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TODAY'S OTHER NEWS

Rent ‘eats up a shockingly high proportion of people’s wages’

Tenants are spending an increasing proportion of their earnings on rent, new figures have revealed.

Fresh research undertaken by rentals platform CreditLadder shows that it takes the average person in full-time employment 11 days each month to earn enough money to pay their rent out of their net salary.

It takes an additional two and a half days each month to pay for basics, such as food, transport and energy bills, on top of the rent according to the online platform, which enables tenants to make their rent count towards their credit score.

In Gloucester it takes 13 days, or two days more than the average, to pay the rent, while in Brighton & Hove, Peterborough and Reading, it takes 12 days to pay the rent.

In contrast, it takes just six days to be rent free in Derby, while in Leeds it takes tenants seven days on average to pay off the rent, followed by Bolton, Belfast, Coventry, Doncaster, Manchester, Newcastle and Wolverhampton at eight days.

“It’s clear that rent eats up a shockingly high proportion of people’s wages even though for many renting privately it is the only option,” said Sheraz Dar, CEO of CreditLadder.co.uk.

 “Our research also highlights the big differences in rental affordability up and down the nation which can vary at its most extreme by up to seven days,” Dar added. 

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    or motgages eat up a lot od peoples wages???

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    The difference is though you can sell your property (or properties) and and get your money back from the bank should you want to. Once you've paid the rent its gone.

     
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    When we bought our properties that we now rent, most LLs had to pay every month for at least 25years to but the house.

    So what is the stress - We all have it......It is a fact of life that these dumb, feckless tenants belive it is their right to have everything given to them for nothing and to struggle.

    It is about time they face the reality of life.

     
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    Another pointless research in a name of PR and click bait

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    Which is exactly why youngsters live in a worthless hovel until they get married (or something similar). Once there are two incomes then one goes on buying a decent residence and the other goes on food and ents.

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    I got married in 81, bought an old cottage with no bathroom, toilet or kitchen, we lived in a caravan in the back garden through wind rain and snow, my money went on the renovation works while my wife's money kept us, 18 months down the road we had a nice home and no mortgage or borrowings, how many of the young would take that on today ? That's why their money goes on rent, the pub, eating out and holidays in the sun, their choice .

     
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    • 01 August 2020 15:02 PM

    This idiot at Creditladder is talking twaddle.
    Rent or accommodation costs have always been the major cost.
    It is NOT shockingly high.
    If you import millions of unneeded migrants with no commensurate increase in housing supply it is obvious market rents will increase in high demand areas.

    It is sort of bleedin obvious!!!!!

    Some the comments seem to have an underlying ridiculous socialist mantra that rents should be affordable.

    No they SHOULD NOT.
    The PRS DOESN'T exist to provide affordable accommodation.
    It exists for LL to make as much PROFIT as they can.

    The RIDICULOUS argument that paying rent leaves you without anything is untrue.
    Whilst renting you consume an asset.
    It is irrelevant that you can't afford a mortgage.
    That is not the fault of the LL.

    Paying rent is necessary if you want a place to sleep.
    LL don't provide rental accommodation as some sort of cheap social service.

    The market is as it is.
    LL are unable to influence the market.
    They respond to market conditions.


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    As Paul says, this is a laissez faire economy, and the supply and demand economic system lets the market decide the price. And that is where we are. Full stop.

    Just as it does with every business, and if you cannot afford it, then you live with that and try harder.

    I would love to have a 1928 Blower Bentley in British Racing Green, and the market tells me I can have one......If I pay around £1,300,000 for it!

    Strangely, I cannot afford that! So rather than moan and winge about the price of things, I am forced to downsize my wants and buy something the market tells me I can.

    That is the essence of a free market. And unless you want a Commie system like China, Russia, Cuba etc, then so it will be forever. Get used to it and grow up.

    Of course if the Govt. (all forms of Governments that is) really want to do what they say and build 200,500 affordable houses a year which, if they had done it since 2015, which they promised, then house prices and hence rents would be considerably lower due to the availability of housing stock outstripping demand.

    That then is why as a LL, I am rather obliged to charge what the market demands, as I do not have the necessary documentation, or will to run a charity. If I did, I would have done just that.

    And whilst tte Governments continue to add more and more costs onto landlords, then they are idiots if they believe LLs will suck up the extras.....

    In their infinite idiocy, they think we will. I for one will not, and most LLs will not too.

    So, effectively the Govt. is adding to the increase in rental prices for tenants, and is adding the cost of rental onto tenants. NOT LANDLORDS!!!!!

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    @Barry James

    And every month for 25 years I it is gone too.

    If I can do it and make all the scrifices I have done, then so should these bloodsuckig, thieving, crooks and stealers.

    It is life.

    Suck it up.

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    • 01 August 2020 18:00 PM

    I would add that the supposed 'hostile environment' is nowhere hostile enough.

    If I had my way I would target diverse areas as that is where most of the illegal immigrants reside.

    The fact that most of these illegals are from certain racial groups is irrelevant.


    It make little sense targeting areas where predominately people of white reside compared to people of colour.

    There are estimated to be about 2 million illegal immigrants in the UK.

    Remove those and that would free up a lot of properties.
    Illegal immigrants are keeping rental prices high.

    The UK is struggling with supplying legal occupants with sufficient housing as it is.

    The rental market and OO market is severely distorted by illegal immigrants.
    Ideally they should be found and deported.
    There appears little Govt will to do this.

    I believe that many EU migrants will return to home countries as most of the low wage and low skilled jobs they did have disappeared.

    Wages have increased in former Communist countries to the point that for some of the countries the wages are near UK levels but of course accommodation is far cheaper in these countries.

    I can see there will bee more availability as the migrants return home.

    They will of course retain the right to live and work in the UK but for many it won't be worth it.

    The big problem the UK has is that it has a viable workforce to do these migrant jobs but currently that workforce comprises of feckless welfare scroungers.

    Somehow the Govt needs to find a method to force these scroungers to work irrespective of whether they are better off or not by working.

    Getting feckless welfare scroungers to work is the biggest task that Govt needs to address.

    There are millions of job vacancies that should be filled.
    The workforce is there.
    They just need to be forced to fill all these vacancies.
    It will save taxpayers billions in welfare costs in supporting feckless welfare scroungers.


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    You are right Paul there are jobs, just not the right sort of jobs for the ''entitled generation'' .

     
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    All this goes to prove is that someone furloughed on 70/80% of their earning can, actually, afford to pay their rent. My heart bleeds for those who have to forgo holidays to pay rent
    Not. My former tenants went on holiday 3 times a year and whinged endlessly about rent which was below market rent. Hence, when they kicked off about a small rent increase, they got their marching orders. Prioritise. That's what landlords do and many give up holidays and weekends to earn and deal with crappy tenants.

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