London property madness pt 372 - the understairs cupboards being let as bedrooms...

vivatifosi

From the Telegraph. Beggars belief:

http://www.telegraph.co.uk/finance/property/renting/11901339/London-flatshares-offer-Harry-Potter-style-rooms-under-the-stairs-for-up-to-900-a-month.html

It's common knowledge that living in London is incredibly expensive, but there seem to be new housing market shocks nearly every week.

The latest is the fact that at least two flats and houses in London are offering cramped under-the-stairs beds, reminiscent of Harry Potter, for £500 and £925 a month, respectively.

An angered would-be tenant took to Twitter to show pictures she took when he went to look around a flat.

She said: "I have literally just been shown a bed under the stairs for £500 a month. F you London! #nothanks #privetdrive!?"



Article continues.


Also covered on the beeb and other press websites.

mayonnaise

vivatifosi wrote: »

Beggars belief:.... £925 a month

It's £925 per week

https://www.gumtree.com/p/1-bedroom-rent/adorable-cosy-single-bedroom-in-lovely-islington-/1134452450

What beggars belief is that an obvious joke is being carried by the Telegraph as news.

cells

You can get one bed flats for £1k pm within walking distances of train/tube stations in London. Its not that bad when the average working couple would be on >£80k in London.

MARTYM8`

cells wrote: »

Its not that bad when the average working couple would be on >£80k in London.

You are seriously out if you think the 'average working couple' in London is on over £80k.

Median earnings in London are only £35k.

michaels

MARTYM8` wrote: »

You are seriously out if you think the 'average working couple' in London is on over £80k.

Median earnings in London are only £35k.

SO couple 70k?

cells

MARTYM8` wrote: »

You are seriously out if you think the 'average working couple' in London is on over £80k.

Median earnings in London are only £35k.

the average working couple doesnt pay the average private market rent, nearly 25% of households in London are in the social sector and pay social rents

Also most elderly will own outright or have small mortgages

If you look at the 22-49 age group and strip out the lowest quarter of earners what you have left is more representative of renters in London and if you do all that the figure is a good deal higher than most people would imagine.


For the UK as a whole the 75% percentile if both couples work full time they are on £76.2k.

Take out those age 18-21 and its higher
Take out those age 60 and over and its higher
Look at just London and its higher again


Rents are high and in a sane world London would build more homes and rents would be lower but most London private renters can clearly afford private rents in London

mwpt

Rents seem high in London but they don't rise 10% YoY like property prices. Has anyone seen a comparison on income vs rents for London and other pricey cities around Europe (or internationally)?

chewmylegoff

vivatifosi wrote: »

From the Telegraph. Beggars belief:

http://www.telegraph.co.uk/finance/property/renting/11901339/London-flatshares-offer-Harry-Potter-style-rooms-under-the-stairs-for-up-to-900-a-month.html

It's common knowledge that living in London is incredibly expensive, but there seem to be new housing market shocks nearly every week.

The latest is the fact that at least two flats and houses in London are offering cramped under-the-stairs beds, reminiscent of Harry Potter, for £500 and £925 a month, respectively.

An angered would-be tenant took to Twitter to show pictures she took when he went to look around a flat.

She said: "I have literally just been shown a bed under the stairs for £500 a month. F you London! #nothanks #privetdrive!?"



Article continues.


Also covered on the beeb and other press websites.

The source appears to be some bird on Twitter and a joke on Gumtree.

That said, back in 2000 I shared a tiny 1 bed basement flat with a friend in Morington Crescent. My (single, obviously) bed was located in the corridor that ran the length of the flat from the front door to the bathroom. The only storage place I had was under the bed... I think that set me back about £500 a month back then - I would rather have lived in a cupboard under the stairs!

MrRee_2

It's simply market forces at work - if this is a true story - so all the moaning on forums like this won't change things, not one jot.

Those who can, buy to let - to help those who can't buy yet have a place to live, it's a social service we provide in essence.

If Interest Rates ever return to around >5% then we shall see a slow down of BTL purchases ..... as, if I can get 5% on cash deposit, why would I have the hassle of providing a social service for the extra few %? I wouldn't.

Everything, and I mean everything, hinges on the Interest Rate level ..... as it always has done, in truth. Just this time will be in sharper focus.

Jason74

Sorry Mr. Ree, but the idea hat BTL is a social service is the biggest load of !!!!!!!! I've read on the internet (and boy is that a high bar to get over). BTL is a large part of the problem, rather than having anything to do with the solution. We need less BTL, and more properly secure and affordable housing.

If you want to invest in Property because it provides a good return and you don't care about the social consequences, then that's your lookout. But at least have the moral honesty not to pretend you're somehow doing something socially useful when the exact opposite is true.

stator

The evils of capitalism at work. Maggy T would be proud.

Time to abolish the green belts and build some real houses for people to live in.