My extended family has seen that as well. More then a few are landlords and in at least one case there wasnt even chance to advertise. Tenants moved out and the plan was minor work like fresh paint then advertise. Didn't get chance to even advertise before people people are approaching saying we hear there is space coming up and offering 6 months rent in advance.
Where is it? I am hearing London has gone mental as nobody wants to buy/lock-in - so house prices are dropping, but rents are climbing at a staggering rate still.
It’s not as if people have been warning that this would happen for months now, and it’ll only get worse.
Stevie Wonder could have seen this coming.
Soldato
Yes for sure but when your experiencing it first hand it's quite shocking. I've been a lanlord for 19 years and never experienced this .
It's North of Chelmsford.
Rents all over will continue to increase , wait until Comrade Starmer poses a wealth tax on landlords , rents will go even more stratospheric!
I really feel for renters as the government has really screwed them over via their landlords. I’m selling up myself after being a landlord for eight odd years. One of the hardest things I had to do was let my tenant know what was happening. I think he’s having to apply to the council for a home as he’s priced out of the rental market.
I’m sure it won’t be long, along with all the taxes we’re either going to have to suck up or pass on (I’ll be passing them on).
Hopefully you’ll get it all sorted before CGT goes through the roof.
I was the same with ours the last couple times tenants have moved out. I was hoping for a bit of time for a refresh but my agent already had someone lined up and wanted them in right away.
Soldato
And unfortunately the uneducated ( Labour voters ) have no clue about this .
It really is a win win for Lanlords and backfired on the Lanlord Haters . Rents are going up and will continue to and guess what , interest rates are predicted to tumble over the next year .Increases might even be compounded further depending what happens at the Stazi headquarters on Wednesday.
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Similar here, I had a tenant who wanted in immediately, but I wanted time to decorate, but he said he’d do it if I supplied the paint and he could move in straight away with a 12 month lease.
No problem, crack on mate
Ahh the usual morning whinge of "woe is me with my multiple properties"
The issue, as always, is lack of supply. We aren't building enough houses to keep up with demand. This has put availability and price pressures on rental and purchase properties alike, which in turn raises the prices for both.
And I'd put forward the rise in demand for renting that we are all seeing is due to the fact that more and more people can't afford to buy, hence are having to turn to renting even when they don't want to. Changing demographics as well, more people living alone, less nuclear families
And when a LL sells up, the house doesn't magically disappear from the market it either goes to another LL, so no change in supply, or it goes to someone who was renting and has now bought and so that's one less rental property but one less person looking to rent, unless ofc it's bought somewhere as a 2nd holiday home, but councils are starting to take action to make that a less desirable thing to do.
All the noise about extra taxes blah blah is just about your personal circumstances and being butt hurt you're not going to get as much income or free equity as you thought you were (and I'm saying this as a LL too) the main issue is always lack of supply.
The issue, as always, is lack of supply. We aren't building enough houses to keep up with demand. This has put availability and price pressures on rental and purchase properties alike, which in turn raises the prices for both.
And I'd put forward the rise in demand for renting that we are all seeing is due to the fact that more and more people can't afford to buy, hence are having to turn to renting even when they don't want to. Changing demographics as well, more people living alone, less nuclear families
And when a LL sells up, the house doesn't magically disappear from the market it either goes to another LL, so no change in supply, or it goes to someone who was renting and has now bought and so that's one less rental property but one less person looking to rent, unless ofc it's bought somewhere as a 2nd holiday home, but councils are starting to take action to make that a less desirable thing to do.
All the noise about extra taxes blah blah is just about your personal circumstances and being butt hurt you're not going to get as much income or free equity as you thought you were (and I'm saying this as a LL too) the main issue is always lack of supply.
Who’s butt hurt?
When my old tenant moved out I whacked the rent up considerably to cover the **** show that’s coming from our financially illiterate govt.
I said earlier in this thread that if they want to treat my rental like a cash cow then I’ll milk that cow for all I can get, and I will.
Associate
Very very few renters are 'buyers in waiting'- the market doesn't offset between renters and owners as simply as this.
What I don't understand is why this unfolding disaster isn't really being talked about. Where are the "Labour anti-landlord policy & rhetoric is hurting landlords 10% and ordinary renters 90%" headlines.
You seem to be about the potential rise in CGT
Then what you whinging for? Your greed is seeing you ok, you obviously don't care you are milking your tenants even before you know what is going to be happening to taxes etc and it's not like you couldn't choose to have a bit of a lower return, gotta maximise those profits over everything else!
Unfortunately it was the last financially illiterate Govt that has left this country in such a mess that this (yet to be seen if they are financially illiterate) Govt has to fix it.
We all know the country needs investment to fix and improve the infrastructure & services after the chronic mismanagement of the last decade, but as usual no-one wants to actually pay for it.
Because that doesn’t tell the story that Labour want to tell.
Charging market rate is greedy?
I’ve spent the last 8 years charging way way under market value, and now I’m not.
Battering landlords will definitely fix it, absolutely no doubt in my mind whatsoever, 100%
No argument on that.
21 people competing for every rental property as supply remains a major problem for renters’, pushing rents higher | Today's Conveyancer
21 people competing for every rental property as supply remains a major problem for renters’, pushing rents higher: Zoopla has released its latest Rental Market Report, revealing a continued mis-match between supply and demand which has seen rental properties 24 per cent
todaysconveyancer.co.uk
So things have got considerably worse over the last few years, even though demand has weakened (from when I guess is the question?)
So numbers of rentals have increased over the last year, does seem to be some conflicting pointers in this article?
Thanks Starmer!
Well if you were happy with what you were receiving before and have "whacked it up" without knowing what changes are coming, then yea that does sound somewhat personally greedy. We all know house prices and rents are sky high, unrealisticaly so, so using that as a justification for why you *had* to put it up to market rates is a bit weak.
As with any business, all LL's have different overheads, so don't actually need to charge the same amounts.
The only thing that will fix the housing, and thus rental market, is increasing supply, which would bring prices down anyway and then potentially reducing the demand for rentals anyway as more people can buy.
So suck it up, take it on the chin and realise we are in a good enough position to pay some more tax that the country needs, even if that is more CGT so we get less of the equity someone else has paid for.
Nope, not at all weak, to you maybe.
But true that we don’t know what’s coming but all the signs are there.
I mean what’s this all about?
Yup
We?
More tax needs to be raised, they had to promise to not raise it on PAYE taxes (personally that was a mistake imo, but something they had to do for electioneering purposes else the right wing rags would have been frothing to high heaven about it before the election) so it has to come from somewhere.
Like I said before, everyone knows that and is ok with it, as long as it comes from everyone else and not them.
We, yes, the people who are lucky enough to have extra properties.