I left London (native here) 15 years ago to live abroad - the biggest factor in my decision was the % of my salary I spent on rent. It was a scam then, it's a bigger scam now.
@@natalia3966 I live in Japan, under 30 mins train ride from Tokyo Station, and my rent and utilities total for a pretty modern 1K (1 bedroom + kitchen), 3 mins walk from the nearest station, is around £600/£650. London is a hideous scam.
It's not just in London. London, Lisbon , Dublin, Berlin, Amsterdam, Toronto, New York, etc. Basically almost every capital of the developed world have the price of rent out of control.
Wait until they start doing this to food. They buy all available resources, and then jack up the prices. Unfortunately, we need rent control, and food control.
The biggest part of the scam is that the properties are extremely poorly maintained. Paying 1450 a month for a single bedroom flat in Ealing, with a flat that is falling apart and the agency and offshore landlords do not seem to care - and I've experienced and heard about this time and time again while living here. Agencies and landlords need to understand that part of what I pay for is maintaining the property. Also - if anyone is looking for property, GRILL THE AGENCY for DETAILS. They love being delightfully vague, wherever possible.(EDIT) UPDATE: Gave notice at place, landlord now charging 1600 for same flat. Agency actively lied to people viewing flat when asked about mould problem (I was present)
@@paulmessenger9836 my problem isn't the amount, its the lack of maintenance for what I pay. Doing the bare minimum in the country seems to be a struggle, and it's not just my place- it's endemic in London
@@CasterAzucar that's why I left Britain in 2014 and been back once it's not just London let's have it right working tax credits kept wages low ,I live in Adelaide and we are having the same problem but are wages are higher and Adelaide want ,200 thousand more people , china and India are on the move for a better life but things are going to get worse
I moved from Melbourne Australia to London and I was shocked at how low the salary is in London. Yet the cost of living is one of the highest in the world.
Yes, rent as high as in Switzerland for example, which is quite expensive, but with half of its salary. As soon as you move to London you’re automatically poorer if you have the same profession (most of the time).
Was honestly wondering why people in and around London are unhappy/unable to afford dirt cheap prices for apartments in a major city but this makes sense, if the salaries are significantly lower.
And yet people in London get paid MORE from doing the same jobs than elsewhere in the UK BECAUSE living in that cesspool is so expensive. It just shows what a rip-off London is unless you are really wealthy to begin with.
I’m Canadian 🇨🇦, and albeit the staggering prices are not the same as London, inflation is out of control . My rent for a two bedroom was $1000.00, increased to 1500 last April. When I talked to new tenants, they have the same size place as I do, and they signed their lease for $1850.00 😮. How can one LIVE if all we do is work to pay rent? Governments wonder why people’s mental health is being compromised, why crime is increasing, and homelessness is out of control. This is not sustainable in any country!!
lived in London for 14 years, owned nothing, moved away, now own my own home, etc, great city but it bleeds you dry and holds you back. it's a trap that you don't see until you leave.
@@stevencampbell4088 I moved up north, about 1.15 on the train from Manchester and under an hour from Liverpool, property is way more affordable, cost of living is lower, depends what you’re looking for, but if you’re wanting to be able to afford to live alone or afford things more easily, up north is your best bet or commuter towns to London, but I think even they have become expensive now, have a look at Kent or Essex maybe as they used to be pretty affordable don’t know about now
I live in Central London, and my rent went up from £850 a month to £1100 in January 2023. That's around a 25-30% increase. I'm a born and raised Londoner and I love living here, but I'm starting to seriously consider moving outside the UK and into a city with a lower cost of living and higher morale :(
In the 70s, I had a small bedsit in Albany Street, the eastern boundary of Regent´s Park. My rent was GBP 4.50 a week. Being a professional singer at the time, I only needed to sing at one service at St Paul´s Cathedral to earn the rent. I hate to think what the ratio would be now.
After decades of living in and not being able to afford a property I've relocated out of London for good. The rent increases were just too much and I now I'm living in a 2 bed, 2 bathroom large house and a nice area in the midlands for HALF the price of my rent in London. I'm massively grateful for living london, for the friends I made, The career opportunities I've had and the experiences I've had. However, I can now have a life, and a great lifestyle now I no longer live there.
I've long since been perplexed at how low the salaries are vs how high the rent is in London. As an Engineer, I might be paid £35k in London, but the rent would be £1500, and everything else isn't cheap either. Rents in London are almost as high as New York City, but in New York you'll probably earn at least double the salary as London. It just doesn't make sense, and I question the sanity of anyone who chooses to relocate there.
I'm not from UK but I've had the same reaction when I've been using TikTok and seen ppl who live in London and they always have surprisingly low incomes
@@tpeterson9140 pay in the UK is poor. Software developers get paid 3 or four or even five times more in the US. There also isn’t such a focus on one city so you have more options. Everything isn’t focused on one state in the US, where it’s all about London here.
As someone currently trying to rent in London, I’ve also noticed that it’s the estate agents running bidding wars for properties. These agents in the video know exactly how desperate we are and are pretending like they don’t get a fat cut of it themselves. After 15 years living in this city it was always normally a first come first serve basis for property. They would hound you to put down a deposit immediately before letting you out of their sight and now all we hear is “submit your bid by 9am tomorrow and we will contact you if you are successful”. This time around I have bid for 8 properties and lost (by a considerable amount) at each and every property. As someone whose industry only exists within the city I can’t just move elsewhere. Like many, I’ve received no wage increase for 2 years now and the cost of living crisis has taken its toll. Now to not be able to afford a property to rent in the city I love and call home, I can’t afford to live here, and barely work here, reasonably anymore.
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs
This actually needs to be talked about more. House viewings are no longer first come first serve. You visit a house up for rent, queue behind a long line of other people, and then you have to put a bid on how much you’re willing to pay, and then describe who you are, what type of person you are, etc. So now, it’s no longer first come first serve-it’s who has the highest bid, and who looks good on paper. It’s nuts. Saying that, I’ve got a lush apartment. Still, not good.
No - companies must learn that they can also establish themselves outside the capitals. Otherwise it never stops as you keep attracting more people to the same place.
@@thomasmoll8822 Agreed. But for companies to learn this, workers should refuse to work in the capital for any wage that is insufficient to live there.
@@violetamalinkova8840 Companies will not react to these downside as long as they are externalised to the workers. The workers need to pass the costs onto the employer via salary demands. Only then will the rational outcome be achieved
People are forgetting one thing far too often: It's not just capital cities. Because people are forced out of capital cities, they have to move into surrounding cities. And that causes rent to go up in these places too; for people that can afford it even less. So the many people's solution of just letting these cities get out of control and just move elsewhere is not a real solution. Rents are up all over the place. This trend has only known one direction for the past decade
They’re not forgetting it. They’re deliberately and in bad faith finding justifications why people who don’t want to spend all of their pay on rent are unreasonable, evil people who have unreasonable lifestyle demands and want to ruin the priceless neighbourhood character for giggles.
Yes this is huge issue. I'm in Devon and we have both the air BnB issue and people moving in from outside. Typically those from the rest of the south can outbid locals when buying and when renting they're on a better footing than locals if they work from home. It's a wave that ripples through the country.
its classic gentrification. unfortunately the total effect of gentrification is general improvement to several areas, so youre not going to find a lot of people who are against the concept.
@@jonathanodude6660 Actually the people that know the examples of other countries think very differently. Look at Singapore for example. The state owns 100% of the properties and there is no capitalist free market in the real estate industry. The result is affordable and modern housing for everyone. And even though the government pays for the maintenance of 100% of the properties as they own all of them, the citizens pay among the lowest taxes among the world. The average citizen has better living conditions than people among the top 10% earners in US. A capitalist free real estate market is a massive burden to any progress regarding gentrification. The fact that it's needed to boost the gentrification is a myth long proven wrong by countries who are doing it right.
The poorest I have ever been in my life was when I was studying at university in London. At that time (2005-2009) the minimum wage I was earning was 5.70 and I was paying between 500 and 600 pounds for rent. I remember only working to survive and I was happy when I had enoguh for the basics.
Oh I was in London earning £16,200-18,000 or so (with a nice bonus at Christmas) and it was so nice and easy then despite the travel cost being obscene. You would be incredible shocked when people told you they paid £5 for lager in pretentious bars! Phone bills were insane compared to now and I spent £3,000k on my commute but I lived a great life then.
As a spouse of a senior IT engineer, I was blown away of how low the salary is in UK. It’s 3x less than in the U.S. So why stay there? Get a job abroad and get paid more and live in the same standard as there if not better and reasonable cost of housing. The UK will lose a lot of good skilled employees if the pay is this low.
The US ie better housing wise but everything else is soo expensive! Groceries is 3x more expensive than UK and they have this annoying tipping culture everywhere you go.
That’s not a dream for most people who live in the UK especially as most people who go on Love Island don’t get anything except a few interviews or online backlash
I personally found that London is also a lonely city to live in. A lot of people are so in their own world it's hard to make connections outside of the work life. Adding on top that it's expensive to do anything there so you become all the more isolated. I was pay check to pay check at one point, so it started to get me down all the more. Im glad I left when I did, and although I wouldn't live in London again I still go as a visitor to enjoy seeing or doing things in the centre. It's a shame really, you could have a good life there if it wasn't owned by the corrupt and foreign property sharks.
BBC Radio London recently had a discussion on the overcrowding living conditions in the Capital, and I have to say that I am shocked at the state we have reached. For instance, I read recently in a newspaper that a Premiership footballer 'shared a bed with four women'. If a rich footballer is living in such cramped conditions then what conditions must the average Londoner be suffering?
The London I remember from my teens was comparatively grim, loads of empty ex-industrial buildings, way fewer nice places to eat, lots of stuff closed on Sundays, and a lot of inner suburbs were pretty rough. A night out meant hours on the nightbus to get home or freezing at Waterloo Station waiting for the first train. The plus side was cheaper rent, way more diversity of people, I don't just mean ethnicity, London is still ethnically diverse, but also in terms of income and occupation, and I think a sense of less pressure. Weird things and eccentric people were able to exist and not get wiped out by the pressure of money. I did my degree there starting 2000 and had a massive bedroom over a post office for low rent. There was even an adjoining room which I hardly used. Walking round my neighbourhood was full of surprises and inspiration. I think after the 2008 financial crash people started ploughing loads of money into the new properties because London was a safe bet to invest, this plus the Olympics meant that huge parts of the city were turned into luxury housing. Now the city is a total playground for people who have the cash, as there is so much there to cater for them - shops, cafes, nights out etc. I wanted to move back into C. London for years, but I'm realising that that London I knew is kind of gone now. It's fine, the world changes, it's just different place for a different kind of people.
Squatting used to be huge in London and lots of people who are now established artists- think Grayson Perry etc- started out squatting. It allowed for creativity to flourish in the capital. Now artists, musicians, writers etc can't afford to stay in the capital. It's souless.
@@Rumade yeah totally! I remember Joe Strummer talking about squatting when he started out. Or just staying in areas that were super cheap, that weren't having a fit about how cool they were. Before the Olympics, which we had no need to host, Hackney had the highest number of artists living there in Europe I think.
Totally agree. I moved to London just before the crisis in 2007 and was lucky that I could still see a bit of that. Definitely as the economy bounced back from 2008-09 something started spiralling out of control. So many new developments for rich people of the world, too much and too fast gentrification. Within 2 years a M&S opened in Dalston, and London Fields became trendy and expensive....
Especially the "surprises and inspiration" you mentioned, it's totally gone. It's a massive amusement park or airport lounge. Everything looks the same and is supposed to the be the ultimate fun....it really broke my heart to go
@Katia D there's loads of spaces that appear public now but aren't, like Granary Square just north of King's Cross Station. It's a privately owned plaza so if the security don't like the look of you they can move you along, you can't busk etc.
Living in NYC, these rents don’t seem too bad to me. However, based on what I’ve heard, salaries in London are way less than in NYC for many industries.
Yes the US earning power is significantly higher than most places. We don't realize it until we look outside of our country. I'm moving to Austria and while the cost if living is lower, so is income after one has gone through education and training. I'm pretty alarmed at how low mt wife's income is given her experience and education. I earn more than her here in California and I don't have a degree. It's very lopsided
Yeah, I have a friend who went to grad school London. She said that the offers she got after graduating were so low that it made more sense for her to return to her developing country (Mexico) and take a job there instead. I work in tech and you couldn't pay me to move to London given the kind of pay cut I would have to take.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, "Rebecca Noblett Roberts" turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
Video titled: 'Why rent is out of control in London' Mentions multiple times that supply and demand are out of sync as a reason. Does not even ATTEMPT to explain why supply and demand are out of sync. Great video CNBC you really did a great job explaining the issue
My landlord tried to raise the rent for a 3 bed house share from 1800 to 2600 whilst ignoring complaints about mould. The rent is rising but the wages aren’t raising at the same rate, they are pushing out all lower income people or forcing us into more cramped house shares to be able to stay in the city
hmm. What's your postcode so we can see if you're in one of the areas experiencing rapid gentrification. I bet there's somewhere at your old rent within 3 miles of where you currently live, because London is all about microcultures.
I refused a 30% increase in Scotland and was evicted because the landlord “had to sell the property.” Within 5 days he had it listed for rent again. I am awaiting a date for a housing tribunal and am claiming back rent in compensation. This type of loophole is exploited every day by landlords, it’s a blatant breach of the law and every one of them need to be dragged into court.
I had to leave London for this exact reason back in 2015 where a ROOM at almost £1000 a month was the norm....I first moved here in 1998 and it was affordable and fun - and I wanted to live here the rest of my life...pushing people out who earn decent money is destroying the city.
I rented in London until about 15 years ago. Today it would be impossible on my wages. It isn't just rent which has gone up it is also public transport, utilities and council tax. Either wages have to go up a lot or a bad recession pushes down rents and house prices. It is now a major crisis
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs
@Marvin66 You are correct but obviously some people are paying up or they wouldn't be able to charge these prices. It's a nasty cycle propagated by corporations, government and landlords in collusion.
I often tell people that, back in 2009 I was living in SE London and sharing with two friends, a 3-bed flat for £900pm. It wasn't a huge flat but had a large living room and all the rooms were doubles. Now, I'm just moving into a place where I'll be paying £800 for a double room. I don't think I want to spend one more year in London even though I've been here most of my life (apart from a few years back home in Guyana when I was a toddler). The rents are crazy, and some of the supermarket chains are on a price-hike bender at the moment.
Its not just capitalism. Restrictive zoning laws are causing a supply issue. In my area, building code only allows large homes and lots. Thus, new houses cost 300k minimum. Only a minority here can afford them. You could petition change but existing homeowners like seeing their home's value go up. They don't realize that a primary home is not an investment unlike a second home or a rental. So yeah, capitalism maximizes profit but its being enabled by laws supported by ignorant, greedy voters.
I lived in the UK all my life, (minus 3 years when I lived in Spain) mainly London. Prior to immigrating, I always said that while in the UK, London would be the only place I would choose to live. Since returning from Spain recently, (surprisingly, I have no longer interest in living in London, I am fortunate to own and not have to rent) So I have made a choice to purchase 60 miles outside of the capital . This was based on 3 things: 1- Conforming to a more chilled way of life (after living in spain) and being able to dip in and out of the fast lane by choice. 2- Cheaper property market for equivalent homes 3- The UK's 'ever growing' transport infrastructure - I can get from my base to the capital (60 miles) in 38 mins on the high speed!. But this will not last for long has the developers and government will increase these current property prices knowing this. I agree that London is a great place to live, socialise and is full of career opportunity, but like a job, when you are at the beginning of both your career work life, yes it is attractive and fast paced. But then with maturity and principles changing you end up wanting the opposite of before. Which normally comes down to moving away or back to your roots outside of all this and 'dipping' into it as and when. I also used to rent, but was lucky to get a low mortgage (prior to today's horrendous rents and mortgages) and since repaid it. The government will never subsidise or support renters or homeowners, they are solely in it for themselves. If you look at any new development block of flats etc, 85% of those units will be bought-up by either chinese investors or uk based landlords, and rented out to UK residents at 'greedy' monthly rents. So unfortunately it's a 'loose -loose' situ for renters.
Portuguese here living in Dublin for 8 years. When I came to Dublin I used to mention to my Irish colleagues "salaries in Lisbon are lower but at least property is cheap...". Long gone are those days. Dublin and Lisbon are pretty much on par in regards to housing costs. So it is a common problem, not only for London.
@@blackvikingeire hope you feel more welcome in Ireland than we did in Lisbon for 4 years. Never knew how racist the Portuguese are. Dont like foreigners there one bit. In Ireland total opposite. We fall over everyone.
@@Prodrive1 I have been very well welcomed in Ireland. I am black and have experienced only 2 episodes of racism, 1 from young teens at Dublin City centre (I think people call them nuckers???) and another from an older man close to where I live in Sutton area. Other than that, I can only say great things about Irish people. My children are mixed and so far none of them has ever complained about racism. I believe what happens in Portugal is different from Ireland. In Portugal l, usually foreigners from Europe or USA living there are having the best live while portuguese people struggle with low salaries. This creates resentment as people feel only foreigners ate enjoying their own countries.
Lived in London from 1992 to 2010. Was lucky enough to buy a decent property at the time (possibly the best decision of my life). Having spent 11 years overseas, we are back home but, I can't even imagine having to live in London anymore. I still work in London but decided to buy in Penkridge (little village near Stafford). Much better quality of life and a peaceful life. I know living in London is a big pull- it is a fantastic city- but especially for people raising a young family, and if online work allows you, I would recommend exploring other parts of the country.
So I watched the video about rent in New York and there was this woman who said she had no choice but leaving to go to...London because life or rent would be cheaper, oh well 🥲 This global cost of living crisis is INSANE!
Exactly! I was thinking of that video when I saw this posted. And I was in support of the decision, but now, I have different thoughts. It’s pretty bad everywhere now!
@@talitam.8414 You are still young. This is how it should be and how it has always been. There are ups and downs within economies, ask your grandpa, I'm sure he will enlighten you
they keep throwing distractions at us.i believe the smartphone and tech in general is a problem. people have become passive and docile. sedated by pleasure and convenience. addicted to their devices. they go through life in a trance-like state, hardly noticing anything, especially the erosion of their rights, liberties and dignity. it's a sad state of affairs because I also see so much good in people. so much potential. hopefully some sort of rude awakening may wake the people from their slumber. otherwise the future looks grim.
Because London is supposed to be the coolest place on earth and it's really, really difficult to admit it isn't. So you just keep going with its difficulties and are somehow grateful for being there (ex Londoner here)
@@johngower2208 since you seem to have it all figured out John, what exactly do you propose people do to escape from these trance-like states? and if they are fortunate enough to escape, how does the average Joe drive down these prices?
@@mtreezee2072 driving down prices will require a complete upheaval of the current system. fundamental changes need to be made. for example, how is it acceptable that a super rich Saudi prince and can purchase a flat in a new build in Vauxhall for a ridiculously inflated price and never even live there and it remains empty for a year. and then he sells it off a year later when the price increases. the average Londoner pays the price as their landlord or agency decides to up rent prices because the market price has gone up. time to stamp out this behaviour but the system is very corrupt and politicians are exactly people of high moral standing. as far as the trance-like states are concerned, how about leaving the smartphone at home. carry an old phone if you need to. smartphones weren't around 40 years ago and we got by just fine. its clear the powers that be are using the smartphones to control people (you can't go in an amazon fresh store without the app). what better way to take back power by not using it so much
One of the main issues with flats in the Uk is also that the quality is crap, but landlords have no interest in fixing them. Mold, creaky floors and stairs, craks, old pipes, old windows...
Thats why more and more people getting together, buying up land and try to set up self sufficient comunities. For now it may seem as abit extreme and still rare, but let me tell you,in few more years you wont be able to survive in cities and those still living in the cities will be seen as some kind of nutcases.
@@simoneaustin8076 Modern day capitalism gone way to far. The rich are getting richer without even trying. Most of the worlds wealth is locked up in banks.
@@noire9601 Double wammy. The rich elite are taking more wealth out of the system. And because of their greedy ways they are wrecking the planet. You may have noticed, the planet is showing its anger. The planet will always survive. Man will not.
room so small the door doesn't fully open before hitting the bed frame - Legendary things that only happen in London. In France there is actually a law and a minimum surface for something you can rent. some landlord manage to rent unlawful places to migrants but when they get busted they get busted hard.
Core workers are commuting increasingly long distances. These are people who do awkward shifts - early starts/late finishes. One of the contributing factors towards our broken public services is the lack of housing for key workers.
Interestingly my husband is an engineer working in london, he earns 120K in nottingham we have a 6 bedroom beautiful house - in london we'd be lucky to have a flat! Hence he commutes!
Moved to London in 2008, 8 people for 1 bathroom was a norm, but rooms were maybe £200-300pm. By the time I moved out in 2016, even smaller rooms were £550. Moved to Manchester 1 year later and finally was able to rent my own studio flat for £400- finally no sharing and a great location! Left the UK to work abroad in 2018 and looking at these attrocious prices and challenges to even find something, not coming back anytime soon 😑
after speaking to a Bradford girl on my flight back to the UK she was telling me she is living in Manchester but may have to move home due to rents going through the roof there, this was in March 2023, and I have seen a few videos also mentioning how bad Manchester is getting.
Needless to say that we're facing a similar situation over here in the Netherlands. As a result from all the protests and media attention, steps are taken by our government, such as a points system for properties, a rent increase limit and fiscal changes for landlords.
Bandaids, the real cost driver is population. All capping prices will do is cause more people to just have empty property and to stop developers building as they know they'll not make their money back.
I live in a beautiful part of North Wales after leaving London 18 years ago. I pay £520 a month for a 4 bedroom house. Our household income is just over £78000. I can't believe the amount of money people are willing to pay to live in that city
Same. I don't understand why people choose to live in London if they have chance to move. I know some people want to stay for family but otherwise it's just not worth it.
I’ve lived in a shared house in London for 3 years and now moving out due to rent increases. Luckily my work will allow WFH anywhere in the country which is lucky compared to others. Problem is that even if you move out season ticket costs are a nightmare also.
If you can WFH it’s crazy to stay in London. Sure, it’s nice to go to boutique coffee shops and burger restaurants and theatres, but you can always visit and it’s surely not worth paying another £10k a year (or more) just for niceties.
@@PotatoPirate123 - Its not like there aren't other places in the UK with lots of coffee shops, burger restaurants and theatres though is it. Live in York and you've got it all, plus Harrogate 30 minutes away. Full of prosperity and quirky areas with independent shops, much better quality of life.
What about people like myself who have their whole life in London. Born and bred, all my family is here. This is my home. Unfortunately , it just got out of control. All new developments made are for wealthy foreign investors looking to add to their portfolio.
@@amasim86 you can make a home in another city if you can’t afford to live in London. Becoming attached to a location is what causes people to remain in unfulfilling and unsatisfying situations. Relocation is possible
Some landlords are reasonable. We rent a flat in SE London, zone 3, and our rent was increased by 7.7% last July. This was after 2 years with no rent increase. The extra bonus is they allowed us to sign a 2 year contract so that rent is locked in until at least August 2024. Ours is managed by a great agency and the owners are a fairly large company with lots of properties. They sort issues out straight away. We have also lived here for 5 years so I guess they value loyalty too. So there are some good places out there.
"They sort issues out straight away." It's literally their obligation written down in the contract. They're not doing you a favour. We've just silently accepted that landlords don't care and treat it as a norm
Lived in London my whole life for 25 years before deciding to move to Bedfordshire. Can easily commute back into London when I need to. For me the prices, crime, underground commute and pollution all became too much.
Good for you. How have you been finding it? I’ve been contemplating making the move to Bedfordshire from London for more than a few years now. Born and raised in London, never lived anywhere else.
@@Genevieve8002 Yeah I have no regrets, took me about a year to adjust and settle in but I haven’t looked back since. London is only a 35 minute drive away or 40 minutes on the train.
@@uchihaitachi5905 Thanks for your reply. At least you did settle, couldn’t have been easy that first year. I find for me, the 35-40 minutes is really if you’re going to North London from Bedfordshire. I’m based in SE London, and I would have the added headache of getting back across London!! Getting across London can be a trek all on it’s own. That being said, the benefits are getting to the point where they are looking more and more worthwhile.
@@Genevieve8002 Yes I’m from North London so it’s quite quick to get back for me. The first year was tough but you will meet new people and make new friends. I do have friends here who moved from South London, the Thamselink train is your best option and it runs 24/7. To get back to South London you’d be looking at around 1 hour + give or take depending on which part of south London. You can easily spend the day in London or go there for a night out. For me the benefits definitely outweigh the cons, I only visit London once every couple of weeks now.
@@uchihaitachi5905 Yes, thank you. I’m quite familiar with the rail and road routes between SE London and Bedfordshire, as I have a couple of relatives who moved there from Hertfordshire over 10 years ago. That’s how I’ve gotten to know it really. Driving, it has literally taken me over an hour just to get across London, due to the traffic issues…I guess it’s like anything, you adapt and get on with things.
Sometimes is not just the landlord but the agencies, that tell the landlord how much they should increase in terms of the area, or what the average rent price of their property should go, so the problem starts there. We often believe the landlords are the worst in this conflict, but the agencies are incredibly cunning with the tenants, I had the same issue where the landlord had nothing to do, and the agency was being more complicated over and over to even negotiate.
That's what happened with me. I paid £1800 for a 2 bed flat and the agency (not the landlord) increased the rent to £2300, that was last year. Now it's £2600. Madness
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs
We are stuck in the cycle of paying rent as a family of 3 in London, zone three. With the current cost of living crises it seems we will NEVER own our own patch of land because saving anything is just impossible. We also live frugally and take inexpensive day trips across the city for entertainment. Soon however, we will be forced to leave the city we love because of no rent control.
@@dpcater and during the industrial revolution the Northern towns with the mills and factories were contributing more than London .... The industrial revolution helped Britain become a commercial nation, far more GDP was generated outside of London.
@@dpcater You are the one who said London generated more so it should get more. I was simply giving you an example of a time when this wasn't the case. The Industrial revolution is hardly comparable to mining. There are also other factors which London gets more investment because the central government is based there, and the UK spending is very centralised. The UK is suffering from productivity issues as the rest of the UK does not get enough investment. Keep going the way it is and the UK will become more divided, why do you think some people voted for Brexit. Also all this investment is really helping ordinary Londoners who can't afford to buy or rent.
Londoner here, I left over 12 years ago, just after Uni. I lived across Europe, now in Canada. It’s a shame that there are no regulations regarding rent increases.
As a property owner I understand all this rent increses. I decided to sell my house and move abroad simply because after recent interest rate increase, my mortgage monthly payment would have gone up by £550 (from £1,300 to £1,850). So imagine a landlord who has more mortgage to pay and his interest can easily increase by £1k/month, he then have to increase it to his tenants, otherwise he would not have anough £ to pay it to mortgage provider
@@hamza6981 well a property is an investment and all investments carry a level of risk that should have anticipated before forking out the money on a second mortgage. Not just transferring the burden on to his tenants who need a roof over their heads?
I just been served a section 21 eviction notice. Without even discussing the possibility of rent increase. Landlord just wanted to sell the property probably due to increase in his BTL mortgage
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs
Tokyo went from the most expensive city in the world, to one of the most affordable by incentivizing one thing: Building more housing Japan made it easier to build homes by nationalizing zoning restrictions. This allowed them to apply strict safety codes across the whole country, while disallowing local bodies from restricting housing. It also made building much easier, as it the zoning and approval process was the same across the country. Everyone wants their property to go up in value, so they fight other developments in the area. This leads to artificial restrictions in housing supply, and thus artificially high prices. Local property owners should not be allowed to control how land they do not own is used
I think the state should build apartment complexes, that way they would control the rent price instead of greedy landlords, because Suburban Houses are problematic, they need too much space and eventually the cost would go up, as land would become scarce and You shouldn't be able to legally own multiple Houses, that is also driving the price artificially up
The UK has had restrictive land use regulations for less than a century. As late as the 1950s, you could build practically whatever you wished on the land you owned.
Everything you said about nationalising zoning regulations is valid, and every developed Western country has a big problem with professional landlords blocking new developments by lobbying local government. This has happened in New Zealand for example where large swathes of suburb close to the city centre in the capital of Wellington have been designated as 'protected historic buildings' to block new mid-density developments, at the behest of local property investors. It is worth mentioning also that Japan has a shrinking population and very strict immigration controls. Easier to build enough housing to house everyone when you're not importing hundreds of thousands of people year-on-year
In Toronto the average rent for a purpose built rental just surpassed $3,000 CDN per month as stated in the Toronto Star last week. When I moved here in the 80s a young person could survive and even live on their own but now that is not the case unless a high paying job exists. The reasons being supply not meeting demand, outdated zoning laws and a slow down in building new properties of any sort. We have some conditional rent control but reno-eviction definitely exists here.
I know. I’ve been kicked out of my flat in Covent Garden. It was the last one in the small building that wasn’t yet a holiday rental… Well, it is now! Now I have to pay more in rent, and buy a monthly travel card from zone 3. It’s all about greed.
In Montréal (Province of Québec, Canada), Inflation has been harder on futur house buyers than on renters. Here we have a government watchdog that has final say in rent hikes. A landlord cannot impose a 10% or 15% or more without serious invesments in the building. The increase is usually in the range of 2-3% a year ...maximum.
its a good way to stop high rent increases- but dontforget, Montreal want more renters & public transportation... not future home owners & car drivers... so you chose your medicine
@@animalsarebeautifulpeople3094 Correct, price control always ends in scarcity and higher prices, but it takes at least two working neurons in a person's brain to understand that.
Living in capital cities is a nightmare, I moved to a city located 1h by train from the capital. In that 2nd tier city, the prices have barely changed. I bought 2 apartments in the same neighborhood there for a fraction of the price in the capital. Even my 2 apartments combined couldn't even pay for a low quality flat in the capital. Secondly, I work remotely most of the time anyway, I could be in Thailand and most people wouldn't even notice.
I like how my man says that transportation in london has improved and yet underground is always delayed and if you live south of the river you literally have little to no connections apart from rail. And in some places overground
Exactly. I live in the Kingston upon Thames area, and as you state, no underground. The rail is mainly for commuting into London, leaving a bus service for North-South journeys.
Rail is much faster than tube. Think about, you can live in zone 6, for example orpington, and you get a direct train to london bridge that takes less than 30 mins non-stop. Much quicker than a tube stopping every minute.
I know a friend she lives at a block of flats where she pays £1600 pcm but the flat next to her is social housing its exact same flat and that lady pays £525 pcm There should be rule that private rent should only be double the rent of social housing not 3 or some cases 4 times the social housing rent My friend is considering quiting her job just to go on benefits to get herself a social housing property This is a vicious circle no control is putting the country in
I lived in London with my partner for 5 years and on the same day our landlord proposed a 36% increase to our rent, we handed in our notice and moved to Milton Keynes. Still work in London and only need to be there 3x a week, but moving out and to somewhere else with better value was a good call
Seems like low salaries are part of the problem. When I first visited London back in 2006, I thought the potential salary there was great. I was in my teens and saw an ad on the Hop-On, Hop-Off bus that said, "Drive this bus for £26.80/hour." The pound was really strong against the dollar back then ($2/£1) and I was like, "wow, $80K/year to drive the bus!" (I'm American so I was assuming that there is a 40-hour workweek). But lately I've noticed that the salaries are extremely low in London. I saw an article about nurses earning an average salary of £40K/year and then someone in the comments said that he could expect to earn £35K (per year I'm assuming) as an engineer. I love London (its history, heritage and beauty) but I would only move there if I was employed by a US firm and could work from home in or near London. I've been fortunate enough to visit yearly and (side-story) after telling an airport security worker that we like to get out of the hot California weather, he replied "and you prefer this?!" as he glanced over to the gloomy London skies lol
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs
Ex-Londoner here (since August 2022). Used to pay 2 grand a month for a 2 bed flat right next door to a pub (albeit fairly quiet pub). Moved to Northern Ireland and my rent is now 850, for a 5 bedroom house with 3 living rooms. Caveat: The energy bills are much higher here, but I don't pay council tax, and the water is nationalized. That being said I do find there is significantly less stuff to do on weekends, and my part time job requires me to travel to England quite frequently. In all honesty if I could find a way to afford moving back to London I definitely would but the gov has no incentive to intervene. Those rent prices are chump change to Rishi!
I've considered moving out of London before because of the cost of renting a place. The most recent 'spanner' in the works has now given me renewed resolve to get out of here within a year. The estate agents just came to all of us in the flat and has given us an ultimatum - Take a place at an alternative accommodation at a higher price (but with smaller rooms); I suppose they didn't have to give us first choice on the new place, or move out in 2 months. I've had enough of this. It was hurting a few years back but now it's just painful; There's this long-term low level anxiety that I feel over the thought of these increases and finding it more and more difficult to find a place where I have enough space to live comfortably. Even people I worked with recently who come in to london to do construction work from other areas in the uk have told me that I'm crazy to still live in london given that the cost of my room is greater than say, half the price of a 1 bed flat elsewhere far from the Capital. The only thing keeping me here was work. I don't have anything keeping me here except that. There is a bit of a fear factor though.
There’s a huge problem with ghost towers in London. The most profitable thing for builders to do is to sell flats off to foreign investors as purely speculative investments. Often selling a whole block of flats before construction has started. The rate of increase in the value of property has historically been multiple times higher than the money that would be gained from rent - so why risk renting them out. My flat in central London overlooked a new build with 8 huge 3-bedroom flats. Each would have held 4 of the 2-bed flat I was living. One was occupied the whole time I was there of the other 7 I only once saw one man staying in one of the other flats for 3 weeks during the year I lived there. I passed over new build towers including those 20-30 stories high where you could tell they were almost all empty looking at the lights in the windows at night. Flats are getting built they just aren’t getting used as housing. UK property is well known to be the easiest way to launder money in the world. Others have mentioned AirBnB: another case of housing not being used for people to permanently live in.
This is simply what happens when you do not control the demand and allow, even encourage the whole world to come and live in one place while also having a system that makes it very difficult and costly to build.
@@highbrowife And not everyone bought their place for pennies in the 70s either. Many people worked extremely hard and sacrificed a lot to pay through the nose just to get onto the bottom of the ladder in a bad neighbourhood. Those rental returns are also extremely low despite the high prices. People don't understand this, if you BTL in London you're looking at returns of about 2 or 3%, it's nothing. You do it to store money but you don't make any in London, if you want to make money on property you buy up north where returns are 5-8%.
@@jayo3074 I like or dislike individuals based on personal interactions and not what they look like or where they came from. You can't blame an individual for wanting to live in the UK, obviously. The issue is the system which allows excessive numbers of people and over burdens the system we rely on, causing a very real detriment to our quality of life. The politicians and media know this full well, as do you, and use false and highly emotive arguments in attempt to quash any reasonable concern from the public about this by incorrectly asserting that they must not be nice people just for being concerned with the detriment to our quality of life. "I will do harm unto thee and if you disagree it's because you're a nasty person".
@@Hashterix well I disagree. This is simply about the government and private developers not building enough homes. Even if immigration was restricted we would still have this issue of high prices and high rents. The only thing I agree with you on is that this is done deliberately by politicians and companies.
$2900 a month, that's a 500 square foot studio in Downtown San Diego, a 2 bedroom is around $5500 down here and you have to make 3X a month that amount to even be considered for renting
lmao, $$2900 a month for $500 sq ft condo??,for $2900, you can get a 1500 sq ft condo in Florida just a mile from the ocean, come to Florida and get out of San Diego, no state income tax here and warmer ocean
I remember the days of the council estates and genuinely cheap rents and the councils still use to struggle to find tenants with nearly a quarter of some estates empty.....in London🤔.
I am in Lisbon this week and it’s not that cheap at all! The only thing is good here, a better tax scheme for us foreigners, but used to be much much better when Casino & Estril Palace was ruling and then all moved to Monaco.
@@victorias2399 How long have you been living here? I could so easily live here but thanks to Brexit it’s not so straightforward. I have rental commercials in the UK so I have passive income, but you need to sign a 1 year lease to obtain a D7 visa.
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs.
To the lady from the real estate agency: landlords are definitely driving the increase!!! They are taking advantage that the mortgage rates are up and they're putting the rent prices up as well. Are all London landlords remortgaging this year? This is ridiculous, an absolute shitshow. I had the worst 3 months of my life trying to find a flat in the winter of 2022. I blame the government who doesn't take care of its people.
Lived in London 21 years.. loved it but it's a mug's game.. wasn't able to save any money .. moved up North and my salary is good and my rent for a 2 bed terrace house is £395 .. I'm able to save for a mortgage now and will be buying a flat in Newcastle later this year.. my brother still lives in London and I'm trying to get him to think about it not being the centre of the universe
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs
I lived in London for 13 years prior to the pandemic - if you ask me it’s a very tame, far more capitalist and consumption based version of what made popular for people who wanted to visit. New culture, and innovation happens where rent is cheap. Much like Manhattan, the process of gentrification has gone too far in my experience and the city feels far less interesting and adventurous
I WAS BORN IN LONDON, my family are born n bread Londoners. I couldn’t afford rent , so I moved out of London & decided to commute in. Unfortunately rail firms are private companies who can also charge whatever they want. If the government doesn’t do something, they’ll be no working populous for the city to run on
The craziest part of this scam, is that moving just a couple of miles outside London can cause rent to fall by around £200 PCM or more! You can also rent an entire house for the same price as a tiny flat (or even less than the flat!). I’m from London, born and bred but living in London is a no from me. My husband and I were living in a tiny apartment in London, so we moved outside London and got a house…for less rent. It’s actually insane. After Covid a lot of people work from home too. So why live in London if you can work from home? I feel for people who can’t work from home, as they have no choice.
"The craziest part of this scam, is that moving just a couple of miles outside London can cause rent to fall by around £200 PCM or more!" How is that a scam? Location is the most important factor in real estate. And also supply and demand. There's huge demand in London but not enough supply as the video talks about.
Im a surveyor from Lancashire, I recently worked in London, the standard of the housing in some areas is bad at best, I was appalled at the rent prices for housing with crumbling brickwork, single glazed wooden windows, dry rot, wet rot, you name it, it had it. Most of those people are on some kind of credit but its the tax payer who foot the bill, the landlords are creaming it in . You now have cities further north where rents are creeping up, especially trendy Manchester, so locals are now moving out of Manchester to cheaper Lancashire, those prices will eventually go up too, its a nightmare of any young couple without the help of parents chipping in or parents passing away. I make a very good wage for the north, I couldnt afford to live in London though even with a 50% pay rise, which incidently I was offered by a London company, the figures just do not add up, London and the south east are pricing themselves out of the market even for professional people
It is wild what how little landlords can do without repercussions. I was paying over £1100 for a flat that had multiple, dangerous leaks for over 6 months.
Social landlords are the same. Ive had a serious leak in our basement for a decade. It's running all over electrical units. I have a solicitor, my mp, two councillors, the housing ombudsman, the fire service...and still it isn't fixed. Whats left?
I was born in bred in London. I’m 27 and can’t afford to move out of my mum’s house so I’m seriously considering moving to another city so that I can afford to move out
We left London 3 years ago and moved to sunny Spain. We have no regret at all! The flat where we live now has 2 big bedrooms and it's €660, 3 mins walking distance to the beach. 🏖 🏝 London is a fantastic city but not for living for sure!!
You come from UK If you get paid 1000E ,600E for House is very expensive too I use to live 7 years in London and i'm Ok in Madrid but I know if I couldnt emigrate i Will be poor Here
@@S.Lanap63 Luckily we work hard and we earn more than 1000 euro a month and our lifestyle is not luxury so we are very happy than living in Ldn for sure.
@@drinkwater9891 Similar to Germany, in Toronto area, landlords can't raise the rents more than what the government dictates. In 2023, the raise is limited to 2.5%. So when mortgage rate is about 4.59% now in Canada and average home owners are paying C$1500 more than before, many owners have to sell their properties because they can't afford the loss.
@@agnesf2659 wow that makes no sense, and why would people buy their house if the new owners cant make ends meet either. the bank and govt ends up stealing all the houses
Never been to London let alone imagine living there. I just couldn't afford the prices. Plus the threat of being chucked out by nasty landlord would have me anxious all the time. So glad I'm on the ladder, I don't even know how saving for a deposit would be possible in London with rents like that. Crazy times.
100% remote work has been my saviour. Got out of that economic trap. 17 years enslaved, in what was essentially, a questionable existence. Good to get out and gain a greater perspective on the situation. 100% not returning to that madness. The probability for riots and anarchy on the streets of London this year, have risen just as high as rent.
I'm so blessed with a great Landlord who actually helped us to save money on gas and electricity bills by getting better deals with suppliers. We were having heating on morning to evening almost for 3 months daily and did not ruin us. He also did not raise the rent at all. I think many landlords are just greedy
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs
As a landlord myself I feel it is very unfair that everyone is blaming the landlords and takes away our rights all the time. The rent rise is mainly because of the bank of England increasing mortage rates through the roof, so we need to offset the increases through raising the rent, otherwise we have to pay the difference ourselves. The other reason you see rent rising is precisely because less and less people want to be landlords. And it is not hard to see why. With the amount of leverage everyone has over landlords, from the government to the freeholders, to the councils to the tenants, it is just not worth it anymore. Imagine you invest £100,000 of your hard earned money somewhere and then realising that you have the least control out of everyone and everyone can tell you how you should use your investment: banks can double you mortgage pay overnight, freeholder can ignore you completely (so building issues are not addressed), government introduces new regulations yearly, tenant can trash the place and refuse to leave without paying for 6 months to a year, and council can increase payments and refuse to do the basic things. Besides, as a tenant you always have the freedom to move to a less expensive area. Why is it that tesco can raise their product prices by 60% and everyone is fine with it, but if landlords ar raising the rents by 30% then the landlords are evil and should be crucified? You think facing a 30% increase in rents as a tenant is hard? Try to be a landlord with a 100% payment increases (and deal with all the builshit from everyone) and see for yourself how hard and expensive it is.
'Imagine you invest £100,000 ...' and then whinge about how hard it is to make money on the backs of others. You can sell anytime you like and relieve yourself of your self induced nightmare.
@@eattherich9215 Interesting. Why do you think renting my flat that I paid my own my money for is making money on the back of others? How is this different from any other business? Anyway, I would sell, but in this market it is not possible unless you are willing to sell at a huge loss.
@@Astral100: 'Why do you think renting my flat that I paid my own my money for is making money on the back of others?' You are renting to people who cannot afford to buy. Presumably, the rental is a spare property and you have somewhere else to live. You have leveraged yourself into debt and the dream of making it rich is collapsing around you. Me, I'm content with my mortgage free London home and have no desire to be part of the problem.
You must make a video about rents in Belgrade. Due to the situation in Ukraine, a large number of Russians have moved to Belgrade and the prices are abnormal. apartments that were rented out for €400-500 are now rented out for €1000-1100. The average salary in Serbia is around €700 🥴
@@ukrainermanlo8412 I understand you sir. I probably better than the rest of the world. The same thing happened to me in '99 when bombs were flying around my head. The "situation" is that the comment would not be deleted. But this is not the place to discuss that.I pray for all the innocent people who suffer. 🙏
The solution to this is simple: build more housing. The problem of high prices is because of one thing: high demand relative to supply. In supply-constrained markets, the only practical solution is to vastly and dramatically increase housing inventory. Right now, tenants compete for vacancies. If we want landlords to have to compete for tenants, there needs to be a large increase in the number of available housing units. This will cause the rent to come down. It won't happen immediately but it's the only long-term sustainable solution.
Housing supply isnt the problem bc prices are fluctuating outside of normal market forces like supply and demand. Its the reinstatement of the feudal landlord-serf system from a socioeconomic standpoint. The issue is barring access to supply in two ways: wage suppression and massive speculative investment all over the world by private equity, real estate firms, wealthy oligarchs looking to launder their money, etc. They're pouring money into housing markets worldwide, colluding to drive up the price (think of assets people borrow against that rely on maintaining their value: REITS, commercial real estate, etc ), and locking regular people out of the homeownership market permanently.
Where are you going to build these houses? There's a serious lack of land in this country. The actual anwser is stopping 2nd home ownership, a tonne of property is bought as investment and holiday home, gutting communities. The priority should be 1 home per person/family, not empty homes. As well as this, work needs to be redistributed out of London and former council housing stock currently under the exploitation of private landlords needs to be repossessed by councils for lower income renters. The issue is not the number of houses, it's the current use of them.
@BarnOwl exactly. Comodification of basic human necessities without regulation = disasters. Governments need to stop offloading their responsibility of maintaining public goods to private entities; who then charge the public for said goods while simultaneously taking subsidies from public tax dollars and bribing government officials in exchange for deregulation. Pathetic
There isn’t a shortage of homes in London…look at how of the tower blocks aren’t lit at night. My friend has a second home in an apartment block in dock lands…her is one of the few which is lived in, and even then it’s only occasionally.
It's the same in Norway. I live in Bergen. It's difficult to find an apartment big enough for my family that I can afford. At the moment they are between 1400£ - 2500£. The apartment I have rented the past 7 years is 1200£ (electricity and hot water not included) and have been the same price for those 7 years, but it's full of black mold, bugs and radon gas... So I've been desperately looking for a healthier and safer place to live and can't find anything due to the high prices. My rent is already 50% of my budget, so with the insane prices on electricity and food, and being a single mother of two children - it's extremely difficult... I'm on disability and because of my illness I also need an apartment that is easy accessible... Its a mystery to me that people are allowed to demand such high prices when the reason people rent in the first place is that they can't afford to buy... Where I live, those of us that rent pay more in rent than what people with mortgages pay each month.. Still the banks won't give us loans. When I applied for a loan all I could buy for was 200'000£, and with the insane real-estate prices atm that would maybe allow me to buy a tiny studio apartment...But in a Norway if you buy an apartment (whether it be a studio apartment or a 1-4 bedroom apartment) there is always an added homeowner dues of anything from 100£-1100£ depending on what building it's in, which covers things like insurance for the apartment building, electricity for the common areas, cleaning of the common areas, ganitor services, loans if the apartment building has had any major renovation on ventilation, plumbing etc... So if you apply for a loan the bank will tell you that you can afford a loan of let's say 250'000£-600'000£ but with no more than a monthly homeowner dues of 600£...so often you might afford the price estimate of the apartment itself but the homeowner dues are far too expensive.. Or you know that the apartment is in an old building and that they might renovate the plumbing or ventilation and so you must expect a huge increase in the homeowner dues... No wonder WEF are closing up to their 2030 goal of "you will own nothing and you will be happy". I'm praying for a miracle...
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs
My rent went up 17%, I tried to fight back, got hit by an eviction notice. Landlord didn't do any maintenance at all during two years. The balance of power is way too much in favor of landlords right now.
It's sometimes not the leaseholders' problem. I used to dislike landlords who increase their rent a lot. But I just received the news that my service charge has increased by about £400 a month in 2023, and I have no choice but to increase the rent by £200 a month (i.e. I take the other £200 so my income reduces by £200). But most leaserholders have zero rights. The freeholder owners of the flats can charge anything they want without doing anything, with no accountability of how well they manage the flats...
London is a death trap for renters. The wages for medium earners is ridiculously low, let alone for someone on low income, to survive. For a nation who considers itself developed has a lot to answer to ordinary citizens who are struggling to exist, it's only for the wealthy now.
The increases in rent of 15% plus are of course wrong - landlords should also have a duty of care to tenants and increases need to be sane. This being said, the situation is due to multiple factors the two main ones being: 1) Loss of Landlord’s right to deduct interest from their tax bill. This change was made in 2016 and came fully into effect in 2020. It has made rental property ownership much harder to work with on borrowed money (unless one goes a corporate structure which has many drawbacks,especially for the same ‘amateur’ landlord which are rarely discussed. 2) Increase in base rates as we exit the era of free money. 3) Additional property purchase tax for second properties. 4) High capital values in London. Anything under 500k ($600k) is entry level. 5) Increased regulatory standards and controls including abolition of no fault evictions. Taken individually all these are (broadly) a good thing BUT they have constricted supply of rental properties in London which has been on a downward trend for the last 5 years. This is because being a landlord (or at least an accidental landlord) doesn’t work on maths. This has in turn knocked onto rents and so here we are.
I have lived in London for 15 years before going back to France after Brexit. London is a great city and will probably always be but it can take its tool on people. Personally speaking, I believe it is worth being in London and enjoying academic, professional and social opportunities until up to 30 years old. After that, it will frustrated yourself as it gets hard to get your personal space and build a family and so on. Paris and especially it's direct surroundings still allow for that as prices are much cheaper (even public transports to the centre of Paris). I miss London but i am also glad i left and moved on. If not abroad, there are plenty of great places to live in the UK, it doesn't have to be London forever. Even most landlord struggle to pay their mortgage. This whole situation doesn't look sustainable in the long run, not sure what can fix it other than a massive pay increase for all but it doesn't look good.
Combined, landlords, public transport companies and energy companies simply couldn't care less that renters are having to face increases from all 3 sources - while their wages either don't move up at all, or the increases are so small they're insulting. Back in the 1990's, at the same time, my rent was increased 50% and my weekly train ticket went up £5.60 - and my wages went up by £1.50 per week. That's why I wouldn't join the work's union that was constantly badgering me. They were useless. I had to leave my accommodation and go live with a friend. It was humiliating to have to beg for help. But that's what people are being driven to do: to go back home to their parents, to hope for the mercy of friends or other relatives, to live in a car or tent somewhere through the summer months, or to club together with other people in the same situation and cram themselves into a flat and split the rent.
It’s ok, there are hordes of rich Indians, Chinese and Russians waiting to snatch up there places as investment properties. This will keep happening as long as the government prioritize money before the well-being of its people.
Thats it. We really do need to introduce strict limits on who can buy property in the UK.... Residence and domicile should be a criteria. We also need to limit multiple home ownership. The housing stock IS there, contrary to popular belief. Its just in the hands of a tiny but extraordinarily wealthy cohort who treat housing like a dividend stock.
Enticingmay that is very true, the pigs that rule this country only care about money. In other parts of the world you can justify the cost of the rent.....good facilities safe area.
I think problem UK facing currently is also showing the direction been taking for last decade’s country was on… from manufacturing superpower to more service orientated economy which had long term effects on countries wealth security and prosperity
I don't think this was a very balanced discussion. Interest rates have TRIPLED in the space of one year!! Yields in London are not great, on top of that you need to meet a stress test with the mortgage lender that proves the rent would cover the mortgage payment if interest rates rise to 7-8%. The level of rent required to meet this affordability test is very high. Then there is the section 24 legislation where landlords effectively pay tax on rental income and can only partially deduct interest payments. The impact of this tax is more severe when interest payments are higher. Most London and SE landlords are selling up its just not workable anymore. I'm not trying to be all sympathetic for landlords as owning an property to rent out makes you one of the fortunate. I just think there needs to be fairer discourse of what is prompting the increases. In my opinion it due to high interest rates and strict mortgage affordability tests.
My Brooklyn rent for a 1 bedroom apartment (actual “luxury building”) is $3750/month. Just got the lease renewal and mgmt is raising our rent by $100. Luckily this is on the lowest end of rent increases I’ve been seeing simply because the building is rent stabilized ..but of course that $100 represents the maximum legal amount that mgmt could raise the rent. If it was not a rent stabilized building it makes me queasy to imagine what they’d be asking for this apartment. Other units that are the same or not as nice in my building are in the $4500/month range because they changed hands and in that process, the landlord is allowed to bump the rent up more to meet the “market”…. the market that they’ve artificially inflated that is.. and is arbitrary at this point. Anyway, it’s to the point that as insane as it sounds, it would be cheaper for me to buy an apartment in my same desirable Brooklyn neighborhood than it would be to rent… and I could even save money towards an additional house. That said, after 10 years living in NYC and my entire life living in the area… the charm has worn off when so much of my hard-earned money is perpetually drained from me every which way.. and I see less and less of the benefit of living here. Suburban life is looking cushier every day. Also my dog hates the city lmfao, he just wants to zoomies in the grass.
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs
I left London (native here) 15 years ago to live abroad - the biggest factor in my decision was the % of my salary I spent on rent. It was a scam then, it's a bigger scam now.
Where did you move to? Asking as a Londoner desperate to get out of this country!
@@natalia3966 Costa Brava, NE Spain
@@tezinho81 wise choice! Good weather and a whole better lifestyle than here. I’m inspired
@@natalia3966 I live in Japan, under 30 mins train ride from Tokyo Station, and my rent and utilities total for a pretty modern 1K (1 bedroom + kitchen), 3 mins walk from the nearest station, is around £600/£650. London is a hideous scam.
london is now full of third world migrants lol crime is high and its a dump
It's not just in London. London, Lisbon , Dublin, Berlin, Amsterdam, Toronto, New York, etc. Basically almost every capital of the developed world have the price of rent out of control.
Not Tokyo.
inflation. rent isn't going up, money is worth less
Developing world too
I just realized that rent in San Diego, is as much as London
Wait until they start doing this to food. They buy all available resources, and then jack up the prices. Unfortunately, we need rent control, and food control.
The biggest scam is paying £1300 pm in rent but not qualifying for £700 mortgage because "you're not earning enough".
There’s a way around that if you have you deposit and know what to do but yeah it’s a joke. Rent going to nothing
I've never heard of any alternatives, I would like to stop paying for my landlords mortgage. @@Lillgoosy
If you can't cope with a rent increase you won't cope with interest rates tripling.
Interest rates go up a lot it makes a huge difference to borrowing power.
Not a scam, it's a well laid out plan.
The biggest part of the scam is that the properties are extremely poorly maintained. Paying 1450 a month for a single bedroom flat in Ealing, with a flat that is falling apart and the agency and offshore landlords do not seem to care - and I've experienced and heard about this time and time again while living here. Agencies and landlords need to understand that part of what I pay for is maintaining the property. Also - if anyone is looking for property, GRILL THE AGENCY for DETAILS. They love being delightfully vague, wherever possible.(EDIT) UPDATE: Gave notice at place, landlord now charging 1600 for same flat. Agency actively lied to people viewing flat when asked about mould problem (I was present)
Glad you said "Scam" and these landlords don't live where they rent either.
Don’t forget to be careful not to get stabbed or robbed as soon as you leave your front door
Leave the property if you think the rent is to high no one is forcing you to live there.
@@paulmessenger9836 my problem isn't the amount, its the lack of maintenance for what I pay. Doing the bare minimum in the country seems to be a struggle, and it's not just my place- it's endemic in London
@@CasterAzucar that's why I left Britain in 2014 and been back once it's not just London let's have it right working tax credits kept wages low ,I live in Adelaide and we are having the same problem but are wages are higher and Adelaide want ,200 thousand more people , china and India are on the move for a better life but things are going to get worse
I moved from Melbourne Australia to London and I was shocked at how low the salary is in London. Yet the cost of living is one of the highest in the world.
Yes, rent as high as in Switzerland for example, which is quite expensive, but with half of its salary. As soon as you move to London you’re automatically poorer if you have the same profession (most of the time).
Another major reason is because the government eats so much of your salary in taxes!
Totally agree! I moved from the UK TO Melbourne and could never imagine going back now :( !
Was honestly wondering why people in and around London are unhappy/unable to afford dirt cheap prices for apartments in a major city but this makes sense, if the salaries are significantly lower.
And yet people in London get paid MORE from doing the same jobs than elsewhere in the UK BECAUSE living in that cesspool is so expensive. It just shows what a rip-off London is unless you are really wealthy to begin with.
I’m Canadian 🇨🇦, and albeit the staggering prices are not the same as London, inflation is out of control . My rent for a two bedroom was $1000.00, increased to 1500 last April. When I talked to new tenants, they have the same size place as I do, and they signed their lease for $1850.00 😮.
How can one LIVE if all we do is work to pay rent?
Governments wonder why people’s mental health is being compromised, why crime is increasing, and homelessness is out of control. This is not sustainable in any country!!
All you can do is vote the idiots out that caused this. IE, Trudeau.
lived in London for 14 years, owned nothing, moved away, now own my own home, etc, great city but it bleeds you dry and holds you back. it's a trap that you don't see until you leave.
This x57.
I left in 2015 (London was my home town). No regrets.
Same here. I left during Brexit. No regrets. Never looked back. My life is better balanced now.
Where did you move to? (Desperate Londoner trying to escape)
@@stevencampbell4088 I moved up north, about 1.15 on the train from Manchester and under an hour from Liverpool, property is way more affordable, cost of living is lower, depends what you’re looking for, but if you’re wanting to be able to afford to live alone or afford things more easily, up north is your best bet or commuter towns to London, but I think even they have become expensive now, have a look at Kent or Essex maybe as they used to be pretty affordable don’t know about now
@@stevencampbell4088 Prague 2.
I live in Central London, and my rent went up from £850 a month to £1100 in January 2023. That's around a 25-30% increase. I'm a born and raised Londoner and I love living here, but I'm starting to seriously consider moving outside the UK and into a city with a lower cost of living and higher morale :(
Mine went from £1100 to £1550
It’s the same in Ireland . Dublin has pushed me out now and 40k is poverty
@@sarahmc8309 because your economy is booming , gentrification is happening
Keep positive thinking, you will survive it !
Ok USA rent fur one studio in Clinton MA$1400 a month, in 1-bedroom,$1600 a month, it’s cheaper to live in U.K., USA sucks
In the 70s, I had a small bedsit in Albany Street, the eastern boundary of Regent´s Park. My rent was GBP 4.50 a week. Being a professional singer at the time, I only needed to sing at one service at St Paul´s Cathedral to earn the rent. I hate to think what the ratio would be now.
After decades of living in and not being able to afford a property I've relocated out of London for good. The rent increases were just too much and I now I'm living in a 2 bed, 2 bathroom large house and a nice area in the midlands for HALF the price of my rent in London. I'm massively grateful for living london, for the friends I made, The career opportunities I've had and the experiences I've had. However, I can now have a life, and a great lifestyle now I no longer live there.
You'll be back!
@@allykhan8594 Yeah, when he needs his passport renewing.
@@yourma-uh5um haha. Nice one
@@allykhan8594 what is so fantastic about London?
nice area in the midlands. that’s a contradiction of terms.
I've long since been perplexed at how low the salaries are vs how high the rent is in London. As an Engineer, I might be paid £35k in London, but the rent would be £1500, and everything else isn't cheap either.
Rents in London are almost as high as New York City, but in New York you'll probably earn at least double the salary as London. It just doesn't make sense, and I question the sanity of anyone who chooses to relocate there.
I'm not from UK but I've had the same reaction when I've been using TikTok and seen ppl who live in London and they always have surprisingly low incomes
@@tpeterson9140 pay in the UK is poor. Software developers get paid 3 or four or even five times more in the US. There also isn’t such a focus on one city so you have more options. Everything isn’t focused on one state in the US, where it’s all about London here.
Spot on
35k after tax is very low. Aim for £60k or £80k
@@KV45355 It's before tax I believe
As someone currently trying to rent in London, I’ve also noticed that it’s the estate agents running bidding wars for properties. These agents in the video know exactly how desperate we are and are pretending like they don’t get a fat cut of it themselves. After 15 years living in this city it was always normally a first come first serve basis for property. They would hound you to put down a deposit immediately before letting you out of their sight and now all we hear is “submit your bid by 9am tomorrow and we will contact you if you are successful”. This time around I have bid for 8 properties and lost (by a considerable amount) at each and every property. As someone whose industry only exists within the city I can’t just move elsewhere. Like many, I’ve received no wage increase for 2 years now and the cost of living crisis has taken its toll. Now to not be able to afford a property to rent in the city I love and call home, I can’t afford to live here, and barely work here, reasonably anymore.
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs
For me an acceptable level of rent is ZERO. I would rather be homeless than to feed parasites
This actually needs to be talked about more. House viewings are no longer first come first serve. You visit a house up for rent, queue behind a long line of other people, and then you have to put a bid on how much you’re willing to pay, and then describe who you are, what type of person you are, etc. So now, it’s no longer first come first serve-it’s who has the highest bid, and who looks good on paper. It’s nuts. Saying that, I’ve got a lush apartment. Still, not good.
And employers are shocked that there isn't a ready supply of workers in London. They need to offer a wage that, after taxes, can cover the rent.
No - companies must learn that they can also establish themselves outside the capitals. Otherwise it never stops as you keep attracting more people to the same place.
@@thomasmoll8822 Agreed. But for companies to learn this, workers should refuse to work in the capital for any wage that is insufficient to live there.
@@violetamalinkova8840 Companies will not react to these downside as long as they are externalised to the workers. The workers need to pass the costs onto the employer via salary demands. Only then will the rational outcome be achieved
I mean, the price is so high only because people are fine with those prices and keep moving to London. This is a free market.
@@vladyslavmelnychenko7505 yeah and labour is scarce and/or expensive in London for the same reason
People are forgetting one thing far too often: It's not just capital cities. Because people are forced out of capital cities, they have to move into surrounding cities. And that causes rent to go up in these places too; for people that can afford it even less. So the many people's solution of just letting these cities get out of control and just move elsewhere is not a real solution. Rents are up all over the place. This trend has only known one direction for the past decade
They’re not forgetting it. They’re deliberately and in bad faith finding justifications why people who don’t want to spend all of their pay on rent are unreasonable, evil people who have unreasonable lifestyle demands and want to ruin the priceless neighbourhood character for giggles.
(To original comment) Although loosely, but this term relates to AIR BNB EFFECT.
Yes this is huge issue. I'm in Devon and we have both the air BnB issue and people moving in from outside. Typically those from the rest of the south can outbid locals when buying and when renting they're on a better footing than locals if they work from home. It's a wave that ripples through the country.
its classic gentrification. unfortunately the total effect of gentrification is general improvement to several areas, so youre not going to find a lot of people who are against the concept.
@@jonathanodude6660 Actually the people that know the examples of other countries think very differently. Look at Singapore for example. The state owns 100% of the properties and there is no capitalist free market in the real estate industry. The result is affordable and modern housing for everyone. And even though the government pays for the maintenance of 100% of the properties as they own all of them, the citizens pay among the lowest taxes among the world. The average citizen has better living conditions than people among the top 10% earners in US. A capitalist free real estate market is a massive burden to any progress regarding gentrification. The fact that it's needed to boost the gentrification is a myth long proven wrong by countries who are doing it right.
The poorest I have ever been in my life was when I was studying at university in London. At that time (2005-2009) the minimum wage I was earning was 5.70 and I was paying between 500 and 600 pounds for rent. I remember only working to survive and I was happy when I had enoguh for the basics.
Oh I was in London earning £16,200-18,000 or so (with a nice bonus at Christmas) and it was so nice and easy then despite the travel cost being obscene. You would be incredible shocked when people told you they paid £5 for lager in pretentious bars! Phone bills were insane compared to now and I spent £3,000k on my commute but I lived a great life then.
How did you pay for all your kids clothes and food etc... oh wait...
@@hanselmansell7555 how my aunty all family pay for kids then they even don’t pay rent
my father is Japanese
It is about twice that now.... for the smallest, shoddiest flats.
As a spouse of a senior IT engineer, I was blown away of how low the salary is in UK. It’s 3x less than in the U.S. So why stay there? Get a job abroad and get paid more and live in the same standard as there if not better and reasonable cost of housing. The UK will lose a lot of good skilled employees if the pay is this low.
but not everyone wants to live in some other random country
As if getting a visa to work in the US is easy lol
@@drinkwater9891 not random country, better country maybe. UK is not the only good country in the world.
cost of living us much higher in the US, especially if you have a family.
The US ie better housing wise but everything else is soo expensive! Groceries is 3x more expensive than UK and they have this annoying tipping culture everywhere you go.
The UK dream is to get selected to be on Love Island so you can afford an apartment from all the sponsorships and agencies that will come to you.
Sounds more like a nightmare
That’s not a dream for most people who live in the UK especially as most people who go on Love Island don’t get anything except a few interviews or online backlash
sounds like a black mirror ep
@@jazzyphillip8680 😂😂
speak for yourself mate lol - that ain't no dream of mine!!
I personally found that London is also a lonely city to live in. A lot of people are so in their own world it's hard to make connections outside of the work life. Adding on top that it's expensive to do anything there so you become all the more isolated. I was pay check to pay check at one point, so it started to get me down all the more.
Im glad I left when I did, and although I wouldn't live in London again I still go as a visitor to enjoy seeing or doing things in the centre.
It's a shame really, you could have a good life there if it wasn't owned by the corrupt and foreign property sharks.
BBC Radio London recently had a discussion on the overcrowding living conditions in the Capital, and I have to say that I am shocked at the state we have reached. For instance, I read recently in a newspaper that a Premiership footballer 'shared a bed with four women'. If a rich footballer is living in such cramped conditions then what conditions must the average Londoner be suffering?
@@adamh905That footballer better be good 😂😂😂
@@adamh905😅😅
This is true of most capital cities though
The London I remember from my teens was comparatively grim, loads of empty ex-industrial buildings, way fewer nice places to eat, lots of stuff closed on Sundays, and a lot of inner suburbs were pretty rough. A night out meant hours on the nightbus to get home or freezing at Waterloo Station waiting for the first train. The plus side was cheaper rent, way more diversity of people, I don't just mean ethnicity, London is still ethnically diverse, but also in terms of income and occupation, and I think a sense of less pressure. Weird things and eccentric people were able to exist and not get wiped out by the pressure of money. I did my degree there starting 2000 and had a massive bedroom over a post office for low rent. There was even an adjoining room which I hardly used. Walking round my neighbourhood was full of surprises and inspiration.
I think after the 2008 financial crash people started ploughing loads of money into the new properties because London was a safe bet to invest, this plus the Olympics meant that huge parts of the city were turned into luxury housing. Now the city is a total playground for people who have the cash, as there is so much there to cater for them - shops, cafes, nights out etc. I wanted to move back into C. London for years, but I'm realising that that London I knew is kind of gone now. It's fine, the world changes, it's just different place for a different kind of people.
Squatting used to be huge in London and lots of people who are now established artists- think Grayson Perry etc- started out squatting. It allowed for creativity to flourish in the capital. Now artists, musicians, writers etc can't afford to stay in the capital. It's souless.
@@Rumade yeah totally! I remember Joe Strummer talking about squatting when he started out. Or just staying in areas that were super cheap, that weren't having a fit about how cool they were. Before the Olympics, which we had no need to host, Hackney had the highest number of artists living there in Europe I think.
Totally agree. I moved to London just before the crisis in 2007 and was lucky that I could still see a bit of that. Definitely as the economy bounced back from 2008-09 something started spiralling out of control. So many new developments for rich people of the world, too much and too fast gentrification. Within 2 years a M&S opened in Dalston, and London Fields became trendy and expensive....
Especially the "surprises and inspiration" you mentioned, it's totally gone. It's a massive amusement park or airport lounge. Everything looks the same and is supposed to the be the ultimate fun....it really broke my heart to go
@Katia D there's loads of spaces that appear public now but aren't, like Granary Square just north of King's Cross Station. It's a privately owned plaza so if the security don't like the look of you they can move you along, you can't busk etc.
Living in NYC, these rents don’t seem too bad to me. However, based on what I’ve heard, salaries in London are way less than in NYC for many industries.
Salaries in the UK haven’t been going up for years hence all the nationwide protests.
Yes the US earning power is significantly higher than most places. We don't realize it until we look outside of our country. I'm moving to Austria and while the cost if living is lower, so is income after one has gone through education and training. I'm pretty alarmed at how low mt wife's income is given her experience and education. I earn more than her here in California and I don't have a degree. It's very lopsided
Yeah, I have a friend who went to grad school London. She said that the offers she got after graduating were so low that it made more sense for her to return to her developing country (Mexico) and take a job there instead. I work in tech and you couldn't pay me to move to London given the kind of pay cut I would have to take.
@@sharr630 well, I'm pretty sure I could pay you to move to London, say £200,000,000? I bet that would do it 😂😂😂
Average salary in UK is around £35k, probably $40-45k. Compare house prices and rent to that.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
I'd be glad to get the help of one, but just how can one spot a reputable one? How did you spot this coach?
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, "Rebecca Noblett Roberts" turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
Video titled: 'Why rent is out of control in London'
Mentions multiple times that supply and demand are out of sync as a reason.
Does not even ATTEMPT to explain why supply and demand are out of sync.
Great video CNBC you really did a great job explaining the issue
If you take a group of people [locals] who you won't allow to purchase then you will get a shortage.
My landlord tried to raise the rent for a 3 bed house share from 1800 to 2600 whilst ignoring complaints about mould. The rent is rising but the wages aren’t raising at the same rate, they are pushing out all lower income people or forcing us into more cramped house shares to be able to stay in the city
£1800 for a house share?? Wow. I pay £800 a month in rent in the centre of Birmingham I can’t even imagine paying that much just on rent.
2600.00 for a house? Come to Chicago. That number will be doubled.
I pay £344 a month for a 3 bedroom modern house lol. 😂😉🏡
hmm. What's your postcode so we can see if you're in one of the areas experiencing rapid gentrification. I bet there's somewhere at your old rent within 3 miles of where you currently live, because London is all about microcultures.
I'll give you a 4 bed in Chingford/South Woodford for £1800
I refused a 30% increase in Scotland and was evicted because the landlord “had to sell the property.” Within 5 days he had it listed for rent again. I am awaiting a date for a housing tribunal and am claiming back rent in compensation. This type of loophole is exploited every day by landlords, it’s a blatant breach of the law and every one of them need to be dragged into court.
Hope u lost!
I had to leave London for this exact reason back in 2015 where a ROOM at almost £1000 a month was the norm....I first moved here in 1998 and it was affordable and fun - and I wanted to live here the rest of my life...pushing people out who earn decent money is destroying the city.
I rented in London until about 15 years ago.
Today it would be impossible on my wages.
It isn't just rent which has gone up it is also public transport, utilities and council tax. Either wages have to go up a lot or a bad recession pushes down rents and house prices. It is now a major crisis
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs
@Marvin66 You are correct but obviously some people are paying up or they wouldn't be able to charge these prices. It's a nasty cycle propagated by corporations, government and landlords in collusion.
@@Marvin-dg8vj …how ‘bout that coronation bill the tax payers are forced to pay? Must Love that!
I often tell people that, back in 2009 I was living in SE London and sharing with two friends, a 3-bed flat for £900pm. It wasn't a huge flat but had a large living room and all the rooms were doubles. Now, I'm just moving into a place where I'll be paying £800 for a double room. I don't think I want to spend one more year in London even though I've been here most of my life (apart from a few years back home in Guyana when I was a toddler). The rents are crazy, and some of the supermarket chains are on a price-hike bender at the moment.
Rent is out of control everywhere. The problem with capitalism is that everything goes up EXCEPT for wages.
need more unionization
The cities have also increased property and waste taxes for landlords
@@michaelsmith953 it won't solve the problem.
Its not just capitalism. Restrictive zoning laws are causing a supply issue. In my area, building code only allows large homes and lots. Thus, new houses cost 300k minimum. Only a minority here can afford them. You could petition change but existing homeowners like seeing their home's value go up. They don't realize that a primary home is not an investment unlike a second home or a rental.
So yeah, capitalism maximizes profit but its being enabled by laws supported by ignorant, greedy voters.
@Sam Choi why build more cheap housing when you can build less expensive housing
I lived in the UK all my life, (minus 3 years when I lived in Spain) mainly London. Prior to immigrating, I always said that while in the UK, London would be the only place I would choose to live. Since returning from Spain recently, (surprisingly, I have no longer interest in living in London, I am fortunate to own and not have to rent) So I have made a choice to purchase 60 miles outside of the capital . This was based on 3 things:
1- Conforming to a more chilled way of life (after living in spain) and being able to dip in and out of the fast lane by choice.
2- Cheaper property market for equivalent homes
3- The UK's 'ever growing' transport infrastructure - I can get from my base to the capital (60 miles) in 38 mins on the high speed!.
But this will not last for long has the developers and government will increase these current property prices knowing this.
I agree that London is a great place to live, socialise and is full of career opportunity, but like a job, when you are at the beginning of both your career work life, yes it is attractive and fast paced. But then with maturity and principles changing you end up wanting the opposite of before. Which normally comes down to moving away or back to your roots outside of all this and 'dipping' into it as and when.
I also used to rent, but was lucky to get a low mortgage (prior to today's horrendous rents and mortgages) and since repaid it. The government will never subsidise or support renters or homeowners, they are solely in it for themselves.
If you look at any new development block of flats etc, 85% of those units will be bought-up by either chinese investors or uk based landlords, and rented out to UK residents at 'greedy' monthly rents. So unfortunately it's a 'loose -loose' situ for renters.
Portuguese here living in Dublin for 8 years. When I came to Dublin I used to mention to my Irish colleagues "salaries in Lisbon are lower but at least property is cheap...". Long gone are those days. Dublin and Lisbon are pretty much on par in regards to housing costs. So it is a common problem, not only for London.
The issue in Lisbon is dramatic, because the salaries here are really miserable
@@blackvikingeire hope you feel more welcome in Ireland than we did in Lisbon for 4 years. Never knew how racist the Portuguese are. Dont like foreigners there one bit. In Ireland total opposite. We fall over everyone.
@@Prodrive1 I have been very well welcomed in Ireland. I am black and have experienced only 2 episodes of racism, 1 from young teens at Dublin City centre (I think people call them nuckers???) and another from an older man close to where I live in Sutton area. Other than that, I can only say great things about Irish people. My children are mixed and so far none of them has ever complained about racism. I believe what happens in Portugal is different from Ireland. In Portugal l, usually foreigners from Europe or USA living there are having the best live while portuguese people struggle with low salaries. This creates resentment as people feel only foreigners ate enjoying their own countries.
@@blackvikingeire do those foreigners work there or are they pensioners? if they work there, why can;t the portuguese have those jobs?
@@Blackadder75 They work remotely for their companies in America. It's not easy for portuguese to find those jobs.
Absolutely unbelievable, even a 10% rise in rent annually is difficult for most people.
Go back stay with your parents or save more..
@James G -but for that people should not have voted for such a party henceforth people should be careful when voting
@@dpcater That's the point, bucko.
Professionals lol
People can live there even without paying rent whats the problem
Lived in London from 1992 to 2010. Was lucky enough to buy a decent property at the time (possibly the best decision of my life). Having spent 11 years overseas, we are back home but, I can't even imagine having to live in London anymore. I still work in London but decided to buy in Penkridge (little village near Stafford). Much better quality of life and a peaceful life. I know living in London is a big pull- it is a fantastic city- but especially for people raising a young family, and if online work allows you, I would recommend exploring other parts of the country.
So I watched the video about rent in New York and there was this woman who said she had no choice but leaving to go to...London because life or rent would be cheaper, oh well 🥲
This global cost of living crisis is INSANE!
Exactly! I was thinking of that video when I saw this posted. And I was in support of the decision, but now, I have different thoughts. It’s pretty bad everywhere now!
@Sarah G. It's like the world has become an exclusive place for the super wealthy, I just don't get it!
Might as well sign a contract without an exit clause to work and live on private land as serfs. At least we'd have stability (sarcasm).
@@talitam.8414You still don't get it? WEF? 🤦
@@talitam.8414 You are still young. This is how it should be and how it has always been. There are ups and downs within economies, ask your grandpa, I'm sure he will enlighten you
What most amazes me is how over the years people have passively accepted the increasing squeezing of their incomes.
they keep throwing distractions at us.i believe the smartphone and tech in general is a problem. people have become passive and docile. sedated by pleasure and convenience. addicted to their devices. they go through life in a trance-like state, hardly noticing anything, especially the erosion of their rights, liberties and dignity. it's a sad state of affairs because I also see so much good in people. so much potential. hopefully some sort of rude awakening may wake the people from their slumber. otherwise the future looks grim.
Because London is supposed to be the coolest place on earth and it's really, really difficult to admit it isn't. So you just keep going with its difficulties and are somehow grateful for being there (ex Londoner here)
I personally agree with you on that.
@@johngower2208 since you seem to have it all figured out John, what exactly do you propose people do to escape from these trance-like states? and if they are fortunate enough to escape, how does the average Joe drive down these prices?
@@mtreezee2072 driving down prices will require a complete upheaval of the current system. fundamental changes need to be made. for example, how is it acceptable that a super rich Saudi prince and can purchase a flat in a new build in Vauxhall for a ridiculously inflated price and never even live there and it remains empty for a year. and then he sells it off a year later when the price increases. the average Londoner pays the price as their landlord or agency decides to up rent prices because the market price has gone up. time to stamp out this behaviour but the system is very corrupt and politicians are exactly people of high moral standing.
as far as the trance-like states are concerned, how about leaving the smartphone at home. carry an old phone if you need to. smartphones weren't around 40 years ago and we got by just fine. its clear the powers that be are using the smartphones to control people (you can't go in an amazon fresh store without the app). what better way to take back power by not using it so much
One of the main issues with flats in the Uk is also that the quality is crap, but landlords have no interest in fixing them. Mold, creaky floors and stairs, craks, old pipes, old windows...
This world has become so unlivable it’s frightening for the future generation 😢
And its only going to get worse. A lot worse. Over populated, too many people and too much automation.
Thats why more and more people getting together, buying up land and try to set up self sufficient comunities. For now it may seem as abit extreme and still rare, but let me tell you,in few more years you wont be able to survive in cities and those still living in the cities will be seen as some kind of nutcases.
Scared for MY generation first not to talk of future....that's if there'll be a "future" with the way things are going now!
@@simoneaustin8076 Modern day capitalism gone way to far. The rich are getting richer without even trying. Most of the worlds wealth is locked up in banks.
@@noire9601 Double wammy. The rich elite are taking more wealth out of the system. And because of their greedy ways they are wrecking the planet. You may have noticed, the planet is showing its anger. The planet will always survive. Man will not.
room so small the door doesn't fully open before hitting the bed frame - Legendary things that only happen in London. In France there is actually a law and a minimum surface for something you can rent. some landlord manage to rent unlawful places to migrants but when they get busted they get busted hard.
Back in 1990 an engineer from London told me that people were commuting for their daily work in London even from places as far as Nottingham .
Core workers are commuting increasingly long distances. These are people who do awkward shifts - early starts/late finishes. One of the contributing factors towards our broken public services is the lack of housing for key workers.
Interestingly my husband is an engineer working in london, he earns 120K in nottingham we have a 6 bedroom beautiful house - in london we'd be lucky to have a flat! Hence he commutes!
@ tomatofeind2019
Thanks for your testimony .
: )
Moved to London in 2008, 8 people for 1 bathroom was a norm, but rooms were maybe £200-300pm. By the time I moved out in 2016, even smaller rooms were £550. Moved to Manchester 1 year later and finally was able to rent my own studio flat for £400- finally no sharing and a great location! Left the UK to work abroad in 2018 and looking at these attrocious prices and challenges to even find something, not coming back anytime soon 😑
If we’re not careful Manchester will become like London. An expensive stabby shithole
@@ManchesterBlue1894 yeah totally right
@Marta Sch Are you spanish?
I moved to London in 2008 and never remember the rent being that cheap, even in large houseshares.
after speaking to a Bradford girl on my flight back to the UK she was telling me she is living in Manchester but may have to move home due to rents going through the roof there, this was in March 2023, and I have seen a few videos also mentioning how bad Manchester is getting.
Needless to say that we're facing a similar situation over here in the Netherlands. As a result from all the protests and media attention, steps are taken by our government, such as a points system for properties, a rent increase limit and fiscal changes for landlords.
The government doesn't care about us. It's obvious. Now what?
Dont lie. Absolutely nothing is happening in the Netherlands to combat that problem.
Bandaids, the real cost driver is population. All capping prices will do is cause more people to just have empty property and to stop developers building as they know they'll not make their money back.
@@semaph0re That's utter nonsense.
@@in3x The growing demand is the main driver of our housing crisis, can't disagree with that one.
I live in a beautiful part of North Wales after leaving London 18 years ago. I pay £520 a month for a 4 bedroom house. Our household income is just over £78000. I can't believe the amount of money people are willing to pay to live in that city
Oh dear...but it's a bit grim there isn't it?!?
@@mike2561 Yes Mike. Its awful. You should stay away and tell all your friends.
Same. I don't understand why people choose to live in London if they have chance to move. I know some people want to stay for family but otherwise it's just not worth it.
I’ve lived in a shared house in London for 3 years and now moving out due to rent increases. Luckily my work will allow WFH anywhere in the country which is lucky compared to others. Problem is that even if you move out season ticket costs are a nightmare also.
If you can WFH it’s crazy to stay in London. Sure, it’s nice to go to boutique coffee shops and burger restaurants and theatres, but you can always visit and it’s surely not worth paying another £10k a year (or more) just for niceties.
What's a season ticket?
@@sandworm9528train subscription for your commute for the year.
Train tickets that you buy for a whole season I.e. year
@@PotatoPirate123 - Its not like there aren't other places in the UK with lots of coffee shops, burger restaurants and theatres though is it. Live in York and you've got it all, plus Harrogate 30 minutes away. Full of prosperity and quirky areas with independent shops, much better quality of life.
Moved away in 2019. Best decision I've made. It was fun for a bit, but not a place to call home.
And where do you live now?
What about people like myself who have their whole life in London. Born and bred, all my family is here. This is my home. Unfortunately , it just got out of control. All new developments made are for wealthy foreign investors looking to add to their portfolio.
Can’t stand London, can’t wait to leave every time I visit . Happy living in Valencia region , Spain.
@@dpcater Lol "work harder", nice joke
@@amasim86 you can make a home in another city if you can’t afford to live in London. Becoming attached to a location is what causes people to remain in unfulfilling and unsatisfying situations. Relocation is possible
Some landlords are reasonable. We rent a flat in SE London, zone 3, and our rent was increased by 7.7% last July. This was after 2 years with no rent increase. The extra bonus is they allowed us to sign a 2 year contract so that rent is locked in until at least August 2024. Ours is managed by a great agency and the owners are a fairly large company with lots of properties. They sort issues out straight away. We have also lived here for 5 years so I guess they value loyalty too. So there are some good places out there.
"some many things to do" if you have disposable income, with rent and food inflation there is far less to spend
"They sort issues out straight away." It's literally their obligation written down in the contract. They're not doing you a favour. We've just silently accepted that landlords don't care and treat it as a norm
Lived in London my whole life for 25 years before deciding to move to Bedfordshire. Can easily commute back into London when I need to. For me the prices, crime, underground commute and pollution all became too much.
Good for you. How have you been finding it? I’ve been contemplating making the move to Bedfordshire from London for more than a few years now. Born and raised in London, never lived anywhere else.
@@Genevieve8002 Yeah I have no regrets, took me about a year to adjust and settle in but I haven’t looked back since. London is only a 35 minute drive away or 40 minutes on the train.
@@uchihaitachi5905 Thanks for your reply. At least you did settle, couldn’t have been easy that first year. I find for me, the 35-40 minutes is really if you’re going to North London from Bedfordshire. I’m based in SE London, and I would have the added headache of getting back across London!! Getting across London can be a trek all on it’s own. That being said, the benefits are getting to the point where they are looking more and more worthwhile.
@@Genevieve8002 Yes I’m from North London so it’s quite quick to get back for me. The first year was tough but you will meet new people and make new friends. I do have friends here who moved from South London, the Thamselink train is your best option and it runs 24/7. To get back to South London you’d be looking at around 1 hour + give or take depending on which part of south London. You can easily spend the day in London or go there for a night out. For me the benefits definitely outweigh the cons, I only visit London once every couple of weeks now.
@@uchihaitachi5905 Yes, thank you. I’m quite familiar with the rail and road routes between SE London and Bedfordshire, as I have a couple of relatives who moved there from Hertfordshire over 10 years ago. That’s how I’ve gotten to know it really. Driving, it has literally taken me over an hour just to get across London, due to the traffic issues…I guess it’s like anything, you adapt and get on with things.
Sometimes is not just the landlord but the agencies, that tell the landlord how much they should increase in terms of the area, or what the average rent price of their property should go, so the problem starts there. We often believe the landlords are the worst in this conflict, but the agencies are incredibly cunning with the tenants, I had the same issue where the landlord had nothing to do, and the agency was being more complicated over and over to even negotiate.
That's what happened with me. I paid £1800 for a 2 bed flat and the agency (not the landlord) increased the rent to £2300, that was last year. Now it's £2600. Madness
@@__-gn3tp Either greedy landlord or agency. Either or both is making big profit from each rental.
Incorrect. Tenants have been competing against each other - it is always demand that drives any market and market prices always reflect it.
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs
@@notimetodienttd1115 interest rates have gone through the roof, tripling monthly costs in some cases
We are stuck in the cycle of paying rent as a family of 3 in London, zone three. With the current cost of living crises it seems we will NEVER own our own patch of land because saving anything is just impossible. We also live frugally and take inexpensive day trips across the city for entertainment. Soon however, we will be forced to leave the city we love because of no rent control.
That's the problem when a country heavily invests in one city, demand of people wanting to live there outstrips supply.
@@dpcater This is because historically London got more share of the investment so it leads the economy UK economy now.
@@dpcater and during the industrial revolution the Northern towns with the mills and factories were contributing more than London .... The industrial revolution helped Britain become a commercial nation, far more GDP was generated outside of London.
@@dpcater You are the one who said London generated more so it should get more. I was simply giving you an example of a time when this wasn't the case. The Industrial revolution is hardly comparable to mining. There are also other factors which London gets more investment because the central government is based there, and the UK spending is very centralised. The UK is suffering from productivity issues as the rest of the UK does not get enough investment. Keep going the way it is and the UK will become more divided, why do you think some people voted for Brexit. Also all this investment is really helping ordinary Londoners who can't afford to buy or rent.
@@dpcater London didn't generate more and did get more... That's how London centralised government funding works...
Geographic dutch disease
Londoner here, I left over 12 years ago, just after Uni. I lived across Europe, now in Canada. It’s a shame that there are no regulations regarding rent increases.
As a property owner I understand all this rent increses. I decided to sell my house and move abroad simply because after recent interest rate increase, my mortgage monthly payment would have gone up by £550 (from £1,300 to £1,850). So imagine a landlord who has more mortgage to pay and his interest can easily increase by £1k/month, he then have to increase it to his tenants, otherwise he would not have anough £ to pay it to mortgage provider
@@hamza6981 well a property is an investment and all investments carry a level of risk that should have anticipated before forking out the money on a second mortgage. Not just transferring the burden on to his tenants who need a roof over their heads?
Isn't Canada major cities known to be even worse in terms of affordability?
@@minimoman432 No - that is not how it works. It is supply and demand and if the cost to supply increases for everyone then the rent goes up. Grow up.
@@minimoman432 but how is that need of a roof over somebody's head is landlords problem? That's a business, not a charity, is it?
It's not just London, I've been living in Manchester for 10 years and this had become ridiculous. I'm leaving the UK next summer...
I just been served a section 21 eviction notice. Without even discussing the possibility of rent increase. Landlord just wanted to sell the property probably due to increase in his BTL mortgage
gg
Sorry to hear! I’ve been in that situation. Hope you quickly find something better and reasonably priced ❤💪🏻
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs
Tokyo went from the most expensive city in the world, to one of the most affordable by incentivizing one thing: Building more housing
Japan made it easier to build homes by nationalizing zoning restrictions. This allowed them to apply strict safety codes across the whole country, while disallowing local bodies from restricting housing. It also made building much easier, as it the zoning and approval process was the same across the country. Everyone wants their property to go up in value, so they fight other developments in the area. This leads to artificial restrictions in housing supply, and thus artificially high prices. Local property owners should not be allowed to control how land they do not own is used
I think the state should build apartment complexes, that way they would control the rent price instead of greedy landlords, because Suburban Houses are problematic, they need too much space and eventually the cost would go up, as land would become scarce and You shouldn't be able to legally own multiple Houses, that is also driving the price artificially up
Bingo!!! Yet not a politician in sight willing say it.
The UK has had restrictive land use regulations for less than a century. As late as the 1950s, you could build practically whatever you wished on the land you owned.
Everything you said about nationalising zoning regulations is valid, and every developed Western country has a big problem with professional landlords blocking new developments by lobbying local government. This has happened in New Zealand for example where large swathes of suburb close to the city centre in the capital of Wellington have been designated as 'protected historic buildings' to block new mid-density developments, at the behest of local property investors.
It is worth mentioning also that Japan has a shrinking population and very strict immigration controls. Easier to build enough housing to house everyone when you're not importing hundreds of thousands of people year-on-year
Japan also pay people to move out of cities and live in rural areas and reinvigorate towns that have lost lots of their populations to cities.
In Toronto the average rent for a purpose built rental just surpassed $3,000 CDN per month as stated in the Toronto Star last week. When I moved here in the 80s a young person could survive and even live on their own but now that is not the case unless a high paying job exists. The reasons being supply not meeting demand, outdated zoning laws and a slow down in building new properties of any sort. We have some conditional rent control but reno-eviction definitely exists here.
They forgot to mention the Airbnb issue in big cities , which take off long term rental appartment.
Immigration also not mentioned.
I know. I’ve been kicked out of my flat in Covent Garden. It was the last one in the small building that wasn’t yet a holiday rental… Well, it is now! Now I have to pay more in rent, and buy a monthly travel card from zone 3. It’s all about greed.
@@semaph0re immigration is the number one issue
In Montréal (Province of Québec, Canada), Inflation has been harder on futur house buyers than on renters. Here we have a government watchdog that has final say in rent hikes. A landlord cannot impose a 10% or 15% or more without serious invesments in the building. The increase is usually in the range of 2-3% a year ...maximum.
its a good way to stop high rent increases- but dontforget, Montreal want more renters & public transportation... not future home owners & car drivers... so you chose your medicine
Which I think is a great thing. It discourages speculation with living space, which is the root of all these issues.
actually that sort of regulation keeps people from building more rental buildings and makes rental apartments even more scarce and hard to come by
@@animalsarebeautifulpeople3094 Correct, price control always ends in scarcity and higher prices, but it takes at least two working neurons in a person's brain to understand that.
It also helps that you're an NHL all star, Patrice. 😂😂🤣🤣
Living in capital cities is a nightmare, I moved to a city located 1h by train from the capital. In that 2nd tier city, the prices have barely changed. I bought 2 apartments in the same neighborhood there for a fraction of the price in the capital.
Even my 2 apartments combined couldn't even pay for a low quality flat in the capital. Secondly, I work remotely most of the time anyway, I could be in Thailand and most people wouldn't even notice.
I like how my man says that transportation in london has improved and yet underground is always delayed and if you live south of the river you literally have little to no connections apart from rail. And in some places overground
Exactly. I live in the Kingston upon Thames area, and as you state, no underground. The rail is mainly for commuting into London, leaving a bus service for North-South journeys.
Rail is much faster than tube. Think about, you can live in zone 6, for example orpington, and you get a direct train to london bridge that takes less than 30 mins non-stop. Much quicker than a tube stopping every minute.
I know a friend she lives at a block of flats where she pays £1600 pcm but the flat next to her is social housing its exact same flat and that lady pays £525 pcm
There should be rule that private rent should only be double the rent of social housing not 3 or some cases 4 times the social housing rent
My friend is considering quiting her job just to go on benefits to get herself a social housing property
This is a vicious circle no control is putting the country in
I lived in London with my partner for 5 years and on the same day our landlord proposed a 36% increase to our rent, we handed in our notice and moved to Milton Keynes. Still work in London and only need to be there 3x a week, but moving out and to somewhere else with better value was a good call
London !?
Seems like low salaries are part of the problem. When I first visited London back in 2006, I thought the potential salary there was great. I was in my teens and saw an ad on the Hop-On, Hop-Off bus that said, "Drive this bus for £26.80/hour." The pound was really strong against the dollar back then ($2/£1) and I was like, "wow, $80K/year to drive the bus!" (I'm American so I was assuming that there is a 40-hour workweek). But lately I've noticed that the salaries are extremely low in London. I saw an article about nurses earning an average salary of £40K/year and then someone in the comments said that he could expect to earn £35K (per year I'm assuming) as an engineer. I love London (its history, heritage and beauty) but I would only move there if I was employed by a US firm and could work from home in or near London. I've been fortunate enough to visit yearly and (side-story) after telling an airport security worker that we like to get out of the hot California weather, he replied "and you prefer this?!" as he glanced over to the gloomy London skies lol
Nowhere a bus driver gets 26£ hr today let alone in 06. u probably saw 26k a year which was ok then.
some bus drivers now make billions 😅 of irani riyals per year (2.5 billion riyals at 45k salary)
No wages were not at all this then. It would have been £6.80 an hour.
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs
Thing is in the USA you have to pay for all that healthcare which will make your salary lower as well
Ex-Londoner here (since August 2022). Used to pay 2 grand a month for a 2 bed flat right next door to a pub (albeit fairly quiet pub). Moved to Northern Ireland and my rent is now 850, for a 5 bedroom house with 3 living rooms. Caveat: The energy bills are much higher here, but I don't pay council tax, and the water is nationalized.
That being said I do find there is significantly less stuff to do on weekends, and my part time job requires me to travel to England quite frequently.
In all honesty if I could find a way to afford moving back to London I definitely would but the gov has no incentive to intervene. Those rent prices are chump change to Rishi!
Why didn't you try Manchester, Leeds etc.? Ok, more expensive than Northern Irealand but still a lot more affordable than London and plenty to do.
@@rumcajs009 Family in NI
I've considered moving out of London before because of the cost of renting a place. The most recent 'spanner' in the works has now given me renewed resolve to get out of here within a year. The estate agents just came to all of us in the flat and has given us an ultimatum - Take a place at an alternative accommodation at a higher price (but with smaller rooms); I suppose they didn't have to give us first choice on the new place, or move out in 2 months. I've had enough of this. It was hurting a few years back but now it's just painful; There's this long-term low level anxiety that I feel over the thought of these increases and finding it more and more difficult to find a place where I have enough space to live comfortably.
Even people I worked with recently who come in to london to do construction work from other areas in the uk have told me that I'm crazy to still live in london given that the cost of my room is greater than say, half the price of a 1 bed flat elsewhere far from the Capital. The only thing keeping me here was work. I don't have anything keeping me here except that. There is a bit of a fear factor though.
There’s a huge problem with ghost towers in London. The most profitable thing for builders to do is to sell flats off to foreign investors as purely speculative investments. Often selling a whole block of flats before construction has started. The rate of increase in the value of property has historically been multiple times higher than the money that would be gained from rent - so why risk renting them out.
My flat in central London overlooked a new build with 8 huge 3-bedroom flats. Each would have held 4 of the 2-bed flat I was living. One was occupied the whole time I was there of the other 7 I only once saw one man staying in one of the other flats for 3 weeks during the year I lived there. I passed over new build towers including those 20-30 stories high where you could tell they were almost all empty looking at the lights in the windows at night.
Flats are getting built they just aren’t getting used as housing. UK property is well known to be the easiest way to launder money in the world.
Others have mentioned AirBnB: another case of housing not being used for people to permanently live in.
money corrupts. very few benefit. the majority suffer.
This is simply what happens when you do not control the demand and allow, even encourage the whole world to come and live in one place while also having a system that makes it very difficult and costly to build.
Exactly. If these people owned properties in London they would want a market price for them. It’s a system problem not a individuals’ fault
@@highbrowife And not everyone bought their place for pennies in the 70s either. Many people worked extremely hard and sacrificed a lot to pay through the nose just to get onto the bottom of the ladder in a bad neighbourhood. Those rental returns are also extremely low despite the high prices. People don't understand this, if you BTL in London you're looking at returns of about 2 or 3%, it's nothing. You do it to store money but you don't make any in London, if you want to make money on property you buy up north where returns are 5-8%.
Just admit you hate immigrants
@@jayo3074 I like or dislike individuals based on personal interactions and not what they look like or where they came from. You can't blame an individual for wanting to live in the UK, obviously. The issue is the system which allows excessive numbers of people and over burdens the system we rely on, causing a very real detriment to our quality of life. The politicians and media know this full well, as do you, and use false and highly emotive arguments in attempt to quash any reasonable concern from the public about this by incorrectly asserting that they must not be nice people just for being concerned with the detriment to our quality of life.
"I will do harm unto thee and if you disagree it's because you're a nasty person".
@@Hashterix well I disagree. This is simply about the government and private developers not building enough homes. Even if immigration was restricted we would still have this issue of high prices and high rents.
The only thing I agree with you on is that this is done deliberately by politicians and companies.
$2900 a month, that's a 500 square foot studio in Downtown San Diego, a 2 bedroom is around $5500 down here and you have to make 3X a month that amount to even be considered for renting
One day soon, it’s all crashing with long tears pain
2030 - 2035 is going to be harsh 🔥
lmao, $$2900 a month for $500 sq ft condo??,for $2900, you can get a 1500 sq ft condo in Florida just a mile from the ocean, come to Florida and get out of San Diego, no state income tax here and warmer ocean
I remember the days of the council estates and genuinely cheap rents and the councils still use to struggle to find tenants with nearly a quarter of some estates empty.....in London🤔.
Over population by illegal immigrants
That was until mass immigration escalated
@@wulfsorenson8859 ....up until the late 90s early 00s.
People moan about London. I’m a British citizen living in Lisbon, Portugal. Average salary is €1,000 and to rent a 2 bed flat is €1,500
I am in Lisbon this week and it’s not that cheap at all! The only thing is good here, a better tax scheme for us foreigners, but used to be much much better when Casino & Estril Palace was ruling and then all moved to Monaco.
@@victorias2399 How long have you been living here? I could so easily live here but thanks to Brexit it’s not so straightforward. I have rental commercials in the UK so I have passive income, but you need to sign a 1 year lease to obtain a D7 visa.
@@carlyndolphin if you get an invitation letter you don't need a lease. Info from VFS Global
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs.
The key to enjoying life in London is being able to afford it.
To the lady from the real estate agency: landlords are definitely driving the increase!!! They are taking advantage that the mortgage rates are up and they're putting the rent prices up as well. Are all London landlords remortgaging this year? This is ridiculous, an absolute shitshow. I had the worst 3 months of my life trying to find a flat in the winter of 2022. I blame the government who doesn't take care of its people.
My rent increased 15% this year in Dallas, Texas
Lived in London 21 years.. loved it but it's a mug's game.. wasn't able to save any money .. moved up North and my salary is good and my rent for a 2 bed terrace house is £395 .. I'm able to save for a mortgage now and will be buying a flat in Newcastle later this year.. my brother still lives in London and I'm trying to get him to think about it not being the centre of the universe
Fantastic to hear. I may follow!
If you can buy a house do that. You will will be lumbered with a service charge on top of council tax.
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs
I lived in London for 13 years prior to the pandemic - if you ask me it’s a very tame, far more capitalist and consumption based version of what made popular for people who wanted to visit. New culture, and innovation happens where rent is cheap. Much like Manhattan, the process of gentrification has gone too far in my experience and the city feels far less interesting and adventurous
I WAS BORN IN LONDON, my family are born n bread Londoners. I couldn’t afford rent , so I moved out of London & decided to commute in. Unfortunately rail firms are private companies who can also charge whatever they want.
If the government doesn’t do something, they’ll be no working populous for the city to run on
The craziest part of this scam, is that moving just a couple of miles outside London can cause rent to fall by around £200 PCM or more! You can also rent an entire house for the same price as a tiny flat (or even less than the flat!). I’m from London, born and bred but living in London is a no from me. My husband and I were living in a tiny apartment in London, so we moved outside London and got a house…for less rent. It’s actually insane. After Covid a lot of people work from home too. So why live in London if you can work from home? I feel for people who can’t work from home, as they have no choice.
where you live now
"The craziest part of this scam, is that moving just a couple of miles outside London can cause rent to fall by around £200 PCM or more!"
How is that a scam? Location is the most important factor in real estate. And also supply and demand. There's huge demand in London but not enough supply as the video talks about.
Lol you know location is what people pay for!
Rents are exploding in the home counties. Brace yourself for your next rent review!
Rent price increases across the world. Crazy here in Nigeria
Im a surveyor from Lancashire, I recently worked in London, the standard of the housing in some areas is bad at best, I was appalled at the rent prices for housing with crumbling brickwork, single glazed wooden windows, dry rot, wet rot, you name it, it had it. Most of those people are on some kind of credit but its the tax payer who foot the bill, the landlords are creaming it in . You now have cities further north where rents are creeping up, especially trendy Manchester, so locals are now moving out of Manchester to cheaper Lancashire, those prices will eventually go up too, its a nightmare of any young couple without the help of parents chipping in or parents passing away.
I make a very good wage for the north, I couldnt afford to live in London though even with a 50% pay rise, which incidently I was offered by a London company, the figures just do not add up, London and the south east are pricing themselves out of the market even for professional people
It is wild what how little landlords can do without repercussions. I was paying over £1100 for a flat that had multiple, dangerous leaks for over 6 months.
Social landlords are the same. Ive had a serious leak in our basement for a decade. It's running all over electrical units. I have a solicitor, my mp, two councillors, the housing ombudsman, the fire service...and still it isn't fixed. Whats left?
I was born in bred in London. I’m 27 and can’t afford to move out of my mum’s house so I’m seriously considering moving to another city so that I can afford to move out
We left London 3 years ago and moved to sunny Spain. We have no regret at all! The flat where we live now has 2 big bedrooms and it's €660, 3 mins walking distance to the beach. 🏖 🏝 London is a fantastic city but not for living for sure!!
You come from UK
If you get paid 1000E ,600E for House is very expensive too
I use to live 7 years in London and i'm Ok in Madrid but I know if I couldnt emigrate i Will be poor Here
@@S.Lanap63 Luckily we work hard and we earn more than 1000 euro a month and our lifestyle is not luxury so we are very happy than living in Ldn for sure.
This is why I love germany. Here your landlord can't just raise the rents out of the blue.
Yeah, they can. Stop telling lies.
so if the landlords mortgage rates goes up and he cant sell the property how does he make any money if rents stay the same
@@drinkwater9891 Similar to Germany, in Toronto area, landlords can't raise the rents more than what the government dictates. In 2023, the raise is limited to 2.5%. So when mortgage rate is about 4.59% now in Canada and average home owners are paying C$1500 more than before, many owners have to sell their properties because they can't afford the loss.
@@agnesf2659 wow that makes no sense, and why would people buy their house if the new owners cant make ends meet either. the bank and govt ends up stealing all the houses
Never been to London let alone imagine living there. I just couldn't afford the prices.
Plus the threat of being chucked out by nasty landlord would have me anxious all the time.
So glad I'm on the ladder, I don't even know how saving for a deposit would be possible in London with rents like that. Crazy times.
For me an acceptable level of rent is ZERO. I would rather be homeless than to feed parasites
We’re feeling this in the USA as well! Here in Oregon, rent went up in 2022, 8.9% and this year (2023), it’s going up another 14.9%
100% remote work has been my saviour. Got out of that economic trap. 17 years enslaved, in what was essentially, a questionable existence. Good to get out and gain a greater perspective on the situation. 100% not returning to that madness. The probability for riots and anarchy on the streets of London this year, have risen just as high as rent.
I'm so blessed with a great Landlord who actually helped us to save money on gas and electricity bills by getting better deals with suppliers. We were having heating on morning to evening almost for 3 months daily and did not ruin us. He also did not raise the rent at all. I think many landlords are just greedy
You probably never heard of the Profumo Affair
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs
danny J1998
As a landlord myself I feel it is very unfair that everyone is blaming the landlords and takes away our rights all the time. The rent rise is mainly because of the bank of England increasing mortage rates through the roof, so we need to offset the increases through raising the rent, otherwise we have to pay the difference ourselves.
The other reason you see rent rising is precisely because less and less people want to be landlords. And it is not hard to see why. With the amount of leverage everyone has over landlords, from the government to the freeholders, to the councils to the tenants, it is just not worth it anymore.
Imagine you invest £100,000 of your hard earned money somewhere and then realising that you have the least control out of everyone and everyone can tell you how you should use your investment: banks can double you mortgage pay overnight, freeholder can ignore you completely (so building issues are not addressed), government introduces new regulations yearly, tenant can trash the place and refuse to leave without paying for 6 months to a year, and council can increase payments and refuse to do the basic things.
Besides, as a tenant you always have the freedom to move to a less expensive area. Why is it that tesco can raise their product prices by 60% and everyone is fine with it, but if landlords ar raising the rents by 30% then the landlords are evil and should be crucified?
You think facing a 30% increase in rents as a tenant is hard? Try to be a landlord with a 100% payment increases (and deal with all the builshit from everyone) and see for yourself how hard and expensive it is.
'Imagine you invest £100,000 ...' and then whinge about how hard it is to make money on the backs of others. You can sell anytime you like and relieve yourself of your self induced nightmare.
@@eattherich9215 Interesting. Why do you think renting my flat that I paid my own my money for is making money on the back of others? How is this different from any other business?
Anyway, I would sell, but in this market it is not possible unless you are willing to sell at a huge loss.
@@Astral100: 'Why do you think renting my flat that I paid my own my money for is making money on the back of others?' You are renting to people who cannot afford to buy. Presumably, the rental is a spare property and you have somewhere else to live. You have leveraged yourself into debt and the dream of making it rich is collapsing around you. Me, I'm content with my mortgage free London home and have no desire to be part of the problem.
you have no rights, you are a landlord. a parasite.
You must make a video about rents in Belgrade. Due to the situation in Ukraine, a large number of Russians have moved to Belgrade and the prices are abnormal. apartments that were rented out for €400-500 are now rented out for €1000-1100. The average salary in Serbia is around €700 🥴
Gosh this is a tragedy for the locals. Is the government doing anything? Some rent control? I'm so sorry to hear this.
its not a situation. Its called war madame.
@@ukrainermanlo8412 I understand you sir. I probably better than the rest of the world. The same thing happened to me in '99 when bombs were flying around my head. The "situation" is that the comment would not be deleted. But this is not the place to discuss that.I pray for all the innocent people who suffer. 🙏
@@katiad4140 Thanks for the nice words. Of course, our government is not doing anything about it.
I will try to help spread some awareness... Prayers for your people.
The solution to this is simple: build more housing. The problem of high prices is because of one thing: high demand relative to supply. In supply-constrained markets, the only practical solution is to vastly and dramatically increase housing inventory. Right now, tenants compete for vacancies. If we want landlords to have to compete for tenants, there needs to be a large increase in the number of available housing units. This will cause the rent to come down. It won't happen immediately but it's the only long-term sustainable solution.
Housing supply isnt the problem bc prices are fluctuating outside of normal market forces like supply and demand. Its the reinstatement of the feudal landlord-serf system from a socioeconomic standpoint. The issue is barring access to supply in two ways: wage suppression and massive speculative investment all over the world by private equity, real estate firms, wealthy oligarchs looking to launder their money, etc. They're pouring money into housing markets worldwide, colluding to drive up the price (think of assets people borrow against that rely on maintaining their value: REITS, commercial real estate, etc ), and locking regular people out of the homeownership market permanently.
Where are you going to build these houses? There's a serious lack of land in this country. The actual anwser is stopping 2nd home ownership, a tonne of property is bought as investment and holiday home, gutting communities. The priority should be 1 home per person/family, not empty homes. As well as this, work needs to be redistributed out of London and former council housing stock currently under the exploitation of private landlords needs to be repossessed by councils for lower income renters. The issue is not the number of houses, it's the current use of them.
@BarnOwl exactly. Comodification of basic human necessities without regulation = disasters. Governments need to stop offloading their responsibility of maintaining public goods to private entities; who then charge the public for said goods while simultaneously taking subsidies from public tax dollars and bribing government officials in exchange for deregulation. Pathetic
There isn’t a shortage of homes in London…look at how of the tower blocks aren’t lit at night. My friend has a second home in an apartment block in dock lands…her is one of the few which is lived in, and even then it’s only occasionally.
@@FullMetalFeline -yes second house ownership in metro cities should be stopped all around the world automatically the issue will be resolved
It's the same in Norway. I live in Bergen. It's difficult to find an apartment big enough for my family that I can afford. At the moment they are between 1400£ - 2500£. The apartment I have rented the past 7 years is 1200£ (electricity and hot water not included) and have been the same price for those 7 years, but it's full of black mold, bugs and radon gas... So I've been desperately looking for a healthier and safer place to live and can't find anything due to the high prices. My rent is already 50% of my budget, so with the insane prices on electricity and food, and being a single mother of two children - it's extremely difficult... I'm on disability and because of my illness I also need an apartment that is easy accessible... Its a mystery to me that people are allowed to demand such high prices when the reason people rent in the first place is that they can't afford to buy... Where I live, those of us that rent pay more in rent than what people with mortgages pay each month.. Still the banks won't give us loans. When I applied for a loan all I could buy for was 200'000£, and with the insane real-estate prices atm that would maybe allow me to buy a tiny studio apartment...But in a Norway if you buy an apartment (whether it be a studio apartment or a 1-4 bedroom apartment) there is always an added homeowner dues of anything from 100£-1100£ depending on what building it's in, which covers things like insurance for the apartment building, electricity for the common areas, cleaning of the common areas, ganitor services, loans if the apartment building has had any major renovation on ventilation, plumbing etc... So if you apply for a loan the bank will tell you that you can afford a loan of let's say 250'000£-600'000£ but with no more than a monthly homeowner dues of 600£...so often you might afford the price estimate of the apartment itself but the homeowner dues are far too expensive.. Or you know that the apartment is in an old building and that they might renovate the plumbing or ventilation and so you must expect a huge increase in the homeowner dues... No wonder WEF are closing up to their 2030 goal of "you will own nothing and you will be happy". I'm praying for a miracle...
I will pray for you too. This world is damned
"You'll own nothing and you'll be happy"
oh, shut it with your bs.
I visited London before covid and the rent was so high compared to Hawaii and the pay sucks. I can't imagine what it's like now.
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs
My rent went up 17%, I tried to fight back, got hit by an eviction notice. Landlord didn't do any maintenance at all during two years.
The balance of power is way too much in favor of landlords right now.
Buy a place of your own then? Or move somewhere cheaper
Thanks for your contribution ! How come I didn't think about it before ? @@manjeetgill1
I know exactly-landlords that have gotten out of the game due to how much power renters have. This puts even more stress on renters.
It's sometimes not the leaseholders' problem. I used to dislike landlords who increase their rent a lot. But I just received the news that my service charge has increased by about £400 a month in 2023, and I have no choice but to increase the rent by £200 a month (i.e. I take the other £200 so my income reduces by £200). But most leaserholders have zero rights. The freeholder owners of the flats can charge anything they want without doing anything, with no accountability of how well they manage the flats...
Now? Rents in London have been obscenely high for many years.
London is a death trap for renters. The wages for medium earners is ridiculously low, let alone for someone on low income, to survive. For a nation who considers itself developed has a lot to answer to ordinary citizens who are struggling to exist, it's only for the wealthy now.
The increases in rent of 15% plus are of course wrong - landlords should also have a duty of care to tenants and increases need to be sane. This being said, the situation is due to multiple factors the two main ones being: 1) Loss of Landlord’s right to deduct interest from their tax bill. This change was made in 2016 and came fully into effect in 2020. It has made rental property ownership much harder to work with on borrowed money (unless one goes a corporate structure which has many drawbacks,especially for the same ‘amateur’ landlord which are rarely discussed. 2) Increase in base rates as we exit the era of free money. 3) Additional property purchase tax for second properties. 4) High capital values in London. Anything under 500k ($600k) is entry level. 5) Increased regulatory standards and controls including abolition of no fault evictions. Taken individually all these are (broadly) a good thing BUT they have constricted supply of rental properties in London which has been on a downward trend for the last 5 years. This is because being a landlord (or at least an accidental landlord) doesn’t work on maths. This has in turn knocked onto rents and so here we are.
Why are they wrong? Do you understand section 24…
I have lived in London for 15 years before going back to France after Brexit. London is a great city and will probably always be but it can take its tool on people. Personally speaking, I believe it is worth being in London and enjoying academic, professional and social opportunities until up to 30 years old. After that, it will frustrated yourself as it gets hard to get your personal space and build a family and so on. Paris and especially it's direct surroundings still allow for that as prices are much cheaper (even public transports to the centre of Paris). I miss London but i am also glad i left and moved on. If not abroad, there are plenty of great places to live in the UK, it doesn't have to be London forever. Even most landlord struggle to pay their mortgage. This whole situation doesn't look sustainable in the long run, not sure what can fix it other than a massive pay increase for all but it doesn't look good.
Combined, landlords, public transport companies and energy companies simply couldn't care less that renters are having to face increases from all 3 sources - while their wages either don't move up at all, or the increases are so small they're insulting.
Back in the 1990's, at the same time, my rent was increased 50% and my weekly train ticket went up £5.60 - and my wages went up by £1.50 per week. That's why I wouldn't join the work's union that was constantly badgering me. They were useless.
I had to leave my accommodation and go live with a friend. It was humiliating to have to beg for help.
But that's what people are being driven to do: to go back home to their parents, to hope for the mercy of friends or other relatives, to live in a car or tent somewhere through the summer months, or to club together with other people in the same situation and cram themselves into a flat and split the rent.
It’s ok, there are hordes of rich Indians, Chinese and Russians waiting to snatch up there places as investment properties. This will keep happening as long as the government prioritize money before the well-being of its people.
Thats it. We really do need to introduce strict limits on who can buy property in the UK.... Residence and domicile should be a criteria. We also need to limit multiple home ownership. The housing stock IS there, contrary to popular belief. Its just in the hands of a tiny but extraordinarily wealthy cohort who treat housing like a dividend stock.
Enticingmay that is very true, the pigs that rule this country only care about money.
In other parts of the world you can justify the cost of the rent.....good facilities safe area.
Capitalism
IT IS LIKE THAT EVERYWHERE.
It does not make it right!!!
People have to be able to live.
I think problem UK facing currently is also showing the direction been taking for last decade’s country was on… from manufacturing superpower to more service orientated economy which had long term effects on countries wealth security and prosperity
I don't think this was a very balanced discussion. Interest rates have TRIPLED in the space of one year!! Yields in London are not great, on top of that you need to meet a stress test with the mortgage lender that proves the rent would cover the mortgage payment if interest rates rise to 7-8%. The level of rent required to meet this affordability test is very high.
Then there is the section 24 legislation where landlords effectively pay tax on rental income and can only partially deduct interest payments. The impact of this tax is more severe when interest payments are higher. Most London and SE landlords are selling up its just not workable anymore. I'm not trying to be all sympathetic for landlords as owning an property to rent out makes you one of the fortunate. I just think there needs to be fairer discourse of what is prompting the increases. In my opinion it due to high interest rates and strict mortgage affordability tests.
Finally an intelligent comment on the actual cause of this issue. Thank you!
Exactly, somehow there never is a program like that from the perspective of landlords.
My Brooklyn rent for a 1 bedroom apartment (actual “luxury building”) is $3750/month. Just got the lease renewal and mgmt is raising our rent by $100. Luckily this is on the lowest end of rent increases I’ve been seeing simply because the building is rent stabilized ..but of course that $100 represents the maximum legal amount that mgmt could raise the rent. If it was not a rent stabilized building it makes me queasy to imagine what they’d be asking for this apartment. Other units that are the same or not as nice in my building are in the $4500/month range because they changed hands and in that process, the landlord is allowed to bump the rent up more to meet the “market”…. the market that they’ve artificially inflated that is.. and is arbitrary at this point. Anyway, it’s to the point that as insane as it sounds, it would be cheaper for me to buy an apartment in my same desirable Brooklyn neighborhood than it would be to rent… and I could even save money towards an additional house. That said, after 10 years living in NYC and my entire life living in the area… the charm has worn off when so much of my hard-earned money is perpetually drained from me every which way.. and I see less and less of the benefit of living here. Suburban life is looking cushier every day. Also my dog hates the city lmfao, he just wants to zoomies in the grass.
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs
Get out before you face age discrimination in getting a new job in a cheaper location.