Reply to: Renting in London

[tim123]

It might be buoyant in the center but 20 miles out it is not.

I went for a job three weeks ago the other side of London to where I live.

I got a list from Rightmove of available property. I asked in the agencies what the market was like and the answer was "manic".

Four weeks on and only one of the 8 flats available has been let and there are no new ones. If that's manic I'd like to know what adjective they use when it really is busy. (yes I understand that they need to talk the market up but exaggerating greatly can't be helpful, especially when I'm likely to find out)

tim

[sunnysan]

Renters market my @rse

I have a little sh1tpit in Bethnal Green, and I am inundated by calls from agents asking me if I want to let it out.

With asking price for a 1 bed in the area circa 190K, its not hard to see why.

Inside zone 2 it will always be a letters market, you can let any POS becuase of the demand

[ASB]

PS Actually I'm beginning to think it's a good idea to do short-term lets - its much more lucrative if you can keep the occupancy going.

I let a house in reading for a year to a relocation agency. They paid about 20% over the odds and used it for short term accomdation for those they were relocating. Was probably better for me than constantly finding short term tenants at a premium.

[sasguru]

Quite. I've read that we need to build 50K new houses a year just to keep up with the demand due to immigration.

When I say foreign City workers, I don't mean immigrants. These are the global elite highflyer, MBA types who are seconded to work in multiple countries over their career. As the City is a world hub of finance, there will be a constant circulation of these types in and out. And hence a constant demand for good quality properties in the vicinity.

PS Actually I'm beginning to think it's a good idea to do short-term lets - its much more lucrative if you can keep the occupancy going.

[Fungus]

Who says it's a renter's market? It's certainly not anywhere within walking distance to the City. I noticed a distinct spike in enquiries after the bombs last year, from foreign City workers who did't want to use the tube. Maybe that's why.

Quite. I've read that we need to build 50K new houses a year just to keep up with the demand due to immigration.

[sasguru]

Unless you are getting a good deal then yes. Especially these days where it is renters market due to all the empty buy to lets

Who says it's a renter's market? It's certainly not anywhere within walking distance to the City. I noticed a distinct spike in enquiries after the bombs last year, from foreign City workers who did't want to use the tube. Maybe that's why.

[Fungus]

Hey at least you got a table - we got free rats!

Is it usual to charge for them? I guess it's a square meal for some.

[Not So Wise]

Is it really the done thing to make offers on rents?

Unless you are getting a good deal then yes. Especially these days where it is renters market due to all the empty buy to lets

[GeorgeGregan]

Where in SW London? and how much if you don't me asking? What sort of flat/house - Victorian, new build, how many bedrooms?

One bedroom, Victorian conversion with a small backyard, £900 pcm near Barnes.

Snaw I know some furnished places come with crockery etc. but this place had so much tulipe in it you could barely move, let alone bring anything else in of your own and she had previously agreed to move stuff out.

A few years ago there would've been a queue of people to rent it but she couldn't accept it was a renters market now and noone could care less about her mortgage.

[sasguru]

Last week me and wifey made an offer on a rental place in SW London, 10% below asking as seems to be standard these days, and it was accepted.

Went to meet the landlady tonight and it quickly became apparent that this furnished flat was in fact going to remain furnished with not just the furniture but all manner of tulipe, expensive (and aweful) artwork on the walls, various religous icons, tacky lamps, every appliance known to man, crockery, cutlery, the whole lot.

When we explained that we wanted to rent the flat and furniture but not a whole house full of tat, she demanded money for storage etc. and seemed surprised that we were going to walk away.

Then she helpfully explained that once she subtracted agents fees and storage costs there was no way she'd cover her mortgage and therefore an increase in rent was justified

Where in SW London? and how much if you don't me asking? What sort of flat/house - Victorian, new build, how many bedrooms?

[VectraMan]

Sounds like this was the second case. OTOH if you go for the first kind, it probably costs you more to start with.

But at least you get to choose the stuff you want. Not as bad as this, but my last flat had a huge round table in the middle of the living room that I really didn't want and other "fancy" stuff I could have done without, but was stuck with for years. The house I'm renting now is somebody's buy to let investment and has the minimum basic furniture, and it's much better this way.

[expat]

That's pretty normal here I would have thought - if you don't want the extra furniture then she's gotta find somewhere to put it, could well cost her - if you're getting 10% below what she's asking wtf are you whinging about anyway?

If I'd been renting a place from me and you'd come to me with that attitude I'd have told you where to go.

Obviously there are 2 kinds of furnished properties: those that are set up as lettings, with appropriate furnishing; and those that are somebody's house, which is going to be unoccupied for a while and so rented out to cover the costs meanwhile.

Sounds like this was the second case. OTOH if you go for the first kind, it probably costs you more to start with.

[snaw]

That's pretty normal here I would have thought - if you don't want the extra furniture then she's gotta find somewhere to put it, could well cost her - if you're getting 10% below what she's asking wtf are you whinging about anyway?

If I'd been renting a place from me and you'd come to me with that attitude I'd have told you where to go.

[tim123]

Is it really the done thing to make offers on rents?

I've always assumed that the quoted amount was on a take it or leave it basis.

(and if it's too much you walk away, the landlord is just going to look to make up the difference at first renewall if you negotiate them down)

tim

[Bovvered]

Philipino I think.
Also wanted us to pay out the remainder of her Sky contract.

Now that is taking the proverbial P!