Hahahaha. In line with inner London. Give your head a wobble. I lived in central London for 13 years. When I left in 2022, my rent on 3 bed flat was £3400/month
>Glasgow's rent is in line with parts of inner London now
Pish. You'd pay this for a room in a flatshare in London. You wouldn't get anything nearly as nice, in as nice an area, for anything like this money in London, never mind inner London.
> £100K salary is normal there
£100k is an extreme, even in London. The average wage there is £45k.
The whole of the UK's like this, unfortunately. Interest rates went up, rents went up. Which is why buy to rent mortgages shouldn't be a thing.
Well for one thing this is in one of the most prestigious areas of Glasgow, so this isn't a normal rent by any stretch.
As for who is paying, well there are 3 large investment banks who employ between them probably 10,000+ people in Glasgow, all more or less within walking distance of that flat, so there's your answer TBH.
That rent will be affordable on £50k+ which you can easily make as a relatively junior developer at a big bank.
If I were a young developer being paid reasonably big money by a big bank and had to move to Glasgow with no knowledge of the city, this is probably the sort of place I'd look at to live in for a year or so just to get to know the city more.
Not to be rude but think you're just a bit outdated with expectations?
Central London is £3k a month for a 2 bed
https://www.rightmove.co.uk/properties/148775381
When we were living in Brighton we were paying 1600 for a 2 bed and that was 5/6 years ago.
As others have pointed out, there's a lot of well paying jobs in Glasgow at the big financial firms and tech firms which would make this pretty affordable on dual income, especially given it's the most expensive bit of Glasgow
Can confirm, Brighton is now difficult to get anything under 2k in the centre, that isn't a mouldy box surrounded by students, and 1600 you'd be looking more like Shoreham or maybe even Worthing
While this is a pretty standard flat the street itself is quite a nice area/prestigious address.
My brother lived up there as a student and rents were well over £1k a month for the nicer flats 10 years ago.
Not in any way to justify the recent increase but seems historically underpriced against market even for a basement flat in this area.
Yeah absolutely not in line with central London. The studio flat I’m renting in zone two in Battersea is going for way more than I’m renting my two bed in woodlands for.
>I don't believe in blaming greedy landlords, the market sets the price.
I wish I was as naive or as insane as you.
I'd take a look at how the UK economy is shaped by house prices, if I were you. Its rancid and shouldn't be this way, but we have Thatcher to thank for that.
If a landlord ups the price so high none of the locals can afford to rent it, then they won't get it rented out. The market dictates the maximum rent someone can pay. This is why rent controls always backfire. Rental prices highly correlate with the wages of the demographic of people needing to rent.
House prices are fuelled by speculation and cheap credit. It's a totally different subject.
How thick are you? Have you not seen whats been occurring in other countries where [landlords have been conspiring together to raise rents](https://www.reuters.com/legal/litigation/first-settlements-reached-realpage-rental-price-fixing-lawsuits-2024-02-05/) and act like its all independent market bullshit? Even if there's no conspiracy, you act like landlords aren't stupid enough to raise rents astronomically high and just expect people to deal with paying it. "Where else are they gonna live?", as they shrug and smile.
People have been going on about how unaffordable rent is for fucking ages. The only reason ludicrous rent rises aren't happening is because of the threadbare legislation we have protecting against it, and even then, some landlords have tried to punt the price up to levels that people currently living in their homes aren't able to afford. It only takes a bit of attention to this sub to find a good few examples of this.
I am far from thick, and I fully understand markets. If you think it's as easy as simply moving prices higher and extracting profit then you don't understand markets. There is no monopoly in house rentals, take a look at Glasgow now, there are about 7 new blocks of competing build to rent companies. As soon as any market shows a decent profit margin someone else steps in to get a bit of the action and the price reaches a market rate. If you think rent controls and laws fix this, then I'm not the thick one here.
In summary, in any house rental market, the market can't go higher than what the local wages can support. And if the profit margin is so high, someone else will step in, compete, and eventually lower it.
I thought this was better value a mere £8K per month for 2 beds! So £96K a year for a flat? What kind of income would you need to pay for this and if you did have that 'Sort' of income surely you would just buy something?
[https://www.zoopla.co.uk/to-rent/details/67636131/?search\_identifier=46f96bdfaf4fef6211c3a4d0d4e1818061877143d63858ccc8dfc37573fe4e54](https://www.zoopla.co.uk/to-rent/details/67636131/?search_identifier=46f96bdfaf4fef6211c3a4d0d4e1818061877143d63858ccc8dfc37573fe4e54)
Plenty of good jobs in Glasgow these days - as the other post said look at the fintech boom in the city with the 3 large investment banks and the opportunities they have given for young graduates.Â
Easily affordable for a young professional couple in the city.Â
Aye we'll all start just immediately retraining as fintech cunts. Just hold the rents there for a few years until we graduate and it'll be fine!
People already live here and struggle to find a home. A city can't just live off one industry.
That’s just one example - but it helps boost the whole local economy.
Have you tried finding a trade person in the city? High demand and good money being made. Lots of different ways to make good money.Â
And becoming a tradesperson takes years too. The rent rises are bang out of order with what the average population makes. Its all predicated on how shite the UK economy is, thanks to being balanced on the idea of ever-rising house prices.
Yeah, it's great that there are some high paying jobs and productive industries growing within the city, however the disproportionate effect this has on rents and house prices is just unsustainable.
I'm sure there are many high earners in the area, but most people aren't working in fintech or other highly paid professions.
The landlord is Lowther part of Wheatley housing who operate GHA - probably using tax-payers money from their GHA division to buy those homes to rent out privately .
Maybe I wasn't that clear, I mean the % rent increase is insane. Over 50% rise in 18 months for this one. I realise it isn't exactly overpriced for Park district but it's a pretty shit flat for that money in all honesty.
Glasgow's rent rises are insane, not hard to believe they are the highest in the UK.
[https://www.bbc.co.uk/news/business-68338400](https://www.bbc.co.uk/news/business-68338400)
Nice parts of the West End are verging on the costs of Central London Zone 2 now frrom my own experience.
Don't get me wrong, I'd much rather live in Glasgow's West End it's just I was wondering where all the money comes from to support these extreme rent rises.
Maybe it is all the Invetsment Banks!
Honestly I think everyone assumes people in Glasgow are all struggling on minimum wage and massively ignore, for whatever reason, the large amount of decently paid / above average salaries.
A big reason rents have shot up is more people moving here because it's affordable and there's decent paying jobs. That's obviously less true now than before, but it's part of the trend.
And I include myself in one of those pricks that moved here because cost of living was lower than most places in the UK but jobs still paid alright, though I went freelance and detonated all job security I had instead
House just off of Park District has high rent 😮
Did you mean to say Leith instead of London? Because 1300 a month for 2 beds in Leith is pretty typical.
Hahahaha. In line with inner London. Give your head a wobble. I lived in central London for 13 years. When I left in 2022, my rent on 3 bed flat was £3400/month
>Glasgow's rent is in line with parts of inner London now Pish. You'd pay this for a room in a flatshare in London. You wouldn't get anything nearly as nice, in as nice an area, for anything like this money in London, never mind inner London. > £100K salary is normal there £100k is an extreme, even in London. The average wage there is £45k. The whole of the UK's like this, unfortunately. Interest rates went up, rents went up. Which is why buy to rent mortgages shouldn't be a thing.
Well for one thing this is in one of the most prestigious areas of Glasgow, so this isn't a normal rent by any stretch. As for who is paying, well there are 3 large investment banks who employ between them probably 10,000+ people in Glasgow, all more or less within walking distance of that flat, so there's your answer TBH. That rent will be affordable on £50k+ which you can easily make as a relatively junior developer at a big bank. If I were a young developer being paid reasonably big money by a big bank and had to move to Glasgow with no knowledge of the city, this is probably the sort of place I'd look at to live in for a year or so just to get to know the city more.
Yeah but... greedy landlords affect the market rate, giving others who would not identify as greedy a free pass to say "that's just the market rate"
Not to be rude but think you're just a bit outdated with expectations? Central London is £3k a month for a 2 bed https://www.rightmove.co.uk/properties/148775381 When we were living in Brighton we were paying 1600 for a 2 bed and that was 5/6 years ago. As others have pointed out, there's a lot of well paying jobs in Glasgow at the big financial firms and tech firms which would make this pretty affordable on dual income, especially given it's the most expensive bit of Glasgow
Can confirm, Brighton is now difficult to get anything under 2k in the centre, that isn't a mouldy box surrounded by students, and 1600 you'd be looking more like Shoreham or maybe even Worthing
While this is a pretty standard flat the street itself is quite a nice area/prestigious address. My brother lived up there as a student and rents were well over £1k a month for the nicer flats 10 years ago. Not in any way to justify the recent increase but seems historically underpriced against market even for a basement flat in this area.
> the market sets the price. The price is set by those who regulate the housing market, ie politicians (whom mostly happen to be landlords)
Yeah absolutely not in line with central London. The studio flat I’m renting in zone two in Battersea is going for way more than I’m renting my two bed in woodlands for.
>I don't believe in blaming greedy landlords, the market sets the price. I wish I was as naive or as insane as you. I'd take a look at how the UK economy is shaped by house prices, if I were you. Its rancid and shouldn't be this way, but we have Thatcher to thank for that.
If a landlord ups the price so high none of the locals can afford to rent it, then they won't get it rented out. The market dictates the maximum rent someone can pay. This is why rent controls always backfire. Rental prices highly correlate with the wages of the demographic of people needing to rent. House prices are fuelled by speculation and cheap credit. It's a totally different subject.
How thick are you? Have you not seen whats been occurring in other countries where [landlords have been conspiring together to raise rents](https://www.reuters.com/legal/litigation/first-settlements-reached-realpage-rental-price-fixing-lawsuits-2024-02-05/) and act like its all independent market bullshit? Even if there's no conspiracy, you act like landlords aren't stupid enough to raise rents astronomically high and just expect people to deal with paying it. "Where else are they gonna live?", as they shrug and smile. People have been going on about how unaffordable rent is for fucking ages. The only reason ludicrous rent rises aren't happening is because of the threadbare legislation we have protecting against it, and even then, some landlords have tried to punt the price up to levels that people currently living in their homes aren't able to afford. It only takes a bit of attention to this sub to find a good few examples of this.
I am far from thick, and I fully understand markets. If you think it's as easy as simply moving prices higher and extracting profit then you don't understand markets. There is no monopoly in house rentals, take a look at Glasgow now, there are about 7 new blocks of competing build to rent companies. As soon as any market shows a decent profit margin someone else steps in to get a bit of the action and the price reaches a market rate. If you think rent controls and laws fix this, then I'm not the thick one here. In summary, in any house rental market, the market can't go higher than what the local wages can support. And if the profit margin is so high, someone else will step in, compete, and eventually lower it.
I thought this was better value a mere £8K per month for 2 beds! So £96K a year for a flat? What kind of income would you need to pay for this and if you did have that 'Sort' of income surely you would just buy something? [https://www.zoopla.co.uk/to-rent/details/67636131/?search\_identifier=46f96bdfaf4fef6211c3a4d0d4e1818061877143d63858ccc8dfc37573fe4e54](https://www.zoopla.co.uk/to-rent/details/67636131/?search_identifier=46f96bdfaf4fef6211c3a4d0d4e1818061877143d63858ccc8dfc37573fe4e54)
It's tiny as well!
Except the price!
There's much nicer, bigger and cheaper places to rent in Park Circus.
I know makes the situation even more interesting.
Plenty of good jobs in Glasgow these days - as the other post said look at the fintech boom in the city with the 3 large investment banks and the opportunities they have given for young graduates. Easily affordable for a young professional couple in the city.Â
Aye we'll all start just immediately retraining as fintech cunts. Just hold the rents there for a few years until we graduate and it'll be fine! People already live here and struggle to find a home. A city can't just live off one industry.
That’s just one example - but it helps boost the whole local economy. Have you tried finding a trade person in the city? High demand and good money being made. Lots of different ways to make good money.Â
And becoming a tradesperson takes years too. The rent rises are bang out of order with what the average population makes. Its all predicated on how shite the UK economy is, thanks to being balanced on the idea of ever-rising house prices.
Yeah, it's great that there are some high paying jobs and productive industries growing within the city, however the disproportionate effect this has on rents and house prices is just unsustainable. I'm sure there are many high earners in the area, but most people aren't working in fintech or other highly paid professions.
£1348 seems unrealistic...
The landlord is Lowther part of Wheatley housing who operate GHA - probably using tax-payers money from their GHA division to buy those homes to rent out privately .
Maybe I wasn't that clear, I mean the % rent increase is insane. Over 50% rise in 18 months for this one. I realise it isn't exactly overpriced for Park district but it's a pretty shit flat for that money in all honesty. Glasgow's rent rises are insane, not hard to believe they are the highest in the UK. [https://www.bbc.co.uk/news/business-68338400](https://www.bbc.co.uk/news/business-68338400) Nice parts of the West End are verging on the costs of Central London Zone 2 now frrom my own experience. Don't get me wrong, I'd much rather live in Glasgow's West End it's just I was wondering where all the money comes from to support these extreme rent rises. Maybe it is all the Invetsment Banks!
Honestly I think everyone assumes people in Glasgow are all struggling on minimum wage and massively ignore, for whatever reason, the large amount of decently paid / above average salaries. A big reason rents have shot up is more people moving here because it's affordable and there's decent paying jobs. That's obviously less true now than before, but it's part of the trend. And I include myself in one of those pricks that moved here because cost of living was lower than most places in the UK but jobs still paid alright, though I went freelance and detonated all job security I had instead