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Thread: Housing - crazy rents in the South

  1. #1
    Senior Member Lighttouch's Avatar
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    Housing - crazy rents in the South

    Well. I think the housing market is broken when a single bed in a kitchen is offered at £400 a month in Kingston Upon Thames. Has the world gone mad!

    http://www.spareroom.co.uk/flatshare...are_id=4053655

  2. #2
    Senior Member AmyS's Avatar
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    Um dare I ask why you are looking at Kingston upon Thames?

    lol - it looks more like a fold up bed than a full single bed.

  3. #3
    Senior Member Lighttouch's Avatar
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    Yes, I'm moving to Surbiton shortly but I'll only be able to live in a cardboard box in the doorway at Tescos . . lol

    My lodgeress pays the same amount and has an ensuite bathroom, an actual bedroom, use of the dining room, lounge and outside space plus storage for her gigantic 'wardrobe'. And it's not breaking her bank.

    I think you get more for your buck North of Watford Gap. So, the wages are higher around London but nobody can afford to live in areas they were brought up in.

    You'll be getting foreign investors 'laundering' criminal money through buying flats at Battersea Power Station - but nobody lives in the flats http://www.rightmove.co.uk/property-...-47233495.html

    So, not enough homes are built and the ones that are built are bought by the Chinese or Russians as an investment,

    Your core workers like nurses, firemen, waitresses can't afford to live local t where they may work.

    The London housing market is so screwed up in my opinion.

  4. #4
    Senior Member AmyS's Avatar
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    My son has bought 2 x one bedroom apartments, did them up and now rents them out - central London (e.g. Paddington).

    The one property after 14 months had gone up 40% in value, the other went up 30% - so from the income from rent - bought his latest property - two bedroom (two en-suites), ground floor with a garden and has a parking space (yep parking space - central London). I'll be going to stay with him and my daughter-in-law in a few weeks time. Really looking forward to it, generally he has a surprise planned for me e.g. the theatre.

    Chuckles - the rental income for his one bedroom flat, where I live you could rent a 5/6 bedroom luxury house, double garage, driveway and still have money left over

    Agree "The London housing market is so screwed up" - absolutely ridiculous prices. Even my son was shocked when he found out how much it had gone up in value (bought it September 2013).

  5. #5
    Senior Member TheFlyingKidney's Avatar
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    (is reddivine, I'm just on Flying Kidenys pc)

    Rents are indeed quite loony. for the record we are looking at 3 beds for @£550 pcm. In Telford. Theres a reason we got trying to find a place in London and its exactly as AmyS says....we can't afford ONE room there!!!!

  6. #6
    Senior Member AmyS's Avatar
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    Reddivine - What is more amazing - people pay the prices - it's like another world. I like my little one bedroom flat where I live - it has all that I need without ridiculous rental prices.

  7. #7
    Senior Member nukecad's Avatar
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    I share a house with two other guys, own bedrooms, share the bathroom and kitchen.

    We pay £60 a week each to the landlord, plus we split the bills, which doesn't sound much until you work it out.

    60x3x52/12 = £780 pcm. Landlords onto a good thing there.

    And thats well 'Up North' in Cumbria, nowhere near London.
    I don't know everything. - But I'm good at searching for, and finding, stuff.

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    Dear Lighttouch

    As the crow flies I live about 5 miles from Surbiton, which I believe is full of one bedroom flats needed to accommodate the numerous students attending the nearby Kingston University. It is a fairly inexpensive area compared to the surrounding areas.

    Here in Epsom at the centre of the London commuter belt, from last weeks local newspaper I could recommend.......

    (a) 4 bedroom detached house with 2 bathrooms and double garage, overlooking the large nature park - £2500 pcm;

    (b) 3 bedroom detached bungalow with ample parking - £1650 pcm;

    (c) 2 bedroom terraced house near Town Centre (hence no free parking available) - £1150 pcm;

    (d) 1 bedroom first floor maisonette - £825 pcm.

    Regarding your comment about properties not selling, since last summer here in my road there has been 5 houses placed on the market. All have sold very rapidly, so money is available for buyers already with a foot on the housing ladder.

    I'm fortunate that I own the freehold of my 3 bedroom semi-detached house in a quiet residential road approx 2 miles from Epsom Town Centre. My parents purchased the property when built in 1938 for £550. Dad had to take out a £500 mortgage paid off over 25 years to complete the purchase. The house was valued earlier this year at £580,000 !!!

    Chris

  9. #9
    Senior Member Lighttouch's Avatar
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    Hello Chris, the housing market is very buoyant. Houses on my street are sold in three months or less.

    It's just the price of housing is going up so quickly I don't know how people can afford to pay back the loans. Luckily, mortgage rates are historically low at say 2% APR - I remember interest rates when they were 15%!

    Unless first time buyers get a helping hand from family it's hard to think how anyone starts home ownership.

    I started out with shared ownership of a two bed flat, sold that myself and my then wife and I bought a run down 2 bed semi-detached bungalow. We stayed there for three years then bought a run down 3 bed detached bungalow.

    The interest only mortgage was manageable but it's when relationships go pear shaped that financial things get interesting. Recession, divorce, high interest rates, nobody buying houses due to job insecurity - frightening! I ended up paying off my wife, taking over the entire cost of the mortgage and taking two lodgers in to keep my head above water.

    Years down the line I'd paid off the mortgage on my own by the time I retired at 54. I reckon people in the South will still be paying their mortgages into their late 60s - good for them - they are welcome!

    To this day I don't know how I did it but it was worth it. The rental on the same bungalow that you mention is £700 more than I'd ask if I were to rent my place out.
    I wonder how big the rooms are - I've a 1000 sq. feet on one level plus outbuildings/garage - I like my space - something of a premium in the South.

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