Average rent what is going on!

[Rosemariex]

2 bed terraces £950 to over £1000 pm! These aren't even in great areas and are nothing special at all inside nowhere to park car etc

how are people affording this? We have seen a lovely house in the perfect area but it is £1200 pm

this is Manchester where im looking is it as expensive as this in other areas?? (besides London)

or is this just the norm now and i need to realise im going to have to pay at least £1000

@BringItOn2023

I can see that happening. It should have been instated years ago, this is utterly ridiculous.

I'd support that system.

Whereabouts in Manchester is this?

Midlands here and it’s the same nothing under 1k for a 3 bed.

@Parsley1234 indeed!! The thing about self employment/freelancing etc is you usually know when things are going wrong and it tends to be a bit more controllable or a die slide in income rather than a complete 'job gone' whereas for an employee it can be totally fine one minute and not the next. I totally fail to see why it's considered an advantage these days to a mortgage company.

My 25 year old DS is living with me while trying to find a flat buy in Edinburgh.
1-2 bed flats are going for silly prices I presume because he's competing with the BTL market.
I'm not charging him rent just now so he can build up his deposit further, but the more he increases his deposit the more the flat prices increase.
The only fixed price flats he's seen in the past year were over shops/restaurants where they want a higher deposit from first time buyer because they're seen as difficult to sell (with ftb ruled out due to the high deposit required…)

It's terrifying as a private renter right now. It keeps me awake at night constantly. We pay 2k for a small damp 3 bed where we have leaks and all sorts. This is our third house in 7 years because people want their houses backs. Petrified for the future. We earn really well. But have no chance saving the deposit. It's very tough. We would really benefit from being lent to just for good credit and a system whereby as we haven't missed a rent payment in 11 years and all full payments that would be so helpful 🤞

In an around Birmingham decent 3 bed semis are around £1000, nice ones start at £1200-1300. I am glad we managed to leave the private rental market just before the pandemic. We were paying £800 a month for a 3 bed semi with ill-fitting doors and windows, damp, a leaking roof. I am amazed how quickly the prices have gone up.

House prices these days are generally based on two salaries - so £500 each for a 2 bed, which isn't that bad really. Particularly given that you don't pay any of the maintenance costs that you get with owning a home.

I pay £850 pm on my mortgage - plus all insurance and maintenance costs on top.

Private renting is mainly a problem for single parents, who need to rent more than one room, but only have one salary.

My son is on a rent to buy scheme while he is buying his flat
Basically flat is a huge modern 2 bed 2 bath price 230k. 12 years old own parking space

if rented on open market 1450 plus bills

as he is buying it he is able to rent it for 800 a month
When he buys it will be roughly the same amount possibly slightly less as he is putting a big deposit but doing shares ownership of 60 percent

While he is renting the property he gets a year long AST at that agreed rent and as soon as he exchanges contracts his AST contract ends and he gets his deposit back

all white goods are included in the rent and sale and as the washing machine wasn’t working he has been given a brand new one which he can keep when he buys.

hes had the under floor wet heating serviced and got a leak fixed in the bathroom and had the filters changes and serviced all at no cost to him as he is renting at the moment

he is making sure everything is in good working order before he buys 😂
just the few things that he’s had done and the new washing machine would have easily cost him 1k

I think The rent to buy scheme can be 1 year or 2 years or 5 years or flexible like my son as he already has the deposit and mortgage offer already and doesn’t need to save any money .

it’s done through a housing association and a management company and shared ownership

It’s a good deal if you know you want a particular property but can’t rent and save at the same time
the ideal is that the difference in the normal rent your supposed to save in order to have a deposit as it’s shared ownerships the deposits aren’t as high a regular deposit
But my son already had a 50k deposit but couldn’t afford to buy on his wage without shared ownership

no idea what happens if you don’t save over the renting period 😂

Holy moly just looked up the street i live on. Nearly £500 a month to rent a room in a house share, and theyre only victorian terraces, with front doors that open onto the street, and only a small back yard, standard 3 beds, and one of those rooms is a box room! No wonder parking is almost impossible, looks like at least 4 of the houses on this street have been converted into 3/4 bed house shares, some of them must have converted lofts, or are using one of the 2 reception rooms as a bedroom. Only one up for rent as the full house, and its £1,200 pcm.

You are missing something.

A tiny 3 bed house in my village in Devon was rented 4 years ago for £850pcm has been advertised for £1250pcm this month. The landlord is a millionaire with lots of property. I am in a rental which I have been in for 3 years and I'm expecting the rent to go up soon.The letting agent is chasing me for a rental inspection...normally very laid back. I just have a hunch they are either selling up or increasingl my rent.

I’m in a nice suburban area of a town in tne North west and I was stunned to see a house in our road an ok standard 3 bed semi going for 1.3k a month When I browsed further I saw this wasn’t unusual and even smaller houses were now £1k minimum. Crazy for those that have to rent!

I have a one bed BTL.

most Btls rely on the increase in property price as the profit. Someone who wanted to buy my flat said they’d still have to sink in £500 pm but was relying on the price boom to make their profit when selling later. Those days are gone now.

some landlord with a portfolio are ruthless and know how to increase the rents to max knowing the tenants will struggle to find something else.

Frightening situation and the knock on affect for renters with kids in schools. Ds pal is having to leave his school mid A levels because they’re being evicted and moving to another more ‘affordable’ town. Terrible.

We pay £1250 pm for 2 bedroom apartment in B'ham. It's in the city centre but I used to pay £1000 for it one and a half year ago:-(

It's the same everywhere. To rent on my reasonably OK estate in Ireland - not in a city, you would need 2000 sterling. They're nice 4 bed houses with gardens and drives but not palaces. To rent a room in a house or flat in Dublin would cost minimum 1100 sterling (around 1300 euros).

I'm in the North East so what is supposed to be one of the, if not the, cheapest areas to live. A very small 2 up 2 down with no garden and no parking will be £700-£800 per month where I live (middle of the road type area). If you want gardens, driveway etc then it's definitely £1000+.
If we were to rent the house we own we couldn't afford it. It's absolutely mad!

Yep, stupid landlords who won't get an investment product so they can repay the capital at the end of the mortgage.

We are Greater London and our 3 bed costs £1800 per month. I have a feeling landlord will put this up in summer. As current properties in area are £2-300 more than what we pay. 2 bed flats are 1300 to rent here

That's a ludicrous amount. We're only charging £700 for a 3 bed semi in SE (admittedly it's for a family member so we don't want to charge too much) but it's manageable that way for us. I can only assume people are mortgaged up to the hilt to have to charge those rates.

Looking at past performance, the best investment product is usually the property and mostly the only repayment method accepted by lenders.

We’re in a housing association which we’re so lucky to have but before it was £1200 for our tiny house back in 2019 (long story why we got our HA)

but with food rising all the time, my car expenses as a new driver and council tax, toddler activities as he’s not in nursery, something breaks or toddler needs new clothes etc, birthdays pop up - it all adds up

we don’t have family to help childcare which is not a problem, but obviously with two full time wages we’d feel rich lol