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Original poster

Homeowners - could you afford to rent on your street?

134 replies

MidnightPatrol · 21/06/2024 10:18

Worth a quick Google to find out how much it costs to rent on your street in 2024, as prices have shot up!

I only bought my house 3 years ago. Rental prices have gone up by about 50% (!) since then. There’s absolutely no way I could afford to rent here.

How on earth are people supposed to afford to rent their own properties (ie not sharing).

OP posts:
whirlyhead · 21/06/2024 10:19

I live in Spain so hard to tell as there are a lot of holiday rentals where I am, but my place (3 bed, garden, small pool, parking) would cost about €3,500 a month to rent I think. Which I absolutely couldn't afford!!

FlabMonsterIsDietingAgain · 21/06/2024 10:22

I could afford it but it would be about 2.5 x my mortgage currently.

Karou · 21/06/2024 10:22

Not a chance. It would cost about £1200/ month to rent a similar house to mine on my road. My mortgage is half that.

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FawnFrenchieMum · 21/06/2024 10:22

I do rent ....

Beamur · 21/06/2024 10:23

Nope. Rent for my house would be more than my salary.

Onewayanoth · 21/06/2024 10:24

It depends when you got your mortgage. If it’s a recent-ish one then mortgages round here are as high as rent, and it’s very hard to find a rental.

BingoMarieHeeler · 21/06/2024 10:26

No. There is only one thing to rent on our street, it’s a miniscule 2 bed terrace cottage and £1400. Our mortgage is £1700 for 5 bed semi. We did look to rent for a bit when having building work and just couldn’t do it.
Mortgage is going up to £2200 in April though, fuck!!

Sluj · 21/06/2024 10:28

Yes but only if I used the capital we built up for the deposit on the house in the first place. Either way, accommodation costs money !

TheMerryAquaBird · 21/06/2024 10:29

Nope, rent here is about £500 more than my mortgage. I presume that some people get a top up from housing benefit or the housing element of UC, as the people that have moved in recently all do care work so they're not high earners. It's such a huge amount of money I don't see how it can keep going up and up.

OneRingToRuleThemAll · 21/06/2024 10:30

I can afford it but it'd take up more of our money. I pay £410pm mortgage for a flat. The flat below me pay £900 rent.

TallulahBetty · 21/06/2024 10:32

It would be twice my mortgage, and then some. It would be a proper squeeze, and I wouldn't be able to save. I feel so bad for anyone stuck renting (unless they want to, of course)

TallulahBetty · 21/06/2024 10:33

FawnFrenchieMum · 21/06/2024 10:22

I do rent ....

Did you misread the title?

StarOf · 21/06/2024 10:33

I agree OP. My mortgage is at least half the price of what it would cost me to rent. It’s a sorry state of affairs when rents are a lot more than what it would be if you bought the same house. I feel sorry for the younger generation now, whether they rent or buy it’s harder now.

I hope there is some help for those struggling when labour get in!

Teamarugula · 21/06/2024 10:34

I could afford it but it would be about 150% of my mortgage. When we bought the house 5 years ago rental costs were about the same as the mortgage (or at least our NDN was paying about the same).

NealBrose · 21/06/2024 10:37

Not a chance.

I bought my house nearly 20 years ago and couldn't get anywhere near buying it if we had to buy on our street now, let alone afford the rent.

Salaries have not remotely kept up with housing costs.

YouveGotAFastCar · 21/06/2024 10:38

Yeah, but we’re on an older mortgage.

If current rates stay the same when our fix ends, it’ll be about the same to rent or buy here.

Crabwoman · 21/06/2024 10:42

I own a large-ish victorian house. The identical property next to me has been converted into flats. The two bed ground floor flat has gone up for rent - for more than my mortgage.

Hobbitfooted · 21/06/2024 10:42

£2000 to rent in my street. Ex local authority tiny houses. More than my mortgage but if I was to buy now the mortgage repayment would still be more. Housing costs either way, whether from increased interest rates or rent have increased so much.

FriedGold · 21/06/2024 10:43

Wow. Just looked for my town using filters of must have 3 beds, garden and parking (what I have now). Only one house in the whole town up for rent with those three things - and it’s nearly a grand more per month than I pay for my mortgage 🤯

KevinDeBrioche · 21/06/2024 10:46

We could afford it but it’s an insane amount and much, much more than our mortgage (even with the rate currently at 5.75)

TargetPractice11 · 21/06/2024 10:50

This generation has been completely screwed.

LovelaceBiggWither · 21/06/2024 10:51

No we absolutely could not afford to rent in our street. And we're in a low socio-economic area, I have no idea what people are going to do when rentals are priced this high.

Kitkat1523 · 21/06/2024 10:51

It would be around £1500 pm ….. not sure how much a mortgage would be though ( house is worth around 320k ) …. I’m 59 so mortgage all done now

Keepingittogetherstepbystep · 21/06/2024 10:52

Rents on my street range from £600 a month to over £900. There's currently a house for sale at £110,000. They are mainly 2 bed terraces.

Sunnysummer24 · 21/06/2024 10:53

No, but we bought 10 years ago and there is no way we could afford to buy in our area at all now.