Stebbil Posted November 11, 2008 Share Posted November 11, 2008 Hi all Just thought i would see your opinions on this. If the housing market is currently stuffed, does this mean that more people are renting? If this is the case, then are rents going up or have things stayed static? Surely, people still want to live somewhere and if they cannot afford the deposit for the mortgage (and frankly dont actually want to buy at the minute) then they will rent -thus pushing up the rental costs due to demand. OR, are people moving back in with their parents? OR is it a case of properties not being filled due to people losing jobs in the city etc? Any feedback by people who know more than I would be very welcommed. Best wishes John Link to comment Share on other sites More sharing options...
Tricky Posted November 11, 2008 Share Posted November 11, 2008 Well, ask yourself this, 'Was the rental market really depressed while house prices were going through the roof?' Link to comment Share on other sites More sharing options...
Stebbil Posted November 11, 2008 Author Share Posted November 11, 2008 I dont know - hence the point of the thread Link to comment Share on other sites More sharing options...
vinceb Posted November 11, 2008 Share Posted November 11, 2008 No, quite the opposite. Rents are going down, apparently because of over-supply: http://www.guardian.co.uk/money/2008/nov/02/renting-property Even before the downturn there were a lot of rental properties out there, and now there's more as people who had wanted to sell their house find they can't and are apparently trying renting it out instead. Vince Link to comment Share on other sites More sharing options...
Charlotte_24 Posted November 11, 2008 Share Posted November 11, 2008 I'd agree with that, there is a definite drop in rental prices due to the huge amount of property available for rent now. Link to comment Share on other sites More sharing options...
Square-Bashe Posted November 11, 2008 Share Posted November 11, 2008 I think that it is dependant on where you are looking. In the city centre there have been a lot of rental property coming on to the rental market therefore over supply whereas in the areas surrounding the city there is less likely to be that sort of over supply and therefore prices have remained stable. I wouldnt think that they would have increased or decreased too much but have remained reasonably stable. Link to comment Share on other sites More sharing options...
nickyboyzuk Posted November 11, 2008 Share Posted November 11, 2008 All you can really say is that the rental market is better than the housing market at the moment. There are still plenty of appartments and houses available to rent at the moment, however the buy to let landlords are all now really feeling the squeeze. As we move further in to a rather long and painful recession, more people will lose their jobs and therefore won't be able to pay their private rent (let alone a mortgage). This means the rental market is destined to fall in the coming months. Link to comment Share on other sites More sharing options...
Stebbil Posted November 11, 2008 Author Share Posted November 11, 2008 Brilliant So you are telling me that not only can i not sell my apartment, i cant let it out either? I am so pleased that when i bought it 3 years ago everyone said "its always better to get on the housing ladder rather than throwing away money to a landlord". If i had rented then I would still have my deposit AND would be able to move into a house and start a family with my wife. Cant do that now. Absolutely <removed> typical!!!!!!!!! :( Link to comment Share on other sites More sharing options...
nickyboyzuk Posted November 11, 2008 Share Posted November 11, 2008 You can sell your apartment without a problem. You just have to sell it at a price at which people are willing to pay. In Crookes we have plenty of property to rent with at least 2-3 properties in most roads. My advice for anyone is to save as much money as you can and hope you don't lose your job. With the governments plans to tax cut, increase spending and interest rate cut it's way out of this recession, if this fails (which I sadly think it will) we are heading for a depression. Brilliant So you are telling me that not only can i not sell my apartment, i cant let it out either? I am so pleased that when i bought it 3 years ago everyone said "its always better to get on the housing ladder rather than throwing away money to a landlord". If i had rented then I would still have my deposit AND would be able to move into a house and start a family with my wife. Cant do that now. Absolutely <removed> typical!!!!!!!!! :( Link to comment Share on other sites More sharing options...
pete_jim Posted November 12, 2008 Share Posted November 12, 2008 Rents HAVE gone up on certain types of property, you cannot generalise and say that rents are falling in every case. We have a one bedroomed flat (above a shop) which we let in the Abbeydale area and let it just over a year ago at £435pcm. A friend has just moved into a one bedroomed flat about 500mtrs away, smaller and not a 'seperate' flat but part of a conversion of a house. I helped them look at loads of properties in the area and we did well to get this one at £485pcm (same rental terms). Thus we can deduce that good quality one bedroomed flats in the Abbeydale area have seen a rise in the amount they are rented for. Link to comment Share on other sites More sharing options...
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