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Rental nightmare in coastal Cornwall (and coastal Devon, IoW)


Frank Hovis
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Frank Hovis
22 hours ago, Green Devil said:

19,200 per year dead money to line the pocket of some LL scum. Thats 25k (min) your income before tax, gone. FFS.

The housing system is broken. 

What's the value of the house though?  I would guess £600k - £700k so maybe 3% yield.

If you have £700k so could buy it you will easily get a 5% yield plus capital growth in S&S ISA.

Making you £15k up in revenue terms over your landlord annually.

I know this was the Jonathan Davies argument but it does work; though I would still be buying outright if I had that sort of money purely for the peace of mind.

What it isn't is "dead money" unless, per the rental threads, you are stuck on a rental cycle like a hamster on a wheel never going anywher and whatever you earn simply goes out again.

This was how the Victorian factory worker's life was described; all the family had to start earning as soon as possible because they needed to keep feeding the hungry monster that was the rented house and hope to have enough left over for food.

Effectively all of their efforts were simply to pay money across to their landlord.

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wherebee
17 minutes ago, Frank Hovis said:

This was how the Victorian factory worker's life was described; all the family had to start earning as soon as possible because they needed to keep feeding the hungry monster that was the rented house and hope to have enough left over for food.

Effectively all of their efforts were simply to pay money across to their landlord.

This is what really fucks me off about the modern progressives, woke, and student grant cunts.  They have no idea that for 95% of british people, the past was really, really shit before about 1950.  And we only had change because we held the 1% accountable and fought for things such as council housing, voting, legal aid.


And the cunts have fallen for the globalist propaganda and have destroyed it all in two generations.  I guarantee in 30 years, most families in the UK will once against be in that position - no assets, just enough for day to day, one accident away from disaster.

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Don Coglione
15 minutes ago, Frank Hovis said:

What's the value of the house though?  I would guess £600k - £700k so maybe 3% yield.

If you have £700k so could buy it you will easily get a 5% yield plus capital growth in S&S ISA.

Making you £15k up in revenue terms over your landlord annually.

I know this was the Jonathan Davies argument but it does work; though I would still be buying outright if I had that sort of money purely for the peace of mind.

What it isn't is "dead money" unless, per the rental threads, you are stuck on a rental cycle like a hamster on a wheel never going anywher and whatever you earn simply goes out again.

This was how the Victorian factory worker's life was described; all the family had to start earning as soon as possible because they needed to keep feeding the hungry monster that was the rented house and hope to have enough left over for food.

Effectively all of their efforts were simply to pay money across to their landlord.

The value of the house in question is £400k-£425k, I would say, so nearer 5% gross yield, up from the sub-4% we were paying until just a few short months ago. 

It is the rate of increase that shocked me, especially for such a mediocre property. For 20 grand a year, I would want something pretty special, bearing in mind we are talking rural Wiltshire, not central London.

Over the last 20 years, I have rented for longer than I have owned property and have always been quite comfortable with the concept. These recent rent hikes make me far less comfortable (hence buying recently).

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Frank Hovis
On 11/05/2021 at 12:05, Frank Hovis said:

And again.  First was 24 April, penultimate 1 May.

 

Total rentals in all of Cornwall: 125 -> 112 -> 88 -> 75

Of which three bed or more: 63 -> 53 -> 36 -> 27

Of which £1,000 per month or less (ignoring house share): 19 -> 13 -> 6 -> 5

 

The last category are all now in east Cornwall: St Blazey Gate, Bodmin, Looe, St Austell, St Stephen.  The St Austell house is fully booked for vieiwing so that's effectively four in a county with a population of 568k per wiki.  Or one per every 142,000 head of population.

I'm aware that not all rental listings will appear on Rightmove but reports have featured independent lettings agents which say rental properties are going almost as soon as they are advertised.

 

The next cheapest are £1,315 in Penryn and then £1,400 in Newquay.  The family of four featured on the radio had been paying IIRC £780 in Newquay.

https://www.rightmove.co.uk/property-to-rent/find.html?locationIdentifier=REGION^61294&minBedrooms=3&maxPrice=1000&sortType=1&propertyTypes=&includeLetAgreed=false&mustHave=&dontShow=&furnishTypes=&keywords=

 

One week on:

Total rentals in all of Cornwall: 125 -> 112 -> 88 -> 75 -> 74

Of which three bed or more: 63 -> 53 -> 36 -> 27 -> 30

Of which £1,000 per month or less (ignoring house share): 19 -> 13 -> 6 -> 5 -> 5

(7 returned but two fully booked for viewing so you can't have them, one is s106 local connection in Gunnislake but that's fine if you're in Gunnislake so I've left it in).

It has at least stabilised for a week.

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Hardhat
On 15/05/2021 at 14:35, BWW said:

Article in Islington gazette from John mcdonnell, abbott and 75 others this week demanding that evictions are completely banned until 2022. Currently evictions possible for asbo conviction or 6 mo arrears apparently.

They also think arrears should be forgiven.

If anyone here had unused accommodation and no financial imperative that forces them to become a ll, would you leave it empty or rent it out?

Max deposit 1mo. Not sure if 6mo upfront is legal but even then after 6mo tenant can live another 6mo free and ll is powerless.

Someone else made the point on here or perhaps TOS that protecting BTL landlords isn't really in the interests of either party. There are too few of them to make a meaningful vote difference, and there are way more voters who dislike them or see them as parasites. The tories would rather have owner occupiers, Labour would rather have social housing. Landlords won't see much support from politicians.

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7 hours ago, Hardhat said:

Someone else made the point on here or perhaps TOS that protecting BTL landlords isn't really in the interests of either party. There are too few of them to make a meaningful vote difference, and there are way more voters who dislike them or see them as parasites. The tories would rather have owner occupiers, Labour would rather have social housing. Landlords won't see much support from politicians.

Not about protecting LLs, about a system where more accomodation will be available to tenants.

Discouraging someone with empty property from renting it out by making a system where a tenant can live there for free and trash the place resulting in that property sitting empty costs the LL a bit of dosh, but [some of] the tenants end up with nowhere of their own to live [what this thread is about].

Carry over from TOS that many here believe all LLs are Shazza from daan the hairdressers with a 135% loan. Many LLs own outright and given the current restrictions will think twice about whether they want tenants. Many rent an extra space in their own house and don't really have to.

The no-chucking-out-asbos-and non-payers rule IMO hurts tenants [as a group] more than LLs.

But you're right politicians won't be interested, they don't want to support tenants in a practical way either. Even labour is more interested in filling the pockets of all those mates with snouts in the social housing biznizz trough.

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7 hours ago, Don Coglione said:

The value of the house in question is £400k-£425k, I would say, so nearer 5% gross yield, up from the sub-4% we were paying until just a few short months ago. 

The value of a house

Bricks+

Cement+

Wood+

Wiring+

Tiles+

Land+

Labour+

=???

The majority of the cost of the house is purely greed, manipulation, money printing and ability to borrow multiples increasing..

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Chewing Grass
3 minutes ago, macca said:

The value of a house

Bricks+

Cement+

Wood+

Wiring+

Tiles+

Land+

Labour+

=???

The majority of the cost of the house is purely greed, manipulation, money printing and ability to borrow multiples increasing..

Its value is also highly transient under adverse circumstances, see New Cumnock, Ayrshire as a good example.

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Chewing Grass
8 hours ago, wherebee said:

This is what really fucks me off about the modern progressives, woke, and student grant cunts.  They have no idea that for 95% of british people, the past was really, really shit before about 1950.  And we only had change because we held the 1% accountable and fought for things such as council housing, voting, legal aid.


And the cunts have fallen for the globalist propaganda and have destroyed it all in two generations.  I guarantee in 30 years, most families in the UK will once against be in that position - no assets, just enough for day to day, one accident away from disaster.

100%, plus Britain ticked along industrially through the 1950s due to materials shortages (steel etc) that meant we couldn't fulfil export orders and so lost ground to the USA & Japan. Things improved in the 1960s but people expected more after the previous 20 years and the unions flexed their muscles leading to the miners strikes, oil crisis and 3 day week.

Britain was knackered through the 1970s and this manifested itself culturally with Punk finishing off Glam-Rock.

Interest rates climbed to double their previous levels and jobs evaporated.

1980 arrived and a mini boom started, credit restrictions were eased (mortgages) and an orgy of house buying erupted with everyone expecting to buy a house and on historical evidence the repayments being fuck-all after 5 or 6 years (mid 1970s).

This didn't happen, houses just doubled in price between 1987 & 1988 and by 1989/90 your interest rate doubled on your shiny new mortgage (or old one).

The mid 90s to mid 2000s then returned to business as usual with the added twist of education, education, education at your own expense so you could study any old non-productive shit to keep youth unemployment down.

By 2006 in reality most people are now living in houses they couldn't afford from the jobs and wages they earned.

2008 Boom, shit hits the fan courtesy of similar things in the USA, interest rates tank, loan costs tumble and everyone in the UK can now 'afford' to pay more for the same (houses).

2008 to Now, nothing significant happens because it can't, more kids go to Uni, people start buying expensive coffee in paper cups, the designer dog (Labradoodle) is born and Women turn Orange, Pull their Eyebrows Out and think having Swollen Lips like a beaten fanny is sexy.

Have I missed anything out?

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Don Coglione

The thing that the hpc retards ( @TheCountOfNowhere ) haven't understood is that, historically, over hundreds of years, property has been unaffordable to the average Joe. The period from 1950 to, say, 2000-and-something, was a historical anomaly. My father was one of a family of eight, growing up in a 3 bedroom home. This was not atypical. How many Victorian or Edwardian workers bought their own homes? 

It may be shit, but this has been the way of the world for centuries. Our parents' generation lucked out, but reversion to the norm means our children's generation will not share the same good fortune.

You will own nothing and be happy - Welcome to the new boss, same as the old boss.

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Frank Hovis
1 hour ago, macca said:

The value of a house

Bricks+

Cement+

Wood+

Wiring+

Tiles+

Land+

Labour+

=???

The majority of the cost of the house is purely greed, manipulation, money printing and ability to borrow multiples increasing..

 

A reasonably sized three bed semi of decent construction costs about £160k to build (materials, labour, costs of having the site open).

Cheap mass market builders would probably bring it in for £110k - £120k on a big site.

Add maybe £50k for land.

The rest is simple demand, fuelled by unbelievably cheap lines of credit, exceeding supply.

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Chewing Grass
5 minutes ago, Frank Hovis said:

The rest is simple demand, fuelled by unbelievably cheap lines of credit, exceeding supply.

Don't forget all the liberated women slaving away so the family can afford to pay more for the same.

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Frank Hovis
4 minutes ago, Chewing Grass said:

Don't forget all the liberated women slaving away so the family can afford to pay more for the same.

Yes, the women I worked with in their fifties who were facing working until 65 were just so grateful that the 70s feminists had fought that long battle for the sisters that meant they had no choice but to spend the best 45 years of their lives chained to a desk.

I think if any one of them ever gains access to a time machine and a gun then they will travel back in time and shoot Germaine Greer.

As a bloke I can look at my father and his father and see a lifetime of work so it came as no surprise to me.

They are however looking atheir mothers and seeing their doing no full time work after the age of thirty.

What a lot they have lost through no fault of their own.

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1 hour ago, Don Coglione said:

The thing that the hpc retards ( @TheCountOfNowhere ) haven't understood is that, historically, over hundreds of years, property has been unaffordable to the average Joe. The period from 1950 to, say, 2000-and-something, was a historical anomaly. My father was one of a family of eight, growing up in a 3 bedroom home. This was not atypical. How many Victorian or Edwardian workers bought their own homes? 

It may be shit, but this has been the way of the world for centuries. Our parents' generation lucked out, but reversion to the norm means our children's generation will not share the same good fortune.

You will own nothing and be happy - Welcome to the new boss, same as the old boss.

After WW2 those nasty Labour party bastards that capitalists have groomed everyone to hate, built council housing for everyone with affordable rents.

The system worked fine.. it was the greed and corruption that ruined it.. 

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46 minutes ago, Frank Hovis said:

Yes, the women I worked with in their fifties who were facing working until 65 were just so grateful that the 70s feminists had fought that long battle for the sisters that meant they had no choice but to spend the best 45 years of their lives chained to a desk.

Were they hookers? 45 years will make it a bit sore.. lube

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Wight Flight
On 10/05/2021 at 15:24, Wight Flight said:

My update:

Total rentals available - 29  - now 19

Three bed or more - 9 - now 3

Of which under £1k - 5 - now 3

New category - 2 beds or more. Just 9.

 

Only 13 properties available in total now.

Only one three bed available (and over 100 people have already applied for it)

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spygirl
12 hours ago, BWW said:

Not about protecting LLs, about a system where more accomodation will be available to tenants.

Discouraging someone with empty property from renting it out by making a system where a tenant can live there for free and trash the place resulting in that property sitting empty costs the LL a bit of dosh, but [some of] the tenants end up with nowhere of their own to live [what this thread is about].

Carry over from TOS that many here believe all LLs are Shazza from daan the hairdressers with a 135% loan. Many LLs own outright and given the current restrictions will think twice about whether they want tenants. Many rent an extra space in their own house and don't really have to.

The no-chucking-out-asbos-and non-payers rule IMO hurts tenants [as a group] more than LLs.

But you're right politicians won't be interested, they don't want to support tenants in a practical way either. Even labour is more interested in filling the pockets of all those mates with snouts in the social housing biznizz trough.

Before IOBTL in 2002, most PRS LL owned outright or only had relativly small loans - sub 50%.

Now, afetr Browns credit boom, IO BTL LL *are* the majority of PRS LLs.

20210424_BRC591.png

IO BTL was that insane.

And they are all heavily leveraged and IO only.

 

 

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2 hours ago, spygirl said:

Before IOBTL in 2002, most PRS LL owned outright or only had relativly small loans - sub 50%.

Now, afetr Browns credit boom, IO BTL LL *are* the majority of PRS LLs.

20210424_BRC591.png

IO BTL was that insane.

And they are all heavily leveraged and IO only.

 

 

Can't be bothered to seek stats but I believe majority = 50-60% not 99%. Thats a hell of a lot of non-mortgaged  LLs.

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14 hours ago, macca said:

The value of a house

Bricks+

Cement+

Wood+

Wiring+

Tiles+

Land+

Labour+

=???

The majority of the cost of the house is purely greed, manipulation, money printing and ability to borrow multiples increasing..

Now that's not a nice way to talk about the building trade. Lovely people. :D:D:D

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  • 2 weeks later...
Frank Hovis
On 17/05/2021 at 13:24, Frank Hovis said:

 

One week on:

Total rentals in all of Cornwall: 125 -> 112 -> 88 -> 75 -> 74

Of which three bed or more: 63 -> 53 -> 36 -> 27 -> 30

Of which £1,000 per month or less (ignoring house share): 19 -> 13 -> 6 -> 5 -> 5

(7 returned but two fully booked for viewing so you can't have them, one is s106 local connection in Gunnislake but that's fine if you're in Gunnislake so I've left it in).

It has at least stabilised for a week.

 

Two weeks on and it's getting noticeably worse.

 

Total rentals in all of Cornwall: 125 -> 112 -> 88 -> 75 -> 74 -> 63

Of which three bed or more: 63 -> 53 -> 36 -> 27 -> 30 -> 21

Of which £1,000 per month or less (ignoring house share): 19 -> 13 -> 6 -> 5 -> 5 -> 2

 

One of those two, in Bude, is now fully booked for viewings so that leaves your oprions as a family as one three bed rental for £1,000 per month or less in St Keverne.

It looks all right to me but then again it is Hobson's choice.

55288_000654909_IMG_00_0000.jpeg

https://www.rightmove.co.uk/properties/107240066#/

And if anyone, like me, wondered where it is; it's way down on the Lizard with its dreadful roads which will be packed at this time of year.  A great place to live if you want rural quiet; but not if you want to get to work and your kids to get to school.

I would say that means effectively that if you are a working family with school aged kids in Cornwall looking for a rental then you are now officially stuffed.  This is wrecking people's lives.

image.png.52af6ea1941cf945d943fefdabbf9f5d.png

 

 

https://www.rightmove.co.uk/property-to-rent/find.html?locationIdentifier=REGION^61294&minBedrooms=3&maxPrice=1000&sortType=1&propertyTypes=&includeLetAgreed=false&mustHave=&dontShow=&furnishTypes=&keywords=

 

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Royston

Not sure if this has already been mentioned here, taken from the other place, a remarkable stat if accurate...

Landlords in popular seaside destinations are favouring holidaymakers over long-term tenants, leading to a catastrophic shortage of homes. Cornwall currently has more than 10,290 active Airbnb listings. Yet, in comparison, the housing website Rightmove had only 62 properties available to rent across the whole county on Friday evening.

https://www.theguardian.com/business/2021/may/30/staycation-boom-forces-tenants-out-of-seaside-resort-homes

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Wight Flight
Posted (edited)
6 minutes ago, Royston said:

Not sure if this has already been mentioned here, taken from the other place, a remarkable stat if accurate...

Landlords in popular seaside destinations are favouring holidaymakers over long-term tenants, leading to a catastrophic shortage of homes. Cornwall currently has more than 10,290 active Airbnb listings. Yet, in comparison, the housing website Rightmove had only 62 properties available to rent across the whole county on Friday evening.

https://www.theguardian.com/business/2021/may/30/staycation-boom-forces-tenants-out-of-seaside-resort-homes

It's no great surprise.

My place would go for about £1,300 a week as a holiday let, compared to £1,100 a month as a long term let (likely to be £1,500 next year though)

Edit but the Guardian is being misleading.

They are comparing the number of properties being used as holiday let against what is available now long term.

I bet there are more than 10k properties actually occupied by tenants in Cornwall.

 

 

Edited by Wight Flight
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Don Coglione
2 minutes ago, Wight Flight said:

It's no great surprise.

My place would go for about £1,300 a week as a holiday let, compared to £1,100 a month as a long term let (likely to be £1,500 next year though)

 

 

AirBnBs need to be wanked up to a reasonable standard and obviously fully furnished to command that sort of price, though?

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Wight Flight
1 minute ago, Don Coglione said:

AirBnBs need to be wanked up to a reasonable standard and obviously fully furnished to command that sort of price, though?

Agreed. But when you are splashing out £500k on your airbnb, an extra £10k on some furniture is irrelevant (and paid for by your tax / stamp duty savings.

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