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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Too be absolutely appalled at the price of rent?

102 replies

BasinHaircut · 25/01/2018 16:36

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

OP posts:
MissEliza · 25/01/2018 22:15

Blame estate agents, honestly. Our agents insist on putting the price up every year. Our area is going through a period of high demand so they can get away with it. It's only last year we had the confidence to say no, we are not putting up the rent above the rate of inflation every year. It's not fair and frankly I don't want to lose good stable tenants for the sake of a few quid.

Sparklesocks · 25/01/2018 22:15

ShastaTrinity did I say I had family money?
And living in one room isn’t possible for everyone I’m afraid.

ShastaTrinity · 25/01/2018 22:21

I wasn't advising anyone, just replying to some posters: how do people do to buy a house. The answer was that some of us saved money that way to get their deposit.

I would never have been able to buy my first house if I had been renting a house at the same time and I don't know many people who could either, unless they get a very substantial yearly bonus.

Sparklesocks · 25/01/2018 22:27

Not sure why you replied to me then Shasta if it was a general reply?
But yes, it’s importent to appreciate that renting is expensive - particularly in cities, and although there are options (living in house shares with 5 others, living at home) sometimes these aren’t workable for all.

MissEliza · 25/01/2018 22:29

Actually Shanta that's how we bought our first house. Dh had a brilliant year in sales and took his whole bonus and used it as a deposit. I don't know how we would have saved it up otherwise. I don't know how my dcs will get on the ladder without help. Ds has recently turned 18. His gf wants to pay into a Help to Buy ISA but he keeps rolling his eyes when we bring it up. He has no clue how difficult getting on the ladder is.

goose1964 · 25/01/2018 22:29

Rents went sky high when buy to let became a thing. It's about time they were stopped and let the market settle

Berrygoodteeth · 25/01/2018 22:32

£1200 PCM with no bills included for a one bed in SE London (zone 3/4). I live alone too so it’s crippling. Bills a month are £120 alone too (council tax, gas and electricity) i wish I could afford to save any kind of deposit

ShastaTrinity · 25/01/2018 22:34

I just read somewhere that the average wedding cost £25k. If it's true, and whilst it's obviously an average, just pointing out that there is also a question of priority for some people.

I am absolutely not saying that it's the case for everybody, but SOME people moan but have made their choice.

AhhhhThatsBass · 25/01/2018 22:38

Sounds like a stealth boast but I own a property that I rent out. South East. Mortgage is £1345 per month. Tenants pay me £4400 per month. It’s ironic that on my salary I’d struggle to pay the rent on my own house while being easily able to cover the mortgage payments. It is crazy.
I don’t know what the right answer is, built more houses, help to buy etc? I think selling off council properties properties is/was one of the worst policies, unless they get replaced, it just means that vulnerable tenants end up in private rented which if you’re on housing benefit must be fairly insecure.

MrsKoala · 26/01/2018 08:50

I said this on another thread about watching a LLL where Phil Spencer was showing some first time buyers round who were moaning the flats were no where near as nice as the places they rented for way less money. He said he saw this often at the moment that people who bought years ago could rent quite low (relatively - in comparison to what a current mortgage would be) and it was skewing some peoples ideas of what they could afford and raising their expectations of the kind of places they wanted to live. No one wanted to take a 'step backwards' and go to a worse area and smaller property.

One of my friends rents and complains their rent is way more than most peoples mortgage. And he's probably right. But he's comparing it with people who got on the ladder 10+ years ago. When i said our mortgage (we had bought a property in the last year) was £1500 a month he was shocked. He just thought all mortgages were about £500.

maddiemookins16mum · 26/01/2018 08:55

I have a close friend who rents an average one bed (no garden) flat in Bromley. Her rent is 1200 a month. Her take home is 1700. After additional bills, she lives on £50 a week.
It's shocking.
She has to stay there as she cannot even save enough to get together a deposit/moving costs to relocate somewhere cheaper so is trapped.

JugglingMummyof2 · 26/01/2018 09:14

Oh my. Reading this thread make me check how much a 4 bed would cost to rent near our house - I thought I knew but I must be very out of date.
www.rightmove.co.uk/property-to-rent/property-70736537.html
It's not even nice. This thread has been a massive wake up call.

blackteasplease · 26/01/2018 09:19

It is horrendous. I was looking into renting while my divorce financial settlement drags on it it's so expensive. With all the fees they want as well!

ShastaTrinity · 26/01/2018 09:22

true, but look how much it would cost you to buy something similar in the same neighbourhood

www.rightmove.co.uk/property-for-sale/property-60645265.html

JugglingMummyof2 · 26/01/2018 09:35

You are right @Shasta I can't believe the sale prices either... Just looked up how much the last house sold for on our road and it was for 1.2million MORE than we paid for ours - yes we have done a lot of work to it but even allowing for that I can't believe it. It is our home so I suppose I just haven't paid attention to quite how much prices have increased. I'll get my coat.....

snash12 · 26/01/2018 09:37

I find it quite scary. I am 31 and rent with my partner. We can't realistically save for a decent enough deposit to buy.

My parents paid £79k for their house in 1987 and it was valued recently at £700k. My dad certainly doesn't earn 10 times what he did in 1987 so we've just got no chance!

Kitsandkids · 26/01/2018 09:47

I would like to buy but we haven't got the money for a deposit. If I could go back in time 10 years I wouldn't let my husband use the inheritance from my dad on a business that ultimately failed. But I don't own a time machine so I think we're stuck renting for the considerable future.

However, my rent is £600 for a 5 bedroom, 3 storey town house. So we really lucked out at coming across that. The only trouble is there are a few things wrong like sealant coming away from the bath, toilets bring old and a bit rubbish etc, so you either have to wait for the landlord to fix them - which he inevitably does as cheaply as possible, or you pay to replace/fix things yourself which would be a waste of money if he suddenly decides to sell.

BasinHaircut · 26/01/2018 10:03

juggling that’s why I started this thread. I’m clearly so out of touch I was stunned at the cost of renting.

Saying that I ended up talking to a (different) friend last night about this as she mentioned they are saving to buy and we got talking. They are in a house that would easily rent for £1800 a month and pay £950. They have lived thier 10 years and it’s only gone up £150 in that time.

But because they get such a good deal they are terrified that the landlord could want them out at any time. They don’t ask for anything and do/pay for all repairs etc themselves to stay under the radar. She said it’s so stressful so even though it’s much cheaper it’s still really shit.

Plus if/when they manage to buy they wouldn’t be able to get anything like they live in now and will have to move quite a distance to get a mortgage they can afford.

OP posts:
specialsubject · 26/01/2018 10:24

Why don't they ask for a long fixed term and get some certainty?

There is a law that rental properties have to be fit for habitation ( councils enforce) and there are minimum epc standards as of April.

fussychica · 26/01/2018 10:37

A friend rents a one bed flat in a nice area of outer London for just less than a grand a month, and it's pretty much the cheapest thing in the area. If he wants to stay in that area he would have to carry on renting as to buy his flat would be over £300k. However much he saved as a deposit he could never get a mortgage/afford a mortgage on it. He knows that his only options are to carry on paying out silly money every month or to leave a job he loves to move somewhere far more affordable.

dandystar · 26/01/2018 10:45

I rent a 2 bed flat in inner London for £500 pcm as it's a council tenancy. It would cost more like £1700 to rent the same size flat in my block on a private rental. I appreciate that I'm very fortunate to get a council flat, and I often feel very lucky - but then I remember that I only got enough points on the waiting list due to being homeless and fleeing DV with 2 disabled dc, so then I realise that I'm not exactly so lucky compared to those who haven't had to deal with all of that.

BasinHaircut · 26/01/2018 10:57

special they don’t want to rock that particular boat. If they ask for a fixed longer term at such a reduced rent I imagine there is a high risk that the landlord would serve them thier notice and get someone in who would pay double.

OP posts:
BasinHaircut · 26/01/2018 10:57

dandy Flowers

OP posts:
SurlyValentine · 26/01/2018 10:59

DH and I bought our first house together late last year, after I'd spent 8 years renting and him 7 years (lived together for 6 years). I have just worked out that through those 8 years, we spent over £52,000 in rent, which is pretty sickening. We're near Manchester.

Our last house was a draughty, damp 3.5 bed terrace. It could have been lovely if the landlord had thrown a few grand at it for new windows, external doors and damp-proofing (bearing in mind that he had over £25k of our money while we lived there). We paid £650 per month for it. He had initially wanted £700 but we haggled him down by convincing him to not use an agent and just rent it directly to us.

It's currently still available to rent (according to Rightmove) which is unusual in the area we've moved from - stuff normally gets snapped up really quickly. He's asking £700pcm for it (through an agent) and judging by the photos on Rightmove, he's done absolutely nothing to it since we moved out.

We saved the deposit for our new house through a mixture of mis-sold PPI compensation (got over £6k - the one time being a dick with credit cards has paid off), saving hard, I got a second job, wedding present money (not asked for, I hasten to add!) and a generous lump sum from my parents, who had received an inheritance (again, we didn't ask for this). It wasn't easy, but without the lump sum from my parents, we'd never have been able to do it.

Our new house is a 4 bed semi, new-ish build, and the mortgage is £790 a month, but the extra £140 a month is worth it for the peace of mind of knowing it's ours, and it's a gorgeous house and I love it! Grin

ziggiestardust · 26/01/2018 11:05

Our rent was £2200 a month for a 4 bed semi in catchment of an outstanding ofsted school in zone 5, Surrey.

Our mortgage in the same area for a better finished house is £450 less. It’s mind blowing, it really is.

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