>The average rent on a newly let home outside the capital rose to £1,002 a month in April, according to Hamptons, which was 7.8%, or £72, higher than the figure a year earlier.
>
>Meanwhile, the London rental market is continuing to speed ahead of the rest of the country: annual rental growth in the capital was running well ahead of inflation at 17.2%, said the firm, with the average monthly bill passing £2,200 for the first time last month. That would cost the average tenant moving into a new home an extra £3,895 a year.
>
>Across Great Britain as a whole, the average monthly rent rose 11.1% year-on-year in April to reach a new high of £1,249 – the second-highest figure for rental growth across the country on record. Overall, rents across the country have leapt 25% since the eve of the pandemic.
This figures are absolutely insane and I don’t see how the current system is sustainable.
We’re looking now and it’s crazy. We will be coughing up £1000 per month *at least*.
How is that possible with a £21k salary? How are young people supposed to cope?
And in London, it seems to be about £1,000pcm for a bedroom now.
Madness.
I recently found out that the rent in my area is 50% higher than my mortgage payment. And that is a payment which I shaved years off the term and am overpaying every month. Rent is still *more* expensive than that. I genuinely don’t understand how people can rent and ever save for their own home nowadays.
This is getting crazy and is becoming a major problem in itself.
What do we think, if people were paying less on rent the economy would surely be far more active? The reason I say this is that my assumption (and it is an assumption) that mainly younger and more economically active people are renting?
The average salary in the country is £27,000ish so after tax in average people are spending more than 50% on rent. This is one of the biggest drivers of the cost of living crisis, yes it’s energy and food prices that have changed but rent taking up such a big proportion of peoples income leaves no room for anything else to change.
And housing costs are still not factored into inflation statistics.
The renewal on my flat before I bought pushed my rent just north of £1000
It’s crazy. So much wasted money on rent. I’m paying about 1000 now for my mortgage bud it’s so much more satisfying knowing it’s money that goes back into my pocket eventually.
We need to start building houses. Now
Many out and about in their land rover civilian tanks with full upgrade kit, bitching about how times are tough.
Landlords are leeches.
3 things that are the current drivers.1 . The energy crisis is fuelling it all. Higher fuel/energy prices means higher transportation, production and energy costs for businesses. That translates in the costs of goods and services going up and passed on to the consumer. Chuck in the opportunistic price gauging on top as well. Notice how companies are making record PROFITS and not just revenue.2. Landlords are businesses and quite often just regular people who are impacted by rising costs themselves and want to protect their income and the only way to give themselves a pay rise to help in the cost of living crisis is by increasing rents.3. Outside of that there is already a major issue with there not being enough housing in the UK. Demand far outstrips supply. The government will never allow an oversupply in the market because the entire foundation of our economy is built on it.So summarise. Situation is fucked.It doesn’t help that we have an ideological and almost cult like right wing government who will not intervene where intervention needs to take place. We are all being led to believe Demand-Pull is causing inflation. That we are all so apparently flush with money they need to fuck us all over with higher interest rates to stop us spending our wads of cash. For the average joe this is just not the case.Cost-Push Inflation is the cause with rising energy prices but because we have a conservative government who believe in the free market so much they will not target their intervention where the problem lies. The top 1% and in the energy sector. There have been warning signs for years that there was too much money at the top. More billionaires than ever yet most peoples real time wages have fallen. Crazy money being splashed around in sports, tech, advertising, super cars and yachts whilst large swathes of the population struggle to heat their homes and put food on the table.A radical new approach is needed with our economy and whats worse is we had our chance. Jeremy Corbyn offered that but because he wouldn’t commit to wanting to eviscerate ourselves in nuclear hell fire nor commit to hard Brexit the country was TOLD to hate him.
The most terrifying thing is the world faces an existential threat in the form of climate change but the western world is only interested in fixing it if it’s profitable to do so.
EDIT: Thanks to u/AncientNortherner for deleting all their comments and seemingly…themselves
[deleted]
[deleted]
With a million extra people needing housed rents are only going to skyrocket further.
This is what happens when you intentionally underbuild housing to the tune of 4-5 million
Reform zoning laws and make it faster and easier to build new housing.
The average wage per month in most areas of the UK will give someone £1200 a month in their bank. The UK is a waste of space and a scam country now ran by pick pockets.
Prior to covid, me and my partner rented a house in the shittier bit of our town for £625 a month (2 bed new build). The same property is now on the market for £950. It’s all fucked. The house is identical. I know this because I had to get a package that was delivered there by accident. 50% increase. Just because they can. It’s greed. Nothing more.
The average monthly rent inclusive of all basic utilities & council tax outside of London, Essex and much of NW England is now more than £1900.
With the average monthly rent outside of those regions that only includes the council tax and monthly rental fee over £1400.
All the friends working overseas who are renting out their own 1-3 bedroom accomodation in London and the home counties are charging more than £3k a month.
Landlords are parasites.
The whole thing is completely unsustainable and deeply unfair. The wealth gap continues to grow all the while the average person becomes unhappier, is over overworked and underpaid.
pro-tip, dont rent the average house, just rent the cheap ones.
I live in the north west… HOUSE SHARING is £800 at the least. Its gone fuckin mad.
Yup that’ll happen with net immigration of 700,000
I wonder how much of the increases in rent are down to letting agents and management companies increasing their fees so landlords have to increase the rent to compensate for it.
Mine has increased yearly without fail and I know the landlord personally and they are only renting out their house as they’re moving overseas and want to keep their house so I wouldn’t have thought they’d drive the £20-£30 yearly increases
I can see living off grid becoming more of a thing when people cannot afford a basic apartment.
I think the real issue here is a portion of profits landlord’s are making, not making their way into the hands of first-time buyers. This is what happens when you have a system which keeps on taking without giving anything back. Not being able to own anything is killing the housing market.
25 comments
>The average rent on a newly let home outside the capital rose to £1,002 a month in April, according to Hamptons, which was 7.8%, or £72, higher than the figure a year earlier.
>
>Meanwhile, the London rental market is continuing to speed ahead of the rest of the country: annual rental growth in the capital was running well ahead of inflation at 17.2%, said the firm, with the average monthly bill passing £2,200 for the first time last month. That would cost the average tenant moving into a new home an extra £3,895 a year.
>
>Across Great Britain as a whole, the average monthly rent rose 11.1% year-on-year in April to reach a new high of £1,249 – the second-highest figure for rental growth across the country on record. Overall, rents across the country have leapt 25% since the eve of the pandemic.
This figures are absolutely insane and I don’t see how the current system is sustainable.
We’re looking now and it’s crazy. We will be coughing up £1000 per month *at least*.
How is that possible with a £21k salary? How are young people supposed to cope?
And in London, it seems to be about £1,000pcm for a bedroom now.
Madness.
I recently found out that the rent in my area is 50% higher than my mortgage payment. And that is a payment which I shaved years off the term and am overpaying every month. Rent is still *more* expensive than that. I genuinely don’t understand how people can rent and ever save for their own home nowadays.
This is getting crazy and is becoming a major problem in itself.
What do we think, if people were paying less on rent the economy would surely be far more active? The reason I say this is that my assumption (and it is an assumption) that mainly younger and more economically active people are renting?
The average salary in the country is £27,000ish so after tax in average people are spending more than 50% on rent. This is one of the biggest drivers of the cost of living crisis, yes it’s energy and food prices that have changed but rent taking up such a big proportion of peoples income leaves no room for anything else to change.
And housing costs are still not factored into inflation statistics.
The renewal on my flat before I bought pushed my rent just north of £1000
It’s crazy. So much wasted money on rent. I’m paying about 1000 now for my mortgage bud it’s so much more satisfying knowing it’s money that goes back into my pocket eventually.
We need to start building houses. Now
Many out and about in their land rover civilian tanks with full upgrade kit, bitching about how times are tough.
Landlords are leeches.
3 things that are the current drivers.1 . The energy crisis is fuelling it all. Higher fuel/energy prices means higher transportation, production and energy costs for businesses. That translates in the costs of goods and services going up and passed on to the consumer. Chuck in the opportunistic price gauging on top as well. Notice how companies are making record PROFITS and not just revenue.2. Landlords are businesses and quite often just regular people who are impacted by rising costs themselves and want to protect their income and the only way to give themselves a pay rise to help in the cost of living crisis is by increasing rents.3. Outside of that there is already a major issue with there not being enough housing in the UK. Demand far outstrips supply. The government will never allow an oversupply in the market because the entire foundation of our economy is built on it.So summarise. Situation is fucked.It doesn’t help that we have an ideological and almost cult like right wing government who will not intervene where intervention needs to take place. We are all being led to believe Demand-Pull is causing inflation. That we are all so apparently flush with money they need to fuck us all over with higher interest rates to stop us spending our wads of cash. For the average joe this is just not the case.Cost-Push Inflation is the cause with rising energy prices but because we have a conservative government who believe in the free market so much they will not target their intervention where the problem lies. The top 1% and in the energy sector. There have been warning signs for years that there was too much money at the top. More billionaires than ever yet most peoples real time wages have fallen. Crazy money being splashed around in sports, tech, advertising, super cars and yachts whilst large swathes of the population struggle to heat their homes and put food on the table.A radical new approach is needed with our economy and whats worse is we had our chance. Jeremy Corbyn offered that but because he wouldn’t commit to wanting to eviscerate ourselves in nuclear hell fire nor commit to hard Brexit the country was TOLD to hate him.
The most terrifying thing is the world faces an existential threat in the form of climate change but the western world is only interested in fixing it if it’s profitable to do so.
EDIT: Thanks to u/AncientNortherner for deleting all their comments and seemingly…themselves
[deleted]
[deleted]
With a million extra people needing housed rents are only going to skyrocket further.
This is what happens when you intentionally underbuild housing to the tune of 4-5 million
Reform zoning laws and make it faster and easier to build new housing.
The average wage per month in most areas of the UK will give someone £1200 a month in their bank. The UK is a waste of space and a scam country now ran by pick pockets.
Prior to covid, me and my partner rented a house in the shittier bit of our town for £625 a month (2 bed new build). The same property is now on the market for £950. It’s all fucked. The house is identical. I know this because I had to get a package that was delivered there by accident. 50% increase. Just because they can. It’s greed. Nothing more.
The average monthly rent inclusive of all basic utilities & council tax outside of London, Essex and much of NW England is now more than £1900.
With the average monthly rent outside of those regions that only includes the council tax and monthly rental fee over £1400.
All the friends working overseas who are renting out their own 1-3 bedroom accomodation in London and the home counties are charging more than £3k a month.
Landlords are parasites.
The whole thing is completely unsustainable and deeply unfair. The wealth gap continues to grow all the while the average person becomes unhappier, is over overworked and underpaid.
pro-tip, dont rent the average house, just rent the cheap ones.
I live in the north west… HOUSE SHARING is £800 at the least. Its gone fuckin mad.
Yup that’ll happen with net immigration of 700,000
I wonder how much of the increases in rent are down to letting agents and management companies increasing their fees so landlords have to increase the rent to compensate for it.
Mine has increased yearly without fail and I know the landlord personally and they are only renting out their house as they’re moving overseas and want to keep their house so I wouldn’t have thought they’d drive the £20-£30 yearly increases
I can see living off grid becoming more of a thing when people cannot afford a basic apartment.
I think the real issue here is a portion of profits landlord’s are making, not making their way into the hands of first-time buyers. This is what happens when you have a system which keeps on taking without giving anything back. Not being able to own anything is killing the housing market.