is the rental market as bad as your area?

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    is the rental market as bad as your area?

    Hello everyone. just a quick message to see if your local area is as bad as mine on the rental market? there are lots and lots of flats vacant here. almost impossible to find a decent tenant(working professionals with the right to stay and work). what's going on?

    #2
    where is your local area?

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      #3
      My (Cheshire Area) flat went vacant on a Monday so I told the agent it would be available from Saturday to start viewings, they ignored me (!!) and had 5 viewings by Wednesday while I was still decorating and had lifted the carpet. Flat let by Friday the same week .... I hope the market says like that ....

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        #4
        Originally posted by newlandlord2016oct
        what's your rent like? below or on average of the current market rent?
        £25 less (5-6%) than the others in the building so that could be a factor

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          #5
          Sooner or later, the unsustainable London property bubble must burst, and those that are heavily geared will sustain heavy losses*. Here in the Midlands, property prices have fallen, a little, since December, but rental values seem to be holding up quite well. I let a property in Sandwell in January without trouble, and at my asking rent (the market rent, as indicated by Zoopla) - which causes me to ask, generally, whether others find the Zoopla algorithm is reasonably accurate for their areas, either for property prices or rental values?

          *The losses will be across the board, but the heavily geared will feel it worst ...

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            #6
            Originally posted by newlandlord2016oct
            I am in London. all of a sudden, flats seem to be all empty!
            Unfortunately any LL in London I talk with, face similar situation.
            I think that a lot of offers come on the market, while demand is flat or has diminished (Brexit effect).
            I friend went back to 2007 rental level on his flat to rent it out...
            Another with a rent-to-rent business that was doing extremely extremely well til May/2016, since then is just trying to break even, and review business model, his rental contracts etc etc

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              #7
              Midlands again, market as last few years.
              One property on the market at the moment, viewings out the door, expect to rent with normal couple of weeks gap - rent fairly static, but that's normal enough, where I let, increase per annum isn't huge amount (and is as per the "plan").

              London has been a bubble for a while now (looked at from outside) and prices just look unaffordable against income. You'd expect bedsits and flats to see the effect first if the market does start to fall away.
              When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
              Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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                #8
                a lot of rentals in London are to students or young peope moving to start work - so the market is busy August September time but not necessarily the rest of the time. And rents are so ridiculous than anyone sensible looks to rent as far out as possible - with good public transport, why not.

                Land taxes here are low, foreign buyers are frequently money laundering and it's more than time attempts were made to discourage foreign buyers and make London prices more affordable.

                If you want to link to an ad for your flat will offer an opinion on how to make it more attractive.

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                  #9
                  My rentals are mainly in South East London and I've noticed a huge difference.

                  I am used to putting a property on the market via UPAD and within 24 hours having a large amount of interest. I have marketed two new portfolio properties recently and yes, luckily I have found decent tenants within a few days - which is relatively normal, but the amount of enquires is down by about 70%.

                  I put this low amount of enquiries down to the effect of Brexit - people are staying put because they don't know how Brexit will affect them.

                  Rent prices are no longer increasing.

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                    #10
                    In the last 6 months-
                    Two flats in the South East increased 20%
                    House in the Midlands increased 8%
                    Flat in the North increased 5%

                    All working professionals, let very quickly. I've been pushing the rent levels due to the tax changes.

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                      #11
                      Rents in South East London have gone up a good 20% in the last couple of years, but they've deifinitely stopped rising and asking rents in some areas are a little less.

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                        #12
                        Well I have just had my longest void - nearly 2 months, but I think that is because December is normally a bad month (tenant left at the end of November).
                        There don't seem to be more vacancies than usual around here.

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                          #13
                          http://www.lslps.co.uk/documents/buy...ndex_dec16.pdf

                          Mostly flat or slight increase.

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                            #14
                            I am in East London which traditionally offers some of the lower rents in London but in an area which was booming a year or two ago.
                            I advertised last November and had very few decent applicants via Openrent. Luckily my post on a local FB page netted me a lovely family, but the flat had brand new carpets and paintwork throughout and even then I had to accept slightly less rent than the previous year.

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                              #15
                              My flats in Wembley have been taking much longer to let than was the case 2 years ago and I've had to lower the rent. Rightmove shows about 50pc more flats to let than for sale in this area

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