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  1. #1
    AtW
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    Default Brexit DOOM™: BTL

    "Rents in Britain have recorded their first annual drop for six years, according to the UK’s biggest estate and lettings agency.

    In February, the average rent in Britain was £921 a month, £5 lower than a year earlier, and the first annual decrease since 2011. Countrywide, which compiled the figures, said the buying frenzy ahead of the hike in stamp duty last year pushed up the supply of new homes for letting by 10%. Meanwhile tenant demand has been dropping, particularly in London, possibly related to Brexit.
    England's housing market is 'broken', government admits in white paper

    Rents are falling fastest in the capital, down 4.3% over the year to an average of £1,246 a month. It means tenants are now typically paying £63 a month less to secure an apartment compared to last year.

    Rents in the south-east have also dropped, by an average of 2.6%, but in other parts of the UK they are still rising. Countrywide said rents in Wales were up 5.3% over the last 12 months to an average of £636 per month, while in the east of England they rose 3.1% to £945.

    In London, the supply of new homes to let is up 18%, but the number of tenants looking for properties has fallen by 3%. Tenant demand is also falling in the south-east, but in other parts of the UK it continues to rise."

    https://www.theguardian.com/business...y-hike-letting

    Just after I bought my flat

  2. #2

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    Quote Originally Posted by AtW View Post
    "Rents in Britain have recorded their first annual drop for six years, according to the UK’s biggest estate and lettings agency.

    In February, the average rent in Britain was £921 a month, £5 lower than a year earlier, and the first annual decrease since 2011. Countrywide, which compiled the figures, said the buying frenzy ahead of the hike in stamp duty last year pushed up the supply of new homes for letting by 10%. Meanwhile tenant demand has been dropping, particularly in London, possibly related to Brexit.
    England's housing market is 'broken', government admits in white paper

    Rents are falling fastest in the capital, down 4.3% over the year to an average of £1,246 a month. It means tenants are now typically paying £63 a month less to secure an apartment compared to last year.

    Rents in the south-east have also dropped, by an average of 2.6%, but in other parts of the UK they are still rising. Countrywide said rents in Wales were up 5.3% over the last 12 months to an average of £636 per month, while in the east of England they rose 3.1% to £945.

    In London, the supply of new homes to let is up 18%, but the number of tenants looking for properties has fallen by 3%. Tenant demand is also falling in the south-east, but in other parts of the UK it continues to rise."

    https://www.theguardian.com/business...y-hike-letting

    Just after I bought my flat
    Why do you think I sold my BTLS last year?
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  3. #3

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    Quote Originally Posted by sasguru View Post
    Why do you think I sold my BTLS last year?
    So instead of the 5%/7%/10%/whatever return you were getting on your money, you're now getting 0.05% with it stuck in a government approved tax avoidance ISA

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    London rents have been falling for months, perhaps even for most of 2016. This is not new news.

    London property prices have also been falling and remain subdued. But fortune favours those who bought 5 or 6 years ago and doubled their money in London (not me ). Prices were bound to come off the boil a bit, but they won't crash until the government has to raise rates and/or employment falls.

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    Quote Originally Posted by ChimpMaster View Post
    So instead of the 5%/7%/10%/whatever return you were getting on your money, you're now getting 0.05% with it stuck in a government approved tax avoidance ISA
    Nope. Ride the markets, cowboy. Yee hah!
    "The truth is incontrovertible. Malice may attack it, ignorance may deride it, but in the end, there it is."

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  6. #6
    AtW
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    Most important bit at the end of article:

    "In contrast, it said house prices in Birmingham and Merseyside had hit a new peak. Average prices in Birmingham have hit £190,504, up 6.2% on the year. "


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    Quote Originally Posted by ChimpMaster View Post
    So instead of the 5%/7%/10%/whatever return you were getting on your money, you're now getting 0.05% with it stuck in a government approved tax avoidance ISA
    Have you seen how hard currencies have been doing against GBP?
    Where there's muck there's brass.

  8. #8

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    Explain to me why rents dropping is bad, particularly in London where they are already rediculously and unsustainably high:

    http://www.rightmove.co.uk/property-...-57127030.html
    Studio flat to rent in West End Lane,London,NW6, NW6
    2 bedroom house to rent in Agar Grove, Camden, NW1, NW1

    Sounds more like a correction of a bubble than because of Brexit. The article said 'probably' Brexit. Was Brexit to blame for the fall of house prices in 2008?

  9. #9

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    Quote Originally Posted by chopper View Post
    Explain to me why rents dropping is bad, particularly in London where they are already rediculously and unsustainably high:

    2 bedroom flat to rent in Seventh Floor Apartement, Erebus Drive, Royal Artillery Quays, London, SE28
    Studio flat to rent in West End Lane,London,NW6, NW6
    2 bedroom house to rent in Agar Grove, Camden, NW1, NW1

    Sounds more like a correction of a bubble than because of Brexit. The article said 'probably' Brexit. Was Brexit to blame for the fall of house prices in 2008?
    See if you can work this one out for yourself.
    Where there's muck there's brass.

  10. #10
    AtW
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    Quote Originally Posted by chopper View Post
    Sounds more like a correction of a bubble than because of Brexit. The article said 'probably' Brexit. Was Brexit to blame for the fall of house prices in 2008?
    Bubbles don't get corrected - they get burst.

    Triggers could be difference, in this case Brexit can easily be one for London property - a fair few foreigners don't feel welcome anymore and they'll move somewhere else.

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