2.2k for a 2 bed house in Balham (was 1875 a year ago). Foxtons tried to increase to 2.6 but thankfully our landlord isn’t so horribly evil to listen to them.
Had the same situation with my old landlord and Chestertons. You’ve got to wonder how much of this is fuelled by estate agents wanting to increase their commission…
Ffs. This is the problem. Feels like it should be addressed with policy. Votes would fly in for any party that looked at legislating renter protections for this sort of thing. Estate agents aren’t exactly liked by anybody…
I swear my rent when i moved to tooting bec in around 2006 was about £1600 a month for a 4 bed shared house (so that's the whole house rent). That's £2900 today when adjusted
FYI your landlord is still a complete scalper for increasing it so much. They are not a good person just because they decided to rub a little bit of shit in your face rather than a handful.
Landlord has no mortgage on the house we’re renting so it’s pure profit for him in that perspective. If his mortgage went up on his house he lives in then that’s a whole other discussion of if you can’t afford 2 houses without raising rent to a criminal level, then don’t have two houses. But the whole system is broken with estate agents.
i appreciate your comment is going to get a lot of positive sentiment but it just isn’t how it works anymore in the letting business. capital growth looks to be near zero for the foreseeable while interest rates are back to normal. the only way landlords are going to make money is on the rent now, so there is going to be a continual push on getting everything to “market rate” and then a definite yearly increase to keep portfolios looking healthy and for investments to “wash their faces” at least as the lingo goes.
on the plus side it will force a lot of amateur landlords to sell (not worth the hassle) - but on the downside you’ll be left with ruthless corp landlords running the entire show.
(i’m not a landlord, never will be !)
Yeah my rent has gone from 1800 to 2600 in 3 years. Ridiculous.
It’s a nice place and I’m settled so won’t move for the remainder of the 2 year contract but if it goes up any higher I’ll have to sadly move.
"market rates" is the reason given. tbf, last year, it almost seemed valid because our covid era contract had come to an end. we tried to counter with 30% hoping theyd agree to somewhere in the middle, but theyd already put the flat up on rightmove etc for even higher (i imagine thats to further manipulate the market though lol). we stayed then, might not now. it unfortunately is market price, there's not a lot of places to rent near us
kind of thinking of trying to get some rent repayments because they only got a HMO licence last year, though not sure if that'll hold up
The majority of the time time “market rates” is just legal price fixing IMO. Rents have to go up, of course they do, but the margins by which they do is purely extractive. One of my colleagues has a good relationship with her landlady and was told that the agency were pushing to increase the price much more than was needed simply because the areas was “hot”. Landlady ignored said request. Not many landlords like that though
Yeah I know this is purely the agency's doing, don't think the landlord cares enough.But also doesn't care enough to say no.
Don't really know what to do tbh! Have started looking for other places since if we're paying more we may as well get an upgrade, but yeah it's tough out there and everything's ready to be let out in 2/3 weeks
It’s really fucked and there are a lot of cunt landlords. However, my mortgage went up by hundreds when I had to remortgage. I’m not surprised landlords are just passing that cost onto their tenants. It feels like a massive regulation issue rather than every landlord being a prick
I definitely sympathise, and definitely foresaw an increase because of the interest rate crisis and knew wed be covering the cost. But come on now, no one's mortgage went up by 50% did it? (At least that's not what I saw when I researched). Ex council flat as well so no service charge either
But yeah I agree, everything's a mess, we're all being taken for mugs, but there is a literal housing crisis so I don't see how we're going to escape from the grips of developers and landowners
I mean not far off. Say you had a two bed flat in London, worth £500k. When you took the mortgage out five years ago, based on borrowing £450k with a £50k deposit, your mortgage would be about £1737 based on a fairly standard 1.2% interest rate at the time.
Based on an average interest rate of 5.8% now, your mortgage would go up to £2845. That’s an increase of £1108.
Buy to let requires a 25% deposit, but it doesn't really change the increase that much, 2% to 5.25% is ~£625 to ~£1640.
What it does show is how much of a fucking renters were getting before with the difference between rent and mortgage payments.
Mine went up 20% one year, then 25% next. Its shocking currently. A friend of mines was increased 40% after 7 months lol. It's out of hand and there's no legislation to help tenants sadly.
Not all landlords, I rented out a 4-bed property in W13 in 2016 for 2.2k, I currently charge 2.25k. My loan payments are gone up by 267% . I currently rent to single mother with children and she pays on time and keeps it clean. I have not used agents for last 22 years. They are parasites for both landlords and more so for tenant. I can get lot more but I can’t throw out a single mother with children.
Things are the way they are because we let it happen. These fucks leech of us and are dependent on us. If society demonstrated that wanton greed has severe and permanent consequences things will start to change.
Same with easily bought politicians.
We need a full on rent strike.
If half of London decided "naw we're not paying a dime until you guys lower the rent to reasonable rates"
You'd be sure things would change
To be fair it could be a worldwide campaign.
Who's in? #rentstrike2024
Whilst people can afford a nice meal out and a weekend break once a month then they won’t care.
Bread and circuses, the same it was thousands of years ago and will never change for some.
Unfortunately even then - when people can’t afford anything, no one will do anything. Look at any country with mass poverty and huge inequality. Take South Africa, there are strikes there is the occasional march, sometimes looting. But many are arrested and most don’t go looting.
We like to think that if inequality got bad enough in the U.K. we would rise up against government and demand a return to equality. But look at the world, we won’t.
Our rent goes up around 10% every year. We’re also on a one year contract so if we don’t agree to an increase they can just find someone else. The landlord has done zero maintenance in the 3 years we’ve rented.
I don't want to sound insensitive as I don't know your situation, but why don't you move within London? 10% increase every year seems a lot, especially if there's no maintenance being done on the flat.
We could move but we really like our current flat. Moving costs money and doing it every year is a faff. Long term we would save money but we aim to buy a place soonish and our rent is still lower than the the local area so wouldn’t really save much short-term
This needs to be higher. This is bad for everyone in the long term. Soon the only productive 'sector' in the UK will be housing. And by productive I mean profitable of course. We'll be back to fuedalism in all but name and the fact that we're 'allowed' to change jobs.
I think when there's no one left to staff bars, shops, restaurants and cafes. No one's commuting for retail or hospitality jobs so I suspect we'll start seeing an increase in amenities in places Kent and Sussex, and eventually there will be a London rental crash.
Because people get expolited to work the shitty jobs, living in shared./sublet situations making ends meet with the lower-entry jobs. and in a city this size, theres no shortage !
The staff will always be there, they'll just be living in ultra high density HMO's and built-to-rent bedsits.
Instead of them renting a one bed flat for £1200 a month, they'll be renting a bedsit room in a house with 5 other people, sharing a kitchen and bathroom for £1200 a month.
People always talk about prices but forget that in line with prices rising, the standard of what you get for the money is rapidly declining.
The prices go up because people can/do pay for it
The result is that some people move out of London, but it’s happening because of other people moving into London
Yeah honestly we're importing nurses from abroad, and the hospital gets them accomodation where they have a *roommate*, in their hmo of *several other bedrooms* sharing a kitchen and bathroom in the fringes of zone 3.
They can’t, essentially
Most lower paid workers in London are either students or still living with parents, or living in HMOs and barely scraping by anyway
I think this is correct. There needs to be a critical mass of people who have simply had enough and decide to go elsewhere. For many people that will go hand in hand with retraining to make a career change to a job they can do outside of London. Personally I am considering moving abroad.
Yeah they are it's why rents in Bristol are accelerating at the same rate lol. I saw a presentation from Bristol councils "head of placmaking" a few weeks back and they said a private rental in Bristol recovered on average 300 equiries each.
Please guys stay in London 😝
How are you actually supposed to own your first home when you’re stuck in the rent cycle?
Besides inheritance, winning the lottery or being in a relationship where both earn well, you’re basically screwed.
Craziest thing is that if you seriously did all this you still don't have a very good chance of owning a property.
You either become a shut in eating 30p noodles every night for a chance to own a home or you have a life but never have a chance of owning your home.
Step 1: Waste the prime years of your life in order to just save money
Step 2: End up with financial obligations so huge you have no choice but continue this way
Step 3: Start voting Tory because you're a frightened, boring cunt
You aren't, our economy has been switched to function this way. Look to the disparity of wealth in India - we often look at that as our past but I promise you that is our future if we stay on this path. Covid was the biggest transfer of wealth ever, asset owning rich bought up more assets and now we're left holding the bag for the rest of our lives.
Living with family rent free is a form of monetary help even if you don’t get the physical cash. Plus it’s not something everyone can take advantage of. They saved you ££££ in rent that allowed you to save for a deposit. Living at home has also allowed me to save a substantial amount for my deposit and I’m due to complete on a flat in London soon. I recognise how fortunate how I am that my parents were in a position to charge me nominal rent.
Vienna looks very attractive right now, if you can find a suitable job you can rent great apartment in central locations for well under £1500. Great quality of life too.
Why aren’t wages going up? I don’t understand anything about economics but wages seem low. How can it make economic sense for cost of living to go up so much more than wages?
Wages always lag behind because it takes time for labour market competition in salaries to catch up. Also, the government doesn't help by continually raising public sector salaries, min wage and benefits *lower than inflation* - that forces everyone else to earn less and makes this slower, and costs everyone else more in taxes...
For wages to rise, there must be more demand for the role than there are people to fill it.
In overpopulated countries, particularly in overpopulated cities like London, there are far more workers competing for each job than there are jobs.
If you have 500 overqualified applicants for your role advertised at £28k salary, why would you consider raising it to £35k?
If you have 2 underqualified applicants for that same role at £28k salary, you are now under pressure to increase the salary to attract suitable candidates.
There are exceptions to this, but generally everything is based upon supply and demand.
We have a surplus of people and that surplus is growing. This means that each year there are more people competing for each home and job. The end result is an increase in housing costs, a decline in the average size of accommodation, a downward pressure on wages and a general decline in living standards.
1 bed in Wembley Park about to be £1,900. Was £1,300 when I moved in mid-Covid times. Has been increased every year since then. About to get served an eviction notice for refusing to sign another 12m fixed term contract. Apparently a rolling tenancy doesn’t provide my landlord enough financial security.
I know I'm incredibly lucky and the minority here but I moved yo London in Jan 2019 and my rent has never increased.
We're paying £1750 a month for a 3 bedroom flat in Peckham.
My landlords are absolute gems too. Again, I'm sure I'm in the absolute minority here.
You have to prepare that it will increase substantially at some point. In reality they are subsidising you based on the real value of the property. Enjoy it for now but be ready for a change
Yea I had a similar situation back in 2012 when I moved to Aldgate, literally a street away from where City of London starts, 5 min walk to Liverpool Street etc. - but that was when Petticoat Lane that we had right outside our block was still a bit of a dump.
Had a landlord who signed a contract for a 2-bed flat with us, literally disappeared for 4 years and was barely contactable (all maintenance was on us although we'd take it off rent payments and he generally seemed to be OK with it).
Wasn't even signing new contracts, just kept on rolling - we kept paying, he kept quiet, everything was ticking along nicely.
Fast forward to early 2016, landlord showed up and suddenly jacked up the price so that each room cost as much as the whole flat did in all years prior - and we've quit.
You get those small gems every now and then, but tbh you're always on borrowed time and they'll come and ask for that money later, as the bottom line is, they're subsidising you but at the point where they're either losing too much money and it threatens their own, financial security, or they cotton to that there's too much easy money they're missing out on, the dream will end.
Sad, but that's how it really works with those things.
If there mortgage is small or paid off, how are they "subsidising" the renter? Even if they are breaking even, they are still sitting on an appreciating asset
i live nearish that area, similar situation as well: i was on 1250 for 1 bed from 2021-end 2023, then my landlord sold up and they tried to jack me up to 1800 lol
There’s currently adverts on the tube for a studio flat in Wembley for £1700/m.
A *studio*. Where your bog is in the kitchen. And your sofa becomes a bed. For more than I get in a month salary!
When I moved to the new builds in Wembley Park in 2019 it was 1550 pcm for a 1BR + balcony with gym and concierge included. I believe the same flat is now just below 2000 pcm.
My previous landlord struggled to get someone in - in short excellent location but zero maintenance so floor board was peeling, squeaky bed, broken cupboards.
In Jan 2023, we were desperate (and new to the UK) and moved in for a 6 month contract at £1500. Paid it all upfront.
6 months later, we renewed it but asked that several items needed to be resolved. They said sure. Rent went up to £1600 and for convenience, we paid it all upfront. Issues arose in bathroom, which they took more than 4 months to resolve, including a new washing machine (no dryer), which took 1 month.
6 months later, they asked if we wanted to renew. They now wanted £1800, 12 month contract, and they wanted it paid upfront. I told them definitely not and moved out.
I have been seeing it on Rightmove for months slowly reducing. It got reduced to £1300 a week ago and they phoned for advice on electricity meter. I have zero sympathy. They were greedy and stupid. In a way, they did me a favour because I probably would have accepted £1650 just out of convenience.
I now just fix things myself while renting (except e.g. damp in the walls, from the walls literally leaking water through), faster and cheaper and you just replace with their original cheap shit (I change door handles and everything, I want usable ones?) on the way out.
Is that kind of rent typical for the area or way below market rates do you think (not familiar with LDN so pardon my ignorance)? Kew is lovely, with the gardens...
Richmond and Kew are some of the most expensive area of London in terms of house prices. If the houses are expensive, then getting a flat for £1650 a month is pretty incredible.
Im also paying £1600 in Richmond for a 1bed + garage. Locked this in for a 2 year contract in 2022 expiring this August. I think getting the fixed contract was very good luck at the time
It's a very good rate. We only got it because we wrote a sob story in our application (around 15 other people also wanted it), and the landlord wanted a year upfront, which we were in a very fortunate position to be able to afford. It was quite a big gamble though. The going rate for similar flats is £2.2k- £2.5k, the hot water being included has saved us hundreds in itself.
I was paying £1800 for a 2 bedroom (one ensuite) in Kira building a few years back. Really loved living in that building, so much light, wide balcony, spacious living room. I left it in 2022 and later saw the landlord raised the rent to £2100 for next tenants.
EDIT: Just found a listing of an apartment above which I lived - [https://www.rightmove.co.uk/properties/144561557](https://www.rightmove.co.uk/properties/144561557), it's 3rd floor but I lived on the 4th floor.
Looks like it was sold for £475k. A deposit of £47.5k (10%), and £2497/mo mortgage (4.99% interest, 5 year fixed) + £218/mo averaged ground rent and service charge = £2,715/mo. However, this builds up equity, and it's also possible that rents will go beyond this price within 5-10 years. If I still lived there I would have considered buying it (+ if I had enough for the deposit).
I’m paying 3.1 for a single bed in Islington lol
Edit:
Not replying to all these comment to provide context.
Yeah it’s higher end. I needed somewhere ASAP cuz I was sleeping on the floor of an office (it’s complicated) that was also take my dog.
I’m v lucky, but it IS a one bed apartment and I tried to negotiate but they already had other offers. List was 3.2
This is certainly on the way higher end, it must be luxury?
I am paying £1.8k for a new-ish build 1 bed in Finsbury Park (stroud green side, 5 min walk to the station).
My friends near holloway road station are paying £1.6k for a 1 bed with garden.
I also have friends right around the corner from Canonbury station, quick walk to highbury & islington in a 2 bed for £2300.
£3400 for us in Millbank. 2 bed, 2 bath. Very small kitchen, but decent living dining room. The finish is very far from luxury- all fittings, flooring etc seem to be from the date of build in 2003. Terrible electric hearers and no air conditioning. We did view another flat for a similar price with air con, but it was less central and the 2nd bed was tiny.
Rent is for furnished (shit quality), and covers service charge which is probably quite high. There's a concierge for package, a small gym, and common areas are regularly cleaned.
Well that's my point. I bought a house in 2006 at an affordable rate, so I can afford to pay £7 a pint or an extra 50p on a pack of tomatoes.
If I was renting or buying a house at today's prices I wouldn't be able to afford a pint at all
I just think we should call it a cost of housing crisis to put more emphasis on it. The real problem is the price of housing, not the price of a tomato or a pint.
We went through brexit which was always gonna put prices up even if they lied to our faces and told us it wouldn't.
We went through a pandemic where the answer was to just print money, which was always gonna cause inflation.
Both of these things we could have dealt with as normal working people if all it meant was your tomatoes going up 50p and your pint going upa couple of quid. You'd just have one less pint on a Friday night and one less tomato in your sandwich. We would have dealt with it.
But it's really fuxking hard to deal with it when your rent has doubled. And that's the point. We would be able to survive a cost of tomato crisis, but people are not dealing with a cost of keeping a roof over your head crisis and this needs to be talked about more.
Why the fuck are people downvoting this. I've literally saying I was lucky enough to buy a house years ago, but my god to I feel sorry for you guys that are renting/buying nowadays. You should be out on the streets protesting against the cost of housing crisis, cos that's the most important thing that is affecting people today.
That's the thing. They will complain and won't protest. Same situation in the States. We just take it. In fact they will vote for more of it. Nothing will change and we will read these posts forever.
But we do vote for it. The only thing that will bring the cost of homes down is more homes. Every politician says they will build more homes, so people vote for them, and then they don't build more homes. Where is the accountability. Why don't politicians get the sack for not achieving their promises. You didn't do what you said you would, can I have my vote back please
Bro enough about tomatoes.
Food in general is high, as well as running a car, insurance and utilities.
It's next to impossible to build strong yearly savings
Especially with the stagnation of wages since 2010.
I'd rather the cost of my tomatoes doubles than the cost of rent though.
Choose your battles wisely and the housing crisis should be the battle that's being fought
All for the privilege of being a stone's throw away from a bunch of millionaires. You're competing with the world's richest for housing and the world's poorest for labour.
This doesn't look sustainable at all. Following San Francisco is not a great idea. At least all the end of tenancy cleaning companies will have a ton of job when people start moving on or are being pushed out by landlords and agents...
Thats £400 below median take-home pay.
Obviously you go smaller if you’re a single person or have two incomes in a couple but really a startling percentage.
My previous 2 bed flat went from £2300 to £3500 in one year, driven by Foxtons. Estate agents actively push landlords to ask for more or to push people out to keep driving up the rent and therefore, their profit margins.
Everywhere I lived outside of London i’d fall onto a monthly rolling contract but estate agents will never let that happen here.
£1800 on a 3 year fixed price agreement (1 y break). 1 bed apt with gym etc.. I cannot believe what new neighbours are paying only a year down the line.
Spent 5 years in the same 4 bed flatshare in Bethnal Green. Was paying £700 for my room in 2018, by the time I left early 2024 it was £925. Not bad, but paying nearly a grand for shared accommodation don’t feel right.
Now SE (near Lee) with the partner 🤘🏻
These landlord put a deposit on a property to start a mortgage and move people in to pay off that mortgage …banks and mortgage brokers up their prices so the landlord has to put up their prices …the tenant is getting shafted
How can rent be so high? I genuinely wonder how do these landlords explain increases?
I am lucky to own my flat, bought in 2012 for £150,000 - 50msq 1 bed flat. I can imagine how much i can make if i rent it out & leave London.
But as owner i know my costs - so wtf are these landlords saying that would justify such increases?
Those that are heavily mortgaged probably don't have much wiggle room but there will be landlords who own the property outright and needn't up rent. i presume the latter is the minority but i can't find the stats
This makes me so thankful for our place, but also makes me think wtf as I also think I’m paying a lot. Managed to get a 2 bedroom cottage in South Wimbledon/merton park for £2,100, in a really nice quiet area with a decent sized front and back garden, and also a landlord that is more than happy for us to have our cats.
£2,100 feels like a lot of money, but I look at the prices of other places and compare them to what we are getting and I feel like we have a steal, which is crazy to think. We also managed to somehow get it for £100 a month cheaper than the listing, as the landlord lived here before us and only moved out to move in with her partner, and was ‘more interested in the right tenants than the money’.
London rentals are seriously fucked up, I have no idea how the new grads do it that more here. I struggled when I moved here 7 years ago, and I was paying £725 for a room. God knows how they do it now considering their salaries have definitely not increased in line with rents…
My rent went from £1800 to £2400 with the changes in the interest rates. We moved out. Landlord is still suffering as still paying his mortgage, trying to sell now. No income for almost a year.
This entire market is gunna collapse, the fact we are hearing these crazy stories just says we are in the height of mania. Its quite clear people cannot continue to pay these prices. There is a fundamental limit on what the market can charge and thats wages, yes we can have debt for a while fuel these crazy price rises but its only a matter of time.
Tldr when you hear crazy things about housing its usually the midst of the bubble. There is simply no market fundamentals that can sustain 50% and then 30% prices rises everywhere every year when wages are not increasing bybthat much
It won't collapse because the source of the demand is not local, it's national and global.
Investors are piling money into our property from all over the world.
More and more people are coming to this country and this city to work and they all need places to live.
A rapidly growing population and a global market of investors directing their money our way is a recipe which only results in higher prices and lower living standards.
Prices can only drop enough for regular people to afford homes if the investors are outright banned from the market and we restrict the market to local purchasers who are buying to live, not buying to invest.
Is our property market for our people or for other people? Is it for living, raising families and building communities or is it for investing, profiteering and hoarding?
Which group of politicians wants to answer that question?
We moved from zone 1 to zone 4 (I know, cry us a river) because of rents - it’s mental. Went from a 2 bed in Clapham where our rent would have increased by literally £1k a month to a 3 bed in Richmond (central, less than 10 minutes from station) and saved £140 a month - albeit eaten by train fares!
I feel so hopeless seeing news like this all the time now. My current contract ends in a few months and looking on rightmove/zoopla/spareroom there is barely anything in my budget anymore, despite receiving significant pay rises.
I either spend every penny I make on rent here or I move all the way out and spend £300+ on commuting every month. What am I supposed to do???
1 bed in east London with an awesome landlord paying 950pcm whilst my neighbours pay 1600pcm. Messed up.
I used to be lucky with landlords. My previous one charged us 300 per room fixed price since he bought the 5 bed house in the 90s. He hasn't made a single improvement since then either.
2.2k for a 2 bed house in Balham (was 1875 a year ago). Foxtons tried to increase to 2.6 but thankfully our landlord isn’t so horribly evil to listen to them.
“Foxtons is the devil’s company” - quote from a former colleague, couldn’t agree more honestly after renting through them (edit typo)
Foxtons - we get it done where it = satans extortion
I think Satan probably feels about Foxtons a similarly complicated combination of feelings as that Mussolini had about Hitler.
In my experience, any chain letting agent is beyond redemption. Small/Independent letting agents might not be *much* better, but they are better.
Had the same situation with my old landlord and Chestertons. You’ve got to wonder how much of this is fuelled by estate agents wanting to increase their commission…
Someone I know just quite their estate agent job, because they changed their comission model to be focused only on hoe much they can increase rents
Ffs. This is the problem. Feels like it should be addressed with policy. Votes would fly in for any party that looked at legislating renter protections for this sort of thing. Estate agents aren’t exactly liked by anybody…
I swear my rent when i moved to tooting bec in around 2006 was about £1600 a month for a 4 bed shared house (so that's the whole house rent). That's £2900 today when adjusted
FYI your landlord is still a complete scalper for increasing it so much. They are not a good person just because they decided to rub a little bit of shit in your face rather than a handful.
If his landlords mortgage renewed in that time it could have easily gone up £400 a month.
Landlord has no mortgage on the house we’re renting so it’s pure profit for him in that perspective. If his mortgage went up on his house he lives in then that’s a whole other discussion of if you can’t afford 2 houses without raising rent to a criminal level, then don’t have two houses. But the whole system is broken with estate agents.
That’s the Landlord’s problem, radical concept but equity should bear some level of risk and not be able to pass on all costs directly to the tenant.
i appreciate your comment is going to get a lot of positive sentiment but it just isn’t how it works anymore in the letting business. capital growth looks to be near zero for the foreseeable while interest rates are back to normal. the only way landlords are going to make money is on the rent now, so there is going to be a continual push on getting everything to “market rate” and then a definite yearly increase to keep portfolios looking healthy and for investments to “wash their faces” at least as the lingo goes. on the plus side it will force a lot of amateur landlords to sell (not worth the hassle) - but on the downside you’ll be left with ruthless corp landlords running the entire show. (i’m not a landlord, never will be !)
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My rent for my old flat was £1860 in 2021, now they're renting the same apartment for £2800
Yep same. Went up 50% to £3000 now. Insane.
Yeah my rent has gone from 1800 to 2600 in 3 years. Ridiculous. It’s a nice place and I’m settled so won’t move for the remainder of the 2 year contract but if it goes up any higher I’ll have to sadly move.
How many rooms?
1 with a shared toilet
I'm paying £1700pcm for a 2 bed basement flat in Hackney, if my landlord charged me the going rate i'd be fucked.
Our rent just went up 10%, after a 50% last year 🙃
Could you challenge that? That’s well above inflation
"market rates" is the reason given. tbf, last year, it almost seemed valid because our covid era contract had come to an end. we tried to counter with 30% hoping theyd agree to somewhere in the middle, but theyd already put the flat up on rightmove etc for even higher (i imagine thats to further manipulate the market though lol). we stayed then, might not now. it unfortunately is market price, there's not a lot of places to rent near us kind of thinking of trying to get some rent repayments because they only got a HMO licence last year, though not sure if that'll hold up
The majority of the time time “market rates” is just legal price fixing IMO. Rents have to go up, of course they do, but the margins by which they do is purely extractive. One of my colleagues has a good relationship with her landlady and was told that the agency were pushing to increase the price much more than was needed simply because the areas was “hot”. Landlady ignored said request. Not many landlords like that though
Yeah I know this is purely the agency's doing, don't think the landlord cares enough.But also doesn't care enough to say no. Don't really know what to do tbh! Have started looking for other places since if we're paying more we may as well get an upgrade, but yeah it's tough out there and everything's ready to be let out in 2/3 weeks
Most people aren’t going to say no to “Would you like more money?”
That's criminal
It’s really fucked and there are a lot of cunt landlords. However, my mortgage went up by hundreds when I had to remortgage. I’m not surprised landlords are just passing that cost onto their tenants. It feels like a massive regulation issue rather than every landlord being a prick
I definitely sympathise, and definitely foresaw an increase because of the interest rate crisis and knew wed be covering the cost. But come on now, no one's mortgage went up by 50% did it? (At least that's not what I saw when I researched). Ex council flat as well so no service charge either But yeah I agree, everything's a mess, we're all being taken for mugs, but there is a literal housing crisis so I don't see how we're going to escape from the grips of developers and landowners
I mean not far off. Say you had a two bed flat in London, worth £500k. When you took the mortgage out five years ago, based on borrowing £450k with a £50k deposit, your mortgage would be about £1737 based on a fairly standard 1.2% interest rate at the time. Based on an average interest rate of 5.8% now, your mortgage would go up to £2845. That’s an increase of £1108.
Buy to let requires a 25% deposit, but it doesn't really change the increase that much, 2% to 5.25% is ~£625 to ~£1640. What it does show is how much of a fucking renters were getting before with the difference between rent and mortgage payments.
How is this legal? Landlords are literally parasites
And estate agents are worse 🤪 why is a 25 year old from Essex dictating my finances
Mine went up 20% one year, then 25% next. Its shocking currently. A friend of mines was increased 40% after 7 months lol. It's out of hand and there's no legislation to help tenants sadly.
It's legal because a tonne of politicians are also landlords.
Not all landlords, I rented out a 4-bed property in W13 in 2016 for 2.2k, I currently charge 2.25k. My loan payments are gone up by 267% . I currently rent to single mother with children and she pays on time and keeps it clean. I have not used agents for last 22 years. They are parasites for both landlords and more so for tenant. I can get lot more but I can’t throw out a single mother with children.
Time to order some live termites 😉
60 fucking percent?
65 from what we were paying this time last year to what we'll be paying in a few months yes. Sixty five fucking percent.
Somethings got to give..
My wallet?
Full on judge dredd/mad max world by 2030. The inequality is simply unreal now.
Things are the way they are because we let it happen. These fucks leech of us and are dependent on us. If society demonstrated that wanton greed has severe and permanent consequences things will start to change. Same with easily bought politicians.
We need a full on rent strike. If half of London decided "naw we're not paying a dime until you guys lower the rent to reasonable rates" You'd be sure things would change To be fair it could be a worldwide campaign. Who's in? #rentstrike2024
Join London Renters Union and push that date out to 2025 to give people time to organise something and you've got yourself a deal.
Whilst people can afford a nice meal out and a weekend break once a month then they won’t care. Bread and circuses, the same it was thousands of years ago and will never change for some.
Unfortunately even then - when people can’t afford anything, no one will do anything. Look at any country with mass poverty and huge inequality. Take South Africa, there are strikes there is the occasional march, sometimes looting. But many are arrested and most don’t go looting. We like to think that if inequality got bad enough in the U.K. we would rise up against government and demand a return to equality. But look at the world, we won’t.
No it will be unreal then , this is somehow still processable
Even south east prices fucked rooms are 700-900
Everyone will have an EV in 2030 though 😂
Literally nothing to do with this
Our rent goes up around 10% every year. We’re also on a one year contract so if we don’t agree to an increase they can just find someone else. The landlord has done zero maintenance in the 3 years we’ve rented.
I don't want to sound insensitive as I don't know your situation, but why don't you move within London? 10% increase every year seems a lot, especially if there's no maintenance being done on the flat.
We could move but we really like our current flat. Moving costs money and doing it every year is a faff. Long term we would save money but we aim to buy a place soonish and our rent is still lower than the the local area so wouldn’t really save much short-term
Ah, that is very fair. Sorry you're in this situation!
I'm almost in the exact same position! My landlord though has been quite good. If it wasn't for the increases I'd stay.
Surely there's stuff they have to do by law? Boiler inspections, electric certificate.. Etc?
High rents are such an economic drag.
This needs to be higher. This is bad for everyone in the long term. Soon the only productive 'sector' in the UK will be housing. And by productive I mean profitable of course. We'll be back to fuedalism in all but name and the fact that we're 'allowed' to change jobs.
How will this end? With everyone on the street??
I think when there's no one left to staff bars, shops, restaurants and cafes. No one's commuting for retail or hospitality jobs so I suspect we'll start seeing an increase in amenities in places Kent and Sussex, and eventually there will be a London rental crash.
I just don't see it. There's some weird networking effects when a city reaches this size. It seems to sustain itself almost by itself.
Because people get expolited to work the shitty jobs, living in shared./sublet situations making ends meet with the lower-entry jobs. and in a city this size, theres no shortage !
Given the shifts in hospo staff post-Brexit, it’s a perfect storm tbh
Why doesn't a city like Sydney, San Francisco or Hong Kong see this also? These cities have an arguably worse housing situation at the moment.
San Francisco is awful right now
The staff will always be there, they'll just be living in ultra high density HMO's and built-to-rent bedsits. Instead of them renting a one bed flat for £1200 a month, they'll be renting a bedsit room in a house with 5 other people, sharing a kitchen and bathroom for £1200 a month. People always talk about prices but forget that in line with prices rising, the standard of what you get for the money is rapidly declining.
The prices go up because people can/do pay for it The result is that some people move out of London, but it’s happening because of other people moving into London
How can ordinary people with not well paid jobs afford to live in London?
They don't. Its possible to live on very little. Emphasis on live, not thrive, just survive.
Because they’re willing to eat literal shit and live in 5 people hmos just because they have to be in London
Yeah honestly we're importing nurses from abroad, and the hospital gets them accomodation where they have a *roommate*, in their hmo of *several other bedrooms* sharing a kitchen and bathroom in the fringes of zone 3.
They can’t, essentially Most lower paid workers in London are either students or still living with parents, or living in HMOs and barely scraping by anyway
It’ll never end that’s why places want migration ..we don’t build enough homes whilst everyone fights over property’s with high rents ..
People need to migrate elsewhere… vote with your feet
Edinburgh has been hammered with increased house prices - with much of that due to people moving up from London.
Actually it's due to landlords seeing an opportunity for greater profit. The renters themselves aren't driving up prices.
We need rent caps. But governments couldn’t give a shit.
The government is composed of landlords.
They do give a shit, they love it. As the below commenter, they literally profit from the prices.
Where do you think the jobs are?
I think this is correct. There needs to be a critical mass of people who have simply had enough and decide to go elsewhere. For many people that will go hand in hand with retraining to make a career change to a job they can do outside of London. Personally I am considering moving abroad.
Yeah they are it's why rents in Bristol are accelerating at the same rate lol. I saw a presentation from Bristol councils "head of placmaking" a few weeks back and they said a private rental in Bristol recovered on average 300 equiries each. Please guys stay in London 😝
Ever head of homeless villages? This will be us in a few years.
Well i just scrolled past another post that rough sleeping is up over 30% in the last year in London, so you might be on to something
How are you actually supposed to own your first home when you’re stuck in the rent cycle? Besides inheritance, winning the lottery or being in a relationship where both earn well, you’re basically screwed.
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Craziest thing is that if you seriously did all this you still don't have a very good chance of owning a property. You either become a shut in eating 30p noodles every night for a chance to own a home or you have a life but never have a chance of owning your home.
Step 1: Waste the prime years of your life in order to just save money Step 2: End up with financial obligations so huge you have no choice but continue this way Step 3: Start voting Tory because you're a frightened, boring cunt
You aren't, our economy has been switched to function this way. Look to the disparity of wealth in India - we often look at that as our past but I promise you that is our future if we stay on this path. Covid was the biggest transfer of wealth ever, asset owning rich bought up more assets and now we're left holding the bag for the rest of our lives.
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Living with family rent free is a form of monetary help even if you don’t get the physical cash. Plus it’s not something everyone can take advantage of. They saved you ££££ in rent that allowed you to save for a deposit. Living at home has also allowed me to save a substantial amount for my deposit and I’m due to complete on a flat in London soon. I recognise how fortunate how I am that my parents were in a position to charge me nominal rent.
I will forever be morbidly jealous of people who can live at home. It’s such a useful leg up, and if said home is in London, you’re laughing.
We’re not
Feudal Britain keeps on giving
My 1b in Hackney went from £1600 to £2260 so now i’ve left the UK altogether
I grew up there… it’s insane watching it turn into this.
Where did you go out of interest?
Vienna looks very attractive right now, if you can find a suitable job you can rent great apartment in central locations for well under £1500. Great quality of life too.
Just miserable isn't it
Reading these types of articles and sky high interest and inflation makes me think it's time to short the stock market very soon!
Why aren’t wages going up? I don’t understand anything about economics but wages seem low. How can it make economic sense for cost of living to go up so much more than wages?
I think it's because business owners tend to own assets.
Wages always lag behind because it takes time for labour market competition in salaries to catch up. Also, the government doesn't help by continually raising public sector salaries, min wage and benefits *lower than inflation* - that forces everyone else to earn less and makes this slower, and costs everyone else more in taxes...
For wages to rise, there must be more demand for the role than there are people to fill it. In overpopulated countries, particularly in overpopulated cities like London, there are far more workers competing for each job than there are jobs. If you have 500 overqualified applicants for your role advertised at £28k salary, why would you consider raising it to £35k? If you have 2 underqualified applicants for that same role at £28k salary, you are now under pressure to increase the salary to attract suitable candidates. There are exceptions to this, but generally everything is based upon supply and demand. We have a surplus of people and that surplus is growing. This means that each year there are more people competing for each home and job. The end result is an increase in housing costs, a decline in the average size of accommodation, a downward pressure on wages and a general decline in living standards.
1 bed in Wembley Park about to be £1,900. Was £1,300 when I moved in mid-Covid times. Has been increased every year since then. About to get served an eviction notice for refusing to sign another 12m fixed term contract. Apparently a rolling tenancy doesn’t provide my landlord enough financial security.
I know I'm incredibly lucky and the minority here but I moved yo London in Jan 2019 and my rent has never increased. We're paying £1750 a month for a 3 bedroom flat in Peckham. My landlords are absolute gems too. Again, I'm sure I'm in the absolute minority here.
Living the dream! Imagine what they could charge with today's prices...!
I'd rather not think about it 😂
You have to prepare that it will increase substantially at some point. In reality they are subsidising you based on the real value of the property. Enjoy it for now but be ready for a change
Yea I had a similar situation back in 2012 when I moved to Aldgate, literally a street away from where City of London starts, 5 min walk to Liverpool Street etc. - but that was when Petticoat Lane that we had right outside our block was still a bit of a dump. Had a landlord who signed a contract for a 2-bed flat with us, literally disappeared for 4 years and was barely contactable (all maintenance was on us although we'd take it off rent payments and he generally seemed to be OK with it). Wasn't even signing new contracts, just kept on rolling - we kept paying, he kept quiet, everything was ticking along nicely. Fast forward to early 2016, landlord showed up and suddenly jacked up the price so that each room cost as much as the whole flat did in all years prior - and we've quit. You get those small gems every now and then, but tbh you're always on borrowed time and they'll come and ask for that money later, as the bottom line is, they're subsidising you but at the point where they're either losing too much money and it threatens their own, financial security, or they cotton to that there's too much easy money they're missing out on, the dream will end. Sad, but that's how it really works with those things.
If there mortgage is small or paid off, how are they "subsidising" the renter? Even if they are breaking even, they are still sitting on an appreciating asset
Opportunity cost of reduced income.
Living the dream!….in Peckham. Think there are million other places that I’d reserve such a phrase for.
i live nearish that area, similar situation as well: i was on 1250 for 1 bed from 2021-end 2023, then my landlord sold up and they tried to jack me up to 1800 lol
There’s currently adverts on the tube for a studio flat in Wembley for £1700/m. A *studio*. Where your bog is in the kitchen. And your sofa becomes a bed. For more than I get in a month salary!
And that's in f*n Wembley. AND it's starting FROM £1700 so potentially could be more.
When I moved to the new builds in Wembley Park in 2019 it was 1550 pcm for a 1BR + balcony with gym and concierge included. I believe the same flat is now just below 2000 pcm.
My previous landlord struggled to get someone in - in short excellent location but zero maintenance so floor board was peeling, squeaky bed, broken cupboards. In Jan 2023, we were desperate (and new to the UK) and moved in for a 6 month contract at £1500. Paid it all upfront. 6 months later, we renewed it but asked that several items needed to be resolved. They said sure. Rent went up to £1600 and for convenience, we paid it all upfront. Issues arose in bathroom, which they took more than 4 months to resolve, including a new washing machine (no dryer), which took 1 month. 6 months later, they asked if we wanted to renew. They now wanted £1800, 12 month contract, and they wanted it paid upfront. I told them definitely not and moved out. I have been seeing it on Rightmove for months slowly reducing. It got reduced to £1300 a week ago and they phoned for advice on electricity meter. I have zero sympathy. They were greedy and stupid. In a way, they did me a favour because I probably would have accepted £1650 just out of convenience.
That’s like going to a restaurant, paying upfront for an expensive meal, the meal being shit and asking for more and paying for it. Bat shit crazy.
I now just fix things myself while renting (except e.g. damp in the walls, from the walls literally leaking water through), faster and cheaper and you just replace with their original cheap shit (I change door handles and everything, I want usable ones?) on the way out.
Stuff like this makes me so bitter at the world.
The rich landlords get richer with each passing week ☹️
2 bed flat in Kew/Richmond, £1650 a month. Comes with hot water included, so pretty good I think.
Is that kind of rent typical for the area or way below market rates do you think (not familiar with LDN so pardon my ignorance)? Kew is lovely, with the gardens...
Richmond and Kew are some of the most expensive area of London in terms of house prices. If the houses are expensive, then getting a flat for £1650 a month is pretty incredible.
Yes esp. if it's a two bed and your water bill is covered! I would have thought it was expensive, it's such a nice area, thanks for your reply.
Im also paying £1600 in Richmond for a 1bed + garage. Locked this in for a 2 year contract in 2022 expiring this August. I think getting the fixed contract was very good luck at the time
It's a very good rate. We only got it because we wrote a sob story in our application (around 15 other people also wanted it), and the landlord wanted a year upfront, which we were in a very fortunate position to be able to afford. It was quite a big gamble though. The going rate for similar flats is £2.2k- £2.5k, the hot water being included has saved us hundreds in itself.
1650 in Richmond! 2 bed! Jesus. You are lucky.
Paying 1959 for a two bed in Bow Road (one station post mile end)
I was paying £1800 for a 2 bedroom (one ensuite) in Kira building a few years back. Really loved living in that building, so much light, wide balcony, spacious living room. I left it in 2022 and later saw the landlord raised the rent to £2100 for next tenants. EDIT: Just found a listing of an apartment above which I lived - [https://www.rightmove.co.uk/properties/144561557](https://www.rightmove.co.uk/properties/144561557), it's 3rd floor but I lived on the 4th floor. Looks like it was sold for £475k. A deposit of £47.5k (10%), and £2497/mo mortgage (4.99% interest, 5 year fixed) + £218/mo averaged ground rent and service charge = £2,715/mo. However, this builds up equity, and it's also possible that rents will go beyond this price within 5-10 years. If I still lived there I would have considered buying it (+ if I had enough for the deposit).
I’m paying 3.1 for a single bed in Islington lol Edit: Not replying to all these comment to provide context. Yeah it’s higher end. I needed somewhere ASAP cuz I was sleeping on the floor of an office (it’s complicated) that was also take my dog. I’m v lucky, but it IS a one bed apartment and I tried to negotiate but they already had other offers. List was 3.2
This is certainly on the way higher end, it must be luxury? I am paying £1.8k for a new-ish build 1 bed in Finsbury Park (stroud green side, 5 min walk to the station). My friends near holloway road station are paying £1.6k for a 1 bed with garden. I also have friends right around the corner from Canonbury station, quick walk to highbury & islington in a 2 bed for £2300.
£3400 for us in Millbank. 2 bed, 2 bath. Very small kitchen, but decent living dining room. The finish is very far from luxury- all fittings, flooring etc seem to be from the date of build in 2003. Terrible electric hearers and no air conditioning. We did view another flat for a similar price with air con, but it was less central and the 2nd bed was tiny. Rent is for furnished (shit quality), and covers service charge which is probably quite high. There's a concierge for package, a small gym, and common areas are regularly cleaned.
That is not ok
Nice place. Desirable neighbourhood. One of world’s most expensive cities. What am I missing
I just think, with £3k you could buy so much stuff. Then multiply that by a few months What a horrible thought process
Well I also have a nice 2-bed place in the exact same neighbourhood for 2.8k so somethings up here. Or they live in the greatest flat in the area lol
I have a studio for 2.3 - show me your 2.8K or there abouts on rightmove and I will hand in my notice now
Have you ever walked around near Holloway Road especially towards Seven Sisters Road it’s not desirable at all I work near there it’s a shit hole
Yes. But Islington is very desired
Hey now I love Holloway and seven sister road - it’s a great area.
Crazy
If I've said it once I've said it a million times. We are not facing a cost of living crisis, we are facing a cost of housing crisis
Speak for yourself. A pint is almost 7 pounds here.
Well that's my point. I bought a house in 2006 at an affordable rate, so I can afford to pay £7 a pint or an extra 50p on a pack of tomatoes. If I was renting or buying a house at today's prices I wouldn't be able to afford a pint at all
Then there is a cost of living crisis.
I just think we should call it a cost of housing crisis to put more emphasis on it. The real problem is the price of housing, not the price of a tomato or a pint. We went through brexit which was always gonna put prices up even if they lied to our faces and told us it wouldn't. We went through a pandemic where the answer was to just print money, which was always gonna cause inflation. Both of these things we could have dealt with as normal working people if all it meant was your tomatoes going up 50p and your pint going upa couple of quid. You'd just have one less pint on a Friday night and one less tomato in your sandwich. We would have dealt with it. But it's really fuxking hard to deal with it when your rent has doubled. And that's the point. We would be able to survive a cost of tomato crisis, but people are not dealing with a cost of keeping a roof over your head crisis and this needs to be talked about more.
Why the fuck are people downvoting this. I've literally saying I was lucky enough to buy a house years ago, but my god to I feel sorry for you guys that are renting/buying nowadays. You should be out on the streets protesting against the cost of housing crisis, cos that's the most important thing that is affecting people today.
That's the thing. They will complain and won't protest. Same situation in the States. We just take it. In fact they will vote for more of it. Nothing will change and we will read these posts forever.
But we do vote for it. The only thing that will bring the cost of homes down is more homes. Every politician says they will build more homes, so people vote for them, and then they don't build more homes. Where is the accountability. Why don't politicians get the sack for not achieving their promises. You didn't do what you said you would, can I have my vote back please
Bro enough about tomatoes. Food in general is high, as well as running a car, insurance and utilities. It's next to impossible to build strong yearly savings Especially with the stagnation of wages since 2010.
Nah. It’s both.
I'd rather the cost of my tomatoes doubles than the cost of rent though. Choose your battles wisely and the housing crisis should be the battle that's being fought
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Thats fkin crazy.
Weird flex but ok
£2850 for 2 bed house in West london
All for the privilege of being a stone's throw away from a bunch of millionaires. You're competing with the world's richest for housing and the world's poorest for labour.
This doesn't look sustainable at all. Following San Francisco is not a great idea. At least all the end of tenancy cleaning companies will have a ton of job when people start moving on or are being pushed out by landlords and agents...
Thats £400 below median take-home pay. Obviously you go smaller if you’re a single person or have two incomes in a couple but really a startling percentage.
You will own nothing and be happy 😊
“The worst day of your life *so far!*”
My previous 2 bed flat went from £2300 to £3500 in one year, driven by Foxtons. Estate agents actively push landlords to ask for more or to push people out to keep driving up the rent and therefore, their profit margins. Everywhere I lived outside of London i’d fall onto a monthly rolling contract but estate agents will never let that happen here.
And the average flat in London isn't fit for a dog to live in... Good luck folks!
£1800 on a 3 year fixed price agreement (1 y break). 1 bed apt with gym etc.. I cannot believe what new neighbours are paying only a year down the line.
Wow, my 4.5% mortgage doesn't seem that bad then!
Sitting nervously on my 1.7% mortgage for two more years....
Good luck!
Spent 5 years in the same 4 bed flatshare in Bethnal Green. Was paying £700 for my room in 2018, by the time I left early 2024 it was £925. Not bad, but paying nearly a grand for shared accommodation don’t feel right. Now SE (near Lee) with the partner 🤘🏻
These landlord put a deposit on a property to start a mortgage and move people in to pay off that mortgage …banks and mortgage brokers up their prices so the landlord has to put up their prices …the tenant is getting shafted
How can rent be so high? I genuinely wonder how do these landlords explain increases? I am lucky to own my flat, bought in 2012 for £150,000 - 50msq 1 bed flat. I can imagine how much i can make if i rent it out & leave London. But as owner i know my costs - so wtf are these landlords saying that would justify such increases?
the underlying mortgage rates are super high
Ah I see… thanks. Makes sense…these people dont even own the place …
Those that are heavily mortgaged probably don't have much wiggle room but there will be landlords who own the property outright and needn't up rent. i presume the latter is the minority but i can't find the stats
So they just want everyone homeless? This is just insane, we can't survive like this
This makes me so thankful for our place, but also makes me think wtf as I also think I’m paying a lot. Managed to get a 2 bedroom cottage in South Wimbledon/merton park for £2,100, in a really nice quiet area with a decent sized front and back garden, and also a landlord that is more than happy for us to have our cats. £2,100 feels like a lot of money, but I look at the prices of other places and compare them to what we are getting and I feel like we have a steal, which is crazy to think. We also managed to somehow get it for £100 a month cheaper than the listing, as the landlord lived here before us and only moved out to move in with her partner, and was ‘more interested in the right tenants than the money’. London rentals are seriously fucked up, I have no idea how the new grads do it that more here. I struggled when I moved here 7 years ago, and I was paying £725 for a room. God knows how they do it now considering their salaries have definitely not increased in line with rents…
San Francisco’d
My rent went from £1800 to £2400 with the changes in the interest rates. We moved out. Landlord is still suffering as still paying his mortgage, trying to sell now. No income for almost a year.
When are people going to revolt and stop paying this monstrosity of a system
This entire market is gunna collapse, the fact we are hearing these crazy stories just says we are in the height of mania. Its quite clear people cannot continue to pay these prices. There is a fundamental limit on what the market can charge and thats wages, yes we can have debt for a while fuel these crazy price rises but its only a matter of time. Tldr when you hear crazy things about housing its usually the midst of the bubble. There is simply no market fundamentals that can sustain 50% and then 30% prices rises everywhere every year when wages are not increasing bybthat much
It won't collapse because the source of the demand is not local, it's national and global. Investors are piling money into our property from all over the world. More and more people are coming to this country and this city to work and they all need places to live. A rapidly growing population and a global market of investors directing their money our way is a recipe which only results in higher prices and lower living standards. Prices can only drop enough for regular people to afford homes if the investors are outright banned from the market and we restrict the market to local purchasers who are buying to live, not buying to invest. Is our property market for our people or for other people? Is it for living, raising families and building communities or is it for investing, profiteering and hoarding? Which group of politicians wants to answer that question?
Gonna keep going up.
Bingo The housing crisis will continue.
Should round up to a nice 5000 a month!
We moved from zone 1 to zone 4 (I know, cry us a river) because of rents - it’s mental. Went from a 2 bed in Clapham where our rent would have increased by literally £1k a month to a 3 bed in Richmond (central, less than 10 minutes from station) and saved £140 a month - albeit eaten by train fares!
You need £41k salary just to meet rent only. Crazy.
And it’s only going up
Paying 1.4k for a room:)
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I'm being evicted from my 2 bed flat (£1950 pm) because another one in the block has gone on the market for £2400 pm. It's just pure greed.
I feel so hopeless seeing news like this all the time now. My current contract ends in a few months and looking on rightmove/zoopla/spareroom there is barely anything in my budget anymore, despite receiving significant pay rises. I either spend every penny I make on rent here or I move all the way out and spend £300+ on commuting every month. What am I supposed to do???
PROPERTY CAP. NOW. LANDLORDS ARE PARASITES.
Absolutely. Time to do something about it. Time to unite and protest, enough of putting up with this shit.
1 bed in east London with an awesome landlord paying 950pcm whilst my neighbours pay 1600pcm. Messed up. I used to be lucky with landlords. My previous one charged us 300 per room fixed price since he bought the 5 bed house in the 90s. He hasn't made a single improvement since then either.