Rents in UK now most expensive in Europe

HappyMJ

padington wrote: »

I can't believe the cost of renting. It's gone mental.

Literally, mind shaggingly bombastically mental.

I'm with you on that one. I can't believe rents are so cheap. I wish I could put them up but the tenants just won't pay it. If you don't like paying rent in London then move out of the place. There's plenty out here in the Midlands at a very affordable price. You can get a nice large 4 bedroom family home for £700 a month. http://www.rightmove.co.uk/property-to-rent/property-34484439.html You only need to earn £21,000 to afford that at 40% of income and with a few children of the right age and sex you could earn that without even needing to work. With 3 children (1 for each bedroom) benefits add up to £27,000 a year. It makes the rent just 30% of income without working...It's very cheap.

HAMISH_MCTAVISH

HappyMJ wrote: »

You can get a nice large 4 bedroom family home for £700 a month. .

That'll get you a 1 bed flat here in a nice enough area, not the most expensive, not the cheapest. Cost to buy the same flat is around 120K. As a point of reference, that rent has increased by about 70% since 2007, while the price has only risen about 50%.

If you go 45 minutes out of the city, you can get a one bed for 350, or buy the same flat for around 60K. Those are only about 25% up since 2007.

Generali

Stone me! In Sevenoaks, my final UK stomping ground, a one bed flat is £800-1200!!!! In 2008 I was paying a little over £1200 for a four bed house.

Having said that you can also get a four bedder in Sevenoaks these days for £1725 (not the cheapest one)

http://www.rightmove.co.uk/property-to-rent/property-50337370.html

IIRC they were asking £1600 or thereabouts for the place we rented.

Sevenoaks is, or at least can be, 1 stop from central London. It's also a very nice town: theatre, (nice and dodgy) pubs, restaurants, Waitrose, site of an obscure battle and it's not Slough which is always a good thing in any place.

I've forgotten the point I was going to make but I'd be interested to see if I could still knock 25% off the asking price of a rental in the outer 'burbs.

ruggedtoast

This BBC calculator shows where you can afford to live on your budget:

http://www.bbc.co.uk/news/business-23234033


I put in renting a 3 bed for £850 a month at the "cheaper end of the market" , which would already be a real stretch for a family on an average wage with two young children.

London and most of the SE is unobtainable.

remorseless

ruggedtoast wrote: »

This BBC calculator shows where you can afford to live on your budget:

http://www.bbc.co.uk/news/business-23234033


I put in renting a 3 bed for £850 a month at the "cheaper end of the market" , which would already be a real stretch for a family on an average wage with two young children.

London and most of the SE is unobtainable.

you can rent a flat?

remorseless

remorseless wrote: »

you can rent a flat?

actually checked on rightmove and you can't even get a flat for £850!
It is a bit low though... assuming that 850 is 1/3 of the income, it'd be a monthly income of 2500 for 5+ people?

If it's for an average family of 2 parents and 2 kids, I suggest look for a 2 bedroom place!

I shared my room with a sibling and it was just fine

missyrichards

If we rented out our house we could charge double what we pay on our mortgage as 2 bed houses around here go for about £1,200 a month. I wouldn't be happy paying that to live where we live!

MacMickster

Graham_Devon wrote: »

Few key facts from the document.

The average british renter spends 39.1% of their income on rent. For the EU, the figure is 28%.

The average rent in the UK is now £750 per month. In the EU the average rent is £400 per month.

So extrapolating from that, in the UK the average British renter has £1168 per month left to live on after paying their rent while the average European renter has only £1028 to live on.

remorseless

MacMickster wrote: »

So extrapolating from that, in the UK the average British renter has £1168 per month left to live on after paying their rent while the average European renter has only £1028 to live on.

not surprising!
In Milan it's the same 850EUR http://www.immobiliare.it/51501417-Affitto-Trilocale-via-Zurigo-28-Milano.html

In Amsterdam it's even harder http://www.funda.nl/huur/amsterdam/appartement-49417047-borgloonstraat-83/

I reckon the myth about getting a 3 bed house (not flat) in a major capital city for small pocket change should be debunked!

However, other countries may have better tenant legislation

HappyMJ

ruggedtoast wrote: »

This BBC calculator shows where you can afford to live on your budget:

http://www.bbc.co.uk/news/business-23234033


I put in renting a 3 bed for £850 a month at the "cheaper end of the market" , which would already be a real stretch for a family on an average wage with two young children.

London and most of the SE is unobtainable.

A 3 bedroom house for a family with 2 young children on an average wage stretching the budget to have a bedroom each for the kids. Your standards are too high. A 2 bedroom flat will be fine. The "young" children can share a bedroom until they get older and the great thing about renting is that you only need to give a months notice to move out and move into something bigger. Then once they grow up and leave home another months notice and you can downsize again very cheaply.