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  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 21st Oct 11, 9:18 AM
    • 2,324Posts
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    Former MSE Helen
    MSE News: Rents rise to record high
    • #1
    • 21st Oct 11, 9:18 AM
    MSE News: Rents rise to record high 21st Oct 11 at 9:18 AM
    This is the discussion thread for the following MSE News Story:

    "Rents in England and Wales reached a record high of £718 per month in September, a report found today ..."

    Read the full story:

    Rents rise to record high



Page 1
  • CompBunny
    • #2
    • 21st Oct 11, 11:02 AM
    • #2
    • 21st Oct 11, 11:02 AM
    This doesn't suprise me. We have been living with my mother since January after my partner became unemployed and paying as much rent as we can afford. Now he is employed again and we are looking at suitable rental properties the prices are so much higher. We were paying £550 per month for a 2 bed semi detatched bungalow with a garage and a garden in December last year. For that price, we are now looking at 1-2 bedroom flats...which would be fine if we didn't have a dog!

    It feels like we will never be able to save for a deposit unless we live with my mother for longer - which would drive her crazy I think!

    This is in East Anglia. I genuinely don't understand how people in London cope with the high rents there!
    GC2012: Nov £130.52/£125
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  • Garudi
    • #3
    • 21st Oct 11, 11:54 AM
    • #3
    • 21st Oct 11, 11:54 AM
    My sister is paying twice as much in RENT as I am paying in MORTGAGE. she has a small 1 bedroomed flat near London, I have a good sized three bedroomed terraced in Sheffield.
    A crazy situation!
  • A.L.D.A
    • #4
    • 21st Oct 11, 1:46 PM
    • #4
    • 21st Oct 11, 1:46 PM
    Demand is outstripping supply. Fewer people are able to obtain mortgages, and more having to rent. Population increasing and fewer houses being built can only lead to grief and shortage of supply.
    • aintshesweet
    • By aintshesweet 21st Oct 11, 2:52 PM
    • 242 Posts
    • 747 Thanks
    aintshesweet
    • #5
    • 21st Oct 11, 2:52 PM
    • #5
    • 21st Oct 11, 2:52 PM
    This doesn't suprise me. We have been living with my mother since January after my partner became unemployed and paying as much rent as we can afford. Now he is employed again and we are looking at suitable rental properties the prices are so much higher. We were paying £550 per month for a 2 bed semi detatched bungalow with a garage and a garden in December last year. For that price, we are now looking at 1-2 bedroom flats...which would be fine if we didn't have a dog!

    It feels like we will never be able to save for a deposit unless we live with my mother for longer - which would drive her crazy I think!

    This is in East Anglia. I genuinely don't understand how people in London cope with the high rents there!
    Originally posted by CompBunny
    £550 a month!!!! I feel like I'm being ripped off!
    In my town we're lucky to have found a 1-bed terrace house for £595 a month (which is not the norm ... usually it's 1 bed flat with no amenities whatsoever closeby).

    Me and my bf are effed, basically... the rent we have to pay (for substandard housing) means we can't afford to save to buy. So we're just stuck renting.
  • Caveat Mortgagor
    • #6
    • 21st Oct 11, 2:55 PM
    • #6
    • 21st Oct 11, 2:55 PM
    My sister is paying twice as much in RENT as I am paying in MORTGAGE. she has a small 1 bedroomed flat near London, I have a good sized three bedroomed terraced in Sheffield.
    A crazy situation!
    Originally posted by Garudi
    Thats not merely a factor of the cost of rent v the cost of buying.

    In a large part its the difference between London and the north.
    • dodger1
    • By dodger1 21st Oct 11, 6:29 PM
    • 4,363 Posts
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    dodger1
    • #7
    • 21st Oct 11, 6:29 PM
    • #7
    • 21st Oct 11, 6:29 PM
    Thank goodness for my LL, no rent increase since moving in three and a half years ago.
    • ruggedtoast
    • By ruggedtoast 21st Oct 11, 6:43 PM
    • 9,493 Posts
    • 20,145 Thanks
    ruggedtoast
    • #8
    • 21st Oct 11, 6:43 PM
    • #8
    • 21st Oct 11, 6:43 PM
    The last time I had rent as low as £700 was back in 2005 when we were renting a titchy one bed flat above a shop in Greenwich. The small 2 bed mid terrace we moved to in NW London was £1100 a month, after we moved out last year he remarketed it at £1300 and apparently he got it too. We rented a similar place in the home counties for £900 a month.

    £700 a month seems to be a bare starting point in the SE.
    • HAMISH_MCTAVISH
    • By HAMISH_MCTAVISH 21st Oct 11, 7:53 PM
    • 26,044 Posts
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    HAMISH_MCTAVISH
    • #9
    • 21st Oct 11, 7:53 PM
    • #9
    • 21st Oct 11, 7:53 PM
    That should really be "Rents Rise To Another Record High".

    Several months in a row of new record highs now. And other than a brief respite over the off-season for rentals in mid-winter, they'll keep rising too.

    Long way to go yet.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
    • firsttimetom
    • By firsttimetom 21st Oct 11, 9:24 PM
    • 282 Posts
    • 316 Thanks
    firsttimetom
    What good news.

    The UK becomes ever more uncompetitive on the global stage and thus continues it's decline into third world living standards.
    • HAMISH_MCTAVISH
    • By HAMISH_MCTAVISH 21st Oct 11, 10:41 PM
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    HAMISH_MCTAVISH
    The UK becomes ever more uncompetitive on the global stage and thus continues it's decline into third world living standards.
    Originally posted by firsttimetom
    Nonsense....
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
    • brit1234
    • By brit1234 22nd Oct 11, 5:24 AM
    • 5,191 Posts
    • 11,968 Thanks
    brit1234
    Its good to know these same landlords are being bailed out by the lowest interest rates in history. The idea would it would keep the costs down.

    Letting agents have some of the blame as well.

    I say cancel the tax relief on these buy to let landlords.
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    • anselld
    • By anselld 22nd Oct 11, 5:50 AM
    • 6,277 Posts
    • 6,089 Thanks
    anselld
    Its good to know these same landlords are being bailed out by the lowest interest rates in history. The idea would it would keep the costs down.

    Letting agents have some of the blame as well.

    I say cancel the tax relief on these buy to let landlords.
    Originally posted by brit1234
    Raising tax and interest rates is only going to put more upward pressure on rental prices. You won't be able to strike against renting and buying unless you want to live in a tent!
    • Pincher
    • By Pincher 22nd Oct 11, 6:33 AM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    They say Gadaffi always carried a tent to sleep in when he went overseas. No hotel bills. Maybe he's a fellow MSE?

    Regarding interest rate, try getting a BTL mortgage at all.
    The juicy low rates are for owner occupier only.
    It's only the lucky ones that are on BOE+1.75% for BTL.

    There is a guy who got married, bought in 2007 for living in, fixed for five years at roughly 6%. Got divorced, can't afford the mortgage, so is renting it out. Let's see what happens when he tries to re-mortgage with a tenant in situ in 2012. On a BTL basis, he will be lucky to get a 4% tracker.
    • HAMISH_MCTAVISH
    • By HAMISH_MCTAVISH 22nd Oct 11, 10:56 AM
    • 26,044 Posts
    • 59,375 Thanks
    HAMISH_MCTAVISH
    Its good to know these same landlords are being bailed out by the lowest interest rates in history. The idea would it would keep the costs down.

    Letting agents have some of the blame as well.

    I say cancel the tax relief on these buy to let landlords.
    Originally posted by brit1234
    Never mind though Brit, I'm sure you'll have a couple of months in the middle of winter where you can say rents are falling, as they do every year at that time. In fact, I seem to recall you being particularly vociferous about it last winter.

    Yet you've been strangely quiet on the subject for the last 6 months or so.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
    • brit1234
    • By brit1234 22nd Oct 11, 12:52 PM
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    • 11,968 Thanks
    brit1234
    Don't worry Hamish I have cheap rent in Chelsea. It allows me to save an even bigger deposit and take advantage of the continuing house price falls.
    Scams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

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    • HAMISH_MCTAVISH
    • By HAMISH_MCTAVISH 22nd Oct 11, 1:22 PM
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    • 59,375 Thanks
    HAMISH_MCTAVISH
    Don't worry Hamish I have cheap rent in Chelsea. It allows me to save an even bigger deposit and take advantage of the continuing house price falls.
    Originally posted by brit1234


    Only if you're planning to move from Chelsea to the third of areas in the country where prices are actually falling.

    If you're planning to move to the two thirds of areas where prices are stable or rising, then that plan has a flaw....
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
    • brit1234
    • By brit1234 22nd Oct 11, 1:31 PM
    • 5,191 Posts
    • 11,968 Thanks
    brit1234


    Only if you're planning to move from Chelsea to the third of areas in the country where prices are actually falling.

    If you're planning to move to the two thirds of areas where prices are stable or rising, then that plan has a flaw....
    Originally posted by HAMISH_MCTAVISH
    Hamish they are falling in the vast majority of the UK or don't you look at Land Registry, Halifax or Nationwide figures.
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  • mummyplus3
    Blimey So glad Im out of the private rental market now the prices are getting ridiculas, I was lucky enough to get a really good deal on my 2nd rental property and now am in a LHA property the difference in rent costs is insane!

    • HAMISH_MCTAVISH
    • By HAMISH_MCTAVISH 23rd Oct 11, 8:17 PM
    • 26,044 Posts
    • 59,375 Thanks
    HAMISH_MCTAVISH
    Hamish they are falling in the vast majority of the UK or don't you look at Land Registry, Halifax or Nationwide figures.
    Originally posted by brit1234
    False.

    According to both RICS and HOMETRACK, the blunt averages of national and regional house price indices mask the fact that prices are only falling in around 35% of local areas in the UK. They're rising in around 10% of areas, and stable in the remaining 55%.

    For two thirds of people, they are not falling but instead are stable or rising. However, because prices are falling in more areas than they are rising, although still a minority, this creates a downwards skew to the indices.

    Therefore your oft-repeated assertion that "prices continue to fall" is only accurate for a minority of areas. And fallacious for the majority.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
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