Any London based landlords here? Average time from listing a property to finding a tennant?

dowie

dowie

dowie

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Just something I'm considering - supposing I was to rent out a 1 bedroom flat - how long on average would it take from listing it with an agent to finding a tenant?

Flat is close to a station in zone 3 - modern building, 1 bedroom, large lounge, balcony spanning width of flat. Security guard and care taker on site. Development includes a gym, doctors surgery, nursery, Tesco metro... large park nearby with tennis courts.... so essentially should be quite appealing.

Tis just a hypothetical at the moment but there is a chance that at some point this summer I might want to rent out my flat for a year.
 
As long as it is not ridiculously overpriced probably same day or within days. Huge demand for properties in London, especially those close to a tube station
 
well it is close to a train rather than tube station... about 500 meters from one

10-15 mins to London Bridge on the train (well more like 20 mins or so these days with the construction work and delays but should be back to 10-15 mins soon)
 
I would offer it at the most absurdly overpriced price imaginable, and go down from there. Still should be able to get it taken within a day, and you will profit from ripping off the poor person, but that is what London is known for.. (Picture of a face with £ signs for eyes)

You most definitely can get away with heavy overpricing dude, and i'd suggest doing it as you WILL get it done within a day

Edit: And yes, I do know what I'm talking about. My sister did the same in Wembley, and it was surprising how quickly people took it even though she advertised at rip-off prices
 
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Cheers for the input like I said it is hypothetical at the moment, no intention of ripping off any poor people mind, though typical rental rates for these properties do seem to be well above what I pay for my mortgage... (though technically that might take a hit if I tell my bank I'm going to be renting the property for a year)
 
you're not wrong about rip-off rates

just did a search - local agent has a 1 bedroom flat at 1100 per month but....

same development, different block Foxtons has 1 bedroom flat at 2000 per month!!!

not sure how they can justify that much of a difference - then again if someone wanted to pay me 2k a month for the flat I'd be very happy, frankly they could **** on the sofa and still get the deposit back
 
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Yea sorry for my post! Real answer is you will be able to get it taken within minutes. You might actually get so many offers and takers it could become a hassle.
I had to do one here in Bristol, and honestly I got between 20 - 30 phone calls/emails a day, I really couldn't keep up (drained my credit within 4 hours). So you there in what sounds like a perfect London abode, the interest will be in the hundreds guaranteed.
So good thing it is hypothetical, as the reaction is something I think you'd have to prepare months in advance for
 
dowie said:
Just something I'm considering - supposing I was to rent out a 1 bedroom flat - how long on average would it take from listing it with an agent to finding a tenant?

Flat is close to a station in zone 3 - modern building, 1 bedroom, large lounge, balcony spanning width of flat. Security guard and care taker on site. Development includes a gym, doctors surgery, nursery, Tesco metro... large park nearby with tennis courts.... so essentially should be quite appealing.

Tis just a hypothetical at the moment but there is a chance that at some point this summer I might want to rent out my flat for a year.
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Are you talking north, south, east or west? South would be good :D
 
Fast. Very fast.

When we were looking for a place, we shortlisted a few and when we phoned the agents up the next day, they were all gone. Every single one. Worked in our favour though, our current place is kick ass and our LL hasn't upped the rent in three years. I love having that conversation with KFH when they start spamming us about increasing the rent, only for us to tell them that the LL has agreed to keep it the same.

All estate agents are sharks. One flat opposite us was on the market (for sale, not rent) for about two months recently and every weekend they were in there partying and making a racket, pretty much trashing the place.

The owner of the flat made them repaint the whole place and retile the kitchen :D
 
South East London - Hither Green

http://en.wikipedia.org/wiki/Hither_Green

Hither Green is relatively peaceful and is noted for its "village" like feel and friendly community spirit. It is situated close to shopping facilities in Blackheath, Lewisham and Catford. It also enjoys fast, frequent transport links to the City and West End as well as connections with the Docklands Light Railway in Lewisham and East London Line in New Cross (now the London Overground). Trains times of as little as 10 minutes to London Bridge at certain times and direct routes to Charing Cross and Cannon St have seen the area become increasingly popular.
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picture in the wikipedia article is of the development
 
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We tried to let out a room, had 10 people wanting to view within a couple of hours via gumtree. So I'm guessing it's not that hard.
 
dowie said:
Cheers for the input like I said it is hypothetical at the moment, no intention of ripping off any poor people mind, though typical rental rates for these properties do seem to be well above what I pay for my mortgage... (though technically that might take a hit if I tell my bank I'm going to be renting the property for a year)
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Assuming you bought the property a few years ago for a reasonable price and had a reasonable deposit/rate on the loan, then rent should be way in excess the mortgage cost (hundreds of pounds a month differential)

Summer not a bad time to be hitting the market either I would guess due to new influx of milkrounders looking for somewhere.
 
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