heebs Posted August 27, 2008 Report Share Posted August 27, 2008 Hello all i know the house prices have suffered..and interest rates o mortgages are up...but have rents gone down or up as a consequence of all this bad luck for landlords... please do tell...thanks all Link to comment Share on other sites More sharing options...
CoolerUK Posted August 29, 2008 Report Share Posted August 29, 2008 Hello all i know the house prices have suffered..and interest rates o mortgages are up...but have rents gone down or up as a consequence of all this bad luck for landlords... please do tell...thanks all The rents have gone up in London - as first time buyers are forced out of the market completely and so the demand for rental accomodation has increased. I have noticed most of the rents rising quite substantially in London - however i do wonder if there's a catch 22 with Landlords demanding higher rents but Tennant not being able to afford to pay them, as cost of living is getting very high too. I don't think it is all "Doom & Gloom" for Landlords.. As long as there's positive cash flow from the property we should all be able to ride the storm out. And in 6 years time or whenever - we're all gonna be laughing!! Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted August 29, 2008 Report Share Posted August 29, 2008 Not only are rents up ............more importantly DEMAND is up which will KEEP rents up IMHO !! The Rodent Link to comment Share on other sites More sharing options...
Melboy Posted August 30, 2008 Report Share Posted August 30, 2008 Hello all i know the house prices have suffered..and interest rates o mortgages are up...but have rents gone down or up as a consequence of all this bad luck for landlords... please do tell...thanks all Rents have NOT gone up here in North Wiltshire and those Landlords who have tried to increase their rents to cover the BTL mortgage have come a cropper because there are hundreds of Landlords who can undercut them. Many ex-BTL property is coming onto the market as a result and they are not selling as the mortgage and credit crunch bites home. Mel. Link to comment Share on other sites More sharing options...
Trenners Posted August 30, 2008 Report Share Posted August 30, 2008 Hi, Im not sure I 100% agree with Melboy. In North Wiltshire, we have seen 1 bedroom rents move from about £450 to £475 - £495, 2 bedroom rents rise from about £550 to between £595 -£625 and 3 bedrom rents rise from about £650 to £700 - £725 over the last 12 months. That shows that rents have risen by upto 10% in our area. However, new supply - from frustrated sellers who are becoming landlords - is meaning that although demand is buoyant - so is the supply! I do not expect rents to rise any further this year though and I do agree that just because the mortgage payments have risen does not mean that you can necessarily charge your tenants anymore rent. Your property is only worth what a tenant is prepared to pay you (and not what your bank demands on a monthly basis) ! Mark Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted August 30, 2008 Report Share Posted August 30, 2008 2 bed flats in Cardiff have been running at £500-550 for some years .....most are now 575-650 most of mine are on at 695 now .....so clear 10% rise down here ............with the exception of cardiff bay and new build, where as usual, and for the forseeable, most LL havent got a prayer of covering Mort ..and are just trying to get whatever they can to assist in wound licking exercise....... But had thay done their fundamental calcs at the begining theywould not have bought them in the first place ......... And even when/if these come down to <80K .......I STILL WONT be buying any of them !!!!! The Rodent Link to comment Share on other sites More sharing options...
Melboy Posted August 30, 2008 Report Share Posted August 30, 2008 Hi, Im not sure I 100% agree with Melboy. In North Wiltshire, we have seen 1 bedroom rents move from about £450 to £475 - £495, 2 bedroom rents rise from about £550 to between £595 -£625 and 3 bedrom rents rise from about £650 to £700 - £725 over the last 12 months. That shows that rents have risen by upto 10% in our area. However, new supply - from frustrated sellers who are becoming landlords - is meaning that although demand is buoyant - so is the supply! I do not expect rents to rise any further this year though and I do agree that just because the mortgage payments have risen does not mean that you can necessarily charge your tenants anymore rent. Your property is only worth what a tenant is prepared to pay you (and not what your bank demands on a monthly basis) ! Mark Have a look at the Evening Advertiser Mark in the property to let pages and there is column after column of property to rent and the prices are way down on your figures. 1bed flat/house £430---£475 depending on location. 2 bed terrace. £500---£525 2bed Semi £550---£575 3Bed Semi/Terraced £550 and upwards depending on location again.(We have some not so desirable area's in Swindon which used to be good when they were newly built 25 years ago but the BTL market has all but destroyed these neighbourhoods.) Mel. Link to comment Share on other sites More sharing options...
GPEL Posted August 31, 2008 Report Share Posted August 31, 2008 In my area of interest it's no change or down, demand hasn't significantly increased but the number of houses available has increased due to problems selling. Link to comment Share on other sites More sharing options...
Mortitia Posted September 1, 2008 Report Share Posted September 1, 2008 Hi all, I have increased mine about 15% in SW London and noticed about the same for some 2/3 beds in Bmth/Poole. Obviously my aim is to retain good tenants so I try to keep rents 'reasonable' for long termers which most of mine are. I am charging £500 for a 1 bed cluster house on an estate and that is probably a bit too cheap but I notice those nearby with rents of £550 are always back on the market with different agents after 'trouble'. Two bed houses/flats are at 640/5 with me a bit inland but I see others up to 720 for similar. Again churn is a problem and these more expensive properties stand empty for ages. I feel property here is too expensive to buy right now for letting (I only buy small units) and I've lost count of the amount of people I know who reckon they are waiting for the 'bottom' to buy -they probably won't though because they think it too scary! Mortitia Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted September 1, 2008 Report Share Posted September 1, 2008 Hi all, I feel property here is too expensive to buy right now for letting (I only buy small units) and I've lost count of the amount of people I know who reckon they are waiting for the 'bottom' to buy -they probably won't though because they think it too scary! Mortitia When we get to the "bottom" they still wont buy ...because it will then be a static market ......then when market picks they will claim "it's too late" ... And when we retire with a healthy income we will be told that we were so "lucky " to have pulled it off !!! and "it's alright for you ...you were always a bigger risktaker etc!!!!!!!!!!!!!" In true british style !!!!!!!!!!! The Rodent Link to comment Share on other sites More sharing options...
J4L Posted September 2, 2008 Report Share Posted September 2, 2008 Simon has the correct idea and yes, all of the 'reasons' he states above will and do get banded around. Rule one, if the figures stack up, buy it! Rule Two, if the figures stack up, buy it! Rules up to ten are all the same . . . . . Many people's concerns though is that there are going to be too many properties, thus giving too much choice to Tenants. A LL approached me last weekend who owns 20 properties, he's had 3 of these with another agent for 6 weeks and no takers. The reason for the void according to the agent was that the market is 'saturated' with property and there's just not the Tenants out there at the moment. Well of course the real reason was that they weren't doing their job properly. Suffice to say, I have 3 new properties on my books, 1st lot of Tenants are moving in on Friday, 2nd lot on Saturday and we took a deposit on the final one the day before yesterday!!! And not just ANY old tenants, fully referenced with guarantors and a great track record. I wonder how long before the other 17 come over Saturated Market?? Be Bu**ered!! Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted September 2, 2008 Report Share Posted September 2, 2008 And not just ANY old tenants, fully referenced with guarantors and a great track record. I wonder how long before the other 17 come over Saturated Market?? Be Bu**ered!! HMmmmmmmmmmmm .............. If fully referenced and "great track record" why the need for Guarantors ? I only use G when risk element is unacceptable or T fails referencing The Rodent Link to comment Share on other sites More sharing options...
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