Tenants ask for 30% of rent

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    #16
    In my part of London in the past week I've seen an estate agent listing a 2-bed flat for £1000 with the statement that it would normally go for £1400, but the landlord will accept the lower price on condition the tenant carries out the needed redecoration themselves. Since obviously they can't get the decorators at the moment.

    But I think they may struggle to find tenants even at that price, at least for the immediate future, given that many businesses are closed, the universities have shut down, and international students and workers have fled the country.

    I'm hoping that rents will reset to 2010 levels, undoing the outrageous rent inflation of the past decade which was totally disproportionate when considered against tenant's stagnant or deflating salaries. It's true that some landlords very expensively refurbished rental properties over the past decade, but they charged an outrageous premium for it, too. Some didn't even do that, keeping properties in a state of managed decline whilst still raising rents throughout the decade without having done anything to merit it beyond having the good fortune to be carried up by a rising market.

    So, let's hope sanity will return and £1000 will become the new £1400 from here-on.

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      #17
      Originally posted by hamilton View Post
      undoing the outrageous rent inflation of the past decade
      Have you got a source for that? I thought that rents in general had barely kept up with inflation.

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        #18
        Just checked, not outrageous at all;

        https://www.ons.gov.uk/economy/infla...s/february2020

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