SW London rental trend help

[zac510]

Howdy, I wonder if some of the Londoners could give me their thoughts and experiences of the current rental market in inner SW London at the moment.

The story is that I rent a place here (SW11) and sublet 2 rooms to make a house share. No problem filling the rooms in the past but at the moment I cannot fill one of the rooms. I believe the only reason is that the asking rate is too high as otherwise it's a reasonably nice place in a good area.

12 months ago the price was fine but now rent seems to have dropped. Is this definitely the case? I think I need to ask the landlord for a new lease/rate but just doing my research first!

[johnnywb]

London generally has seen an oversupply of property in the rental market recently. There are a huge number of rooms available here and there where people have lost jobs and moved out of London.

This in turn has led to rents falling, people simply won't pay what they did 12 months ago.

You need to look at your lease, are you responsible for paying all the rent, or just for your room? If just for your room then a discussion with your landlord would be productive as he may not be aware people are being put off the room because it's too expensive. If you are responsible for the whole rent, you'll have more of a struggle. It might be worth talking to him though about regearing your lease, i.e. extending it today for a longer period than it's current term, but at a lower rent.

[zac510]

Yes I pay for the whole place and hence have been paying for 2 rooms the last couple of weeks

I think you have confirmed to me what I already knew inside and that is that I'm going to have to attempt to renegotiate the lease. Perhaps by making a loose 'threat' of giving notice if I don't get a lower price. If I leave he's going to have to take a lower rate or leave the place empty isn't he? (and fix the kitchen ceiling but that's another matter )

I'd be happy to start from 12mths again at a lower rate.

Thanks for your help.

[johnnywb]

zac510 said:

Yes I pay for the whole place and hence have been paying for 2 rooms the last couple of weeks

I think you have confirmed to me what I already knew inside and that is that I'm going to have to attempt to renegotiate the lease. Perhaps by making a loose 'threat' of giving notice if I don't get a lower price. If I leave he's going to have to take a lower rate or leave the place empty isn't he? (and fix the kitchen ceiling but that's another matter )

I'd be happy to start from 12mths again at a lower rate.

Thanks for your help.

That's what i would suggest, how long do you have left? In the current market, i think he would be more than happy to renegotiate your lease, there's a big question mark over how long his void period might be otherwise if you were to go.

[zac510]

I have about 7 months left I think. I've been here for 2 years already so he must be considering me to be a reasonably trustworthy and reliable tenant.

[johnnywb]

zac510 said:

I have about 7 months left I think. I've been here for 2 years already so he must be considering me to be a reasonably trustworthy and reliable tenant.

I would give him a call and have a chat, the worst that can happen is he'll say no,, but after two years, i would suggest he values you as a tenant.