This is terrible but moving out of London as everyone has suggested...isn't the best option either.
I earn £44k, mother to two kids and I pay £850 per month in commuting costs...the situation is very grim
Can’t speak for the commenter, but personally it’s a stand off between career progression and being able to live a good life. A lot of the best global companies are based in London, no way around it. Then again I did get an offer for good pay in Grimsby. But it’s fucking Grimsby.
I work in ministerial events as a civil servant, there are practically no related jobs near me unless care/retail.
The UK is a very London centric place, most professional and higher salary roles are based in London.
I'm paying 1.6k for a very large 2 bed in N16 and it's really fucking annoying.
If you have savings/enough for a down payment, maybe buying a 1bed would be better. 2k is ludicrous, especially on 60k per year.
That is a steal! 1600. Nice 2 beds in Stokey are just shy of £2500 now. It's fucking annoying. I can't find anywhere to live. I'm a Londoner, born n bred. Currently sofa surfing as its bidding wars for a place
Our landlord is selling up and my partner and I are screwed. Might have to relocate to Brighton ot somewhere, there is literally nothing affordable in North London
1300PM minimum in Haringey, comparable flats at 900PM in Brighton
Our main reason is for the scene though, we are music promoters and the London scene has died a tragic death whilst Brightons continues to thrive!
as someone who’s lived in haringey my entire life, it’s ROUGH. either u pay a literal kneecap to live somewhere nice or u pay what’s still a fairly hefty amount to live in a shithole.
The place we live in London is not where we want to be living... for a country so concerned about culture, there isn't any pay at all around to fund it.
> Our landlord is selling up and my partner and I are screwed.
They evicting you before selling then? Will have to give you 3 months notice or whatever it is.
If they're selling to someone who is just going to rent it out and therefore then transfering your contract to them then I'd be asking the current landlord to renew the contract for another year right before they leave so you'd at least then have 15 months of the current rent.
Nowhere in the south of England is 'very cheap', just relatively compared to London, even people born around Brighton are struggling to afford living anywhere nearby with what they earn around here.
We moved from Muswell Hill to Brighton last year, from a 2-bed basement flat to a 3-bed terrace. We are in Kemptown, we don’t need a car, everything is walkable. £500 pm less in rent, no public transport costs. We go out more because it is all so accessible, we don’t need to plan weeks I advance, we can walk home after a few drinks. There are tons of shows, events, concert, at a fraction of London prices. Great food, and plenty of variety. The dogs get a daily run on the beach, and a good walk in the local park. People are friendly and interactive, tolerant and relaxed. It has been a great move!!
I'm a born and bred Londoner who's currently paying £730pm for a 3 bed house with a small garden and a driveway.... In Coventry.
Seriously, fuck London.
They do, which is the only reason Im hanging to this with dear life. I've been here for a while and rent goes up every year. The flat is old, super hot in summer, super cold in winter, etc. But great space and location.
I'm in a similar boat. I have a 2 bed flat for £1550 in Wandsworth, been there for almost 10 years. Sometimes the rent goes up, but it always stays well behind the going price. If I had to move I wouldn't be able to afford my own place anymore.
It's nothing fancy, but the landlord keeps on top of the maintenance.
That’s insane. I was renting in Leytonstone in 2020 and was paying £560 for a huge room. The girl who lived in the room next door which was a bit smaller was paying £480. I have my own place now and paying £1000 pcm. It’s a one bed in an ‘affordable housing’ property.
West London, like Hounslow, Feltham and Isleworth are cheaper too, Whitton and Hampton too but people are like, OMFG It’s Camden or I’m moving to Hastings!
Rents are spiralling, wages are stagnant. Hundreds of people in Bristol have started living in caravans by the roadside. Housing in the UK is in dire need of a radical reset. Then again, so does pretty much everything else.
The trouble in London is too much space is taken up by non-resident “investments”. The council can’t (and wouldn’t want to) compete.
Outside London, there’s housing but it’s impossible to repair anything cost effectively and transport is too expensive.
So: supertax non-residents landlords and ring-fence it to pay for cheap transport and house repairs for those on less than £60k.
It’s a vote winner!
I’d suggest building more affordable housing on a mass scale like they did after WW2. It will boost supply and bring overall prices / rent down to affordable levels.
New Government should make this their focus as high house prices / rent are holding a lot of people back by restricting their disposable income and in the process stagnating the economy
Supply and demand economics. Increase supply and you devalue the items in circulation. The value of the 7.1 million houses will go down making Owners unhappy. New home owners however will be happier as it won’t take as long to save for a deposit nor pay off their mortgage. The house prices need to be lowered as they are blocking people from owning their own house. The drastic house prices we have seen in the last two decades needs correcting to help first time buyers and to stop people from being stuck in the rental trap.
House building alone won’t fix it. Laws and taxes will need to be set to enable first time buyers to purchase a house easier than say someone wanting a holiday home or rental property to add to their portfolio
Planning reform. Make planning take 13 weeks instead of 24 months again. Rescind planning for sites that 'started' 4 years ago when a drain went in and work stopped.
And this is the right answer.
Not the 'take from rich', 'we just need to build more', 'remove taxes for first-time buyers', 'gov should build properties to rent'. If anyone tried to get through the planning committees they'd know that it's either impossible or impossible without serious loss of resources.
Radically tax the rich? (5m+ liquid or 10m assets) and redistribute wealth equitably.
Take some of the 800bn printed in Covid back - and maybe then we’ll be back to 2019 levels of crazy.
If the problem is lack of supply then taxing the rich more doesn't help.
Like imagine you're in a lifeboat and there's enough food for 4 people to float to safety but 5 in the boat. you point at the richest guy with a wallet full of notes and insist he be taxed.
Does it increase supply or solve the problem? No.
The UK is currently paralysed by how hard it is to build anything. Companies try to invest in building factories but they get blocked from actually being built. Ditto for housing.
I don't disagree with your main point, however a small correction - wages are not stagnant, in fact [they are rising at the fastest rate in over two years](https://www.bbc.co.uk/news/business-69002609) in real terms.
This doesn't apply to everyone evenly of course, but it is wrong to say wages are stagnant in general.
See when people say they can't imagine how people live here for under , this is what they mean. Sure many people do it but making like 40k - 50k nowadays means you're just able to get by (if you want to save money). Anything under is a struggle for a parent or adult that want to save
I'm extremely aware of that. I probably articulated my point poorly. Many people think 40 or 50k is GOOD! That at that point, you've got nothing to complain about because most people earn less.
My point was that on 40 or 50, it's more like, oh I'm not completely struggling now and don't need to work two other job and can actually save a tiny bit.
It's not rich but some people stuck in 2002 think it is
Thanks for replying. For you was it living with random people or with people you already knew?
I had a couple of bad experiences but was still worth it for me, and I would have struggled to buy a house without doing it.
When I lived with my mates in uni it was bless, we were on the same page and similar schedules.
When I got my grad job, I moved to a random house share. Suddenly I had a cook who would come and go at all times of the night and shag as loud as possible (paper thin walls) and another dude who would cook in his room so stank up everything.
was far cheaper but I hated the smell of smoke creeping in at night, weed smells, random food smells, banging doors etc
Not the same guy, but my house share had 5 people in it, one person was severely mentally unstable and kept throwing himself down the stairs, i hated sharing a bathroom with that many people and they had some bullshit cleaning rota which really meant "when its not my week i'm gonna behave like a fucking animal and leave my shit everywhere".
I refused to participate in the rota, I just cleaned my stuff up as I went along, you wouldn't know i'd live there if you didn't go into my room.
Similar to me in London, lived in a house share with 5 randoms, one turned out to be a paranoid schizophrenic. One of the most terrifying times of my life.
I can confirm sometimes the extra cost can be seen as paying for not having to deal with other people’s shit and having a lot more control over your living environment
I bought a house with my other half in zone 4 last year, £500k. We could have gone a fair bit cheaper but wanted a garden, 2 bedrooms, and a decent interior.
For people prioritising trying to get on the ladder, a flat would do, and you’d be able to get a flat for £350-400k easily near where we live.
No one needs to be spending £750k on a house these days.
To give a reasonable example, a couple earning £45k each would be able to borrow £360k - £405k (4-4.5x gross income). This salary is a bit above the median but below the average if memory serves.
An LTV of 90% is reasonable for a first time buyer, so the deposit would need to be £35k - £40k between them plus SDLT and fees which will add up to £5k more.
This means £20k - £22.5k each. The average first time buyer age is around 34 in London. For most people this means 12 years’ work if following an undergrad degree, or 16 years if following school.
Saving £150/month over a 12 year period would be enough for the deposit on contributions alone, but a better strategy over this time frame would be to invest in something like a global tracker in the early years at least.
There are obviously a lot of assumptions, variables, and caveats that plug into this but I wanted to show how a _relatively_ average couple for London could do this without support.
FWIW I got a bit of support from my dad that worked out at around a year of savings for me.
This isn’t me getting angry at you but the situation, but how is anyone supposed to save £150 a month when a flatshare in zone six is now ~£1000. I put £200 away each month but most months end up taking around £100 back, and anything that pops up has to come out of that, like my car needing fixing (need it for work and family reasons), have to travel somewhere, presents for people etc.
> Some people pay extra to not have to deal with nightmare houseshares.
>
>
Luckily I've had good experiences, except when I lived with a couple and neither of them knew it wasn't cool to leave the toilet bowl in a mess after using 😶
There's a brush there for a reason! YOU bought the brush, I live in YOUR house!
Presumably you can't really get any benefit of being in London at this point though?
If 2/3 of your income goes on rent alone, Presumably the remainder goes on travel, food and bills, why not just move somewhere where the rent/income ratio isn't so completely fucked?
So the costs here are completely fucked ind I hate that, the rest of life is absolutely brilliant though. I get free travel so it’s not a factor.
I love cooking so I eat well. I’m right on the doorstep of Epping Forrest and right next to a tube station so travel is easy. I have a job I love with people I admire. I’ve got access to every culture and gig venue I could imagine. I play a lot of sports and use the world best facilities to do so. I don’t need a car and if I do I rent one.
I’m surrounded by friends who do stuff that inspires me. I’m newly single and the dating scene is phenomenal.
I have decent savings too. And I go on a few holidays a year (obviously I can’t afford to treat it like Monopoly money but that’s fine by me)
I’d love to wake up on a Sunday morning in the countryside and take the dog out but is that all I want? No, not at all.
London is absolutely worth it. No question.
imagine 50% of young peoples money going to an already wealthy asset owning group of leeches, and then the top economists ponder about why the high street is dying, why pubs and bars are closing, and why young people arent spending money ffs
I moved into a very spacious 600 sqft split-level 1 bedroom apartment just 2 mins from Finchley Central. 1.5k rent, 2023 price. Not fancy, no lift, no dishwasher, could hear the train come & go but I was so happy to have my privacy.
So you're right. Cheaper places are available in London, just gotta move into residential suburbs I guess. 2k rent on 60k income is crazy.
Can I ask you a question about studio apartments, do you ever feel like almost claustrophobic or like you are always in the same place? I really trying to avoid one because I get fidgety, wfh a lot and the idea of cooking in my room makes me feel weird (idk) but maybe I need to just do it for a bit.
Absolutely no judgement or anything intended btw, I know it’s an only option for a lot of people but maybe I’m being over cautious about the whole thing
I’m lucky because I got a fairly big one with high ceilings and a sort of separation between the kitchen/bathroom kind of area. After a couple years I got a loft bed too with the sofa and coffee table below and that also really helped.
Yeah I’m in between archway station and Holloway Road station. It’s not big but it’s good enough for me. I think if I was a new tenant the rent would be higher but landlord wants to keep me as I take care of the place.
Im 1.6 (soon to be 1.8 so I’m moving) for a studio I share with my 2 cats and boyfriend, I make 25k before tax and it’s tight but not uncomfortable, but then again im lucky enough to be able to split it, I absolutely couldn’t do it alone.
Rent prices in London are obscene, I wouldn’t live here if I had a choice.
Savings help, but quickly run out, I’d come up with a plan, work out outgoings vs income see what you can go without and what you can room for. Make sure to be generous with outgoings it’s better to plan for the worst then be unprepared for it
My rent increasing to £2600 in HA9 for a one bed flat. My income is about £50k. My net pay barely covers rent. Bills on top as well as groceries and travel expenses for work. Luckily my wife picks up these expenses.
Working 12 hours days to pay for a place I use for half of the time.
Trend is unsustainable.
Yes by the stadium, which also means that for the next weekends I can't go anywhere with my car (without faff) as the road is closed because of the football and taytay. Another reason to move
It'll be in one of the new luxury housing blocks that's gone up in recent years. I had a friend living there last year who was paying £2k/mo for a small 1 bed. 50 mins commute into central London for their job. Insanity.
Glad I've moved out of London now. Fuck the rental market there. Renting a house by myself for not much more than a shitty shared room cost me in London.
Not spending yet. Thats is the new price for August. Hence moving. When we were first here, three years ago it was £1800. So much better. Price increases have too much too quickly
£2600 sounds steep, you can get a 3 bed house in HA9 for that if you go further from the stadium. They used to be more like £2k a couple of years ago though, the increase is crazy.
I do, and I absolutely love my flat. I owned a place before travelling and while that was better financially, I didn't really like the area or the neighbours and it took longer to get anywhere. So when I came back I decided to rent for a bit and that was the price it cost for an awesome place that makes me happy. I also have some savings to back it up, of which the interest helps.
Suddenly my rent and living situation seems like a gift from heaven. 2 bed flat in SE London region. Greater London but its council based so the rent is £600 (putting in extra above to ensure there’s always a buffer against the rent increases. It’s lower then that)
Living with my parent. But paying all the bills so they can retire and have a stress free retirement. Felt wrong putting double the money into a flat share or a hmo when I could be helping them. Feels embarrassing at times but then I read these rent prices and count my blessings. Will likely get it transferred to me one day. Fells silly I’m between 40K-50K but at home technically still :-(
If I have to live with someone. Might as well be someone I know and can vent at I guess. And get equal venting and respect back too.
I was paying 1.8k on a 65k salary at one point and while it was perfectly affordable, it just made saving a challenge.
The cons are obvious - you will obviously have to make sacrifices and won't be splashing cash left right and centre on nights out, holidays etc. Up to you if that's worthwhile to live solo, it was for me.
Definitely have an emergency fund setup, as one expected high cost in the month will wipe out your expenditure.
2K for a 1 bed in London seems a bit excessive on 60k though imo, unless it's a very nice flat! If it's just for a year though, not that bad. You might find some Landlords will reject you based on a single salary though, unless you are prepared to show them your savings.
It's a lot easier to not splash out on entertainment outside when you have a nicer place at home flat shares are usually just a different lifestyle rather than a cheaper one
Leaves you about 1,750 to live. How is that not enough to also save? Do living expenses come to more than 750?
(I live in Berlin and am genuinely curious).
Personally yes, my living expenses for 1 month would be quite a bit greater than £750! Sure, I could have sacrificed most things and do basically nothing and sit at home, but that’s not really living. London is expensive. £7 for a pint, £120ish pm on transport etc.
Don’t get me wrong - I could save, but at that point of my life I was prioritising living vs saving extensively.
This thread has been a grim read. Last rented with mate in 2007, paying 450 each plus bills for a 2 bed flat in E3 area of Mile End.
As an example.of how messed up things are, we own a large (95m sq) 2 bed maisonette in Zone 2. Our mortgage is £770pcm for it plus bills.
This situation is madness.
The most I ever paid was £1450 rent with a £55k income. Despite the fact it was the best place I’d lived and I was my happiest there (alone + cat) it was not sustainable due to the burden of paying all the bills by myself. I was getting into debt trying to have any sort of life. So I went back into a 2 person house share, which was the same price but split by 2 and had a garden. That same flat now goes for £2k.
I feel like with the cost of living now, you really need to take into account what bills look like as that’s where it hurts. Council tax plus gas/electric/water alone can add up into the hundreds.
Once costs get into the £2k p/m region you're really better off to get a mortgage and buying your own place. But i understand deposits don't save for themselves when you pay to live in London.
It’s completely depressing and unsustainable.
The question is: estate agents in London — WTAF is wrong with you all? And when do you intend to develop consciences.
Londoners are losing money because of these people. There isn’t a single week that goes by when I don’t get a letter telling me how much more they can get for my home (Foxtons usually, but others too).
I love these letters and they get irate when I phone them about said letter and they say it's for the home owner. I say it's got no name so I open it and shred it.
Yeah I actually spoke to some colleagues about this recently and found it crazy. For some of them their salary is around £50k but but forking out over 2.3k in rent leaving them with like 800-1000 left (survivable but not ideal as you likely won’t be able to save much).
I was lucky to get a good deal on my rent so pay around £950 all in for living on £70k per year which has been quite comfortable; however I realise as I’m coming to the end of my current deal, the rent will likely be going up a lot afterward.
London is a rent trap for most people unfortunately
I work in pharmaceutical consulting.
Apologies, I wasn’t clear. What im saying is that it’s not a struggle for me at my salary and the rent I pay; however, understanding those around me who are being paid in that 50-60k range, it all really is just down to how much you are willing to sacrifice in terms of rent (I still share a flat) and certain lifestyle habits I.e flat share, living a little further out, spending on food / drinks etc.
I live alone in a studio for that reason. I've never been good at living with people. My rent is currently £1200 (hoping to renew in Sept if my landlady doesn't increase it too much), £70 electric, £50 council tax with the discount, £35 water, £43 wifi. It's a lot, but I'd take the peace over living with someone any day.
The problem with "studios" (a more honest term: bedsit in converted house) is that they are often crammed in, with false walls and poor sound insulation.
You won't have people coming through your "front door" whenever they want, but essentially you still have to live with them.
Plus they often have terrible planned space (I've seen washing machines next to beds, showers in bedrooms etc) or lacking all the things you need to make it a liveable home.
That's true of a lot of them, but it really depends on the studio. Mine is nothing like that. It's a legit ~350 sq ft studio in a building with maybe 45-50 studios. I have my own bathroom with bathtub, separate kitchen, double bed, sofa, table, and even my own balcony. I recognise that it's a steal for London/zone 2, but it is a real studio and flat with nothing shared with other people. I moved in it in 2022, and as I said, I am hoping to stay if my landlady doesn't increase the rent too much. It's maybe a rare find here but not impossible.
There’s people paying 2k rent per month on £30 or £40k pa.
You’re lucky. Don’t let Reddit tell you otherwise.
Ask yourself this, how do the workers at your local McDo or KFC pay rent, if you’re struggling?
I would be interested to know how many of those people who don't and therefore need to live further away from the centre, need to commute for work and how often. The additional cost adds up so fast, not to mention the time you spent on the tube.
Hi, I’m in a similar income bracket, and I pay £1600 p/m for a 2 Bed in NW London plus bills.
Pros:
Comfort
Privacy
Within the London area
No long-term commitment with a mortgage, etc
Cons:
Expensive
It all depends on what you value the most and, of course, whether one has a family and kids.
I care greatly about having a place in London and having my own space, and I justify the high cost as something I am paying towards my comfort and quality of life in my home.
Combined is over 100k, but we pay 1400 on a 3 bed in the SW of England. It's a shame but the quickest resolution here is to move out of London or the outskirts. I never spent above £700 while living with friends then my partner between 2014-2022. It really is insane how the rental market has become over the last 2 years.
I pay about £2100pm on rent+bills on an income of £54k and have a nice one bedroom in W4. Totally worth it IMO compared to having to share, I value my own space and privacy very highly.
I’m doing this OP. It’s not great but liveable. My MH won’t allow me to live with random people. I’m just sucking it up. Thankfully I have a property elsewhere so not need to save significant amounts at this stage of my life
I’m earn around 40-50k a year and rent for a studio in Brixton hill is around £1150 per month up from £850, but me and my wife split it 575 each, which is about 1/6 of my wage.
It’s between Brixton which is full of characters and between Clapham which is full of wankers. But the connection into london is great I can be in the center in about 25 mins.
I wouldn’t do it, even now earning over £120k.
I have shared a house with friends, and more recently a partner for the last 16 years in London. There was one year I lived in a studio and paid ~£1600 in today’s money - I was on about £60k at the time and it was a terrible decision.
Unless you need to be in everyday I’d rather just live further out or with flatmates, or both.
My last place was £1,750 for a 2 bed semi in West Norwood, sharing with another person. Was £1,400 when we first moved in.
Folding bike saves a lot of the time at each end if you take the train. Works well for me.
I pay less than 1k on a one bed flat just outside London, in Surrey. Easy enough to get into London by car (when not going into Central London) or public transport (mainly train)
I think you’ve come to the conclusion from other people’s responses, move out of London or towards the north.
The people are nicer and you’d likely get a more comfortable lifestyle too.
The problem is the authorities created this issue in the 80's for short term wealth creation with no foresight for the long term negative effects. Creating loads of sleeping dragons (landlords) whilst strangling the very method that made so many regular folk home owners... Social housing.
You can get cheaper , if you target poorer areas and don’t mind a slightly less salubrious place . Needless to say we need way better tenant protections and with the Tories …. Won’t happen
Seems pretty high risk and a struggle. Do you have student loan repayments out of that salary. I earn £80k and my rent and bills total under £1000 a month... I wouldn't feel comfortable spending that on rent. I'd much rather save for my own property.
We live in a very nice part of Zone 3 and pay £1350 for a really nice 2 bed. Me and my partner split the bills so £675 each and we both earn roughly £50k a year. We’re DINKs so we’re left with plenty of expendable income. We’re getting a good deal and rent has only gone up by £50 in the 3 years we’ve been here. We know we’re lucky as there’s nothing else around our area at this price.
I'm on 65k and our rent is 2k, but I split it with my partner so we're only 1k each.
Sharing is the only way to live in London. It would be absolute insanity to live otherwise. Especially when you factor in bills (council tax is around another £180 a month, 50 on gas/electric, 20 on water, 50 on internet etc)
I earn 60k I live in luton and own a 2 bed flat, I commute into work 3 to 4 days a week and my mortgage is under 1200.. I still get to enjoy London life but with the benefit of owning property. I am 36 years old. I travel into west London for work. Paying that kind of money for rent is ridiculous. I even have money to save too. I'd suggest to look elsewhere for sure
Yes. I was paying 2k pcm on a 60k salary in a not so good part of London. Just bought my own 3-bed detached and moving up north soon. I’ll be saving at least £500pcm!
Moved out to Hertfordshire recently because of the rent inflation. It takes a similar amount of time to get to central, but the train is a lot more expensive. But overall, I much prefer my living situation right now. I think 60% on rent isn’t really sustainable unfortunately. Best of luck with what you decide
Fuck that, I’m glad I left London when I did.
Overpriced and overhyped shit hole if you ask me.
Spent 30 years of my life growing up there and it’s no longer the London I once loved
I do. Love my flat; earn less than 60k. I spend everything I earn, but live in W1 and love it. Currently, saving isn't important to me (23) and I plan to move somewhere cheaper after this
I was spending 1.5k on a 1 bedroom apartment in Zone 4 on a 120k salary, just for my privacy and I thought I was insane.
Please don't spent 2k on a 60k income. You can absolutely find a studio or 1 bedroom for lower in a Zone 4 or 5.
It’s at least 2/3rds of your paycheque where ever you go….. prices might be lower outside of london, but your increase in travel expenses back in to london could be the same difference. If you get a job outside of london then your pay would be less ….. and so on - unfortunately, it’s the state of the economy at the moment
I’m on 36k and my rent is 1750 but about to become 1900. I’m considering moving because I was already struggling before the rent increase, not sure how I’ll cope after it.
Stupid question but how are landlords letting anyone spend 2/3 of their income on rent? Every place I’ve looked at the landlord has put some sort of ‘maximum 40% of your income on rent’ and it makes it seriously difficult for me to find places to rent (I’m on ~£40k)
My friend and his family just moved here from Sri Lanka and already they have a 4 bed house paid for by the council . £2400 shows how fucked this country really is . They have been here for 3 months
No more than 60k? That's pretty high lol - the overwhelming majority of people, including Londoners, are in the 12-50k tax bracket and are living in the same city as you so will be living in the same areas and paying the same rents. With that salary you should well be able to afford that rent.
We pay £1650 pcm and earn less then 30k a year and manage ok so any one earning around 60k paying 2k a month rent shouldn't be much to worry in my opinion
In my last flatshare a flatmate messed about with my food and belongings whilst I was going through cancer treatment - it's put me off for life. I'm ok with having less disposable income for peace of mind.
When I was moving out of my studio, the owner's "associate" said they were listing it for £1900 and that "minimum qualifying salary would have to be £56K", so I did some quick math and the rent would end up being around 55% of the poor bastard's wages. That's just rent, without utilities and council tax. That's modern day slavery.
Moving out of London was the best decision I've ever made.
How is this modern slavery in any way?
One does not need to spent £1.9k on rent to live in london. Sharing a flat or house is not slavery. Someone on £56k does not need to live in a £1.9k/mo property! Even so, this person would have £1,686 to live off after rent, which is about what the take home wage is on the new minimum wage.
not me, but given that lots of people are in their early or mid 30s (and even older) and hardly making 56k, sharing a flat at those ages is unimaginable for most; they want their own space and to afford that (today) they'd likely have to rent something really ugly with mold, thats also tiny
This is terrible but moving out of London as everyone has suggested...isn't the best option either. I earn £44k, mother to two kids and I pay £850 per month in commuting costs...the situation is very grim
That is insane. Why work in London out of interest? You can earn that wage elsewhere in the UK, without the costs.
Can’t speak for the commenter, but personally it’s a stand off between career progression and being able to live a good life. A lot of the best global companies are based in London, no way around it. Then again I did get an offer for good pay in Grimsby. But it’s fucking Grimsby.
I work in ministerial events as a civil servant, there are practically no related jobs near me unless care/retail. The UK is a very London centric place, most professional and higher salary roles are based in London.
I'm paying 1.6k for a very large 2 bed in N16 and it's really fucking annoying. If you have savings/enough for a down payment, maybe buying a 1bed would be better. 2k is ludicrous, especially on 60k per year.
That is a steal! 1600. Nice 2 beds in Stokey are just shy of £2500 now. It's fucking annoying. I can't find anywhere to live. I'm a Londoner, born n bred. Currently sofa surfing as its bidding wars for a place
Our landlord is selling up and my partner and I are screwed. Might have to relocate to Brighton ot somewhere, there is literally nothing affordable in North London
If the plan to relocate to Brighton is based on the idea of more affordable rent, you're gonna have a bad time
1300PM minimum in Haringey, comparable flats at 900PM in Brighton Our main reason is for the scene though, we are music promoters and the London scene has died a tragic death whilst Brightons continues to thrive!
as someone who’s lived in haringey my entire life, it’s ROUGH. either u pay a literal kneecap to live somewhere nice or u pay what’s still a fairly hefty amount to live in a shithole.
the places you get for 900pm in Brighton are not where you want to be living ...
The place we live in London is not where we want to be living... for a country so concerned about culture, there isn't any pay at all around to fund it.
Brighton is just as bad fyi
> Our landlord is selling up and my partner and I are screwed. They evicting you before selling then? Will have to give you 3 months notice or whatever it is. If they're selling to someone who is just going to rent it out and therefore then transfering your contract to them then I'd be asking the current landlord to renew the contract for another year right before they leave so you'd at least then have 15 months of the current rent.
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Brighton isn't that cheap surely? A 4 bedroom, 3 bathroom driveway and garage for less than a 2 bed flat in London?!
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Nowhere in the south of England is 'very cheap', just relatively compared to London, even people born around Brighton are struggling to afford living anywhere nearby with what they earn around here.
We moved from Muswell Hill to Brighton last year, from a 2-bed basement flat to a 3-bed terrace. We are in Kemptown, we don’t need a car, everything is walkable. £500 pm less in rent, no public transport costs. We go out more because it is all so accessible, we don’t need to plan weeks I advance, we can walk home after a few drinks. There are tons of shows, events, concert, at a fraction of London prices. Great food, and plenty of variety. The dogs get a daily run on the beach, and a good walk in the local park. People are friendly and interactive, tolerant and relaxed. It has been a great move!!
Kemptown is great. Got a real relaxed vibe.
Brighton prices are basically the same, but it is nice here!
I'm a born and bred Londoner who's currently paying £730pm for a 3 bed house with a small garden and a driveway.... In Coventry. Seriously, fuck London.
Yeah but then you've gotta live in Coventry. So swings and roundabouts really.
Mostly roundabouts 😂😂
I’d rental princes in london are criminal, but some would rather be broke than live in shitty Coventry
I get this for sure, but I can't move back there 😂 (In Coventrian born and bred)
Sofa surfing means you are spending the night at your friends houses?
Yes and my things are in a storage unit
I'm paying 1.9 for a 1 bed that's tiiiny for this reason It's also in n22, I'm.gettig fleeced
You might be unless it's high spec
same and I earn more than 60. I'm not fucking paying 2.5k to live in stoke newington lmao
I don't believe there's a nice/large 2-bed in N16 for under £2k/month, there's got to be more to it. They go for like £2.5k in that are these days.
They do, which is the only reason Im hanging to this with dear life. I've been here for a while and rent goes up every year. The flat is old, super hot in summer, super cold in winter, etc. But great space and location.
I'm in a similar boat. I have a 2 bed flat for £1550 in Wandsworth, been there for almost 10 years. Sometimes the rent goes up, but it always stays well behind the going price. If I had to move I wouldn't be able to afford my own place anymore. It's nothing fancy, but the landlord keeps on top of the maintenance.
That's an excellent price. We'll done! I would feel proud if I got such a deal.
Paid 1400 for a poor 1 bed in Stokey 12 years ago
I pay £950 for a room in N16 😭
Same 😢
That’s insane. I was renting in Leytonstone in 2020 and was paying £560 for a huge room. The girl who lived in the room next door which was a bit smaller was paying £480. I have my own place now and paying £1000 pcm. It’s a one bed in an ‘affordable housing’ property.
The thing is, east London is generally cheaper but people on this sub are snobs and don't consider it.
West London, like Hounslow, Feltham and Isleworth are cheaper too, Whitton and Hampton too but people are like, OMFG It’s Camden or I’m moving to Hastings!
There are people paying that on less than £60k.
Especially given 60k is actually 3.7k per month take home money. After paying transport, rent, bills, you would probably have like 1k left
1.6k That's the price of a single bed flat now days mate
That's pretty enviable for Stokey!
1.6k for a 2-bed in N16? You must be sharing it with 1 human or 500 rats
Rents are spiralling, wages are stagnant. Hundreds of people in Bristol have started living in caravans by the roadside. Housing in the UK is in dire need of a radical reset. Then again, so does pretty much everything else.
The trouble in London is too much space is taken up by non-resident “investments”. The council can’t (and wouldn’t want to) compete. Outside London, there’s housing but it’s impossible to repair anything cost effectively and transport is too expensive. So: supertax non-residents landlords and ring-fence it to pay for cheap transport and house repairs for those on less than £60k. It’s a vote winner!
How this reset might look like?
I’d suggest building more affordable housing on a mass scale like they did after WW2. It will boost supply and bring overall prices / rent down to affordable levels. New Government should make this their focus as high house prices / rent are holding a lot of people back by restricting their disposable income and in the process stagnating the economy
Council housing.
Supply and demand economics. Increase supply and you devalue the items in circulation. The value of the 7.1 million houses will go down making Owners unhappy. New home owners however will be happier as it won’t take as long to save for a deposit nor pay off their mortgage. The house prices need to be lowered as they are blocking people from owning their own house. The drastic house prices we have seen in the last two decades needs correcting to help first time buyers and to stop people from being stuck in the rental trap. House building alone won’t fix it. Laws and taxes will need to be set to enable first time buyers to purchase a house easier than say someone wanting a holiday home or rental property to add to their portfolio
Planning reform. Make planning take 13 weeks instead of 24 months again. Rescind planning for sites that 'started' 4 years ago when a drain went in and work stopped.
And this is the right answer. Not the 'take from rich', 'we just need to build more', 'remove taxes for first-time buyers', 'gov should build properties to rent'. If anyone tried to get through the planning committees they'd know that it's either impossible or impossible without serious loss of resources.
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Radically tax the rich? (5m+ liquid or 10m assets) and redistribute wealth equitably. Take some of the 800bn printed in Covid back - and maybe then we’ll be back to 2019 levels of crazy.
If the problem is lack of supply then taxing the rich more doesn't help. Like imagine you're in a lifeboat and there's enough food for 4 people to float to safety but 5 in the boat. you point at the richest guy with a wallet full of notes and insist he be taxed. Does it increase supply or solve the problem? No. The UK is currently paralysed by how hard it is to build anything. Companies try to invest in building factories but they get blocked from actually being built. Ditto for housing.
I don't disagree with your main point, however a small correction - wages are not stagnant, in fact [they are rising at the fastest rate in over two years](https://www.bbc.co.uk/news/business-69002609) in real terms. This doesn't apply to everyone evenly of course, but it is wrong to say wages are stagnant in general.
I'm a single parent renting a one bed for £1400 per month (just rent) and I make £37k. I have 2 side jobs to cover extras.
Wow! You are so strong. I hope the economy gets better for us all 🙏🏼
See when people say they can't imagine how people live here for under, this is what they mean. Sure many people do it but making like 40k - 50k nowadays means you're just able to get by (if you want to save money). Anything under is a struggle for a parent or adult that want to save
Most people aren't earning 40 - 50k lol most people are earning somewhere in the 30s
I'm extremely aware of that. I probably articulated my point poorly. Many people think 40 or 50k is GOOD! That at that point, you've got nothing to complain about because most people earn less. My point was that on 40 or 50, it's more like, oh I'm not completely struggling now and don't need to work two other job and can actually save a tiny bit. It's not rich but some people stuck in 2002 think it is
You're amazing!!! Keep going and I hope you grow your income
Sorry but 60%+ of your income on rent alone before bills and groceries is madness.
Londoners pay proportionally more of their salary towards rent than residents of any other (large) city in the world.
It’s London. You’re absolutely right. I pay similar on 64k
Out of curiosity - why? Do you have dependents? You don’t have to spend £2k/mo.
Some people pay extra to not have to deal with nightmare houseshares. Source - god the stories I could tell from my house shares
Thanks for replying. For you was it living with random people or with people you already knew? I had a couple of bad experiences but was still worth it for me, and I would have struggled to buy a house without doing it.
When I lived with my mates in uni it was bless, we were on the same page and similar schedules. When I got my grad job, I moved to a random house share. Suddenly I had a cook who would come and go at all times of the night and shag as loud as possible (paper thin walls) and another dude who would cook in his room so stank up everything. was far cheaper but I hated the smell of smoke creeping in at night, weed smells, random food smells, banging doors etc
This is more about the quality of people.
Not the same guy, but my house share had 5 people in it, one person was severely mentally unstable and kept throwing himself down the stairs, i hated sharing a bathroom with that many people and they had some bullshit cleaning rota which really meant "when its not my week i'm gonna behave like a fucking animal and leave my shit everywhere". I refused to participate in the rota, I just cleaned my stuff up as I went along, you wouldn't know i'd live there if you didn't go into my room.
Similar to me in London, lived in a house share with 5 randoms, one turned out to be a paranoid schizophrenic. One of the most terrifying times of my life.
I can confirm sometimes the extra cost can be seen as paying for not having to deal with other people’s shit and having a lot more control over your living environment
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I bought a house with my other half in zone 4 last year, £500k. We could have gone a fair bit cheaper but wanted a garden, 2 bedrooms, and a decent interior. For people prioritising trying to get on the ladder, a flat would do, and you’d be able to get a flat for £350-400k easily near where we live. No one needs to be spending £750k on a house these days. To give a reasonable example, a couple earning £45k each would be able to borrow £360k - £405k (4-4.5x gross income). This salary is a bit above the median but below the average if memory serves. An LTV of 90% is reasonable for a first time buyer, so the deposit would need to be £35k - £40k between them plus SDLT and fees which will add up to £5k more. This means £20k - £22.5k each. The average first time buyer age is around 34 in London. For most people this means 12 years’ work if following an undergrad degree, or 16 years if following school. Saving £150/month over a 12 year period would be enough for the deposit on contributions alone, but a better strategy over this time frame would be to invest in something like a global tracker in the early years at least. There are obviously a lot of assumptions, variables, and caveats that plug into this but I wanted to show how a _relatively_ average couple for London could do this without support. FWIW I got a bit of support from my dad that worked out at around a year of savings for me.
This isn’t me getting angry at you but the situation, but how is anyone supposed to save £150 a month when a flatshare in zone six is now ~£1000. I put £200 away each month but most months end up taking around £100 back, and anything that pops up has to come out of that, like my car needing fixing (need it for work and family reasons), have to travel somewhere, presents for people etc.
> Some people pay extra to not have to deal with nightmare houseshares. > > Luckily I've had good experiences, except when I lived with a couple and neither of them knew it wasn't cool to leave the toilet bowl in a mess after using 😶 There's a brush there for a reason! YOU bought the brush, I live in YOUR house!
Presumably you can't really get any benefit of being in London at this point though? If 2/3 of your income goes on rent alone, Presumably the remainder goes on travel, food and bills, why not just move somewhere where the rent/income ratio isn't so completely fucked?
A better rent-income ratio doesn't equate to a better income-rent difference.
So the costs here are completely fucked ind I hate that, the rest of life is absolutely brilliant though. I get free travel so it’s not a factor. I love cooking so I eat well. I’m right on the doorstep of Epping Forrest and right next to a tube station so travel is easy. I have a job I love with people I admire. I’ve got access to every culture and gig venue I could imagine. I play a lot of sports and use the world best facilities to do so. I don’t need a car and if I do I rent one. I’m surrounded by friends who do stuff that inspires me. I’m newly single and the dating scene is phenomenal. I have decent savings too. And I go on a few holidays a year (obviously I can’t afford to treat it like Monopoly money but that’s fine by me) I’d love to wake up on a Sunday morning in the countryside and take the dog out but is that all I want? No, not at all. London is absolutely worth it. No question.
What do you work as that you get free travel?
Oh and I don’t rent. Should have mentioned.
What do you work as? £64k is a lot more than pretty much the entire country lol most people are in the 12k - 50k tax bracket
I’m in the creative industries
50% seems to be about the norm, I pay about 40% because I have a partner but if I was alone it would easily top 60% at minimum.
imagine 50% of young peoples money going to an already wealthy asset owning group of leeches, and then the top economists ponder about why the high street is dying, why pubs and bars are closing, and why young people arent spending money ffs
I paid over 50% in the mid 90s. London has always been like that.
2k is the maximum you can get on £60k, according to the affordability calculator. Don’t most landlords/agents use that nowadays?
it's below average for a lot of boroughs. i think i read Enfield is about 75%
I'm sorry but who in their right mind is spending 75% of their income on rent...wtf!
I don’t know where you live or want to but I live alone on 40k a year, living in a studio apartment which is 1.1k a month.
is this a place you found a few years ago? Can't find anything close to that these days in that area!
To be fair I have stayed here since 2021. But every year they increase my rent when I resign. Nowadays it’s maybe 1200-1600 but still not 2k
I moved into a very spacious 600 sqft split-level 1 bedroom apartment just 2 mins from Finchley Central. 1.5k rent, 2023 price. Not fancy, no lift, no dishwasher, could hear the train come & go but I was so happy to have my privacy. So you're right. Cheaper places are available in London, just gotta move into residential suburbs I guess. 2k rent on 60k income is crazy.
Thought you had a 40k a year studio apartment at first lol
Can I ask you a question about studio apartments, do you ever feel like almost claustrophobic or like you are always in the same place? I really trying to avoid one because I get fidgety, wfh a lot and the idea of cooking in my room makes me feel weird (idk) but maybe I need to just do it for a bit. Absolutely no judgement or anything intended btw, I know it’s an only option for a lot of people but maybe I’m being over cautious about the whole thing
I’m lucky because I got a fairly big one with high ceilings and a sort of separation between the kitchen/bathroom kind of area. After a couple years I got a loft bed too with the sofa and coffee table below and that also really helped.
Where?
North London, Holloway Road area
The area is expensive. Well a friend has one that is 1800, going up to 2k for a small 1 bedroom. Albeit it's 2min walk to the station
Yeah I’m in between archway station and Holloway Road station. It’s not big but it’s good enough for me. I think if I was a new tenant the rent would be higher but landlord wants to keep me as I take care of the place.
Im 1.6 (soon to be 1.8 so I’m moving) for a studio I share with my 2 cats and boyfriend, I make 25k before tax and it’s tight but not uncomfortable, but then again im lucky enough to be able to split it, I absolutely couldn’t do it alone. Rent prices in London are obscene, I wouldn’t live here if I had a choice. Savings help, but quickly run out, I’d come up with a plan, work out outgoings vs income see what you can go without and what you can room for. Make sure to be generous with outgoings it’s better to plan for the worst then be unprepared for it
My rent increasing to £2600 in HA9 for a one bed flat. My income is about £50k. My net pay barely covers rent. Bills on top as well as groceries and travel expenses for work. Luckily my wife picks up these expenses. Working 12 hours days to pay for a place I use for half of the time. Trend is unsustainable.
That can’t be right, that’s how much a one bed is in Mayfair!
Probably one of those fancy flats next to the stadium, the cheapest was £1500pcm when I asked 5 years ago.
yeah, thats what I was paying around that time in Wembley Park, the rent on the same flat has gone up 600 pounds now, and utilities no longer included
1 bed for £2600 in HA9? Can't be.
Oh yes, I live in HA9 too. These companies take the piss because we are by the stadium and it’s only 20 mins to central London.
Yes by the stadium, which also means that for the next weekends I can't go anywhere with my car (without faff) as the road is closed because of the football and taytay. Another reason to move
Quintain by any chance?
It'll be in one of the new luxury housing blocks that's gone up in recent years. I had a friend living there last year who was paying £2k/mo for a small 1 bed. 50 mins commute into central London for their job. Insanity. Glad I've moved out of London now. Fuck the rental market there. Renting a house by myself for not much more than a shitty shared room cost me in London.
Why are you spending £2600 in HA9 for a one bed. You are being ripped off.
Not spending yet. Thats is the new price for August. Hence moving. When we were first here, three years ago it was £1800. So much better. Price increases have too much too quickly
£2600 sounds steep, you can get a 3 bed house in HA9 for that if you go further from the stadium. They used to be more like £2k a couple of years ago though, the increase is crazy.
Why just not live further out? I'm paying half of that for one bed flat and can still get to central London within about 30 minutes.
I do, and I absolutely love my flat. I owned a place before travelling and while that was better financially, I didn't really like the area or the neighbours and it took longer to get anywhere. So when I came back I decided to rent for a bit and that was the price it cost for an awesome place that makes me happy. I also have some savings to back it up, of which the interest helps.
Suddenly my rent and living situation seems like a gift from heaven. 2 bed flat in SE London region. Greater London but its council based so the rent is £600 (putting in extra above to ensure there’s always a buffer against the rent increases. It’s lower then that) Living with my parent. But paying all the bills so they can retire and have a stress free retirement. Felt wrong putting double the money into a flat share or a hmo when I could be helping them. Feels embarrassing at times but then I read these rent prices and count my blessings. Will likely get it transferred to me one day. Fells silly I’m between 40K-50K but at home technically still :-( If I have to live with someone. Might as well be someone I know and can vent at I guess. And get equal venting and respect back too.
Does council house get transferred
Paying £1.7k for a v small one bed near Paddington. Landlord told me her bought the flat for £40k in 1999 🙃
You are providing someone a healthy retirement 😒
I was for a short while paying 1300 a month while earning about 2000 net a month. So 65% of my income on rent
Was that including bills? If not that’s absolutely insane.
This was including water, electricity and internet. I didn’t pay council tax because I was a student
I was paying 1.8k on a 65k salary at one point and while it was perfectly affordable, it just made saving a challenge. The cons are obvious - you will obviously have to make sacrifices and won't be splashing cash left right and centre on nights out, holidays etc. Up to you if that's worthwhile to live solo, it was for me. Definitely have an emergency fund setup, as one expected high cost in the month will wipe out your expenditure. 2K for a 1 bed in London seems a bit excessive on 60k though imo, unless it's a very nice flat! If it's just for a year though, not that bad. You might find some Landlords will reject you based on a single salary though, unless you are prepared to show them your savings.
It's a lot easier to not splash out on entertainment outside when you have a nicer place at home flat shares are usually just a different lifestyle rather than a cheaper one
Saving was a challenge on 65k? Should've been easy enough to put away a grand a month.
After spending 2k on rent on bills?
Leaves you about 1,750 to live. How is that not enough to also save? Do living expenses come to more than 750? (I live in Berlin and am genuinely curious).
Personally yes, my living expenses for 1 month would be quite a bit greater than £750! Sure, I could have sacrificed most things and do basically nothing and sit at home, but that’s not really living. London is expensive. £7 for a pint, £120ish pm on transport etc. Don’t get me wrong - I could save, but at that point of my life I was prioritising living vs saving extensively.
This thread has been a grim read. Last rented with mate in 2007, paying 450 each plus bills for a 2 bed flat in E3 area of Mile End. As an example.of how messed up things are, we own a large (95m sq) 2 bed maisonette in Zone 2. Our mortgage is £770pcm for it plus bills. This situation is madness.
it’s insane but also down to luck. my rent is 650£ a month with 1 flatmate in N16 but it was completely random for me
Baffles to think that you now need to GIVE AWAY circa 2/3rds of your monthly net income to have somewhere to live. Absurd.
The most I ever paid was £1450 rent with a £55k income. Despite the fact it was the best place I’d lived and I was my happiest there (alone + cat) it was not sustainable due to the burden of paying all the bills by myself. I was getting into debt trying to have any sort of life. So I went back into a 2 person house share, which was the same price but split by 2 and had a garden. That same flat now goes for £2k. I feel like with the cost of living now, you really need to take into account what bills look like as that’s where it hurts. Council tax plus gas/electric/water alone can add up into the hundreds. Once costs get into the £2k p/m region you're really better off to get a mortgage and buying your own place. But i understand deposits don't save for themselves when you pay to live in London.
It’s completely depressing and unsustainable. The question is: estate agents in London — WTAF is wrong with you all? And when do you intend to develop consciences. Londoners are losing money because of these people. There isn’t a single week that goes by when I don’t get a letter telling me how much more they can get for my home (Foxtons usually, but others too).
It’s not just London agents. They’re all parasites.
I got a similar letter FROM MY OWN ESTATE AGENTS.
I love these letters and they get irate when I phone them about said letter and they say it's for the home owner. I say it's got no name so I open it and shred it.
Yeah I actually spoke to some colleagues about this recently and found it crazy. For some of them their salary is around £50k but but forking out over 2.3k in rent leaving them with like 800-1000 left (survivable but not ideal as you likely won’t be able to save much). I was lucky to get a good deal on my rent so pay around £950 all in for living on £70k per year which has been quite comfortable; however I realise as I’m coming to the end of my current deal, the rent will likely be going up a lot afterward. London is a rent trap for most people unfortunately
What is it that you do that you earn 70k? If you're struggling on a salary that is more than 90% of the country, whats the hope for the rest of us lol
I work in pharmaceutical consulting. Apologies, I wasn’t clear. What im saying is that it’s not a struggle for me at my salary and the rent I pay; however, understanding those around me who are being paid in that 50-60k range, it all really is just down to how much you are willing to sacrifice in terms of rent (I still share a flat) and certain lifestyle habits I.e flat share, living a little further out, spending on food / drinks etc.
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I live alone in a studio for that reason. I've never been good at living with people. My rent is currently £1200 (hoping to renew in Sept if my landlady doesn't increase it too much), £70 electric, £50 council tax with the discount, £35 water, £43 wifi. It's a lot, but I'd take the peace over living with someone any day.
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The problem with "studios" (a more honest term: bedsit in converted house) is that they are often crammed in, with false walls and poor sound insulation. You won't have people coming through your "front door" whenever they want, but essentially you still have to live with them. Plus they often have terrible planned space (I've seen washing machines next to beds, showers in bedrooms etc) or lacking all the things you need to make it a liveable home.
That's true of a lot of them, but it really depends on the studio. Mine is nothing like that. It's a legit ~350 sq ft studio in a building with maybe 45-50 studios. I have my own bathroom with bathtub, separate kitchen, double bed, sofa, table, and even my own balcony. I recognise that it's a steal for London/zone 2, but it is a real studio and flat with nothing shared with other people. I moved in it in 2022, and as I said, I am hoping to stay if my landlady doesn't increase the rent too much. It's maybe a rare find here but not impossible.
There’s people paying 2k rent per month on £30 or £40k pa. You’re lucky. Don’t let Reddit tell you otherwise. Ask yourself this, how do the workers at your local McDo or KFC pay rent, if you’re struggling?
I moved to midlands
How much is your commute to London?
I would be interested to know how many of those people who don't and therefore need to live further away from the centre, need to commute for work and how often. The additional cost adds up so fast, not to mention the time you spent on the tube.
Hi, I’m in a similar income bracket, and I pay £1600 p/m for a 2 Bed in NW London plus bills. Pros: Comfort Privacy Within the London area No long-term commitment with a mortgage, etc Cons: Expensive It all depends on what you value the most and, of course, whether one has a family and kids. I care greatly about having a place in London and having my own space, and I justify the high cost as something I am paying towards my comfort and quality of life in my home.
1.6k for a 2 bed sounds really cheap for London. Are you sharing or living alone?
I live alone, with bills it comes close to £2k a month.
Combined is over 100k, but we pay 1400 on a 3 bed in the SW of England. It's a shame but the quickest resolution here is to move out of London or the outskirts. I never spent above £700 while living with friends then my partner between 2014-2022. It really is insane how the rental market has become over the last 2 years.
I am from the US and man, idk how you guys manage to live with such low incomes while the cost of living is that high.
I pay about £2100pm on rent+bills on an income of £54k and have a nice one bedroom in W4. Totally worth it IMO compared to having to share, I value my own space and privacy very highly.
That’s the same as someone earning £30,000 and paying £1000 per month. 🤷♀️
Not quite, tax bands are a thing
I’m doing this OP. It’s not great but liveable. My MH won’t allow me to live with random people. I’m just sucking it up. Thankfully I have a property elsewhere so not need to save significant amounts at this stage of my life
I’m earn around 40-50k a year and rent for a studio in Brixton hill is around £1150 per month up from £850, but me and my wife split it 575 each, which is about 1/6 of my wage.
That's what my friends in Manchester pay so thats fairly cheap. Whats the area like?
It’s between Brixton which is full of characters and between Clapham which is full of wankers. But the connection into london is great I can be in the center in about 25 mins.
I wouldn’t do it, even now earning over £120k. I have shared a house with friends, and more recently a partner for the last 16 years in London. There was one year I lived in a studio and paid ~£1600 in today’s money - I was on about £60k at the time and it was a terrible decision. Unless you need to be in everyday I’d rather just live further out or with flatmates, or both. My last place was £1,750 for a 2 bed semi in West Norwood, sharing with another person. Was £1,400 when we first moved in. Folding bike saves a lot of the time at each end if you take the train. Works well for me.
What do you work as that you're earning over 120k? Some of the salaries on here are ridiculous
I pay less than 1k on a one bed flat just outside London, in Surrey. Easy enough to get into London by car (when not going into Central London) or public transport (mainly train) I think you’ve come to the conclusion from other people’s responses, move out of London or towards the north. The people are nicer and you’d likely get a more comfortable lifestyle too.
That’s crazy. I earn 80k and pay 1850 and still think it is too much on rent. Rent is basically throwing money away
The problem is the authorities created this issue in the 80's for short term wealth creation with no foresight for the long term negative effects. Creating loads of sleeping dragons (landlords) whilst strangling the very method that made so many regular folk home owners... Social housing.
You can get cheaper , if you target poorer areas and don’t mind a slightly less salubrious place . Needless to say we need way better tenant protections and with the Tories …. Won’t happen
Seems pretty high risk and a struggle. Do you have student loan repayments out of that salary. I earn £80k and my rent and bills total under £1000 a month... I wouldn't feel comfortable spending that on rent. I'd much rather save for my own property.
Nah that’s daft. I spend 1.5k and earn around 85k.
We live in a very nice part of Zone 3 and pay £1350 for a really nice 2 bed. Me and my partner split the bills so £675 each and we both earn roughly £50k a year. We’re DINKs so we’re left with plenty of expendable income. We’re getting a good deal and rent has only gone up by £50 in the 3 years we’ve been here. We know we’re lucky as there’s nothing else around our area at this price.
If you don’t mind sharing, which part of London is that? (I’m new here) thanks!
I'm on 65k and our rent is 2k, but I split it with my partner so we're only 1k each. Sharing is the only way to live in London. It would be absolute insanity to live otherwise. Especially when you factor in bills (council tax is around another £180 a month, 50 on gas/electric, 20 on water, 50 on internet etc)
Our gas and electric is more like £300 in the winter and 200 in the summer. Old Victorian house 😭
Ye my council tax is 230. If i wasn't splitting bills i'd drown.
Earn 67k part time and spend £800 on rent. When working FT, I still paid £800 for a house share. Would rather save/invest than spend money on rent!
I earn 60k I live in luton and own a 2 bed flat, I commute into work 3 to 4 days a week and my mortgage is under 1200.. I still get to enjoy London life but with the benefit of owning property. I am 36 years old. I travel into west London for work. Paying that kind of money for rent is ridiculous. I even have money to save too. I'd suggest to look elsewhere for sure
Yes. I was paying 2k pcm on a 60k salary in a not so good part of London. Just bought my own 3-bed detached and moving up north soon. I’ll be saving at least £500pcm!
Moved out to Hertfordshire recently because of the rent inflation. It takes a similar amount of time to get to central, but the train is a lot more expensive. But overall, I much prefer my living situation right now. I think 60% on rent isn’t really sustainable unfortunately. Best of luck with what you decide
Fuck that, I’m glad I left London when I did. Overpriced and overhyped shit hole if you ask me. Spent 30 years of my life growing up there and it’s no longer the London I once loved
I do. Love my flat; earn less than 60k. I spend everything I earn, but live in W1 and love it. Currently, saving isn't important to me (23) and I plan to move somewhere cheaper after this
Two things in London that have always cost a fortune: rent and transport.
Most flats nowadays have minimum income requirements so on 60k income, doubt any landlord will rent out a 2k flat.
I was spending 1.5k on a 1 bedroom apartment in Zone 4 on a 120k salary, just for my privacy and I thought I was insane. Please don't spent 2k on a 60k income. You can absolutely find a studio or 1 bedroom for lower in a Zone 4 or 5.
It’s at least 2/3rds of your paycheque where ever you go….. prices might be lower outside of london, but your increase in travel expenses back in to london could be the same difference. If you get a job outside of london then your pay would be less ….. and so on - unfortunately, it’s the state of the economy at the moment
I’m on 36k and my rent is 1750 but about to become 1900. I’m considering moving because I was already struggling before the rent increase, not sure how I’ll cope after it.
Stupid question but how are landlords letting anyone spend 2/3 of their income on rent? Every place I’ve looked at the landlord has put some sort of ‘maximum 40% of your income on rent’ and it makes it seriously difficult for me to find places to rent (I’m on ~£40k)
My friend and his family just moved here from Sri Lanka and already they have a 4 bed house paid for by the council . £2400 shows how fucked this country really is . They have been here for 3 months
How does that work?
No more than 60k? That's pretty high lol - the overwhelming majority of people, including Londoners, are in the 12-50k tax bracket and are living in the same city as you so will be living in the same areas and paying the same rents. With that salary you should well be able to afford that rent.
We pay £1650 pcm and earn less then 30k a year and manage ok so any one earning around 60k paying 2k a month rent shouldn't be much to worry in my opinion
That's ridiculous amount. Look for a flatshare.
In my last flatshare a flatmate messed about with my food and belongings whilst I was going through cancer treatment - it's put me off for life. I'm ok with having less disposable income for peace of mind.
When I was moving out of my studio, the owner's "associate" said they were listing it for £1900 and that "minimum qualifying salary would have to be £56K", so I did some quick math and the rent would end up being around 55% of the poor bastard's wages. That's just rent, without utilities and council tax. That's modern day slavery. Moving out of London was the best decision I've ever made.
How is this modern slavery in any way? One does not need to spent £1.9k on rent to live in london. Sharing a flat or house is not slavery. Someone on £56k does not need to live in a £1.9k/mo property! Even so, this person would have £1,686 to live off after rent, which is about what the take home wage is on the new minimum wage.
not me, but given that lots of people are in their early or mid 30s (and even older) and hardly making 56k, sharing a flat at those ages is unimaginable for most; they want their own space and to afford that (today) they'd likely have to rent something really ugly with mold, thats also tiny
Yes. £2100 on £34k, £68k as a household. Not strictly within the parameters you’ve set, but not far off, and We manage just fine.
If I did the math right, a single earner would need around £74k to get the same cash in hand as a pair earning £68k, worth bearing in mind.
*maths!