… What about rent prices?

TheKeyMaker

House prices are falling… currently I’m renting, and have to move house, as I don’t want to renew my tenant contract. My current budget is £1250 for a 4 bed furnished in Milton Keynes.
Is that still the price? Or rent prices are falling as well in parallel with house prices? Probably there are more peoples renting, but there’s not so much cash available to peoples … any ideas?

IveSeenTheLight

TheKeyMaker wrote: »

House prices are falling… currently I’m renting, and have to move house, as I don’t want to renew my tenant contract. My current budget is £1250 for a 4 bed furnished in Milton Keynes.
Is that still the price? Or rent prices are falling as well in parallel with house prices? Probably there are more peoples renting, but there’s not so much cash available to peoples … any ideas?

Sorry, I don't know the market rate in Milton Keynes.
In Aberdeen however, I have increased my rent between tenants on two properties in the last year and a half.
One by 22% (Jan 2007) and the other by 14% (Mar 2008).
It should be noted that these are still slightly under the market rate. I advertise slightly under the market rate to ensure I am in a good position to have a higher potential tenant interest. I don't increase my rates during tenancy as I prefer to try to get and keep good tenants.

A search on rightmove showed 24 properties ranging between 800 pounds and 2000 pounds.
17 are 1250 pounds and above 7 are below 1250 pounds.
http://www.rightmove.co.uk/action/publicsite.PropertySearch/svr/2012;jsessionid=4FC455D66BCAE823298AC9F6B519595E
I guess it will depend on which area and which type of property you are after

Good Luck

lil_me

Decreasing here beause they're empty for so long, depends on area sometimes but as an example you can get 4 bed new build town house for about £500 pcm....many are offering half price first month etc, maybe the increase of BTLs has flooded the market?

For £1250 here http://www.rightmove.co.uk/viewdetails-15215069.rsp?pa_n=1&tr_t=rent
£995 http://www.rightmove.co.uk/viewdetails-20737457.rsp?pa_n=2&tr_t=rent
£975 http://www.rightmove.co.uk/viewdetails-20737457.rsp?pa_n=2&tr_t=rent
£650 http://www.rightmove.co.uk/viewdetails-19510715.rsp?pa_n=8&tr_t=rent
£495 http://www.rightmove.co.uk/viewdetails-7527928.rsp?pa_n=2&tr_t=rent

unknown_member

Here in notts it's pretty high.

In the sense I could of got a mortgage worth around £400 (which I applied for both the crash) instead of paying the sum of £575 a month. Most houses in council estates border that mark, anywhere up to 1500 I've seen. Thankfully I'll be able to purchase or (slight fingers crossed) build on parents land.. well maybe not but I can buy now..

Oh how I advise people not to rent of they can afford a mortgage, mind you scrap that with the state our mortgages are in.
~Unknown

birduk

We started renting ours in December, which is part of a large 'complex' at the princely sum of £550 per month. Now there are still 6 empty (at least) and only 2 taken. The rest were advertised at £550, but are now knocked down to £525. In that respect I will be asking for a reduction in my rent before I sign up for another contract. Surely it is better for them to have me in for a bit longer than to have to look for a new tenant (which appears is not forthcoming!).

moneysavinmonkey

flat rentals are falling here as the market is absolutely flooded and the demand just isn't there.. house to rent are much harder to find, particularly with outdoor space, and the rents for these seem steady.. maybe increasing a bit - in line with inflation really IMHO.

Snooze

lil_me wrote: »

as an example you can get 4 bed new build town house for about £500 pcm....

£495 http://www.rightmove.co.uk/viewdetails-7527928.rsp?pa_n=2&tr_t=rent

That's quite a bargain actually. Pity it's up in the NE otherwise I might've been tempted, but I've no desire to take a language course so that I can understand the locals... (says he who comes from Yorkshire.. )

But I digress.. Rental prices in Leeds - especially flats (and "apartments" :rolleyes: ) - are definitely falling. I mentioned on another thread only a few days ago about how the flats in Citispace (new city centre apartment block) have tumbled down in price over the past few months. Start of the year they were on at around £550 pcm but if you look at rightmove now you can pick up the exact same ones for £395 pcm. That's a significant drop in the space of a few months. I reckon the prices will go even lower yet as well.

Rob

Lavendyr

TheKeyMaker wrote: »

House prices are falling… currently I’m renting, and have to move house, as I don’t want to renew my tenant contract. My current budget is £1250 for a 4 bed furnished in Milton Keynes.
Is that still the price? Or rent prices are falling as well in parallel with house prices? Probably there are more peoples renting, but there’s not so much cash available to peoples … any ideas?

Why don't you just run a search on RightMove? I did a quick one and came up with tons of furnished 4- and even 5-bed properties for less than £1250 in MK - decent parts of the city too (I used to live there).