How much have rental/property prices risen where you are?

[Sloughsabigplace]

I’m bloody shocked at how much they have risen here. We’re Black Country, West Midlands.

We moved here two years ago, dh is from here and we were getting priced out of even renting in the SE, not a hope of ever buying there unless we won the lottery.

I’ve been looking on Rightmove recently as I am going to have to rent out a relatives property now they are going into a home and a few of the places we looked at renting when we first came here are on the market again for £250 to £300 a month than they were 2 years ago.

We bought our current house a year ago for £175k. Now, there is nothing even comparable for less than £210k. We bought at the top of our budget - if we would have waited, we would have been priced out of the market here too for buying anywhere.

It’s absolutely crazy here, houses are on for a week and then they are gone.

It’s not the nicest of places either (dh words too having been born and bred here), I’m shocked that a three bed to rent is around £900 a month now.

The rents around me have shot up! A house on our street has gone from £550 to £700pcm nothing done to it and no parking etc. Really very worrying times.

They’ve shot up! We have a few rental properties and we haven’t increased rents; we have lovely tenants and see no need to.
One of our tenants is moving this year as they’ve inherited so are going to buy. We first let the house (2 bed town house) to them in 2013 so £500 a month. The house next door is rented out by another couple and they advertised it last month for £900 and it was only on for 3 days!

Our house has increased by 100,000k in 4 years.
Astonishing

My old 2 bed mid terrace (425 a month 2 years ago) has just absolutely flown off the market at 550.

Insane

@FrippEnos

around here its just under £1K for a one bed flat. Studios are about £800. My colleague is renting a 2 bed for £1300.

Same here, city in the SW..

Yes, I live on the edge of a city in the East Midlands with poor transport links and no outstanding schools in the area. A new build house that sold for £250,000 10 years ago was recently advertised for £450,000 and sold in a week. The only amenities we have is a welfare and a post office - its bonkers.

The student lets are also £££ around here...seriously thinking if DC go maybe they can choose locally and live here to save...

My landlord is pu my rent up by £300 a month. It's a 4 bed house in Essex. Going up from £1350-£1650. Not sure how we'll afford it but been looking on Rightmove and it's the going rate round here

Easily £1000 for a one bed now. Houses in short supply but at least £1500 pcm

I bought mine 2 years ago and I don't think it's gone up that much but I could rent it out for double the mortgage

I am in the Black Country .

Currently rent a huge 4 bed house , have been here. Couple of years , I am looking to downsize to a cosy 2 bed flat in the same area.

My house - £850 PCM
Cosy flat -£850 PCM

only saving grace is the gas bill will be lower and less stairs to hoover . I earn above average for the area but it's still a stretch on 1 wage , fine when there was 2 of us paying in . Brassic since I've been on my own and looking increasingly like it's going to stay that way !

I live in the SE on the south coast. 2 bedroom properties rent for £950+ pcm. I am a single parent and have a decent job but there is no way I can afford this, especially with heating costs etc and council tax. The properties are nothing special and I am competing with other potential tenants without children, or households with two incomes. It makes me feel sick to my stomach, that I should be expected to pay such extortionate rent for what are in the most shit hole properties.

Just looked. 5 years ago we were renting a 2 bed end terrace with a huge driveway and back garden area for £450 a month. Just looked and most comparable properties(there are only 3) are £595 and £650 a month and they don’t have half the land that the house we rented had. By comparison our mortgage on a 3 bed is £324. Bloody scary!

Where I used to live: £1500 for a 3 bed. Our one bed went up from £700 to 950 whilst we were there.
Where I now live: £1000 for a 3 bed.
But property is like gold dust.

Rented a 4 bedroom detached house in between moves a couple of years ago and it's now re-listed after a long term let and it's gone up by 15% to £1650. Not London either.

Rents through the roof
House prices through the roof
Mortgage rates going up as interest rates rise
Council tax going up
Gas and electricity doubling in price
Petrol prices shooting up

Wages up - what - 5% at the most?
How are low wage earners supposed to live? I fear we are close to a tipping point. Whats the next step...anger? mass demonstrations?

@Sloughsabigplace "I’ve been looking on Rightmove recently as I am going to have to rent out a relatives property now they are going into a home and a few of the places we looked at renting when we first came here are on the market again for £250 to £300 a month than they were 2 years ago."

The main reason is that the govt increased taxation significantly on rental properties, ie reduction in ability to offset loan charges against rental, removal of the 10% wear and tear allowance much to the fanfare of plenty on MN.... greedy landlords etc

Guess what .... it is the consumer paying as with all tax rises. That is the con that all govt's peddle. So we rent some properties. A couple wouldn't have been viable to keep given the high standard we keep them in etc and we explained that to the tenants and said we would be looking to sell them. They all asked to pay significantly more and covered the increased costs as they didn't want to loose their home. So they know directly who to thank.... just another tax raid

Yes properties around have gone up similar so the market responded as there is a dreadful shortage of rental property

Do like my Tenant has done, just stop paying. Its been months since we had any rent. None this year so far. The eviction process is very protracted. Save your money. Why pay when you can be rent free?

@Whypaytherent

Do like my Tenant has done, just stop paying. Its been months since we had any rent. None this year so far. The eviction process is very protracted. Save your money. Why pay when you can be rent free?

Oh I am so sorry you are going through this.

@Whypaytherent god that is shit! I hate how some people think they can behave. I hope you get it resolved!

[quote RussianSpy101]@Whypaytherent god that is shit! I hate how some people think they can behave. I hope you get it resolved![/quote]
It’s what is making me dread renting out my dads house now he’s in a care home to be honest, but it just makes more sense than to sell up now.

It’s ridiculous. Things are completely overpriced though- how are people getting mortgages? My house had a valuation (rental) and opposite has gone on the market for 125,000 more and people are travelling long distances to view it! The only difference is that it’s a tiny bit bigger. Mine is better maintained!

People can’t keep moving to “cheaper” areas. This was a “cheap” area, and it’s not any longer.

@RussianSpy101 we’ve been really lucky so far and never had this. Good luck!

I pay £1300 for a 5 bed (don't get excited, two of them are tiny, tiny box rooms) semi. To have a similar-ish sized 4 bed, which is the minimum our family could function in, in the area we live would be at least £1600 a month. In fact the 3 bed terraces are nothing less than £1500. It's insane.

A new build 2 bed in our area in the Midlands is now around £250k. Not sure what that equates to rent wise. Poky as hell with no bathroom window and inadequate fixtures & fittings

A huge amount. We were hoping to move but with the Times and every fucker on MN telling people to move to where we live we can’t afford to.