Too be absolutely appalled at the price of rent?

[BasinHaircut]

I have just found out how much one of my friends pays in rent. Fuck me.

I knew that if we were to be renting our house rather than paying the mortgage then it would be more than our current monthly payment but I had no idea it would be double!

In the SE so property prices are high etc but this just seems obscene, I don’t know how they afford to eat. I feel like I’ve been living in a bubble and it’s just been popped.

Sorry if this post pisses anyone off, it’s not a stealth boast I promise. I know we are lucky to own our home but I never realised how lucky

If the landlord is on a buy to let mortgage then the rent need to be a certain amount over the monthly repayments (not double though!) so in those cases paying rental on a property will always be more than it would be for a mortgage on that property

We recently moved to London and our rent is double what our old mortgage was. It’s obscene but thems the breaks.
Thankfully the place we’re living in now is bigger than our old home, which makes up for it a teeny tiny bit but not much

Makes me feel sick when I see how much our rent is compared to what a mortgage would be on a much nicer place :(

Unfortunately, we aren't in a position to buy so have to suck it up

It's obscene isn't it We're paying 1k a month. How we're ever going to afford to save for a deposit for our own I have no idea.
It annoys me when people find out how much we pay in rent and shockingly proclaim 'Your mortgage would be less than that a month!!!!! '
Yes, thank you, but we aren't going to conjure up 12k or use bank of mum and dad like you did

It is annoying for people who rent and know a mortgage would be cheaper. But the risk of higher interest rates is always there as are large bills for repairs. So it's not quite as simple as it might appear.

I've just moved back to my parents' home to save after 8 years of renting so know firsthand how shit it is. But I was thinking it today particularly after watching Homes Under the Hammer and seeing a house for rent in the south for £1200. Obscene indeed.

I pay £600 for a room in a four bed house.

One day I'm going to buy a house that's falling down, furnish it as mismatch as possible and start printing my own money.

Yep it's ridiculous enough where I am up north.

I was paying £650 for a (very shabby) 3 bed semi in a nice area here in W Yorks. Admittedly under market value but I was a long term, very good tenant so it benefitted both myself and LL.

Eventually LL gave me notice, tarted it up on the cheap and put it back on the market at £850 pcm. It let within a week.

The only places I would've been able to afford to rent on my budget were abject shitholes or just okay houses in horrendous areas. And even then, there were far more prospective tenants than there were houses so I didn't stand a chance as a single mum with a pet. I even had one estate agent try to get me involved in a bidding war. For rent .

I was fortunate enough to be able to buy in the end thanks to help from my parents and my mortgage (on 3 bed terrace in great condition) is £420 a month.

I dread to think what situation I'd be in otherwise. The whole rental situation is thoroughly fucked.

You've only just noticed? But no YANBU it's out of control.

I can't see that rent is cheaper overall. My mortgage is £800/month. Just had a new kitchen - £12k. Roof was replaced 5 years ago - £7k. Lease was short so needed extending - £7k. Annual service charge - £800. Owning is a money pit.

Sorry that should say I can't see that owning is cheaper.

It is just ridiculous!! How are you supposed to save up a deposit for a mortgage when you rent!? It's impossible. Surely renting should be cheaper than a mortgage because it's not actually yours.

For anything else renting is cheaper! E.g. Renting a groom's wedding suit - cheaper than buying the same suit.

I mean. Come on!!!!!!!!

... And then we're trapped because you try saving for a deposit while paying extortionate rents and watching house prices go up faster than your wages.

I may as well give up now

Yes but you keep the house at the end of it @KanielOutis - there's the difference!

Renting you're stuck forking out a fortune each month and you often can't afford to save for a deposit to get anything better.

I'd rather have to pay to fix the boiler than know I can get kicked out at my landlords discretion whenever they fancy.

It's horrendous.

We were renting for years. 70s build, 3 bed semi.

We bought a 70s 3 bed semi, with a garage, extra reception room and on a quieter street in a far nicer area.

Our mortgage is HALF what our rent was. Half. For a far, far nicer house.

Rented house wasn't even maintained properly. I have no idea what we were paying all that money for.

My rent pisses me off
However as a PP said when my boiler went kaput I didn't have to pay and I've a leaking flat roof that I don't have to pay for.
Its the lack of security that annoys me more than anything

Rents have to be higher than mortgage payments because the landlords need to make money after they have paid the mortgage. They are not doing it out of the goodness of their hearts! Buy-to-let mortgages are usually more expensive than owner-occupier ones, pushing rents higher.

Yes it's shit, but usually it's younger people who suffer (admittedly "younger" is a relative term, because it is people in their 30s and 40s now), so the government are hardly going to worry about fixing it.

fries I know I’m probably BU for only just noticing but last time I rented it was a shared house in a much cheaper part of the country, and was 12 years ago. Since then I lived back with parents, then a short stint at MIL’s and then we bought our first home 8 years ago.

To be fair we would also find it much harder to buy at present if we were FTB’ers too so maybe it is relative, but I can’t see how my house which I pay just short of £900 per month on, can be worth £1700 a month in rent, and I don’t see how we would afford it. We are not high earners but not low paid either.

£700 pcm for a bedsit in Brighton.

With a cunt LL who lives in London and is too cheap to double glaze the windows so mould and damp everywhere.

I’m in the SE. Yes it’s crap. There’s another thread about how can people afford to rent currently in chat.

It wasn't like this in the 70s. Then you either rented and paid so much, or you got a mortgage and paid quite a bit more, but you owned the house at the end of it.

The economics for the landlord meant that he wasn't buying the house entirely out of the rent of his tenants; it was more that he was defraying the cost of buying the house. So being a landlord wasn't anywhere near as attractive as nowadays.

But then we had council house in those days.

"Rents have to be higher than mortgage payments because the landlords need to make money after they have paid the mortgage. They are not doing it out of the goodness of their hearts!"

No they certainly aren't doing it out of the goodness of their hearts. They are basically getting a house for the reprice of a deposit. They pay a deposit, have somebody else pay the mortgage for them and then have a house worth double what it was worth after 20 years. It is already money for nothing. Why should they make a monthly income on top of that?

If my mortgage was half of my rent I would be able to pay to fix things if I owned or would have them insured. As an owner you have the security of knowing you won’t just be kicked out just because. You can change your kitchen if you want too. As a renter your stuck with whatever put it be it good or bad with no security. I have friends who’s mortgage and insurances/policies on boilers/building/contents etc comes in at well under my rent per month even if my agent was taking 20% of my rent as fee’s that still leaves a large chunk for the landlord.

This is the Bain of my life! We currently rent in Surrey, £1500 a month for a small 3 bed house! Just been given our notice so will be moving for the 3rd time in 5 years! (Landlords keep selling up and not surprised when the house prices here have doubled in less than 10 Years!!) literally cannot find anything habitual for any cheaper and more looking like a £200 increase to £1700! (2 years ago we rented a much bigger and better area 3 bed for £1300!)

Friends received a lump sum from parents and have brought a house identical to ours and pay £700 mortgage - this was a couple of years ago!

Unfortunately to do this we would need a £50k minimum deposit more likely to be £70-100k to get the repayments that low! There's no way we could save up that amount and even if we saved £2k a month for the next 5 years if house prices keep rising as they are we still wouldn't have enough as the prices would be higher!

I grew up here, family all live here and sadly we are getting priced out! Not sure how people manage to get a mortgage tbh! I have known a few people who are both higher earners ( over £50k each with no children and still living at home) and they have saved for 3/4 years to move out and another who's parents remortgaged their house!

Looked into part rent part buy trap as the deposits seem almost possible (still about £20k without fees!) however there are none in our area being built and the ones in the next borough (which we weren't eligible to apply for anyway) we going for 1.5 times the going price!

YANBU. Our attached neighbours are in a rental and we own our house, both are ex council 1930s semis so nothing fancy! They pay £100 more per month in rent than we do, and our house is extended. The system is really unfair. We are fortunate that our family could help us out with a deposit, I have friends with decent jobs who have families and just can’t see how they can save the deposit.