is the rental market as bad as your area?

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    It has taken us over 2 months to relet a flat in the north east and we initially wanted to increase the rent to full market value but felt forced to reduce it to that of the previous tenant.

    Lots of enquires from benefit claimants ( it's not in a bad area either!) and a couple from self employed that could not suitably prove their income. Eventually had someone suitable pay a holding deposit while they served notice on current property and he moves in next week.

    Have to admit we were panicking a little!


      Originally posted by newlandlord2016oct
      Rent in 2007?
      Most of new flats built in London were sold to the foreigners.
      Why wouldn't the government impose extra stamp duty on the foreign buyers?
      I was astonished as well - yes, 2007.
      (we talk about a two bed flat, zone 1, river view, terrace etc and at the time must have been more unique then now, a lot of new build on the river have been built - and, we talk about £ 3,000.00 per month!)
      Yes, up to 80-90% sold to foreigner, there was a nice article on Evening Standard on Friday.
      Government has to pay attention to milk foreigner, if taxed more, they will simply buying somewhere else, not UK, and developer will not develop etc look at what has done extra/increased stamp duty on top end of the market in zone 1? No/much less exchange, less money collected by the Governament.
      The same for the non-Dom status, key to retain affluent foreigner that otherwise would leave.


        There was a thread on this last July, which I contributed to, "Great Property not Renting -Why". I had a studio and one bedroom flat both empty for a month in south west London. So this slow down, if there is one, hasn't just happened.

        When I thought about it the flats were actually let within two weeks but i have been finding that prospective tenants are not giving notice until they have found something else. (A sign perhaps that there is not much available?). With rents and deposits being so high they cannot afford to take on a second flat till they are out of the first. So I had no option but to wait.


          A prospective T should be expected to give new LL due Notice and pay all up-front fees and deposit + first month rent. Most wait for deposit return rather than save for next property if able, before signing next AST.
          Perhaps LLs should expect a 2-3 month void for many properties?
          Hopefully Ts will learn not to change rentals so often (to climb the rental ladder?).


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