Rental supply pushing inflation in London
4 years ago | 1 comments
How did Doc Martin do it?
10:11 AM, 25th October 2022, 4 years ago
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[‘Doc Martin’ Spoiler alert] In the penultimate episode of the dramedy ‘Doc Martin’, the doctor accepts a job in London at short notice and preparations are underway for the family of four to leave Cornwall within a week or two.
How? As a London landlord I have to ask!
It’s very unlikely his new university hospital employer has any family accommodation just waiting for them… I recall that he used to have a flat in London which, if he still had it, would surely be let out and unavailable at short notice… He can’t go through a house purchase in a couple of weeks… Social housing isn’t available to him… Surely the family will not be sofa surfing…
The timescale involved in selling the house in Cornwall and buying another means that a short-term holiday let probably isn’t going to be feasible, which just leaves option of the private rental sector (PRS).
Even with his presumed handsome salary and impeccable references the doc isn’t going to find somewhere easily at such short notice. The exodus of landlords from the sector in the past couple of years combined with rising rents disincentivising tenants to move means that it is getting harder and harder to secure a place, especially for what might be for just a few months, while their sale and purchase go through.
Now, as you no doubt realise, this post is not about the TV programme as such – I’m not expecting any reality from the writers – BUT the issue makes an important point about the role of the PRS in the housing market which I’ve not generally seen mentioned.
Historically, the flexibility of PRS landlords was a lubricant to the whole rental and purchase housing market which no other sectors are able to provide for people who need to move quickly. That lubricant is now draining away. Can you hear the grinding noise? That’s what I think agents are saying when they report tens of applicants for anything that becomes available to rent, some of whom are so desperate that they offer over the asking price without even seeing the property.
Oh! Perhaps that’s how the doc did it!
Steve
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Member Since May 2017 - Comments: 766
10:54 AM, 25th October 2022, About 4 years ago
Pure fiction!
Member Since May 2018 - Comments: 2025
10:58 AM, 25th October 2022, About 4 years ago
Reply to the comment left by JB at 25/10/2022 – 10:54
How = AirBnB.
Member Since January 2015 - Comments: 1450 - Articles: 1
11:43 AM, 25th October 2022, About 4 years ago
Buying you can exchange contracts and complete in a day if no mortgage and not using a solicitor and ideally know what your doing.
I would happily let to a University without references etc and documentation done the same day. Can’t see the problem time wise lol
Member Since October 2013 - Comments: 1642 - Articles: 3
1:25 PM, 25th October 2022, About 4 years ago
Reply to the comment left by Judith Wordsworth at 25/10/2022 – 11:43
I think your comment is as fictional as the programme! ?
Member Since April 2021 - Comments: 120
1:40 PM, 25th October 2022, About 4 years ago
I recall Doc M saying in the last temporary accommodation was being provided with the job
Member Since April 2020 - Comments: 159 - Articles: 1
1:57 PM, 25th October 2022, About 4 years ago
In the penultimate programme, he said the Faculty had rented a house on their behalf.
I wish I had an employer like that.
Member Since August 2013 - Comments: 107 - Articles: 1
2:34 PM, 25th October 2022, About 4 years ago
Reply to the comment left by BernieW at 25/10/2022 – 13:57Ah! Clearly I missed that!
However, the comments so far have missed the real point, which is about the role of the PRS in providing a lubricant to the housing market.
Liz Truss’ Government (as we now have to refer to it) reduced Stamp Duty Land Tax (SDLT) because they were concerned about preventing stagnation in the housing market and therefore falling house prices. They might have been better advised to start unwinding all those anti-landlord policies.