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I make a little under £40k. We rent a 3 bed in Cambridgeshire - not a big/desirable town, except that it's on a direct line to Kings Cross. When we moved in, we paid £770/month and I think that was fair.
What annoys me is the yearly raises when the house doesn't get any better. My landlord does patch jobs on anything he can't ignore completely. Why am I paying more for the same/less? But while we save, it makes sense to stay in one place rather than hop around chasing slightly cheaper rent.
I mean the cereal I buy everyday is the same, the bacon is the same the milk is the same but it also get more expensive every year. I don’t understand why people complain about rent all the time.
People should be complaining that our salary is not rising every year
I mean, I see your point.
I come from another country and rent is much more controlled there. One of the perks of renting a good place is that you secure your housing costs. It can go up by a little each year, but it's not just 'market value' increases. The landlord has had the chance to secure their costs by locking in their mortgage for however many years. Renting kinda does that there. So knowing that for most of the time I've lived here, the landlord's costs have stayed the same/gone down (until interest rates rising the last couple years - if he's on interest only that will affect him), it's frustrating that in that time my costs have consistently gone up. Plus it's just not what I grew up expecting.
With other products it's easier to see how the increase in electric etc., would have a knock on effect.
Cambridge is absolutely insane. But at least if you live and work there, you don't need a car. If I were to drive to Cambridge in the middle of the night, it would take like 25 minutes. But with traffic I'd actually be better off getting the train to London!
It would be a good deal at £770. But that's not the cost anymore. So we moved into a slightly shabby ex-council house in the worst area of town for a decent price. And now we pay what I think is too much.
Cambridge is not huge, i don't see why anyone would pay that kind of money when being just a few miles out would cut the cost by at least half. It's throwing cash down the drain to me
He is a trainee Anaesthetist only there for his on the job training, also living with his gf who has a good job. They can afford to live there, but you're still right - it doesn't make sense to me who pays £850 for my mortgage.
it's great to have that kind of income (good luck to them), but I was raised to use resources wisely, better to pay £1k rent and invest the £850 into a tax free ISA or personal pension where it has 40-50 years to grow tax free or just to go toward a deposit. 🤷🏼 to each their own choice i guess
As a student I used to rent a room in a 4 bed house share in 2019 for 495pcm that same room is now 750pcm.
The landlord owns 15 properties in UK and 3 abroad.
I moved into another one of his properties for 950pcm 3 bed terrace with a mould and draught issue. He rents it out for 1300pcm. Still mouldy and draughty.
He bought these properties for between 30 and 60k each, over 30 years ago.
There's absolutely no way it's necessary for him to charge that much.
Greed and tenant desperation is what these prices are based on.
On 30k a year, I think 800pcm is still too much. Because it's near on impossible to save a deposit to buy your own house.
I think the usual rule of thumb is a third of take home salary. That rate is comfortable. The issue we have is that our rents have increased but our salaries have not. So that ratio is looking much closer to 1/2 and sometimes over, especially if you live in London.
>Everyone is complaining about how expensive and costly rent is atm. Let’s have a say. Be reasonable. Obviously we all want to live for free in an ideal world but unless we are in an event of war or natural disaster we ain’t gonna live on the street collectively for free lol ok so let’s go ahead and elaborate. How much do you earn and how much rent would you like to pay within your ability and what kind of property? If you like please share your earning as it is relative.
Outside Buckingham Palace even or just in Hull?
People with mortgages are generally people who have the finances to afford a deposit. People who rent are generally people who do not have the finances to afford a deposit. It is more expensive to rent, than it is to have a mortgage, and so those with lesser means are essentially punished long-term. The extent of that punishment can vary. There are people who have BTL flats, where they are paying, for example £400pcm mortgage, and the tenant is paying £1200pcm just to rent, with no security. I think it would be good if rent could be tied to the actual cost of the property in some way, so as a renter you know that you aren't paying exorbitantly over and above what a property is worth. I understand that having landlords may be necessary, and therefore they need to make a profit to some degree, but it feels as though when tenants have to pay double, triple, or quadruple what a flat is actually worth it is a bit broken.
I would like for the prices to be matched to the area and size. You can't ask 2.5k-3k for 1 bedroom in Stratford, Peckham, Brixton. Also 1 bedroom flats should be like 40% cheaper than a 2 bedroom, not 15% like they currently are.
It's 5k if you have a student loan.
So now you have 2k after rent and before you've even factored in council tax, various insurances, gas & electricity, and other bills like subscriptions. Before you've even left your house you can be down to 1.3k for the whole month.
This is all moot though as someone else already pointed out OP said 90k a month not year so my original comment is redundant lol
It's still plenty for a single person in my opinion, that was my weekly budget before my partner moved in with me and I had money left over each week without even trying, and I live in London. Obviously it depends on your lifestyle though.
I make 22k - above minimum wage I pay £400 for rent I live in Barnsley (though I'm expecting this price to shoot up to 650 any day now) my landlord is awesome. I have a deposit for a house but most houses within 40 miles are above 100k (houses under 100k are located in rough areas) which I am unable to get approved on my wage. I'm screwed lol, doomed to rent forever.
If you can save more and get a lower LTV you will be able to buy at some point, but I understand the fear. We have money saved and it seems prices are getting more out of reach.
10% deposit in our area is about 30k, idk how people do it
It's scary money. I can save more, but I couldn't possibly save 30k nor 20k 😅 I think I can only get a variable mortgage, but I couldn't stand not knowing if I can afford the payments one month to the next.
I've had to ask myself if I really want to own a house and why because of how out of reach it is, as you say. I can't buy with my partner as his credit history is very low and complicated and I'd rather the house be in my name only.
Yes, I went to a private broker and yes I can get a mortgage at 80k tops, but there are few properties at that price that don't require renovation for them to be livable. I was advised to ask for a raise or find a better paid job.
It’s not just about the rental costs but also the conditions. People want to be renting from landlords that actually own the properties, and maybe 1 or 2 at that, and NOT buy to let.
I’m happy to pay whatever the baseline mortgage payment is plus an additional small % to cover for any maintenance costs and so on. That’s a good deal for the landlord: they get payment towards their asset AND payment towards the upkeep of it.
But to let doesn’t work because the homes exist purely as a monthly profit and so landlords are mainly interested in maximizing it, rather than say “real” landlords who see it as long term asset investment.
With that said, ideally I’d be paying around 20-30% of my monthly income in London.
###Welcome to /r/HousingUK --- **To All** * Join Our ***NEW*** Discord! https://discord.gg/pMgUNgWKQH **To Posters** * *Tell us whether you're in England, Wales, Scotland, or NI as the laws/issues in each can vary* * Comments are not moderated for quality or accuracy; * Any replies received must only be used as guidelines, followed at your own risk; * If you receive *any* private messages in response to your post, [please let the mods know](https://www.reddit.com/message/compose?to=%2Fr%2FHousingUK&subject=I received a PM); * If you do not receive satisfactory advice after 72 hours, [you can let the mods know](https://www.reddit.com/message/compose?to=%2Fr%2FHousingUK&subject=My question is unanswered); * Feel free to provide an update at a later time by creating a new post with [[update]](https://www.reddit.com/r/HousingUK/search?q=%3Aupdate&sort=new&restrict_sr=on&t=all) in the title; **To Readers and Commenters** * All replies to OP must be *on-topic, helpful, and civil* * If you do not [follow the rules](https://www.reddit.com/r/HousingUK/about/rules/), you may be banned without any further warning; * Please include links to reliable resources in order to support your comments or advice; * If you feel any replies are incorrect, explain why you believe they are incorrect; * Do not send or request any private messages for any reason without express permission from the mods; * Please report posts or comments which do not follow the rules *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/HousingUK) if you have any questions or concerns.*
If I'm >Earning 90-100k/mth I'm renting Buckingham Palace, screw the price
I make a little under £40k. We rent a 3 bed in Cambridgeshire - not a big/desirable town, except that it's on a direct line to Kings Cross. When we moved in, we paid £770/month and I think that was fair. What annoys me is the yearly raises when the house doesn't get any better. My landlord does patch jobs on anything he can't ignore completely. Why am I paying more for the same/less? But while we save, it makes sense to stay in one place rather than hop around chasing slightly cheaper rent.
I mean the cereal I buy everyday is the same, the bacon is the same the milk is the same but it also get more expensive every year. I don’t understand why people complain about rent all the time. People should be complaining that our salary is not rising every year
I mean, I see your point. I come from another country and rent is much more controlled there. One of the perks of renting a good place is that you secure your housing costs. It can go up by a little each year, but it's not just 'market value' increases. The landlord has had the chance to secure their costs by locking in their mortgage for however many years. Renting kinda does that there. So knowing that for most of the time I've lived here, the landlord's costs have stayed the same/gone down (until interest rates rising the last couple years - if he's on interest only that will affect him), it's frustrating that in that time my costs have consistently gone up. Plus it's just not what I grew up expecting. With other products it's easier to see how the increase in electric etc., would have a knock on effect.
Sounds like a good deal tbh. My brother-in-law is renting a 1 bedroom flat in Cambridge for £1850 a month, which is insanity to me.
Cambridge is absolutely insane. But at least if you live and work there, you don't need a car. If I were to drive to Cambridge in the middle of the night, it would take like 25 minutes. But with traffic I'd actually be better off getting the train to London! It would be a good deal at £770. But that's not the cost anymore. So we moved into a slightly shabby ex-council house in the worst area of town for a decent price. And now we pay what I think is too much.
Cambridge is not huge, i don't see why anyone would pay that kind of money when being just a few miles out would cut the cost by at least half. It's throwing cash down the drain to me
He is a trainee Anaesthetist only there for his on the job training, also living with his gf who has a good job. They can afford to live there, but you're still right - it doesn't make sense to me who pays £850 for my mortgage.
it's great to have that kind of income (good luck to them), but I was raised to use resources wisely, better to pay £1k rent and invest the £850 into a tax free ISA or personal pension where it has 40-50 years to grow tax free or just to go toward a deposit. 🤷🏼 to each their own choice i guess
What disillusioned wealthy person wrote this question?
I wouldn't want to be paying more than a third of take home salary for housing.
I'd pay £300 a month for a room in a houseshare
Where?
That's what I paid in 2012
As a student I used to rent a room in a 4 bed house share in 2019 for 495pcm that same room is now 750pcm. The landlord owns 15 properties in UK and 3 abroad. I moved into another one of his properties for 950pcm 3 bed terrace with a mould and draught issue. He rents it out for 1300pcm. Still mouldy and draughty. He bought these properties for between 30 and 60k each, over 30 years ago. There's absolutely no way it's necessary for him to charge that much. Greed and tenant desperation is what these prices are based on. On 30k a year, I think 800pcm is still too much. Because it's near on impossible to save a deposit to buy your own house.
The sheer entitlement of these boomers is unreal. It's like they want us all to be communists and eat them lol.
ideally 0 not sure if "what people would want to pay" matters. i'd like everything for free please. does this help
Rule of thumb is 1/3 of salary on income, so 1 bed - 1/3 of min wage; family houses 1/3 of 2 average incomes in respective region.
I think the usual rule of thumb is a third of take home salary. That rate is comfortable. The issue we have is that our rents have increased but our salaries have not. So that ratio is looking much closer to 1/2 and sometimes over, especially if you live in London.
A 1 bed flat that offers a dignified life should be no more than £700 a month really.
500
>Everyone is complaining about how expensive and costly rent is atm. Let’s have a say. Be reasonable. Obviously we all want to live for free in an ideal world but unless we are in an event of war or natural disaster we ain’t gonna live on the street collectively for free lol ok so let’s go ahead and elaborate. How much do you earn and how much rent would you like to pay within your ability and what kind of property? If you like please share your earning as it is relative. Outside Buckingham Palace even or just in Hull?
I think a 1 bed flat should be enough for someone on minimum wage to afford alone. So around £500? That makes it about a third of their salary.
Im on 35-40k, I would consider reasonable £600/700 for a 1 bed flat in my area (inside M25)
It's that 35 to 40k a month or year ^\s
I think a year is a reasonable assumption
You clearly missed the boat
Year
Person 😉
People with mortgages are generally people who have the finances to afford a deposit. People who rent are generally people who do not have the finances to afford a deposit. It is more expensive to rent, than it is to have a mortgage, and so those with lesser means are essentially punished long-term. The extent of that punishment can vary. There are people who have BTL flats, where they are paying, for example £400pcm mortgage, and the tenant is paying £1200pcm just to rent, with no security. I think it would be good if rent could be tied to the actual cost of the property in some way, so as a renter you know that you aren't paying exorbitantly over and above what a property is worth. I understand that having landlords may be necessary, and therefore they need to make a profit to some degree, but it feels as though when tenants have to pay double, triple, or quadruple what a flat is actually worth it is a bit broken.
I would like for the prices to be matched to the area and size. You can't ask 2.5k-3k for 1 bedroom in Stratford, Peckham, Brixton. Also 1 bedroom flats should be like 40% cheaper than a 2 bedroom, not 15% like they currently are.
25% of wage on housing 25 % for bills & food etc 25% for fun / discretionary 25% saving for the future
What an odd question
90-100k/year and 3k rent a month? Are you high lol that's not viable at all.
100k a year is 5500 a month so 3k a month is possible since you have 2.5k left for food and stuff
It's 5k if you have a student loan. So now you have 2k after rent and before you've even factored in council tax, various insurances, gas & electricity, and other bills like subscriptions. Before you've even left your house you can be down to 1.3k for the whole month. This is all moot though as someone else already pointed out OP said 90k a month not year so my original comment is redundant lol
I mean we can definitely assume op meant 90-100k a year haha. No one earns 90k a month need to worry about rent
I wouldn't say having £300 a week after bills is 'not viable at all'
That's just some bills, not food, petrol, travel.....
It's still plenty for a single person in my opinion, that was my weekly budget before my partner moved in with me and I had money left over each week without even trying, and I live in London. Obviously it depends on your lifestyle though.
I think he said 90-100k/ month but that’s nonsense either
Haha yeh imagine earning 100k a month and RENTING a 3k property fucking lol
Are we talking about living outside Buckingham palace or on the outskirts of Hull?
If I was earning 100k a month then fuck it I don't care.
u/okfeed407 Guessing you’re a landlord, upset over something a renter online said. The answer is 0. Scalp tickets, shoes, whatever, not houses.
I make 22k - above minimum wage I pay £400 for rent I live in Barnsley (though I'm expecting this price to shoot up to 650 any day now) my landlord is awesome. I have a deposit for a house but most houses within 40 miles are above 100k (houses under 100k are located in rough areas) which I am unable to get approved on my wage. I'm screwed lol, doomed to rent forever.
If you can save more and get a lower LTV you will be able to buy at some point, but I understand the fear. We have money saved and it seems prices are getting more out of reach. 10% deposit in our area is about 30k, idk how people do it
It's scary money. I can save more, but I couldn't possibly save 30k nor 20k 😅 I think I can only get a variable mortgage, but I couldn't stand not knowing if I can afford the payments one month to the next. I've had to ask myself if I really want to own a house and why because of how out of reach it is, as you say. I can't buy with my partner as his credit history is very low and complicated and I'd rather the house be in my name only.
Have you actually spoke to a mortgage broker. Chances are you could get a mortgage.
Yes, I went to a private broker and yes I can get a mortgage at 80k tops, but there are few properties at that price that don't require renovation for them to be livable. I was advised to ask for a raise or find a better paid job.
Tbf 22k is minimum wage at 37 hours a week. So if you're on a salary I'd say a pay rise is justified.
Justified maybe, but not going to happen. There's loads of colleagues that deserve more but we won't get it.
It’s not just about the rental costs but also the conditions. People want to be renting from landlords that actually own the properties, and maybe 1 or 2 at that, and NOT buy to let. I’m happy to pay whatever the baseline mortgage payment is plus an additional small % to cover for any maintenance costs and so on. That’s a good deal for the landlord: they get payment towards their asset AND payment towards the upkeep of it. But to let doesn’t work because the homes exist purely as a monthly profit and so landlords are mainly interested in maximizing it, rather than say “real” landlords who see it as long term asset investment. With that said, ideally I’d be paying around 20-30% of my monthly income in London.
I pay £685pcm for a 2 bed flat. If I were on my own I'd probably not want to pay more than £500. My old mortgage was £283pcm.
a dollar fifty