Pimlico Flats has always rented Flats and Studios at cheaper rents than generally available in Central London, but even our rents have been rising as increasing administration costs, taxes and utility bills bite. Today I came across the sort of Political Party which would have the support of every tenant of a Central London Flat or Studio. The “The Rent is Too Damn High” Party is a local New York Citypolitical party that has presented mayoral candidates in 2005 and 2009. Both times, Jimmy McMillan was the mayoral candidate receiving more than 4000 votes.
Unlike most political parties, the Rent Is Too Damn High Party doesn’t fudge it’s stance on issues, from the economy to foreign policy, from law & order to medical care, it’s view is that the rent is too damn high.
What is the betting that with Central London’s current rents for Flats and Studios London’s 2012 Election might have a “Rent Is Too Damn High” candidate?
During July and August Pimlico Flats have a number of Studios becoming available. They are listed on our Available Page (see Menu Left), advertised on this Blog (see Advertising Panel Right) and of course advertised in the Property Portals through our account with Upad (see advert left). We have several of each type of property – 2 Bedroom Flats, 1 bedroom Flats, and Studios. Prices vary depending upon the property, the Studios from £1000 – £1250 pcm, the Flats from £1300 pcm. If a tenant has said that they wish to rent a flat and has left a holding deposit, we mark the listings as “Under Offer” pending taking references, and preparing the rental agreement. Once this process is complete the listing will be marked “Let” and left for a period.
Walk In Shower
These photos are for one of our new Studios – 75 Flat 12 which is available to rent for £1250 pcm from 1st August 2010.
Who rents London Studios for short periods, and why?
Increasingly we have discovered that people are using private flats as an alternative to hotels. Whereas historically people would perhaps have a long term contract to stay in a Hotel or Bed & Breakfast for 4/5 nights a week before returning home, now it is far more common to rent a private flat with a break clause to allow the tenant to end the contract at a time of their choosing. The 1988 Housing Act introduced this option for Tenants (but not for Landlords) and it is increasingly used by professional workers in London on short term contracts to tailor their accommodation needs to their work requirements.
For the tenant in a private studio, compared to a hotel. There are advantages as follows:
No one will disturb your privacy (no room service or anything like that to worry about);
You keep your own set of keys, meaning you can come in and out at any time, without any restrictions;
You have your own private kitchen, where you can always make your own meal at any time;
Your own private washer dryer for laundering your clothes;
You have a 7 Day a week use of the accommodation, useful for a city break or entertaining friends;
There is no need to take clothes and belongings home at weekends;
You have the same Studio each week so you can make your place home;
PRICE, saving 50-70% compare to average London hotel prices!
As you can see above, these are excellent reasons for you to choose a private studio rather than a hotel. Especially if you are travelling on a budget, if you’re a student, or you have a short term contract with an employer. Please enquire of Pimlico Flats about our weekly rates for Studio Accommodation.
How Much Rent is a (London) Flat Worth? – A question of great importance to both Landlords and Tenants alike. No tenant likes to pay too much for their flat, just as no Landlord likes to rent for less than they could have. So how can you tell if your rent is fair?
The last thing you should do is give any credence to indexes, or guide prices published by property portals and other industry guides. The most ridiculous example might be the press release from Mouseprice reported in the Telegraph under the headline
Fernhill, in Mountain Ash, Wales was the cheapest road for the second year running. The road, near Cardiff, has remained the lowest-priced street amid recent low sales and has an average home value of £28,600, up from £24,640 last year.
Interesting article Daily Telegraph, but if I were buying I’d want to pick up on 2 small details. Fernhill isn’t a road, it’s a Council Estate. Mountain Ash isn’t near Cardiff it’s 20 miles up the A470 – how many people reading the article realised that?
Local knowledge is paramount to assessing a flat’s value – local to Pimlico Flats is Alderney St, and the northernmost 10% of Alderney Street is opposite Glastonbury House on the Abbots Manor Council Estate. Renting a flat in that short stretch of road (should) cost 40% less than any other address on Alderney St., if you cross Warwick Way the rent will rise by 40%.
As a tenant flat hunting you should rapidly become an expert in your area, trust your own opinion of values because valuation is subjective, your opinion is as good as anyone else’s even if the other person is a RICS surveyor. Remember that flats that remain on the market for long periods of time are probably overpriced, so as you view most of what you see is not the bargain that you are looking for. When you find the exceptional value you look for, don’t hesitate or someone else will take it from you. Don’t expect a ridiculous bargain – landlords know the value of their property better than anyone simply because they are familiar with their property and it’s area, any outstanding bargains are frankly – scams!
To get your bargain Flat:
If it’s too good to be true – it’s a Scam.
Get to know the detail of your area.
Trust your own instinct and ignore general valuations and guides.
P.S. I’m reading more and more articles about Fernhill being the cheapest street! It really does illustrate what a nonsense a lot of property articles are! (Yes I know this is a Property Article!). If you want to investigate Fernhill for yourself look at http://wikimapia.org/5563969/Fernhill-Mountain-Ash
Before you move into a new property, it’s almost certain that your landlord will want some form of reference to check that you’re who you say you are , and that you’re not going to move in and immediately stop paying rent.
If you’re prepared for this and have your referees primed, you’ll stand a better chance of moving into your desirable property sooner rather than never. Let’s take a look at what you’re likely to be asked for.
Proof of ID
This is basic but essential. Have a passport or driving licence, plus a utility bill or bank statement to prove your current address. Make copies that you can give to your landlord: it shows you’re organised and business-like – and will definitely help you stand out as a prospective great tenant!
Employers’ reference
This is the other essential. Your landlord will want to know that you can afford the rent (i.e. you’re being paid enough) and that you have a stable job that you’re not about to lose.
Do your homework. Know who in your organisation should be contacted, and tell them you’ll be needing a reference shortly. Or better still, ask them to write you an open reference confirming your employment status and salary. You can still expect your landlord to contact your employer to verify it, but it might save a day or two if you need to move in quickly.
Previous landlord
Your previous landlord can – I hope – confirm that you pay your rent on time and haven’t trashed the place. The problem here is likely to come if the reason that you’re moving is that your current landlord is a shark who never completes repairs, or they’re uncontactable. You might consider offering your last-but-one landlord as a referee (best to ask them first) instead – though of course you’ll need to explain to your new landlord why you’re doing this.
Financial checks
If your prospective landlord wants a bank reference, be prepared for some delays
banks take a long time to complete references, and are understandably vague
Have 6 months of bank statements handy if you need to prove your financial status.
Expect credit checks – if there are problems, admit them up front and explain them. It’s better to say “I had a business that went under; I’m sorting things out”, than hope no one notices a CCJ or three.
Guarantors
In some circumstances, landlords may prefer to have a guarantor rather than a reference. A guarantor is someone who signs to say that they will pay your rent if you don’t: often a parent if you’re in student accommodation, for example. I know some landlords of HMOs who say they will only deal with guarantors: they typically rent to people who have little employment or renting history, and to have someone with their own home stand surety is, they say, easier.
Whatever references your landlord asks for, be open with them if you can’t provide them. It’s much better to be honest and offer an alternative than have a friend pretend to be your boss. Most landlords have taken plenty of references in the past and will see through that in minutes – meaning you’ve lost the property you wanted.
James Davis - Upad
A guest post by James Davis, the CEO of Upad.co.uk, the UK’s leading online lettings agent. Upad lists your rental property on 100+ sites and portals – including Rightmove – for just £59: tenant guaranteed. Follow the Upad blog and on Twitter for rental industry news and tips for landlords on making the most of your properties
We have two 2 Bedroom flats which will be advertised soon. One is a Groundfloor Flat with a large bedroom, and a small bedrom and is £1300 pcm inclusive of utilities, available from 5th October.
The other is a large 2 bedroom flat recently refurbished to a very high standard. It could also be used as a 3 bedroom flat and is available immediately for £1600 pcm.
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