You can probably guess my views on those who earn income from property vs those who have no choice but to privately rent.
My letting agent just sent me this...
- Thread starter sheothebudworths
- Start date
You can probably guess my views on those who earn income from property vs those who have no choice but to privately rent.
It’s also how gentrification works. I don’t suppose the community matters to the landlord, only what can be leeched out of the purchase of their investment.
keybored
Well done. You remember cat good.
Trouble is, a lick of paint and some mug probably will pay it and moving home after being settled for 10 years is massive upheaval.
mauvais
on reddit or something
If you were to buy it today, as a normal human being, with a mortgage and an average kind of deposit and 25 year term, it would probably cost you about the same a month except only about £250 would be money to the bank and the other £1k+ would be building up equity.
If you were to buy it or really, bet on it, as a BTL twat, on a similar but interest only mortgage, you would pay maybe £400 a month to the bank, no further money except upkeep, and at the end of that loan if you sold you would also make £???k in cash from the increase in property value.
The economics of it are appalling.
What?
Edit: I’m trying to think out how this could be the case.
If taking out the top 10% would have this impact; then (surely) so would leaving the top 10% intact whilst taking out the fourth 10% instead.
Edit2: unless you meant mean?
mauvais
on reddit or something
Take away the top 10% (might be wrong about this detail in particular) and the average income supposedly goes from about £26k to £13k.
Edit: possibly it's the mean, I've lost what little grip I once had on statistical averages tbh
Tooter
Well-Known Member
Still no reason not to have a look and see what is about, turn it on its head.....you could end up in a better home for that kind of cash.
Feel for you though, a horrible situation to be in...those prices just seem massively over inflated and widespread. Lots of people trying to make money of the back of others and it's only going to get worse I wouldn't be able to afford to live in Brighton by the looks of it....
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sheothebudworths
Up the bum - no babies!!!
This is so easy to say (we're all in agreement, tbf).
sheothebudworths
Up the bum - no babies!!!
I say that but this might be my son moving on and I don't think any of us are ready for that (or the impact it might have). I'm really angry.
Ted Striker
Foot's on the other hand
Thimble Queen
Called away to another place
That's so shit. What a bunch of cheeky cunts. Sorry you are having to deal with his sheothebudworths x
crossthebreeze
Well-Known Member
But why should they - why should anyone? Its pretty obvious that we're not talking about a luxury penthouse flat or a 5 bedroom detached house with a big garden (though there's far too many of those kind of properties being built and so they're part of the problem). Why should there be no link between rent for average housing and average earnings?
and sheothebudworths sorry you're having to deal with this. It must be really stressful.
There should be, but then the problem is who decides the averages in the private rental market. What’s happened here is the scumbags have decided to bump the rent by over 30% and there’s probably no recourse to stop them doing it. What’s needed is a maximum allowable cap on rent increases.
DaveCinzano
WATCH OUT, GEORGE, HE'S GOT A SCREWDRIVER!
Using landlord maths, that should only take nine months
DaveCinzano
WATCH OUT, GEORGE, HE'S GOT A SCREWDRIVER!
What do you plan spending your windfall on?...he called me earlier to tell me there was 'good news and bad news'.
The bad news is that my poor landlord has 'modern costs' to pay, so while he has been fucking ace and only charged me a pissy grand a month for ten years, while the house fell apart around us - what a star- they've served me with a S13 order and my rent is due to increase to £1350.
They have randomly decided that the (made up) 'market rent' is actually £1450 but they're giving me a discount. KIND.
Anyway, fuck that, this is the good news (they actually said 'there's good news and there's bad news', then told me this bit first, too).
View attachment 131078
We were going to having a spring onion omelette and toast for dinner today but then I found out I'm 25 grand better off than I knew I was, so we had a takeaway and I'm tucking right into the wine bought cos it was on a 25% off offer.
Fucking diamonds <3
cupid_stunt
Chief seagull hater & farmerbarleymow's nemesis.
This is something I've been half expecting to happen to me, gutted it has happened to you, sheothebudworths. 
I am renting for another year, and my rent is about £300 pm under the market rents locally, I was expecting an increase last year as it was due for review, but luckily nothing happened. Again I was expecting an increase from April this year, but just got an e-mail asking me to confirm I was happy with my rental agreement to roll over again, bloody lucky!
Although I am renting direct, from a very reasonable couple, so I doubt they would have hit me with anything like that increase, which IMO should be illegal.
I would be inclined, as others have suggested, to see if there's room for negotiation, although that could be difficult with a bloody agent.
I am renting for another year, and my rent is about £300 pm under the market rents locally, I was expecting an increase last year as it was due for review, but luckily nothing happened. Again I was expecting an increase from April this year, but just got an e-mail asking me to confirm I was happy with my rental agreement to roll over again, bloody lucky!
Although I am renting direct, from a very reasonable couple, so I doubt they would have hit me with anything like that increase, which IMO should be illegal.
I would be inclined, as others have suggested, to see if there's room for negotiation, although that could be difficult with a bloody agent.
pseudonarcissus
fluttering and dancing
It’s not luck. If you’re a good tennent that looks after the place and pays on time the landlord is lucky to have you. Their costs aren’t going up much with mortgage rates where they are. They don’t loose 12% to an agent, they don’t loose a month each time a tennent moves out.This is something I've been half expecting to happen to me, gutted it has happened to you, sheothebudworths.
I am renting for another year, and my rent is about £300 pm under the market rents locally, I was expecting an increase last year as it was due for review, but luckily nothing happened. Again I was expecting an increase from April this year, but just got an e-mail asking me to confirm I was happy with my rental agreement to roll over again, bloody lucky!
Although I am renting direct, from a very reasonable couple, so I doubt they would have hit me with anything like that increase, which IMO should be illegal.
I’m about to move overseas and rent my place out. It was interesting speaking to an agent who suggested they would recommend putting the rent up a little every year...you pay up to avoid the hassle of moving. I have neighbours moving in at a fair rent, splitting the agent fee, and I wouldn’t expect to put the rent up unless the service charges go crazy.
I rented from a charity for three years. They put a nominal increase in each year, it was supposed to be roughly in line with inflation but it never seemed to be that much. Say £30 each year (per year not month), on a rent of a grand a month I thought that was OK. In fairness they were a pretty decent landlord as well as they had full time maintenance guys who would come out at the drop of a hat if anything went wrong.
The rent rise in the OP would be hilarious if it wasn't so serious. The fact they got some 16 year old trainee to knock up that pathetic spreadsheet just shows they know its a steaming pile of crap. If it was me I would ask them to justify why the property is worth so much more this year than last, the other years don't matter for shit as it was they that set the rate. What are they proposing to do to the property to make it 30% better then this time last year? If they can't justify that then offer them what you think is fair.
Just a thought, but do you think they want you out? It sounds like the house is due a refurb anyway?
The rent rise in the OP would be hilarious if it wasn't so serious. The fact they got some 16 year old trainee to knock up that pathetic spreadsheet just shows they know its a steaming pile of crap. If it was me I would ask them to justify why the property is worth so much more this year than last, the other years don't matter for shit as it was they that set the rate. What are they proposing to do to the property to make it 30% better then this time last year? If they can't justify that then offer them what you think is fair.
Just a thought, but do you think they want you out? It sounds like the house is due a refurb anyway?
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This was my thought. Either that or there’s genuinely been an oversight and that’s what the market rates should have been, in which case a tribunal won’t help.
Have you checked out rents for similar properties in the area, Sheo?
Athos
Well-Known Member
I'd file the application to the tribunal, then write a 'without prejudice' letter to the landlord explaining that I intend to pursue that challange, including requesting an oral hearing, property visit, and appeal if necessary, and pointing out that, since he won't recover his costs even if successful, it might be in his intetests to agree a lesser figure. And then make an offer of a smaller increase, pointing out that you would pay that immediately, whereas, if you you go down the tribunal route you're entitled to pay at your current rate until the trivial decision, which could be some time (he might not know you'd likely have to pay the arrears). I'd also draw attention to similar properties that are priced lower, and explain that I will draw the tribunal's attention to the unreasonableness of a 30% increase. At the same time, I'd be pointing out any repair issues with the place, and asking that they be addressed immediately. I'd also mention the value of a reliable tenant who pays on time and respects the property, and of not having the place stand empty whilst they get new tenants, and and refurbishment that would require. Basically, they're just chancers who'll at least think twice if you make it more grief/cost to pursue.
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mauvais
on reddit or something
Negotiation may be a good idea but you'd need to do so with one eye on the market & trying to see it from a landlord perspective. Underestimate the ability to replace you, and you get served two months' notice. Usual caveats about potentially taking longer to gain possession apply, but it's not particularly helpful.
I think on balance if you do what Athos is suggesting (sorry Athos), which is fairly hostile/aggressive, you're quite likely to be served notice. The underlying message/spirit of it is worthwhile.
I think on balance if you do what Athos is suggesting (sorry Athos), which is fairly hostile/aggressive, you're quite likely to be served notice. The underlying message/spirit of it is worthwhile.
Athos
Well-Known Member
Fair point. You have to be willing to run the risk of being evicted. Didn't say it was good advice, just what I'd do - I am hostile and aggressive!
mauvais
on reddit or something
Me too, but unfortunately in these relationships the landlords hold the power. Certainly there is some risk of a void, and risks associated with an unknown tenant, as well as remarketing costs etc, but some landlords won't care, especially ones with lots of properties where this is averaged out. Knowing a bit more about the LL would help judge that. Ultimately there's probably some balance to be struck without much hassle.
IME landlord types very much like to feel like they're winning, rather than on the defensive, so if you see opportunities to construct a narrative around that, it might do you a favour.
IME landlord types very much like to feel like they're winning, rather than on the defensive, so if you see opportunities to construct a narrative around that, it might do you a favour.
Its a very saber rattling and confrontational approach. That being said I think it has its place and would be a trick for sheo to have up her sleeve should they flatly refuse to be reasonable.
wayward bob
i ate all your bees
(((sheo))) (((your boy)))
Athos
Well-Known Member
Sadly, they are winning.
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