What is happening in the rental market?

[Deleted User]

It is really bad in London currently.

The costs have gone up and not as worthwhile been a landlord anymore. 

Some landlords are selling up and exiting. The demand seems much higher than supply. 

All properties i advertised on Openrent got 50+ enquiries.

Mortgage interest rates, regulations, etc have contributed. 

I rented a 1 bedroom flat in 2016 to to company who houses council tenants. Got the same rent from 2016-2023. Took a year after lease ended in 2022  to get property back. Full renovation required. Renovated and rented for £1350 now £1400. 

Rented a 3 bedroom to a council introduced tenant for LHA rate after fixed term ended went from 1595 to 1750. Late payments from start of tenancy, stress s21 took 6. 5 months. 
Renovated and now £2000.

Just examples but been a landlord not as  desirable anymore, when tenants don't pay rent, the mortgage and bills still need to be paid. 

There are other less stressful ways to make money. 

AFF8879

MikeJXE said:

This has to be a bargain 

Studio flat 3 miles from me £440 month inc water 

https://www.rightmove.co.uk/properties/143248331#/?channel=RES_LET

Maybe it’s just a bad camera angle but getting in and out of the shower looks like it could be a challenge 

MikeJXE

It's the camera angle, the basin seem to stretch the length of the fixed panel and the door is partly hidden by the wall. 

RHemmings

gazfocus said:

The first house we rented out, 10 years ago, was a modern 3 bedroom semi detached house that had been freshly renovated with brand new high spec conservatory, new high end kitchen, etc. We struggled to get £650 per month rent and our mortgage was nearly £620 per month (we rented more out of need than choice). 

The same house now (we don’t own in now) would be renting for around £850 per month. 

When we advertised our current rental property last summer, we had around 30 enquiries within 2 days. We did find that most people either don’t read the advert properly or chance their arm that you didn’t really mean certain things in the advert. 

£620 to £850 over ten years doesn't seem like a huge rise. That's about 3.2% increase per year. 

Jumping to another topic, empty properties are a problem especially in London. https://www.london.gov.uk/mayor-london-and-westminster-city-council-call-stronger-powers-crack-down-long-term-empty-properties   Slowly, something is being done but is it enough of a deterrent? https://www.hamhigh.co.uk/news/24060060.haringey-double-council-tax-empty-properties/

Robbo66

thank the likes of shelter, acorn and the gov. plus the sound bites coming from labour  PRS has been demonised so landlords are no longer investing in the market and many are selling up creating a shortage of rental properties.

The gov were warned by the relevant PRS bodies that this would happen when they started to with draw the tax incentives and bring in new restrictive legislation.

caprikid1

"…and they’ve still done nothing to improve the rights of tenants."

Unfortunately if the government does this in the current climate they will have lots of rights but nowhere to exercise them.

I think the government has improved the rights of Tenants in many ways by all the electrical, energy efficiency legislation.

That said I think they are now too frightened to tackle the S21 as it can only lead to more landlords exiting a broken market.

Robbo66

caprikid1 said:

"…and they’ve still done nothing to improve the rights of tenants."

Unfortunately if the government does this in the current climate they will have lots of rights but nowhere to exercise them.

I think the government has improved the rights of Tenants in many ways by all the electrical, energy efficiency legislation.

That said I think they are now too frightened to tackle the S21 as it can only lead to more landlords exiting a broken market.

And with the noise being made by labour it will only get worse if they become the government which in all honesty is looking likely.

caprikid1

Robbo66 said:

caprikid1 said:

"…and they’ve still done nothing to improve the rights of tenants."

Unfortunately if the government does this in the current climate they will have lots of rights but nowhere to exercise them.

I think the government has improved the rights of Tenants in many ways by all the electrical, energy efficiency legislation.

That said I think they are now too frightened to tackle the S21 as it can only lead to more landlords exiting a broken market.

And with the noise being made by labour it will only get worse if they become the government which in all honesty is looking likely.

Still amazes me given the levels of incompetence in every sector that this government continues to get voted in.

The poorest have got considerably poorer under their economic policy and the rich continue to get richer.

Turkeys voting for Christmas !.

MikeJXE

caprikid1 said:

Robbo66 said:

caprikid1 said:

"…and they’ve still done nothing to improve the rights of tenants."

Unfortunately if the government does this in the current climate they will have lots of rights but nowhere to exercise them.

I think the government has improved the rights of Tenants in many ways by all the electrical, energy efficiency legislation.

That said I think they are now too frightened to tackle the S21 as it can only lead to more landlords exiting a broken market.

And with the noise being made by labour it will only get worse if they become the government which in all honesty is looking likely.

Still amazes me given the levels of incompetence in every sector that this government continues to get voted in.

The poorest have got considerably poorer under their economic policy and the rich continue to get richer.

Turkeys voting for Christmas !.

Incompetence is not only in government

You only have to tune into the Post Office Horizon scandal and you will find incompetence from the bottom to the top. 

It's disgusting how we have to put up with these people 

horsewithnoname

MikeJXE said:

caprikid1 said:

Robbo66 said:

caprikid1 said:

"…and they’ve still done nothing to improve the rights of tenants."

Unfortunately if the government does this in the current climate they will have lots of rights but nowhere to exercise them.

I think the government has improved the rights of Tenants in many ways by all the electrical, energy efficiency legislation.

That said I think they are now too frightened to tackle the S21 as it can only lead to more landlords exiting a broken market.

And with the noise being made by labour it will only get worse if they become the government which in all honesty is looking likely.

Still amazes me given the levels of incompetence in every sector that this government continues to get voted in.

The poorest have got considerably poorer under their economic policy and the rich continue to get richer.

Turkeys voting for Christmas !.

Incompetence is not only in government

You only have to tune into the Post Office Horizon scandal and you will find incompetence from the bottom to the top. 

It's disgusting how we have to put up with these people 

We don’t have to, but that would be another deleted post🙄