Falling rents?

Interesting news article for anyone who's about to move or renegotiate their rent:

London rental market feels early impact of Lehman collapse

As we're a bit of a City enclave, I'd imagine SE1 would be one of the first affected by the City falling into a black hole.

And then the pressure on Lloyds TSB to keep as many jobs as possible in Edinburgh when they take over HBOS presumably means more redundancies at their EC1 office. Ho hum.

I'm still paying October 2006 rent, and touchwood no sign of an attempt to increase it. I can't imagine I'd manage to haggle it down.

Great link. Might be useful to me, I think. Thanks a lot.

Ivanhoe wrote:

Great link. Might be useful to me, I think. Thanks a lot.

Great - hope you get a good deal.

Damn it feels good to be a renta!

http://business.timesonline.co.uk/tol/business/industry_sectors/construction_and_property/article4828318.ece
Link to another story (25th Sept)saying that residential rents are falling in London.

Hooray! Down with the house-hoarders!!! B*gger the BTL-ers ;0))

"The most resilient areas for rental values were in Central West, Central South West and South Bank, City & Docklands, with falls of between -0.1 per cent and -0.7 per cent."
http://www.findaproperty.com/displaystory.aspx?edid=00&salerent=0&storyid=22618

But still falling, which is good news.

Ivanhoe wrote:

Down with the house-hoarders!!! B*gger the BTL-ers

I really don't understand this one. Home ownership as a proportion of the population in the last year or so was the highest it has ever been.

But that doesn't mean that houses are more affordable (it largely means that over the last few years people have been able to find lax lenders and to self-certify income), or that repossessions on these houses will not swing your statistic the other way.

Nor does it make it an admirable thing to do for one person to have several houses whilst others can't afford one.

And, in fact, all those liar loans have pushed up prices to ridiculous levels, thus completely pricing the prudent among us out of the market.

I'm with Ivanhoe - down with the people-farming scumlords!