Can’t believe how much rent costs

[cmusun]

When I moved to London in the mid/late 90s I paid £600 a month for a two bed garden flat in Zone 2. I earnt £1500 a month as a consultant and paid £300 for my room.

DD is now moving to London for a much sought after grad job in consulting. Her take home will be about £2,300 a month. Rents for a room in Clapham areas are easily £1000 a month for a room!

How on earth does anyone save for a deposit?

Try Stratford, Bounds Green, Streatham, Brixton, Finchley type areas.

Surrey Quays and anything near Canary Wharf is stratospheric.

Bethnal Green is expensive as well!

Unfortunately £2300 is not a lot in central London, even if you are sharing. There are plenty in areas in and just outside London where you can get a room for less than £1k so she may well to compromise on location.

If she is working in South London then areas like Bromley or Beckenham offer fast commute times into London Bridge.

But it’s a bit shit if you’re a young 20 something and want to be in the thick of things in a lively London area. I’m old so remember renting a room with my own bathroom, lovely farmhouse kitchen and a cleaner in a gorgeous house near Highgate for £450 a month including bills. I think it would be about £1500 now.

Surely the only grads that can afford to rent in Clapham are the ones being funded by Ma and Pa?

Have you just realised? Yes, the over 40s have been extremely lucky financially and life in general is harder for those of us who are younger. I'm glad some older people are finally acknowledging it!

My DC have a much easier life than I do actually. I had very difficult circumstances. I will be allowing them to live rent free in my house and I think they will be lucky to do so. Best I can do. On MN you are also supposed to give a house deposit
never go on any nice holidays yourself if your DC can't
Provide all childcare
But I won't be able to do that in London.

I remember being shocked when my DC moved into a shared house and had to pay £450 a month for a small bedroom and shared use of the kitchen and bathroom. That was in 2004 and not in London. So, sadly, I'm not surprised that 20 years later, in London, one would be expected to pay £1k for something similar.
The rents have increased far more than the salaries have. That's the problem.

Totally agree.

As a side note: The parents complaining on here about London prices for their DC could also be the ones complaining on other threads about priced-out London families relocating and pricing locals out. Just saying, the issue is not limited to students.

Not sure I’d agree that life in general is harder for those under 40. Financially, definitely yes. Otherwise, not so much.

It is shit, Op. My DD paid £600 plus bills for a small room in a shared flat not too far from Clapham (but less trendy!) until recently. Landlord decided to raise her rent by 20%. It became unsustainable for her.

The rental market in London at least is horrendous.

It's not just London, and is not just a recent problem.

DH and I never lived in London, still took the best part of 20 years to save enough for a deposit.

So the answer to your question about saving for a deposit is that you do it very s l o w l y....

I don't either. And I think my life was easier than my parents in every way. In my family, my children have far more financially than I did. We may be the exception.
But there are many exceptions.

You should take a look at Bristol! It's at least £900 for a room in a shared "nothing special" house excluding bills. That's if you can find anything to start with. That's why we've got the UK's largest van life population.

In 1996 my monthly take home pay was £750 (12k annual salary) and my London rent was £250 (sharing a one bed flat with a friend in zone 2 so the property was actually £500 which would have been totally unaffordable on my own).

Somehow I managed. Rents are crazy now but it's wasnt always sunshine and roses even in the 90s.