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26 Comments
That would pretty much spell the end of the hospitality industry, or any business that relies on discretionary spending.
Was bound to happen with the exodus of landlords we’re seeing and with a growing population the demand for housing isn’t going down.
There needs to be a massive social housing programme in the UK. However, hand in hand with that need to be changes to make it very easy for councils/HAs to evict those with convictions for any anti-social crimes and make it harder for them to get social housing. In addition to that the working, disabled and retired (downsizing) need to be prioritised. In effect make the system closer to what it was in the post-war years.
Ours just went up by 10%. Tried to negotiate, and the agent was like “well, similar properties in the area are going for £500 more at the moment”, etc. Basically, “consider yourself lucky”.
_Maybe_, the UK’s rapid population growth of over 500,000 per year is not sustainable (driven by net immigration, which reached +700,000 last year).
Our housing and rental market are just completely overwhelmed, and that is pushing up rents and house prices. The population growth we are experiencing is completely unsustainable. The only winners are the rentier landlord class who can charge ever higher rents, and greeey businesses who want to suppress wages e.g. care homes, farms, delivery companies, construction.
Sure why not, squeeeeeeze some more blood out of the stones.
Someone should tell the Bank of England that this is why people keep asking for “above inflation” pay rises.
It’s ‘cos the actual cost of living has been rising faster than inflation for over a decade.
It rose 22% in the last 5 years, thats more than “almost 20%”
Dont understand why people see a headline like this and act like its Labours fault, rents have been surging at this exact rate for decades.
Add the 5% min year on year council tax rise in and there’s not a lot of disposable income left for those already struggling.
It’s total chaos glad am not a renter, thing is people blame landlords but the gov have been screwing them which in turn just screws the renter it’s a crazy loop.
I find it odd how councils aren’t pushing through more housing as it means more council tax revenue. You can have the same population but get substantial more council tax by having that population spread across more units.
We are now in a post-capitalist society. This is no longer capitalism, this is feudalism/rentierism. Meritocracy is over.
Savills warns of rent hikes.
Savills increase rents.
My rent went up 37% in one swoop last year. 20% in five years doesn’t sound as bad.
That’s 3.75% annually, doesn’t seem all that crazy to me?
The short-termism we see in the UK is the reason this is going to get worse and worse. We should be having a 25 year plan or something along those lines that commits to building millions and millions of new properties, preferably high-quality, affordable apartment blocks. At the same time massive buidling of infrastructure to support the new housing which could be used to train a generation of tradesmen and provide jobs.
At the end of the day, people just want a decent place to live, so rather than dreaming of having a three bed semi, people should be taught that quality apartment blocks are the best way to achieve this, considering the UK doesn’t haven’t an almost endless amount of land like the US, China, Australia, etc. Better to build up than out, as long as it’s done to a high standard.
But this is Brexit Britain, so you can forget that. In 25 years, regardless of who is in power, we’ll be having the same conversations only it will be much worse.
Does any remember when they’d be able to save money. What a luxury.
I’m just coming to the end of a 4 year tenancy in a 1 bed flat in Tonbridge, when I moved in I was paying £750, the new tenant, same flat, no changes will be paying £1050
How anyone can afford to live in cities like London, I have no idea. Employers need to expand flexible and remote working so we don’t have dense populations living in unaffordable, poor quality housing where they’re at the mercy of ruthless landlords and unable to save to buy their own home
I seriously don’t understand how you are meant to get on the property ladder nowadays without the bank of mum and dad. Must be horrible having to rent for so long.
The Labour Party is controlled by big business donations, so it is in their interest to keep the paymasters happy by not blaming the banks for this problem. It is so easy to keep simple minded voters on their side by saying it’s landlords that are the problem and then taxing them out of the market. Who are the landlords selling to when they give up their business? It’s not first time buyers, it’s big companies that will, more often than not, just sit on the property for it’s capital growth. I feel totally let down by traditional socialist parties who would have instantly pointed out that the BIG 4 banks, who hold a vast amount of the mortgages on UK properties, profits have grown:
* Three times faster than workers’ incomes
* Twice as fast as profits for all companies
This is the real problem and no-one has the guts to address it.
Everyone just stop rent for a month. It’s the only way to stop this madness. Oh and buy to let mortgages need to foxtrot oscor.
So £1,000 now, would be £1,200 in 2030?
I’d probably be happy with that tbh, I’m expecting 10% growth a year, which would put me around £1,600 in five years.
so first the housing market refuses to collapse and keeps growing exponentially so no one can afford homes
mortgage lenders and banks refuse to give loans out to people paying more in rent then the cost of a mortgage because their “not a safe bet”
and lastly, rent is set to skyrocket….. they really want everyone homeless or begging for council houses?
Of course.this right now? Part of the glory years
In fifteen years… Well, rents will double what they were seven years ago
Rent controls, watch the landlords squirm, and then inevitably acquiesce as people still need houses and landlords still want an income
That’s a cummulative year-on-year rise of 4.7% on average, which is above inflation but less than the current 12-month wage growth figure of 6.9%.