James Charles
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Michaella Waldren, 23, has spent the past three months calling estate agents and combing the internet for a home to rent with her 26-year-old boyfriend, Chris Maclean.
After dozens of disappointing viewings the couple had almost given up hope of finding any place at all. Finally they hit upon a one-bedroom flat in Tooting Bec, South London, last week. They will be paying £315 a week, £15 a week more than they had planned to spend.
“We called 15 estate agents in a week and only three would call us back. The agents I got through to told me they just didn't have any properties on their books,” she said.
One agent told Miss Waldren that at least 60 per cent of rental leases were being renewed, so no new properties were coming on to the market.
Miss Waldren, a PR executive, and Mr Maclean, an energy consultant, spent their lunch hours and evenings trawling websites to try to keep ahead of London's lightning-fast rental market. “Everything moves so quickly,” Miss Waldren said. “It's such a stressful market at the moment. As soon as a new flat appeared on an estate agent's website, it would be gone.”
They have now paid a £300 holding deposit on their “one and a bit” bedroom flat and will soon be signing an 18-month lease. They will move in August. “It was very difficult trying to find a property so far in advance because estate agents give priority to people with just days to go on their lease. But I really didn't want to leave it that late,” she said.
Miss Waldren will not be buying a flat in the foreseeable future, preferring the flexibility of renting. None of her friends owns a home. “Renting is the best option for me. House prices are too expensive for me to get a place of my own and mortgage rates make renting a cheaper option,” she said.
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I am confused. I live near that area, but on a safer side with great transport links. I pay less and had no problem finding a flat. They must be very unlucky.
Trevor, South east,
ARLA press release 10 June 2008: "Overall, the proportion of agents reporting more tenants than there are properties available to rent remains at a historically high level of 39%. However, average weighted rents for houses are down by 7% and for flats by 9%."
Roderick Random, London, UK
I think that they were ripped off. It's possible to find a 2 double bedroom property for around £300 per week furthur north than Tooting Bec within South London.
Angela, London, UK
What rot, rent is cheaper because of silly house prices not mortgage rates. The rates are perfectly reasonable. Its the money for nothing mindset that caused the problem in the first place.
I certainly had no problem finding a place and the amount of rentals has doubled in the last 2 months (NI).
Tony, Belfast,
So it's June and they have only just managed to find somewhere to move into in August. Shocker! Not. Given that most tenancies required at most two months notice from landlord or tenant this is precisely what would be expected. It says nothing about the "scarcity" or otherwise of rental property.
Dom, Ealing , London
Funny this as I have not been able to rent my 1 bed in Shad Thames SE1 very easily at all for about the same price.
John Levine, London,
A very odd and misleading article, especially when it was timed to come out on the same day that the ARLA (Association of Residential Letting Agents) issued a report that shows that rents are only just keeping up with inflation.
roger, Tunbridge wells, UK
Tina, I fully agree with your comments.
Remember though, those in the UK are used to being ripped off across the board.
Give me Dússeldorf anyday, a much higher quality of life, money in my pocket to spend down the Altstadt, rather than live in poverty in overcrowded and expensive UK
Gareth Jones, Dusseldorf, Germany
Don't worry renters - your rent is a direct function of your income/ affordability - unlike house prices which are a function of how much you can borrow over 35+ years - therefore rents have a ceiling. Soon, the rental market will be flooded with those overpriced properties nobody wants to buy!
Marie, Dublin, Ireland
Too many immigrants in this Country. Expel them and you would see rents drop immediately as they are pushing up prices by renting homes that should be going to UK citizens.
Steve, London, UK
Weird. They can have a big 2-bed 2-bath flat right next to mine if they want, for that price. Zone 2, near London Bridge, been on the market for a month now.
John, London,
No wonder it took this couple so long to find a flat if they depended on viewing websites to find suitable properties. The best properties often don't make it onto a website. Try calling and meeting the agent so they know you're serious and keep you in mind when something suitable turns up.
Mike, London,
Mike are you insane? you will never in your lifetime see rents of £200 a month or discounts of 62.5%. Post sensible comments not what you woke up dreaming.
mark connelly, surbiton, england
To Tina simple this is England the rich get richer and the poor ether starve or frezze to death, this is New England thanks to New Labour.
MR W Jones, Liverpool, England
Tina makes a good point and it could soon come to pass. Rents as well as house prices are falling and there is a huge oversupply of flats. Not long before a once £240k 2 bed flat is selling for £90k and renting for £200 pm.
Mike Livingstone, Reigate, UK
Why don't the British reform their housing market? I pay £200 a MONTH for a one-bedroomed flat - including water, rates, the lady that cleans the stairwell, cellar space, bike shed, use of garden, bin men... I just have to pay the electricity bill separately.
No wonder the British are so stressed.
Tina, Dusseldorf, Germany
"One agent told Miss Waldren that at least 60 per cent of rental leases were being renewed, so no new properties were coming on to the market." Sounds like 40% should be coming onto the market then?
Don't worry renters - just a bit of short term pain. Things will change for the better very soon.
Matt, Sydney, Australia