Sick of Manchester rental costs

[Cinammonroll]

I know it's one of the biggest cities and there are many jobs here, but it's just not affordable to rent.
I take home about £1750 net per month, I'm looking for a better paid job.
If we're supposed to be spending roughly a third of our pay on accommodation.. the most I could afford would be a houseshare, or a small bedsit with everything in one room.
If you want a flat that's more affordable, you're looking at approx 10 miles away from the city centre. Even flats in inner city undesirable areas are expensive.
I live with my partner luckily and split costs. However our rent has just increased by £175 pcm. Yes we'll get a small payrise in April, but it doesn't match the costs.
I've just been on rightmove and looked at rent in places like Blackpool. I know it's a more deprived area, but rent is astronomically cheaper than Manchester.
I'm contemplating leaving the city, obviously depemds on my partner too but it's just not affordable at all.
We went to view a crappy 1 bed flat for 575 without any utilities or council tax, and were told we were one of 12 visits that afternoon.
Has anybody else found this and decided to move to a cheaper area?

I know where I’d rather live though! (Kentian here!)

Decade of low interest rates coupled with quantitative easing have inflated asset prices such that housing costs are extortionate and exploitative

Wigan is a huge borough/ place with some stunning areas - absolutely awful comment.

And no I’m not from Wigan.

From someone renting in the southeast (not london) you have my absolute sympathy. It’s shit for renters.
my only advice, my area has become commuter belt as people have moved out further and further. now, the only place I could buy is probably a 2 hour + commute. In around two years (maybe less) my area doubled, rent went up 40% in one month.
it’s frightening how fast it happens.
to my point and advice. If there’s anywhere buyable within an hours commute. Snap it up, give it 6-12 months and it won’t be.

The problem is £575 is actually quite low compared to rent around the country and others have highlighted the increased cost and risk to a landlord nowadays so I would grab one at that price now if you can. Its only going to get worse as landlords come out of their fixed rate terms.

I agree with you OP. Rental and property prices in Manchester have rocketed recently. I’ve never been a big fan of Manchester, but the prices now seem ridiculous.

575/2 isn't even 20% of your take home pay? seems very affordable? how much are flats closer to town? and how much would commuting cost? fwiw i loved my 1h+ commute on public transport. it was my downtime. but i guess that depends on how pleasant the commute is ;)

Yes there is also that coming down the road. Mortgage rates going through the roof soon for a lot of people/landlords/anyone who didn’t fix for 5 years in 2021 is screwed

its also different paying high rent in London vs Manchester. When DH and I got our first jobs in London 5 years ago, our combined income was £52k. Today, our combined income is £110k; DH is interviewing for a 92k job. And we aren't considered high earning in London, there are many people who have done much better than us. While I appreciate its not the same for essential workers, this is what draws many young people to London- the fact that on any day, there are new 10 jobs that you can apply for and you can probably expect a 20k increase when you move. But you need to be in the vicinity of London/SE in order to do this. And yes while most probably wouldn't be able to afford a £1 million house even after 10 years of working in London, the higher salary you earn would probably translate to a better paid job in the regions when you finally move away to start a family/buy a house if that is what you choose to do. I love London and its my home, but I do have a vague plan to sell my flat and move to Didsbury when I retire after many years of earning London salary!

I don't think Manchester has the same kind of job market so high rent is particularly punishing.

What about Lytham or St Anne’s? Wesham and kirkham also has a good train link to Preston for Manchester

I heard on the radio recently that Manchester housing is on a trajectory to being the new London, which is reflected in what I'm seeing locally. My DD recently moved from our home in South Manchester to Wigan because there's no way she can afford to stay. Even Wythenshawe prices have become unaffordable. She's near 2 train stations and its 45 minutes from town.

I pay £750 for a 3 bed house 12-15 minute drive from Lytham station

Ruling out Oldham because your partner would need to commute is ridiculous. You have a bus, train and tram between Oldham and the City Centre. Many thousands of people do that commute every day with little issue.

Surely that will mean forced sales for landlords?

Mortgages are going up hundreds a month. Mine is coming to an end after a five year fix. Even though the LTV is now 50%!we are going to have to pay hundred's more a month. This is for an unremarkable 3bed semi in an unremarkable area. Therefore rents will go the same way across the country. If I were you I would accept the increase but try and get them to fix it as the base rate is going up 4% in two weeks time so mortgage rates are going up yet again, therefore so will rents. Sucks atm. Good luck

Remember that house prices will fall as interest rates go up

Possibly - or inflated rents to cover them or conversely inflated rents because demand outstrips supply as there are fewer properties available to rent.

They may have traditionally. This time there’s a lot of cash investors waiting, there’s millions of families who are desperate to buy and are waiting for a price shift. Banks may pull the rug if things get tricky (like 2008) which would cause an issue, however, there’s cash investors and people would expect the government to bail it out (again).

it’s always a gamble and predictions. I wouldn’t bet on it this time.

This is exactly what’s happened here. The dribs and drabs to the market of house sales won’t hit the sale prices, but they do massively hit the rental market.

The OP told us that her partner has to commute late at night, and that public transport doesn’t run late enough.

Not that her partner refuses to commute to Oldham, or anywhere else.

I don’t agree. There’s millions in london on normal jobs who cannot obtain that sort of income

Could be worse. Here in Dublin which is quite comparable to Manchester in terms of size, population and average income, you won’t find a one bed for much less than €1600 =£1400.

I’m lost with this one.

Your take home pay is £1750 and you can rent a property (albeit not a perfect one) for £575.

That’s a third of your income, not half.

And that doesn’t include your partners income.

Loads of people have virtually nothing left after paying the bills - it’s far from ideal but it is reality.

Yes, sorry, I dont want to do one upmanship but where I live ( Not London) you would be lucky to get a one bed for under£1000 without bills etc. I know that's irrelevant to you, but most 'normally employed' people here also only earn under £2000 a month

Well, in fact, you’d be moving to a pretty crappy flat above a shop in a small and depressed town a long train or bus journey from Manchester. Are you still keen?