Race to rent

So the BBC have obtained some figures showing that Zoopla rental listings are lasting an average of 25 days compared to 35 days in 2019 and have turned this mundane piece of information into this horrendous property ramping article (this also made the six o'clock news).

Message: Quick, get out and rent at any price before you miss the boat!

Translation: We need to create a FOMO so we can raise rents to cover our BTL mortgages.

Renters in race for homes as listing time slashed

https://www.bbc.com/news/articles/cxr33l9dx0yo

"Intense competition between tenants is creating a race to rent as the amount of time listings are up for gets shorter, figures compiled for the BBC show.

Two-bedroom rental homes are listed on Zoopla for an average of 25 days, some 10 days less than the pre-pandemic average, estate agency Savills said.

High demand and a lack of available properties are forcing potential tenants to make an almost immediate decision on whether to apply for a tenancy."

"Renting battle" WTF?????

My colleague who has just found a new rental says its very competitive and she had to put a deposit immediately to secure her room.

Just an anecdote..

8 minutes ago, fellow said:

So the BBC have obtained some figures showing that Zoopla rental listings are lasting an average of 25 days compared to 35 days in 2019 and have turned this mundane piece of information into this horrendous property ramping article (this also made the six o'clock news).

Message: Quick, get out and rent at any price before you miss the boat!

Translation: We need to create a FOMO so we can raise rents to cover our BTL mortgages.

 

Renters in race for homes as listing time slashed

https://www.bbc.com/news/articles/cxr33l9dx0yo

"Intense competition between tenants is creating a race to rent as the amount of time listings are up for gets shorter, figures compiled for the BBC show.

Two-bedroom rental homes are listed on Zoopla for an average of 25 days, some 10 days less than the pre-pandemic average, estate agency Savills said.

High demand and a lack of available properties are forcing potential tenants to make an almost immediate decision on whether to apply for a tenancy."

"Renting battle" WTF?????

it's undoubtedly true, was thinking of moving last year and it is crazy out there (London zone 2 ;))

the answer is to get a job that is largely remote and move further out. living in london and working in an average wage job (basically anything below about 60k-70k) doesn't make any sense, for anyone, at any age, unless you are a "real" Londoner (i.e. born and bred) and your family owns a property.

10 minutes ago, andrewwk said:

it's undoubtedly true, was thinking of moving last year and it is crazy out there (London zone 2 ;))

the answer is to get a job that is largely remote and move further out. living in london and working in an average wage job (basically anything below about 60k-70k) doesn't make any sense, for anyone, at any age, unless you are a "real" Londoner (i.e. born and bred) and your family owns a property.

 

Agree with that..the main reason why I am still here (salary 45k) is because I married a londoner and we lived at his mum's house rent free for years which enabled us to save a deposit.He also earns a lot more than me I.e. 75k. 

Most people I know who are comfortable here also fit that description or have financialbhelp from parents. There are a lot of us! 

It's definitely more competitive. Half of the issue is that most of the rental stock now seems to be on AirBNB.

Just a part of the "everything" bubble really.

Everything is screwed right now. Nothing will improve unless interest rates are rammed up very high to actually break things and allow better days to be built.

I actually feel a bit sorry for people who are financially struggling and have to throw ever-increasing sums of money at landlords. In the US, it's relatively easy to live in a large vehicle and many people do just that. It doesn't work out well in the UK due to everyone living on top of each other and not being able to find nice free park-ups with plenty of space like in the States. If you're in the UK, most people are pretty much shafted if they don't already own a house or are a good way into paying off their mortgage, knowing that there basically is no alternative.

47 minutes ago, Clarky Cat said:

It's definitely more competitive. Half of the issue is that most of the rental stock now seems to be on AirBNB.

Yeah this is a problem. The rental market was always going to take a battering when you import net 700k in one year

1 hour ago, fellow said:

So the BBC have obtained some figures showing that Zoopla rental listings are lasting an average of 25 days compared to 35 days in 2019 and have turned this mundane piece of information into this horrendous property ramping article (this also made the six o'clock news).

Message: Quick, get out and rent at any price before you miss the boat!

Translation: We need to create a FOMO so we can raise rents to cover our BTL mortgages.

 

Renters in race for homes as listing time slashed

https://www.bbc.com/news/articles/cxr33l9dx0yo

"Intense competition between tenants is creating a race to rent as the amount of time listings are up for gets shorter, figures compiled for the BBC show.

Two-bedroom rental homes are listed on Zoopla for an average of 25 days, some 10 days less than the pre-pandemic average, estate agency Savills said.

High demand and a lack of available properties are forcing potential tenants to make an almost immediate decision on whether to apply for a tenancy."

"Renting battle" WTF?????

It is really dire in the rental market across most of the country.

I think your interpretation of the BBC article is misguided though.

They certainly don't need to create a FOMO for the rental market. There are way too many shortages of places to rent for them to need to do that.

The ruling class objective is to get more people buying with mortgages not more people renting. Even better if they can help sell more new builds if only because the biggest donors are house-builders. Persimmon are one of the biggest donors to the Tory party.

Mortgage creation increases the money supply and adds to GDP along with enriching the banks.

Furthermore, it keeps people working harder which helps productivity because if you have a mortgage you will certainly need to be working a lot of hours to make the payments.

Debt empowers government and weakens the citizens. The balance of power sways to the side of government more and more.

They certainly don't want people with time on their hands because not only could they apply their time to what governments are up to but also if they are working less then they are paying less in to the system.

Governments need worker bees.

The rental market will adjust assuming interest rates are not suppressed again.

Will take a few years but these cycles always turn around.

The balance of power will shift the other way to potential renters and away from landlords.

Airbnb is a real issue . I have a team in Athens, mostly young guys and girls . We pay them really good salaries for Athens , yet most have to live 90 mins away … or stick with parents . There are just no rentals or small places to buy as it’s overseas investors cashing in on short term Airbnb lets for tourists. It’s more profitable to be empty 50-60% of the year and rent out in the peak season via Airbnb.  

Normal working people having to run the gauntlet just to get a roof over their heads.

Inhumane.

Terrible for the economy and overall community wellbeing.

A f*cking disgrace. People need locking up for letting this happen.

1 hour ago, The Angry Capitalist said:

Furthermore, it keeps people working harder which helps productivity because if you have a mortgage you will certainly need to be working a lot of hours to make the payments.

Is that true?

I don't see the current housing situation as beneficial for productivity. We need worker mobility for a start which can only happen with affordable housing.

2 hours ago, fellow said:

So the BBC have obtained some figures showing that Zoopla rental listings are lasting an average of 25 days compared to 35 days in 2019 and have turned this mundane piece of information into this horrendous property ramping article (this also made the six o'clock news).

Message: Quick, get out and rent at any price before you miss the boat!

Translation: We need to create a FOMO so we can raise rents to cover our BTL mortgages.

 

Renters in race for homes as listing time slashed

https://www.bbc.com/news/articles/cxr33l9dx0yo

"Intense competition between tenants is creating a race to rent as the amount of time listings are up for gets shorter, figures compiled for the BBC show.

Two-bedroom rental homes are listed on Zoopla for an average of 25 days, some 10 days less than the pre-pandemic average, estate agency Savills said.

High demand and a lack of available properties are forcing potential tenants to make an almost immediate decision on whether to apply for a tenancy."

"Renting battle" WTF?????

Genuine question - have you ever rented anything in the South East?

About eight years ago I went out looking for a place to rent with my then girlfriend. Turned up on the only evening they'd do a viewing and we were able to meet a bunch of others all looking at the same first floor maisonette in dire need of a makeover only to be told they'd already had an 'offer' of the asking rent so if we wanted it we'd have to go over. 

Eight years ago. Given the withdrawal of landlords from the market (good), the lack of building (bad) and the enormous immigration rates (bad for housing pressures) I can only imagine how bad things are now. 

You think UK is bad? Most of the rest of the world would pay a pretty high price to swap places. 

8 minutes ago, sta100 said:

Is that true?

I don't see the current housing situation as beneficial for productivity. We need worker mobility for a start which can only happen with affordable housing.

I've had a similar view for many years now. It's not so much productivity as paying tax. If you've a large mortgage retirement is a long way off and you'll work hard to earn more to clear the mortgage. 

Turn the question around from the people wanting low housing costs. Who wins from high housing costs? People might argue down sizers, Boomers, BTL and this is true to an extent but Boomers wont realise that wealth until they need care or die. Either way it suits the government. Care costs are lower if you're paying for it and inheritance taxes generate some money. Then you've got everything else (pretty much everything else) which is people either paying rent or a huge mortgage for years and years. 

If, in an ideal world, someone gives you a freehold house. Would you work as hard? I think I could easily get by on £30K a year. I would not have bothered with uni or becoming chartered or working so hard in jobs that are interesting but not so fulfilling. I'd be a gardener perhaps, or something physical and self employed. 

That's just me. 

I agree with you on worker mobility. Need to ensure the right workers are able to move around for the right work and make that moving around cheaper. 

3 minutes ago, Unmoderated said:

If, in an ideal world, someone gives you a freehold house. Would you work as hard?

Plenty of people who are very wealthy that could stop, don't.

There's a flipside to this, in an ideal world someone gives you a freehold house would you want to contribute more to the caring community that gave you it rather than just thinking about your retirement and resenting your job?

30 minutes ago, sta100 said:

Normal working people having to run the gauntlet just to get a roof over their heads.

Inhumane.

Terrible for the economy and overall community wellbeing.

A f*cking disgrace. People need locking up for letting this happen.

100% agree.  The UK is now a disgusting country full of complete r3tards........and it's getting more r3tarded by the day.

10 minutes ago, sta100 said:

Plenty of people who are very wealthy that could stop, don't.

There's a flipside to this, in an ideal world someone gives you a freehold house would you want to contribute more to the caring community that gave you it rather than just thinking about your retirement and resenting your job?

Those people tend to be wealthy because they just can't stop working in the first place. They're fairly few and far between though. 

I don't resent my job. I quite enjoy it but it's just a job and I'd rather be doing other things. I am pretty sure in societies structured around giving people things up front and relying on their good nature to repay that debt things go south pretty quickly. 

Most of the people I know who come from very wealthy backgrounds have made a mediocre effort at best. Several have done the exact opposite. Very little effort, part time self employment doing fairly basic but niche jobs, all the benefits of any other citizen but make extremely low contributions. QED a system that gives people things makes them entitled and lazy. See also welfare and triple lock. 

2 minutes ago, Social Justice League said:

100% agree.  The UK is now a disgusting country full of complete r3tards........and it's getting more r3tarded by the day.

You make you point well. Evidently. 

Just now, Unmoderated said:

Those people tend to be wealthy because they just can't stop working in the first place. They're fairly few and far between though. 

I don't resent my job. I quite enjoy it but it's just a job and I'd rather be doing other things. I am pretty sure in societies structured around giving people things up front and relying on their good nature to repay that debt things go south pretty quickly. 

Most of the people I know who come from very wealthy backgrounds have made a mediocre effort at best. Several have done the exact opposite. Very little effort, part time self employment doing fairly basic but niche jobs, all the benefits of any other citizen but make extremely low contributions. QED a system that gives people things makes them entitled and lazy. See also welfare and triple lock. 

I'm pretty sure when we had cheaper housing and a better societal contract productivity increased YOY whereas it's been stagnant for a long time now.

28 minutes ago, Unmoderated said:

I've had a similar view for many years now. It's not so much productivity as paying tax. If you've a large mortgage retirement is a long way off and you'll work hard to earn more to clear the mortgage. 

Turn the question around from the people wanting low housing costs. Who wins from high housing costs? People might argue down sizers, Boomers, BTL and this is true to an extent but Boomers wont realise that wealth until they need care or die. Either way it suits the government. Care costs are lower if you're paying for it and inheritance taxes generate some money. Then you've got everything else (pretty much everything else) which is people either paying rent or a huge mortgage for years and years. 

If, in an ideal world, someone gives you a freehold house. Would you work as hard? I think I could easily get by on £30K a year. I would not have bothered with uni or becoming chartered or working so hard in jobs that are interesting but not so fulfilling. I'd be a gardener perhaps, or something physical and self employed. 

That's just me. 

I agree with you on worker mobility. Need to ensure the right workers are able to move around for the right work and make that moving around cheaper. 

Lol that's what my friend who got a freehold housen in london given to him did.  It was 1 bed and 280k  (in 2017) and in dire need of makeover (he did a lot himself).. He is mortgage free and works as a gardener. Doesn't even earn enough to pay income tax but he gets by,  no problems paying for food or bills,  cycles everywhere. He mainly does weeding, I think.

4 minutes ago, Social Justice League said:

100% agree.  The UK is now a disgusting country full of complete r3tards........and it's getting more r3tarded by the day.

The first time I started noticing the decline of the UK was within a year or so of Blair getting in. Things have got progressively worse since.

For the most part, the UK is a toxic dump with a diseased culture. There isn't much productivity because much of the population doesn't have anything worthwhile to offer apart from scamming and grifting.

12 minutes ago, sta100 said:

I'm pretty sure when we had cheaper housing and a better societal contract productivity increased YOY whereas it's been stagnant for a long time now.

 

 

People can't be arsed with anything anymore. Even people with fully paid off houses and no debt are sick to the back teeth of what the country stands for.

Just now, Dreamcasting said:

People can't be arsed with anything anymore. Even people with fully paid off houses and no debt are sick to the back teeth of what the country stands for.

Yeah I'm one of them. Even with a paid off house get sick and you've got the NHS to contend with.

I saw the light aged 35, "retired", and became a landlord.

My rental income just went up 25% last month. Thanks Jeremy !

I pay negligible tax and NI. I live off the teat of the State, and some other tax-free investments. If you can't beat 'em, join 'em...

I long ago decided I would no longer contribute to the clown show UK failed state, where I am scorned and vilified for being indigenous British, and told to "apologise" etc., for stuff neither I or my ancestors ever did...

Looking to emigrate in the next few years, and spend my golden years in an almost tax-free jurisdiction. (maybe Cyprus).

5 hours ago, sta100 said:

I'm pretty sure when we had cheaper housing and a better societal contract productivity increased YOY whereas it's been stagnant for a long time now.

 

I tend to agree with this, not everyone is the same but if own a home outright having paid for it or been gifted it will consider retirement or reducing hours earlier......young people living at home for longer because of high cost of housing, people deciding not to have children or only one or two children....Those young adults now have no hope in ever buying so have no incentive to work harder to obtain something that today is completely out of their reach.

6 hours ago, sta100 said:

Is that true?

I don't see the current housing situation as beneficial for productivity. We need worker mobility for a start which can only happen with affordable housing.

There's merit to what you say.

Social mobility is very important and we have a big problem with that at the moment.

Generally, people who get mortgages will stay in that property for a good number of years and only move if circumstances significantly change.

Furthermore, if they do move they will most likely still carry on their previous mortgage onto a new property.

However, the current situation was caused by money printing which has distorted the market.

If/when interest rates normalize without going back to QE that problem should be eradicated.

If house prices are in line with average wage we have minimal problems.

Social mobility will be a problem for a good few years until the market adjusts.