Bloody hell, just saw rental costs in my area

[Autumngardenplans]

I am wondering if I can afford my mortgage in the future and thought I'd look into renting. I searched on £1500 per month for a three bed and there was one! Extended my search up to £1750 and there are 6. I know the rental market isn't cheap but I hadn't realised how expensive.

Yes. Was thinking about this today. If you calculate paying interest only mortgage at 6% you’d need over £1600 a month to buy a place for 325k. That’s before any expenses or voids!
It actually feels a bit cheaper to rent right now where I am even at £2k for a 3 bed

I guess that's a different perspective. I expected rent to be cheaper than it is. I am very out of touch.

A lot depends on the time of year. They hike the rent up from May til July then reduce in July if no rental.

Then a new batch comes on in September when they are hoping those who are looking post school holidays are desperate, then it falls again towards the end of November and December when people generally don't want to move before Xmas.

Get the Property Log extension for Chrome. It will show you all the house price shenanigans.

But yeah, it's shot through the roof. My rent at 1600 from last summer suddenly seems exceptionally good value given that she could probably sell it for 600k and anything else in the 1600 bracket now is very disappointing in comparison. No way could we afford to buy the house we live in.

Our rent (3 bed semi, south east) went up from £800 to £1000pcm over the last year. I checked local rentals recently and nothing within 10 miles for less than £1250. 15 miles away there's a 3 bedroom flat for £1150.
Our house would cost around £280k to buy, so a mortgage on that right now with a 10% deposit would be around £1500-1600.
We're looking to buy and relocate so we can get a 4 bedroom and even buying in a cheaper area, it will still cost more monthly now that interest rates are higher. Mortgage payments aren't cheaper than rent any more.

It's the same in my area, which is a pretty big standard commuter town. There is absolutely no way we would be able to afford the rental prices. Rent would be more than one of our wages alone, or about 4x what we pay on our mortgage. How can people possibly be affording it?

Most people I know have bought their houses, because property isn't too expensive here (or at least it wasn't when we bought around 2010), so I don't actually know anyone who is renting privately. I do know a couple of people in council rents which are still pretty cheap and affordable here.

I hadn't realised about fluctuations across the year. That's interesting to know.

There isn't even one two-bed flat within the £1250 filter - need to pay £1350-1450.

I really feel for people and realise I am lucky to have bought despite the mortgage worry.

I think I need to try keep my mortgage going one way or another.

I hope you find something @RagzRebooted.

8 x 3 bed houses with gardens for rent within 1 mile of my house, cheapest is £925 per month, most expensive is £1200 per month.

Yes I am South East and can't relocate. It's expensive.

Cheapest 3 bedroom rental in my area is £925-950 pcm. I rent mine out for £800 but just putting one up to £850 and as others click around to end of rental year they will go up too. They are still a lot cheaper than any alternative.

My neighbour is moving to America and has put their house up for rent £1300 for a 3 bed semi. Our mortgage is £425 for the exact same house. I have absolutely no idea how people can afford to rent.

Rents are crazy. And you don’t even get to change do anything to the place even if it’s shit. Something should be done about it. How can people save for a deposit when they are paying more than a mortgage would be

If they took out a mortgage today they would be paying about the same as the rent. The above poster probably bought their house some time ago and so has repaid a chunk of the mortgage off and has equity in the house. Btl mortgages are about 6 percent ATM and come with £2-2.5k arrangement fees.

I just looked in my area on the back of this post. My mortgage has just gone up to £620pcm for a 1 bed. There's only a couple of 1 beds in my area, both smaller and in less desirable locations and they are £1300 and £1450! Bloody hell!

We rent a 4 bed house, been here 8 years, only 1 rent increase of about £50 a month. Looked for a private rent for oldest DD and it's near the same rent for a 1 bed for her. Landlords get a bad name but ours has been fair, looking at our rent and what he has paid for the house I think it's actually paid off now. We live in a relatively cheap area though

What you also need to factor in is the insecurity of the property. There's nothing to stop the landlord selling the property on, or giving you notice. Unless of course you are lucky enough to be in a housing association or council property. The rent can just be put up on a whim. You'll likely need to find a bond, deposit and references. There can also be big issues with repair/ maintenance in private rentals. So it isn't just the cost of the rent to worry about and factor in.

https://www.bbc.co.uk/news/business-66824019

@SmoothSeasDoNotMakeGoodSailors what a difference!

I hope I can remortgage when the time comes.

Had a look and being very very scarce, the cost of rental for the identical to ours is about 2.5 times more what we pay for the mortgage.
And it is borderline what I could have afforded on my wages only according to the rent affordability calculator