A disturbing discovery by a lodger who decided to set up a video camera in his room to find out what is happening there while he is away.

Video by SpeX2112.

FindaProperty.com was the first UK property portal to integrate Google Street View (on the day it was launched 19. March 2009), and just a week later 2 more portals follow!

Primelocation.com has just added Google Street View to their listings allowing renters see properties from the street level as well as from aerial imagery from Microsoft’s Bird’s Eye View.

Zoopla integrates Google Street View.  Just click on the button above the map and zoom to the street inside the listing.

The new FindaProperty.com Rental Index for March 2009 is now available!

A quick summary of what the report says about the London lettings market: 

- The average asking rent in London fell by -1.1% in March 2009 to £1,650 pcm compared with £1,669 pcm in February 2009. Average asking rents are also down by -6.9% over the year.

- Boroughs that are traditionally popular with City workers continue to suffer significant falls in asking rents with the City of London, Tower Hamlets (incorporating Canary Wharf) and Kensington & Chelsea being particularly hard hit on a year-on-year basis.

- Largest monthly fall in rents was seen in Hammersmith & Fulham, where asking rents fell by -3.7% in March 2009 to £2,190 pcm.

- The only London borough to see rental growth on both a month-on-month and year-on-year basis was Haringey, which saw rental prices rise by 1.4% in March 2009 and by 1.9% on the same month last year.

 
London boroughs overview – click on the table to enlarge the image.
  

Rental yields:

- Prime central areas such as Kensington & Chelsea, Westminster and the City of London as well as affluent west London boroughs such as Wandsworth and Richmond-upon-Thames, are seeing prices holding better and as a result rental yields are typically below 4.5%. In the case of Kensington & Chelsea the rental yield is as low as 3.97%.

- The highest available rental yields are currently achievable in Newham (6.90%), Barking and Dagenham (6.06%) Greenwich (5.99%) Waltham Forest (5.69%) and Hackney (5.63%).

- Many of the areas that are offering the most attractive rental yields are also undergoing regeneration, making them particularly attractive to investors who can benefit from strong short-term income and the potential for long-term capital growth.

Download the latest FindaProperty.com Rental Index.

Change in demand and instructions % balance for London, UK.

New RICS lettings survey for January 2009 was released just last week. Read the summary here and download the report here (*pdf).

Market comments from chartered surveyors:

Mark Wilson MRICS, Globe Apartments (London):

Good activity at the lower end and deals are being done where landlords adjust their rental expectation downwards. We can’t see any reason why this trend will not continue.

Lynn Hilton, Cluttons (London):

Rents are falling ‐ demand is from tenants trading down not from new job seekers relocating to London. 

Edward Reeve BSc FRICS, Edward Reeve (Pimlico):

Rents for the more expensive flats are still falling but at a much slower rate and since Christmas there is evidence that they are stabilising as lettings are easier to achieve. There is also evidence of slight increase in rents of lower priced flats since the start of the New Year and many more applicants and viewings.

Michael Chouler FRICS, Best Gapp & Cassells (Belgravia):

No corporate market (down massively) Rent reductions ‐ not only at renewal time. Few people moving generally.

Nik Madan, John D Wood & Co. (Kensington):

There is a great deal of oversupply on the rentals market as many would be vendors come to ”mothball” their properties for a year or two by renting them out so as to ride out the recessionary sales market. As a result, these reluctant landlords have helped cause rents, and therefore yields, to fall. Nonetheless, transaction volumes remain high. There is some evidence of foreign companies looking to secure long term rentals with premium lets to take advantage of the weak pound.

James Gubbins, Dauntons (Westminster): 

Property oversupply, tenant budgets down result in a falling rental market although activity remains intense. The competition is such that landlords are forced to upgrade or reduce rents to compete with the increasing numbers of properties that are available to rent.

Kevin Ryan, Carter Jonas (Westminster):

We are finally starting to see a reduction in stock as applicants are renting again. Rental prices have dropped approximately 25% in the last six months and now at seemingly more affordable prices, the market is seeing activity. 

Ben Temple, Temples (Wandsworth):

The supply of property has increased by 61% over the last quarter. As a result, with tenant enquiries down by 23% rentals have fallen by about 10%. We expect that the rental market will stabilise in the spring with an increase in tenant demand but rental growth is not on the horizon. 

Robert Schaverien, Chancellors/ Anscombe & Ringland (Barnet)

Rental values in Finchley have fallen by 10 % plus on one ‐ two bedroom flats. Renewals have either been the same or at rental reductions. The larger properties have fall in some cases by 20 ‐ 30 % due to the lack of the corporate market.

*St James Park, London

One of the reasons why people don’t want to rent through the letting agent is because they have heard horror stories about how much they charge for their services. It might be a bit less safe to give that holding deposit to a private person but hey – at least you know you don’t have to pay any mysterious sums to get the flat. 

Patrick Collinson shares his view in The Guardian about how letting agents have screwed everybody during the boom years charging ridiculous amounts for their service:

 It strikes me that the main project of the lettings business over the past 10 years of buy-to-let madness has been to:

a) charge extraordinary fees to first-time landlords; b) try charging the same fees to the tenant; c) charge it all again at the end of the six-month shorthold tenancy; and d) disappear as soon as the landlord or the tenant needs something done.

I love the makey-up world of letting agents and their preposterous fees. The huge finder’s fee to landlords and as much as £400 to tenants for “administration” – which amounts to a few pieces of photocopied contracts. A credit check fee (£150?). An inventory fee (£80?). An insurance fee. A checking out fee. A cleaning fee. They simply make up these charges as they go along, hoping that the mainly young clientele think they have no choice but to pay up. These vulnerable young people, often laden down with student debt, are hit with a load of tripe. They are spurious items which, if they have any basis in fact, should fall on the landlord, not the tenant.

The Association of Residential Letting Agents ARLA is currently eagerly waiting for the government to regulate the business as more and more agents turn to lettings but who knows how long that will take. In the meanwhile, we think there are things that could be done right now to help make the market become more transparent, and service providers more trustworthy. 

ARLA should ask their member agents to publish the fees on their websites.

You don’t go to the shop and call the cashier for the price for each item you get, do you? Most of the letting agent listings do not display a tag with the real price, and this does make renters cautious. Who knows how much they charge – I’d rather find a home advertised by the owner at Gumtree, even if there are more risks involved in dealing with the private person.

We think the tenants should be able to conveniently see all the costs that renting through letting agent involves in order to be able to plan ahead, and compare different service providers. Either show them in the listing or on a separate page that could be easily found.

Adding a little transparency would be really good for the market. It would be a steady step towards gaining back that trust the letting agents seem to have lost in public’s eyes.

Asking prices in prime London lettings market fell for the 11th successive month and were 13.72% lower than this time last year, reports property portal Primelocation.com.

• Annualised price changes continue to fall and are now at their lowest since January 2005, with weekly rents 13.72% lower than this time last year.

• Weekly rental values have dropped for the eleventh successive month since March and are now 2.15% lower than January 2009. Landlords must continue to offer reduced rates in order to entice prospective tenants.

• For the second successive month, all five prime London regions have seen a decline in weekly rentals. With stock levels increasing by 97% compared to this time last year, all the regions in London are hit hard, especially Central London (-2.42%). North West London (-2.35%) and Islington, City & Docklands (-2.30%).

Download Primelocation.com Prime Index March 2009 (*pdf)

*This is where I used to rent: Cumberland Court, Great Cumberland Place W1

Google has just released Street View for UK!

London renters can now get to know the street and surroundings of their new rental without leaving home. Just think of how much time you can save if you can have a look at the area before going to the viewing! You can check if the building is in good condition, or whether the noisy street is too close or far enough.

We’re off to explore!

If you want to try it out >> go to Google Maps >> write the address or find the place >> drag the yellow man (on zoom, in the upper left corner) to where you want to be.

BREAKING NEWS: All the listings in FindaProperty.com now have a link to Street View – just find the yellow man icon on the right hand side and click on it!

Tenantista [te-nun-tee-stuh]

-noun
a tenanista is someone who L-O-V-E-S the freedom of NOT being bound into a mortgage or reduced to living in a poky, dire, one-bedroom apartment in Clapham. Rather, they live in a gorgeous Hampstead Heath 2-bedroom boudoir that reeks of chic. Jealous? Or are you just like them – very happy, debt free and planning your next trip to Barbados? Tenantistas don’t have to make that “sound investment” – they have numerous other means and ways of saving AND doubling their pounds (and no, they don’t gamble).

origin:
First mentioned in 2009, description by oz_madster over at the Front Line.

Embarrassing news from the Letting Protection Service LPS.

The number of landlords who claim for lost rent skyrocketed over the last year. In October 2007, 91 tenants disappeared without paying; 12 months later the number was >>> 1,286. In January, 218 (2008) and 1,117 (2009). Kevin Firth, Director of the LPS, tells tenants:

“Running away from financial difficulties is never the best way to deal with them. It could have a negative impact on your credit rating and could potentially mean you are breaking the law.”

Running away is not an option. Running away is NOT an option.

Get help (from Shelter, if all else fails), and talk to your landlord about your difficulties as soon as they arise.

London renters looking for a new rental – register at estate agent Ludlow Thompson’s website before 5th April 2009, and you will be taking part in a prize draw!

Chances are you could win £150 worth of supermarket vouchers!

Always take photographs before you move in!

These photos could become an important piece of evidence when you are claiming back your deposit at the end of the tenancy. You will never know which details your landlord will be looking at, so we would advise you to back your check-in inventory list with the visuals just in case.

Take photos of:
- each room from a few different angles;
- unclean spots, changed colours, broken furniture, and everything that seems not quite right.

It is very important to make sure:
- to take photos before signing the agreement or taking the keys – you want to add them to the inventory list which you will be handing to the landlord to sign;
- the photos should reflect the exact state in which you are receiving the rental. If some furniture piece is going to be removed after you move in – make sure it’s written down on the inventory list.

Advice inspired by Rentergirl’s writing in Guardian: Moving out can mean it’s curtains for common sense

New website LoveYourLandlord.co.uk invites tenants to rate and comment rentals and landlords/letting agents in UK.

The site is simple to use, and it’s very easy to add your review.

Those who register on the site before 30. April 2009 have a chance to win Acer Aspire Series Laptop (rrp 389.99, details HERE).

There is just one review for a London property at the moment – 194 Finchley Road.

© propertylive.co.uk

The estate agents’ portal PropertyLive has finally revealed the identities of the people on their site.

They are in fact all working in the property industry, and one of the most interesting characters is indeed Mr. Dickinson from Douglas & Gordon. Just as we suspected.

Too bad City of Westminster is still the only area we can search. 2241 rentals available there at the moment.

“Whether you are homeless, facing eviction, or living in housing that’s run down, overcrowded or dangerous, we can tell you your rights, explain your options, and help you find and keep a decent, permanent home.”

Contact Shelter for free housing advice at www.shelter.org.uk or on 0808 800 4444.

Via The Westminster Reporter.

Pimlico SW1
City of Westminster
By: Nick Parkin of Pimlico Flats
Knows the area because: Nick was born & brought up in Pimlico, and Pimlico Flats have rented in Pimlico for over 50 years.

1. Community
Pimlico has a village community which makes it a very appealing place to live. The film Passport to Pimlico reflected the delightful atmosphere that the area reflects.

“We always were English and we always will be English, and it’s just because we are English that we’re sticking up for our right to be Burgundian!”

2. Safe
Pimlico is one of the safest areas to live in London, we almost never hear of burglaries or street crime in the residential area. The crime statistics are distorted by Westminster’s prominence as a major tourist & shopping destination – see HERE – the fact is that the most dangerous thing that you will meet on a Pimlico street in the early hours of the morning is going to be a fox.

3. Location
Pimlico is both where it’s at the easiest place to start from and get to where you want to be. Buckingham Palace, the Houses of Parliament, the London Eye, the London Aquarium, Trafalgar Square, Tate Britain, the National Gallery, St James’ Park, Horse Guards Parade, Piccadilly, Leicester Square, Soho, Trafalgar Square, Tate Britain, National Gallery, Chelsea Pensioners, Army Museum, King’s Road/Sloane Square, South Kensington museums (Natural science museum, Royal Albert Hall,) Knightsbridge (Harrods, Harvey Nichols), Theatreland, the river boats … these are all places between 5 mins 20 mins walk. Pimlico is Central London writ large.

4. Travel
Pimlico is on the edge of the travel centre of the universe – Victoria, just 5 mins walk. The Railway Station provides London’s trains to the south of England, the Coach Station is the largest in the country providing London’s coach transport from 22 Departure Gates on a site of 3 acres, Pimlico & Victoria tube stations provide access to the Victoria, District , & Circle lines within Zone 1. Victoria Bus station offers a concentration of 19 different Bus routes. Wherever you want to go, Pimlico is the best place to start!

5. Quiet
You have absolutely no idea how quiet Pimlico is at night until you have experienced the best night’s sleep that you can ever have!

Royal Court Theatre © Garybembridge Flickr

6. Entertainment
Whilst the whole of Theatreland is on Pimlico’s doorstep our local theatres are The Victoria Palace, The Apollo Victoria, and The Royal Court, Sloane Square, Britain’s leading national company dedicated to new work by innovative writers from the UK and around the world. The theatre’s pivotal role in promoting new voices is undisputed – the New York Times recently described it as ‘the most important theatre in Europe’. Soho’s Clubs and nightlife are close enough that you can walk home, yet far enough that you won’t be disturbed at closing time!

7. Shopping
Amongst the myriad of shops in the commercial centres of Lupus St., Wilton Rd. & Victoria St. lie a host of speciality shops to serve every need. Perhaps worthy of especial note are the Markets – Sainsbury Food Market (every day), Tachbrook St. Market (Friday & Saturday only, Fish & Seafood a speciality), Farmer’s Market (Mozart Square every Saturday, home grown produce from around the country), & the Army & Navy Stores (a House of Fraser department store with an exciting name).

8. Sunbathing
When the weather is good take yourself to one of our local parks – choose Battersea Park with its Buddhist Temple, Zoo, & Lake, or feed the birds at St. James’ Park. Or just pick one of Pimlico’s many Squares for a leisurely stretch. If you are the more active type the Queen Mother Sports Centre offers local authority pool & sports in a new complex, whilst Dolphin Square competes with its pool, squash courts & gym open to non-residents.

The Atrium Restaurant © atriumrestaurant.com

9. Snob value
The SW1 postcode has to be one of the most desirable that London has to offer, whether you dine at the Atrium or peel the potatoes for them! It is said that Pimlico is the #1 place to keep your Mistress.

10. Value
Because Pimlico is not as famous a name as its neighbours (Chelsea, Knightsbridge, Kensington) or its parent borough The City of Westminster it offers exceptional Central London value.

View Larger Map

Jump to Pimlico Flats website.

*NB! RoR is looking forward to YOUR 10 reasons! If you want to tell other Londoners why you would recommend renting in a specific London area, street or building – just E-mail us the text, links and up to 3 photos: info at royalsofrent.com.