going to be cheap deals for the tenants who search beyond the overpriced agencies (who are paying for wages etc.) Not every landlord is stretched to the max, many can drop the rent to get long term decent tenants.

The fact is this is happening now (it simply is the case now) demand is outstripping supply by over 100:1 in this example.

With this demand landlords do not need to drop rents and they can chose who is best for them. In this thread the LL wanted someone who can pay the rent and stay for 2 years and they hand picked the best candidate for them. 

I suggest you look at how many B&B's are full of local authority housed families and individuals to see the state of the problem and demand and supply. The new rent reform bill means less and less of those will be able to find a property in the future as they are not the "safe" bet.

The 99 people who didn`t get this flat are very unlikely to all be housed in B&B`s by the local authority.

I didn't say they were it was just another point to add that on top of this demand local authorities are reaching out to private landlords begging them to take on some of the 100,000+ families stuck in B&B's

This is something we have done in the past with our local authority but the rent reform bill is incoming sometime in 2024 and we have changed our business model.

Murphybear

gazfocus said:

My wife and I have been looking for an investment property and seen quite a few 3 bed semi's on rightmove with sitting tenants. When the estate agents say the current 'long term' tenants are paying £450-£550 a month in rent, I say no thanks, as the numbers just don't stack up. These people will have a really hard time adjusting to what rents have become, and the chance of getting them on a realistic rent will be nigh on impossible. 

We moved out of our house 2 years ago in order to sell ours (the sale fell through in the end but that's another story). It was an absolute nightmare finding somewhere to rent even back then, so we jumped on the first thing we were offered. It was a dump, and we ended up committing to somewhere with ridiculous rent just to move. We've now settled in a nice rental and to be honest, it seemed fairly easy to get (I guess in part because not everyone wants to live on a farm but we love it). We have family though that are really struggling to get somewhere to rent.

We lived on a farm on the edge Dartmoor. It was lovely.  The main sounds were Mooooo and Baaaaa which I loved but the flies  .  They were vicious

Sarah1Mitty2

MultiFuelBurner said:

Sarah1Mitty2 said:

MultiFuelBurner said:

Sarah1Mitty2 said:

MultiFuelBurner said:

Ksw3 said:

I know some friends have been invited to do sealed bids for a rental. Its madness out there. 

The flat we just left had a 35% increase in rent and was let within a week. 

I can see that becoming the norm and only the best positioned people being able to rent.

That couldn`t happen without a massive sell-off of BTL, and that would be enough to totally crash the market for flats, as long as there are so many people stuck with BTL mortgages there are always going to be cheap deals for the tenants who search beyond the overpriced agencies (who are paying for wages etc.) Not every landlord is stretched to the max, many can drop the rent to get long term decent tenants.

The fact is this is happening now (it simply is the case now) demand is outstripping supply by over 100:1 in this example.

With this demand landlords do not need to drop rents and they can chose who is best for them. In this thread the LL wanted someone who can pay the rent and stay for 2 years and they hand picked the best candidate for them. 

I suggest you look at how many B&B's are full of local authority housed families and individuals to see the state of the problem and demand and supply. The new rent reform bill means less and less of those will be able to find a property in the future as they are not the "safe" bet.

The 99 people who didn`t get this flat are very unlikely to all be housed in B&B`s by the local authority.

I didn't say they were it was just another point to add that on top of this demand local authorities are reaching out to private landlords begging them to take on some of the 100,000+ families stuck in B&B's

This is something we have done in the past with our local authority but the rent reform bill is incoming sometime in 2024 and we have changed our business model.

Doing general searches around Liverpool, Manchester etc. and playing around with the distance throws up thousands of flats for rent, many at good prices, I don`t think BTL is dead yet or that renters need to be panicking too much either.

This one caught my eye after a few seconds of searching, two people sharing 350 pm each, no problem and plenty left over to throw at the stock market or a money market fund/savings account every month, wouldn`t want to be attached to it via a large mortgage debt though.......

https://www.rightmove.co.uk/properties/134330111#/?channel=RES_LET

Sunsaru

Sarah1Mitty2 said:

MultiFuelBurner said:

Sarah1Mitty2 said:

MultiFuelBurner said:

Sarah1Mitty2 said:

MultiFuelBurner said:

Ksw3 said:

I know some friends have been invited to do sealed bids for a rental. Its madness out there. 

The flat we just left had a 35% increase in rent and was let within a week. 

I can see that becoming the norm and only the best positioned people being able to rent.

That couldn`t happen without a massive sell-off of BTL, and that would be enough to totally crash the market for flats, as long as there are so many people stuck with BTL mortgages there are always going to be cheap deals for the tenants who search beyond the overpriced agencies (who are paying for wages etc.) Not every landlord is stretched to the max, many can drop the rent to get long term decent tenants.

The fact is this is happening now (it simply is the case now) demand is outstripping supply by over 100:1 in this example.

With this demand landlords do not need to drop rents and they can chose who is best for them. In this thread the LL wanted someone who can pay the rent and stay for 2 years and they hand picked the best candidate for them. 

I suggest you look at how many B&B's are full of local authority housed families and individuals to see the state of the problem and demand and supply. The new rent reform bill means less and less of those will be able to find a property in the future as they are not the "safe" bet.

The 99 people who didn`t get this flat are very unlikely to all be housed in B&B`s by the local authority.

I didn't say they were it was just another point to add that on top of this demand local authorities are reaching out to private landlords begging them to take on some of the 100,000+ families stuck in B&B's

This is something we have done in the past with our local authority but the rent reform bill is incoming sometime in 2024 and we have changed our business model.

Doing general searches around Liverpool, Manchester etc. and playing around with the distance throws up thousands of flats for rent, many at good prices, I don`t think BTL is dead yet or that renters need to be panicking too much either.

This one caught my eye after a few seconds of searching, two people sharing 350 pm each, no problem and plenty left over to throw at the stock market or a money market fund/savings account every month, wouldn`t want to be attached to it via a large mortgage debt though.......

https://www.rightmove.co.uk/properties/134330111#/?channel=RES_LET

A listing only tells half the story. If 10 people/couples went for it then it is questionable if they actually end pay the headline figure. 

MultiFuelBurner

Sarah1Mitty2 said:

MultiFuelBurner said:

Sarah1Mitty2 said:

MultiFuelBurner said:

Sarah1Mitty2 said:

MultiFuelBurner said:

Ksw3 said:

I know some friends have been invited to do sealed bids for a rental. Its madness out there. 

The flat we just left had a 35% increase in rent and was let within a week. 

I can see that becoming the norm and only the best positioned people being able to rent.

That couldn`t happen without a massive sell-off of BTL, and that would be enough to totally crash the market for flats, as long as there are so many people stuck with BTL mortgages there are always going to be cheap deals for the tenants who search beyond the overpriced agencies (who are paying for wages etc.) Not every landlord is stretched to the max, many can drop the rent to get long term decent tenants.

The fact is this is happening now (it simply is the case now) demand is outstripping supply by over 100:1 in this example.

With this demand landlords do not need to drop rents and they can chose who is best for them. In this thread the LL wanted someone who can pay the rent and stay for 2 years and they hand picked the best candidate for them. 

I suggest you look at how many B&B's are full of local authority housed families and individuals to see the state of the problem and demand and supply. The new rent reform bill means less and less of those will be able to find a property in the future as they are not the "safe" bet.

The 99 people who didn`t get this flat are very unlikely to all be housed in B&B`s by the local authority.

I didn't say they were it was just another point to add that on top of this demand local authorities are reaching out to private landlords begging them to take on some of the 100,000+ families stuck in B&B's

This is something we have done in the past with our local authority but the rent reform bill is incoming sometime in 2024 and we have changed our business model.

Doing general searches around Liverpool, Manchester etc. and playing around with the distance throws up thousands of flats for rent, many at good prices, I don`t think BTL is dead yet or that renters need to be panicking too much either.

This one caught my eye after a few seconds of searching, two people sharing 350 pm each, no problem and plenty left over to throw at the stock market or a money market fund/savings account every month, wouldn`t want to be attached to it via a large mortgage debt though.......

https://www.rightmove.co.uk/properties/134330111#/?channel=RES_LET

That's not the area we have properties in but I have no reason to call the OP a liar @Mr.Generous perhaps you can clarify as this is your area.

I can only echo what the OP has said and say that also applies to our area of the country demand far outstripping supply, no end in sight for rent rises and we can chose who we let to for our own business plan.

Sarah1Mitty2

Sunsaru said:

Sarah1Mitty2 said:

MultiFuelBurner said:

Sarah1Mitty2 said:

MultiFuelBurner said:

Sarah1Mitty2 said:

MultiFuelBurner said:

Ksw3 said:

I know some friends have been invited to do sealed bids for a rental. Its madness out there. 

The flat we just left had a 35% increase in rent and was let within a week. 

I can see that becoming the norm and only the best positioned people being able to rent.

That couldn`t happen without a massive sell-off of BTL, and that would be enough to totally crash the market for flats, as long as there are so many people stuck with BTL mortgages there are always going to be cheap deals for the tenants who search beyond the overpriced agencies (who are paying for wages etc.) Not every landlord is stretched to the max, many can drop the rent to get long term decent tenants.

The fact is this is happening now (it simply is the case now) demand is outstripping supply by over 100:1 in this example.

With this demand landlords do not need to drop rents and they can chose who is best for them. In this thread the LL wanted someone who can pay the rent and stay for 2 years and they hand picked the best candidate for them. 

I suggest you look at how many B&B's are full of local authority housed families and individuals to see the state of the problem and demand and supply. The new rent reform bill means less and less of those will be able to find a property in the future as they are not the "safe" bet.

The 99 people who didn`t get this flat are very unlikely to all be housed in B&B`s by the local authority.

I didn't say they were it was just another point to add that on top of this demand local authorities are reaching out to private landlords begging them to take on some of the 100,000+ families stuck in B&B's

This is something we have done in the past with our local authority but the rent reform bill is incoming sometime in 2024 and we have changed our business model.

Doing general searches around Liverpool, Manchester etc. and playing around with the distance throws up thousands of flats for rent, many at good prices, I don`t think BTL is dead yet or that renters need to be panicking too much either.

This one caught my eye after a few seconds of searching, two people sharing 350 pm each, no problem and plenty left over to throw at the stock market or a money market fund/savings account every month, wouldn`t want to be attached to it via a large mortgage debt though.......

https://www.rightmove.co.uk/properties/134330111#/?channel=RES_LET

A listing only tells half the story. If 10 people/couples went for it then it is questionable if they actually end pay the headline figure. 

But if you include rooms in flats there are  5000 + available rentals right now easily commutable to Manchester/Liverpool, they would find somewhere cheaper if the landlord is trying to play games?

Rooms in this shared flat according to PropertyLog have dropped from asking £110 per week to £82 per week since November, that doesn`t chime with massive demand for me.

https://www.rightmove.co.uk/properties/128523512#/?channel=STU_LET

Sarah1Mitty2

MultiFuelBurner said:

Sarah1Mitty2 said:

MultiFuelBurner said:

Sarah1Mitty2 said:

MultiFuelBurner said:

Sarah1Mitty2 said:

MultiFuelBurner said:

Ksw3 said:

I know some friends have been invited to do sealed bids for a rental. Its madness out there. 

The flat we just left had a 35% increase in rent and was let within a week. 

I can see that becoming the norm and only the best positioned people being able to rent.

That couldn`t happen without a massive sell-off of BTL, and that would be enough to totally crash the market for flats, as long as there are so many people stuck with BTL mortgages there are always going to be cheap deals for the tenants who search beyond the overpriced agencies (who are paying for wages etc.) Not every landlord is stretched to the max, many can drop the rent to get long term decent tenants.

The fact is this is happening now (it simply is the case now) demand is outstripping supply by over 100:1 in this example.

With this demand landlords do not need to drop rents and they can chose who is best for them. In this thread the LL wanted someone who can pay the rent and stay for 2 years and they hand picked the best candidate for them. 

I suggest you look at how many B&B's are full of local authority housed families and individuals to see the state of the problem and demand and supply. The new rent reform bill means less and less of those will be able to find a property in the future as they are not the "safe" bet.

The 99 people who didn`t get this flat are very unlikely to all be housed in B&B`s by the local authority.

I didn't say they were it was just another point to add that on top of this demand local authorities are reaching out to private landlords begging them to take on some of the 100,000+ families stuck in B&B's

This is something we have done in the past with our local authority but the rent reform bill is incoming sometime in 2024 and we have changed our business model.

Doing general searches around Liverpool, Manchester etc. and playing around with the distance throws up thousands of flats for rent, many at good prices, I don`t think BTL is dead yet or that renters need to be panicking too much either.

This one caught my eye after a few seconds of searching, two people sharing 350 pm each, no problem and plenty left over to throw at the stock market or a money market fund/savings account every month, wouldn`t want to be attached to it via a large mortgage debt though.......

https://www.rightmove.co.uk/properties/134330111#/?channel=RES_LET

That's not the area we have properties in but I have no reason to call the OP a liar @Mr.Generous perhaps you can clarify as this is your area.

I can only echo what the OP has said and say that also applies to our area of the country demand far outstripping supply, no end in sight for rent rises and we can chose who we let to for our own business plan.

This landlord doesn`t agree, they have dropped their room rate from 110 per week to 82 per week since November.

https://www.rightmove.co.uk/properties/128523512#/?channel=STU_LET

Sunsaru

Sarah1Mitty2 said:

Sunsaru said:

Sarah1Mitty2 said:

MultiFuelBurner said:

Sarah1Mitty2 said:

MultiFuelBurner said:

Sarah1Mitty2 said:

MultiFuelBurner said:

Ksw3 said:

I know some friends have been invited to do sealed bids for a rental. Its madness out there. 

The flat we just left had a 35% increase in rent and was let within a week. 

I can see that becoming the norm and only the best positioned people being able to rent.

That couldn`t happen without a massive sell-off of BTL, and that would be enough to totally crash the market for flats, as long as there are so many people stuck with BTL mortgages there are always going to be cheap deals for the tenants who search beyond the overpriced agencies (who are paying for wages etc.) Not every landlord is stretched to the max, many can drop the rent to get long term decent tenants.

The fact is this is happening now (it simply is the case now) demand is outstripping supply by over 100:1 in this example.

With this demand landlords do not need to drop rents and they can chose who is best for them. In this thread the LL wanted someone who can pay the rent and stay for 2 years and they hand picked the best candidate for them. 

I suggest you look at how many B&B's are full of local authority housed families and individuals to see the state of the problem and demand and supply. The new rent reform bill means less and less of those will be able to find a property in the future as they are not the "safe" bet.

The 99 people who didn`t get this flat are very unlikely to all be housed in B&B`s by the local authority.

I didn't say they were it was just another point to add that on top of this demand local authorities are reaching out to private landlords begging them to take on some of the 100,000+ families stuck in B&B's

This is something we have done in the past with our local authority but the rent reform bill is incoming sometime in 2024 and we have changed our business model.

Doing general searches around Liverpool, Manchester etc. and playing around with the distance throws up thousands of flats for rent, many at good prices, I don`t think BTL is dead yet or that renters need to be panicking too much either.

This one caught my eye after a few seconds of searching, two people sharing 350 pm each, no problem and plenty left over to throw at the stock market or a money market fund/savings account every month, wouldn`t want to be attached to it via a large mortgage debt though.......

https://www.rightmove.co.uk/properties/134330111#/?channel=RES_LET

A listing only tells half the story. If 10 people/couples went for it then it is questionable if they actually end pay the headline figure. 

But if you include rooms in flats there are  5000 + available rentals right now easily commutable to Manchester/Liverpool, they would find somewhere cheaper if the landlord is trying to play games?

Rooms in this shared flat according to PropertyLog have dropped from asking £110 per week to £82 per week since November, that doesn`t chime with massive demand for me.

https://www.rightmove.co.uk/properties/128523512#/?channel=STU_LET

A room in a shared flat has limited appeal.