Currently pay £1250, in 3 months that jumps to £1600. Apparently letting agent has advised landlord could get £2000pm. So i understand but also am absolutely devastated, i honestly dont know what to do
Is anyone in a similar situation that could offer us some advice, we’ve only been here 9 mths but always pay rent early and have made some improvements to our home (their house) i know none of this is relevant in the grand scheme of things, but we are good tenants.
Homelessness is a scary prospect with young children and i know how hard it was to find this place, so many people going for anything available its almost impossible…
I assume the landlord has dealt with the increase correctly.
As landlords we have the same dilemma in the reverse direction. We have a 3 bed house let for £650 per month. Current value is £1,000 per month, rents have absolutely shot up round here in the last 6 months because there is almost no supply. Last time I looked there was a grand total of 3 properties to let in our area. All the local landlords I know personally have sold or are selling. My wife and I are retired and have only the state pension plus the income from the investments we made when we sold our business. We really could use that extra £350 per month. But we appreciate how hard an increase like that is for tenants.
The whole buy-to-let business is just awful now - nothing like it used to be.
My suggestion is to agree a phased increase with your landlord, spread it out over a year, then see whether you can improve your income. That’s all I can suggest.
I will definitely try to talk to them about it, although from the email it seems its pay up for a new contract or ship out, they did apologise and said we were brilliant tenants but its still heart breaking.
I hope you find a resolution to your situation too x
That’s a shocking increase. If affordable to you offer a 10% increase to £1375 to allow for current inflation. Beyond that it is just profiteering by the landlord. In a contructive manner explain you have no other options and the landlord should know the eviction process is far from quick and that if he has to evict you via courts it will take 12 months, so it isn’t just a case of him asking you to ship out…
They have lowered to £1550. I guess we will have to start looking for somewhere else to live. I don’t want to sound ungrateful because i love our home, but for that price locally the places are finished to a beautiful standard and i think this one still has its original kitchen and bathrooms from 20+ years ago, rusty radiators etc…
Sorry to hear about your situation. One of my properties is in Didcot and it is managed through an agent (historical situation because I live approx 300 miles away). The Agent confirms I can easily get £1600 each month but I have a good tenant in the house no would rather keep her than raise the rent.
Over COVID I reduced the rent but this caused all sorts of issues with the Agent, so I now have a deal in place where I have agreed that if the tenant signs up to 3years commitment, a percentage of her rent will be paid back each year. She is very happy with this arrangement as she has young children and is committed to them attending the local school. Also she gets a little back each year for her loyalty.
Good tenants are hard to come by so hold on to them when you can.
So much depends on the individual circumstances of the landlord. If the object is to have a quiet life and nice tenants and there is enough income net from the rental then the ll can be flexible and it is probably the optimal approach.
If the ll has borrowings on a variable rate mortgage ,say 75pc LTV following tax changes s 24 the ll could be facing a deficit with higher interest payments. If the ll is a HR taxpayer and the interest bill has gone up 50 pc- to stand still rents will need to go up by more than that!
Lls are leaving the business for a variety of reasons but these are predominantly tax and regulatory. I haven’t seen any analysis but it may be helpful to see whether there is a pattern of leavers. These won’t include BTL lls and probably also high yielders where there is low owner occupier demand. An analysis may show mass exodus in particular segments.
Anyway you can only hope price is not everything and for me it certainly is not. I would not threaten being difficult to evict. That will only show the ll that you can be difficult. With tougher rules in the pipe a cautious ll will press the panic button and start eviction.
Hi Katsy, I had a similar thing happen my rent went up from 1600pcm to 2300pcm. I got the flat during covid times and then the rents shot up. I have a child too and trying to find somewhere has been really challenging. You can always make an application to the council if the rent means you are being forced to leave as a safety net if you cant find anywhere. So so stressful.
Unfortunately there are a number of factors at play, but mostly down to supply and demand.
I have a property which is 935 and there are a number in the same area going for 1200upwards.
So it makes me want to put up mine but I know the tenant hasn’t a hope in hell of affording it.
Yet people have said it’s a business or you are a greedy git ultimately I’ve decided due to the factors and the abuse I’ve had that I am selling and tomorrow I will be telling her.I even had a chance meeting with her ex landlord who said she threatened to take her and her son to the highest bridge in Bristol.
So with respect landlords have a lot of issues.
