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

Yeah it’s out of control.
We moved to the area were in, because it was cheaper. It was £1150 for a 3 bed in our old area, new area most were 750ish, but the house was a new build and I didn’t have much choice -marriage was on the rocks, and LL here knew H who would rent to me without any hassle.

He’s a great landlord and our house is lovely,

But up the road have put their house up for rent at £1300 and the average rental price has gone up to £900-£1000, considering this place is nicer I’m expecting our rent to go up another 200-300.... only been here 13 months.

We rent out a £400k house for £1295 a month Unihorn. Our £210k house rented for £590 a month.

My mortgage is £215pcm, 2 bed terrace, large garden, good area, East Midlands. The neighbours rent theirs for £700pcm - there's no way we'd be able to afford this, nor cope in a smaller property, so if we had to rent we'd be screwed.

Yes, we've invested money in its up keep but the upside is it's all to our tastes, not someone elses.

By the time I'm 51, I'll be mortgage free if I don't choose to move on up the ladder.

It's so depressing. We're stuck renting too. Unfortunately we don't have family who can help us out. We have savings and we're sensible with money but it's looking like we will never realistically be able to buy a house. The prices keep increasing and our wages do not. What's most annoying is when friends brag about buying their first home and acting all pleased with themselves but their mummies and daddies have helped them out massively in order to do that. Yes I'm bitter! Ah well, maybe I won't live long enough to worry about retirement, there's always that 😂

I am renting. It is no more dead money than the interest I was paying on an interest only mortgage. (Plus all the fees, repairs, buildings insurance, maintenance. )

I know a couple in our street who have cashed in there equity, sold up for £450,000 and now rent a place for £1000 pm, I think they are crazy but they are enjoying spending the cash on nice holidays

Can you buy a house somewhere else that you can afford and rent that out and save that cash?

It is insane.

I am lucky - we bought 25 years ago so pay peanuts on a 1.3 mill house.

But it IS luck, nowt else.

Renting is always going to be more expensive than owning given the landlord is responsible for everything. Tennents don't seem to want to do anything themselves and demand round the clock service. That comes at a price.

There are plenty of ways to get a deposit together for a mortgage if home ownership is important to people. Very few get it handed to them from parents

Yellow it could be the other way around. If you’re paying twice or more what a mortgage would cost perhaps you expect your landlord to sort shit out? Also If you are paying way more than half your monthly income on rent (as many young people have to) you can not save for a deposit. End of. Why do you think it’s a generational problem? I really don’t think you can blame tenants for the state of housing in the U.K.

Me and DP live in London, not even a particularly nice part - we pay £1000 per month for a one bed studio flat.

Living room and kitchen is all in one room. We have a separate bathroom & then our bedroom. That's our lot, for a grand a month.

Modern and brand new but still goes no way near justifying the price.

Before I moved here I lived up north in Lincolnshire. I had a 3 bed with a garden near the seaside for 440 a month.

Really puts things into perspective.

Renting is atrocious especially in cities.

NDN rents - they have a posher house (but not by much) and pay £7000 pcm, our mortgage is £1500.

2pups- £7000 a month? I need to pick my jaw up off the floor!

I'm just so livid at the pure injustice of renting. It's not right!

I just can't get over how unfair it is. Like a PP said, what are they going to do when we all retire!?

I can't even think of a way to fix it.. fuck it. Let's all boycott this country and move to Spain. Properties are cheapee (I've seen one episode of Home in the Sun...) And it's nice and hot so we can all get some much needed vit D. Fuck the system!!!!!!!!!!

I really don't know how we can make this better.

Rental might seem low compared to a mortgage, but maintenance and repair costs are huge when you are a home owner, plus you are at the mercy of interest rates.

Themaths whilst that is all true it still doesn’t justify the totally extortionate rents in the south.

Shouldn’t we start to see the buy to let market come to a bit of a halt due to changes to tax last year? Also isn’t there some new law that rental homes —actually have to be fit for habitation— meet some sort of energy standards and many landlords might have to actually spend out some £ on their properties.

Strikethrough fail!

It's not just luck, it helped to have bought when the prices were cheaper, but for some people it meant accepting to live in house share for a few years, and forget about any holidays or luxury. Then buying a dump to renovate, but camping for months when not being able to afford furniture.

It's a gamble, the property market has gone up, so it was worth doing. having a property is not cheap either.

Landlords take a huge risk too, they have to deal with maintenance, risk having an empty property, having tenants who don't pay and trash the place and it takes months to be able to get rid of them. They risk losing a lot if the market collapse, and they are offering a service. It's supply and demand.

If more people could buy a property tomorrow, let's face it the prices will go up massively!

We're now paying 1400 a month in London. Just about surviving, can't really afford to move because we'll have to find a deposit for a new place and we can't save a deposit for a new place because most of our money is going to the landlord and you don't get your previous deposit back until a few weeks after moving. Stuck where we are for now and no end in sight.

2pups
What sort of house do you have if your neighbor rents same for £7k a month?????

Yep, my DP and I pay £1200 for a 2 bed terrace in London Zone 5. Once we pay bills (around £300 a month between us) and travel (£225 a month each) we only have a small amount to play with, we are saving for a deposit but it’ll take years and years

You can rent a 4 or 5 semi for £7k in Oxford, but to be fair, you can rent something of a similar size for a lot less

Sparklesocks
but that's the point. Whilst I understand it's not for everybody and it's far from ideal, you could rent a bedroom in a professional house share for 500-600 a month. It's ridiculously expensive for one bedroom, I give you that, but it's also a lot cheaper than a rent. That's how many people managed to get a deposit. We don't all have family money.

Actually it depends where you live. In my (shabby) part of London you can rent a nice 2 bed flat for £1400 pcm. The same flat would cost at least £400,000 to buy, so the monthly mortgage would be higher than rent. This only works because most landlords bought years ago, at much lower prices.

The difference is even bigger on houses. Also this is why people can rent in nicer areas but then have to downgrade when they buy.

However, you do eventually own the property at the end of your mortgage.

Regarding rising interest rates

Surely those landlords who are in BTL mortgages will pass the rate hikes to their tenants.