Why Rent In London Is Out Of Control Right Now
Rents in London are at an all-time high. In December 2022, the median asking rent for a two-bedroom flat in London was £2,400 ($2,895) compared to £1,900 ($2,292) before the pandemic. CNBC Make It spoke to two Londoners whose rents increased up to 27%.
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Why Rent In London Is Out Of Control Right Now
I left London (native here) 15 years ago to live abroad - the biggest factor in my decision was the % of my salary I spent on rent. It was a scam then, it's a bigger scam now.
Where did you move to? Asking as a Londoner desperate to get out of this country!
@@natalia3966 Costa Brava, NE Spain
@@tezinho81 wise choice! Good weather and a whole better lifestyle than here. I’m inspired
@@natalia3966 I live in Japan, under 30 mins train ride from Tokyo Station, and my rent and utilities total for a pretty modern 1K (1 bedroom + kitchen), 3 mins walk from the nearest station, is around £600/£650. London is a hideous scam.
london is now full of third world migrants lol crime is high and its a dump
It's not just in London. London, Lisbon , Dublin, Berlin, Amsterdam, Toronto, New York, etc. Basically almost every capital of the developed world have the price of rent out of control.
Not Tokyo.
inflation. rent isn't going up, money is worth less
Developing world too
I just realized that rent in San Diego, is as much as London
Wait until they start doing this to food. They buy all available resources, and then jack up the prices. Unfortunately, we need rent control, and food control.
The biggest scam is paying £1300 pm in rent but not qualifying for £700 mortgage because "you're not earning enough".
There’s a way around that if you have you deposit and know what to do but yeah it’s a joke. Rent going to nothing
I've never heard of any alternatives, I would like to stop paying for my landlords mortgage. @@srdjan277
If you can't cope with a rent increase you won't cope with interest rates tripling.
I’m Canadian 🇨🇦, and albeit the staggering prices are not the same as London, inflation is out of control . My rent for a two bedroom was $1000.00, increased to 1500 last April. When I talked to new tenants, they have the same size place as I do, and they signed their lease for $1850.00 😮. How can one LIVE if all we do is work to pay rent? Governments wonder why people’s mental health is being compromised, why crime is increasing, and homelessness is out of control. This is not sustainable in any country!!
I moved from Melbourne Australia to London and I was shocked at how low the salary is in London. Yet the cost of living is one of the highest in the world.
Yes, rent as high as in Switzerland for example, which is quite expensive, but with half of its salary. As soon as you move to London you’re automatically poorer if you have the same profession (most of the time).
Another major reason is because the government eats so much of your salary in taxes!
Totally agree! I moved from the UK TO Melbourne and could never imagine going back now :( !
Was honestly wondering why people in and around London are unhappy/unable to afford dirt cheap prices for apartments in a major city but this makes sense, if the salaries are significantly lower.
And yet people in London get paid MORE from doing the same jobs than elsewhere in the UK BECAUSE living in that cesspool is so expensive. It just shows what a rip-off London is unless you are really wealthy to begin with.
The biggest part of the scam is that the properties are extremely poorly maintained. Paying 1450 a month for a single bedroom flat in Ealing, with a flat that is falling apart and the agency and offshore landlords do not seem to care - and I've experienced and heard about this time and time again while living here. Agencies and landlords need to understand that part of what I pay for is maintaining the property. Also - if anyone is looking for property, GRILL THE AGENCY for DETAILS. They love being delightfully vague, wherever possible.(EDIT) UPDATE: Gave notice at place, landlord now charging 1600 for same flat. Agency actively lied to people viewing flat when asked about mould problem (I was present)
Glad you said "Scam" and these landlords don't live where they rent either.
Don’t forget to be careful not to get stabbed or robbed as soon as you leave your front door
Leave the property if you think the rent is to high no one is forcing you to live there.
@@paulmessenger9836 my problem isn't the amount, its the lack of maintenance for what I pay. Doing the bare minimum in the country seems to be a struggle, and it's not just my place- it's endemic in London
@@CasterAzucar that's why I left Britain in 2014 and been back once it's not just London let's have it right working tax credits kept wages low ,I live in Adelaide and we are having the same problem but are wages are higher and Adelaide want ,200 thousand more people , china and India are on the move for a better life but things are going to get worse
In the 70s, I had a small bedsit in Albany Street, the eastern boundary of Regent´s Park. My rent was GBP 4.50 a week. Being a professional singer at the time, I only needed to sing at one service at St Paul´s Cathedral to earn the rent. I hate to think what the ratio would be now.
Can confirm the rent is absolutely disgusting in London now. The only way you can survive on an average salary is to rent a room in a shared house but even that is becoming unaffordable.
lived in London for 14 years, owned nothing, moved away, now own my own home, etc, great city but it bleeds you dry and holds you back. it's a trap that you don't see until you leave.
This x57. I left in 2015 (London was my home town). No regrets.
Same here. I left during Brexit. No regrets. Never looked back. My life is better balanced now.
Where did you move to? (Desperate Londoner trying to escape)
@@stevencampbell4088 I moved up north, about 1.15 on the train from Manchester and under an hour from Liverpool, property is way more affordable, cost of living is lower, depends what you’re looking for, but if you’re wanting to be able to afford to live alone or afford things more easily, up north is your best bet or commuter towns to London, but I think even they have become expensive now, have a look at Kent or Essex maybe as they used to be pretty affordable don’t know about now
@@stevencampbell4088 Prague 2.
I've long since been perplexed at how low the salaries are vs how high the rent is in London. As an Engineer, I might be paid £35k in London, but the rent would be £1500, and everything else isn't cheap either. Rents in London are almost as high as New York City, but in New York you'll probably earn at least double the salary as London. It just doesn't make sense, and I question the sanity of anyone who chooses to relocate there.
I'm not from UK but I've had the same reaction when I've been using TikTok and seen ppl who live in London and they always have surprisingly low incomes
@@tpeterson9140 pay in the UK is poor. Software developers get paid 3 or four or even five times more in the US. There also isn’t such a focus on one city so you have more options. Everything isn’t focused on one state in the US, where it’s all about London here.
Spot on
35k after tax is very low. Aim for £60k or £80k
@@KV45355 It's before tax I believe
The poorest I have ever been in my life was when I was studying at university in London. At that time (2005-2009) the minimum wage I was earning was 5.70 and I was paying between 500 and 600 pounds for rent. I remember only working to survive and I was happy when I had enoguh for the basics.
Oh I was in London earning £16,200-18,000 or so (with a nice bonus at Christmas) and it was so nice and easy then despite the travel cost being obscene. You would be incredible shocked when people told you they paid £5 for lager in pretentious bars! Phone bills were insane compared to now and I spent £3,000k on my commute but I lived a great life then.
How did you pay for all your kids clothes and food etc... oh wait...
@@hanselmansell7555 how my aunty all family pay for kids then they even don’t pay rent
my father is Japanese
It is about twice that now.... for the smallest, shoddiest flats.
I personally found that London is also a lonely city to live in. A lot of people are so in their own world it's hard to make connections outside of the work life. Adding on top that it's expensive to do anything there so you become all the more isolated. I was pay check to pay check at one point, so it started to get me down all the more. Im glad I left when I did, and although I wouldn't live in London again I still go as a visitor to enjoy seeing or doing things in the centre. It's a shame really, you could have a good life there if it wasn't owned by the corrupt and foreign property sharks.
BBC Radio London recently had a discussion on the overcrowding living conditions in the Capital, and I have to say that I am shocked at the state we have reached. For instance, I read recently in a newspaper that a Premiership footballer 'shared a bed with four women'. If a rich footballer is living in such cramped conditions then what conditions must the average Londoner be suffering?
@@adamh905That footballer better be good 😂😂😂
After decades of living in and not being able to afford a property I've relocated out of London for good. The rent increases were just too much and I now I'm living in a 2 bed, 2 bathroom large house and a nice area in the midlands for HALF the price of my rent in London. I'm massively grateful for living london, for the friends I made, The career opportunities I've had and the experiences I've had. However, I can now have a life, and a great lifestyle now I no longer live there.
You'll be back!
@@allykhan8594 there is life outside London u kno
@@allykhan8594 Yeah, when he needs his passport renewing.
@@yourma-uh5um haha. Nice one
@@allykhan8594 what is so fantastic about London?
And employers are shocked that there isn't a ready supply of workers in London. They need to offer a wage that, after taxes, can cover the rent.
No - companies must learn that they can also establish themselves outside the capitals. Otherwise it never stops as you keep attracting more people to the same place.
@@thomasmoll8822 Agreed. But for companies to learn this, workers should refuse to work in the capital for any wage that is insufficient to live there.
@@violetamalinkova8840 Companies will not react to these downside as long as they are externalised to the workers. The workers need to pass the costs onto the employer via salary demands. Only then will the rational outcome be achieved
I mean, the price is so high only because people are fine with those prices and keep moving to London. This is a free market.
@@vladyslavmelnychenko7505 yeah and labour is scarce and/or expensive in London for the same reason
As someone currently trying to rent in London, I’ve also noticed that it’s the estate agents running bidding wars for properties. These agents in the video know exactly how desperate we are and are pretending like they don’t get a fat cut of it themselves. After 15 years living in this city it was always normally a first come first serve basis for property. They would hound you to put down a deposit immediately before letting you out of their sight and now all we hear is “submit your bid by 9am tomorrow and we will contact you if you are successful”. This time around I have bid for 8 properties and lost (by a considerable amount) at each and every property. As someone whose industry only exists within the city I can’t just move elsewhere. Like many, I’ve received no wage increase for 2 years now and the cost of living crisis has taken its toll. Now to not be able to afford a property to rent in the city I love and call home, I can’t afford to live here, and barely work here, reasonably anymore.
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs
For me an acceptable level of rent is ZERO. I would rather be homeless than to feed parasites
This actually needs to be talked about more. House viewings are no longer first come first serve. You visit a house up for rent, queue behind a long line of other people, and then you have to put a bid on how much you’re willing to pay, and then describe who you are, what type of person you are, etc. So now, it’s no longer first come first serve-it’s who has the highest bid, and who looks good on paper. It’s nuts. Saying that, I’ve got a lush apartment. Still, not good.
I lived in the UK all my life, (minus 3 years when I lived in Spain) mainly London. Prior to immigrating, I always said that while in the UK, London would be the only place I would choose to live. Since returning from Spain recently, (surprisingly, I have no longer interest in living in London, I am fortunate to own and not have to rent) So I have made a choice to purchase 60 miles outside of the capital . This was based on 3 things: 1- Conforming to a more chilled way of life (after living in spain) and being able to dip in and out of the fast lane by choice. 2- Cheaper property market for equivalent homes 3- The UK's 'ever growing' transport infrastructure - I can get from my base to the capital (60 miles) in 38 mins on the high speed!. But this will not last for long has the developers and government will increase these current property prices knowing this. I agree that London is a great place to live, socialise and is full of career opportunity, but like a job, when you are at the beginning of both your career work life, yes it is attractive and fast paced. But then with maturity and principles changing you end up wanting the opposite of before. Which normally comes down to moving away or back to your roots outside of all this and 'dipping' into it as and when. I also used to rent, but was lucky to get a low mortgage (prior to today's horrendous rents and mortgages) and since repaid it. The government will never subsidise or support renters or homeowners, they are solely in it for themselves. If you look at any new development block of flats etc, 85% of those units will be bought-up by either chinese investors or uk based landlords, and rented out to UK residents at 'greedy' monthly rents. So unfortunately it's a 'loose -loose' situ for renters.
I live in Central London, and my rent went up from £850 a month to £1100 in January 2023. That's around a 25-30% increase. I'm a born and raised Londoner and I love living here, but I'm starting to seriously consider moving outside the UK and into a city with a lower cost of living and higher morale :(
Mine went from £1100 to £1550
It’s the same in Ireland . Dublin has pushed me out now and 40k is poverty
@@sarahmc8309 because your economy is booming , gentrification is happening
Keep positive thinking, you will survive it !
Ok USA rent fur one studio in Clinton MA$1400 a month, in 1-bedroom,$1600 a month, it’s cheaper to live in U.K., USA sucks
The UK dream is to get selected to be on Love Island so you can afford an apartment from all the sponsorships and agencies that will come to you.
Sounds more like a nightmare
That’s not a dream for most people who live in the UK especially as most people who go on Love Island don’t get anything except a few interviews or online backlash
sounds like a black mirror ep
@@jazzyphillip8680 😂😂
speak for yourself mate lol - that ain't no dream of mine!!
One of the main issues with flats in the Uk is also that the quality is crap, but landlords have no interest in fixing them. Mold, creaky floors and stairs, craks, old pipes, old windows...
Lived in London from 1992 to 2010. Was lucky enough to buy a decent property at the time (possibly the best decision of my life). Having spent 11 years overseas, we are back home but, I can't even imagine having to live in London anymore. I still work in London but decided to buy in Penkridge (little village near Stafford). Much better quality of life and a peaceful life. I know living in London is a big pull- it is a fantastic city- but especially for people raising a young family, and if online work allows you, I would recommend exploring other parts of the country.
People are forgetting one thing far too often: It's not just capital cities. Because people are forced out of capital cities, they have to move into surrounding cities. And that causes rent to go up in these places too; for people that can afford it even less. So the many people's solution of just letting these cities get out of control and just move elsewhere is not a real solution. Rents are up all over the place. This trend has only known one direction for the past decade
They’re not forgetting it. They’re deliberately and in bad faith finding justifications why people who don’t want to spend all of their pay on rent are unreasonable, evil people who have unreasonable lifestyle demands and want to ruin the priceless neighbourhood character for giggles.
(To original comment) Although loosely, but this term relates to AIR BNB EFFECT.
Yes this is huge issue. I'm in Devon and we have both the air BnB issue and people moving in from outside. Typically those from the rest of the south can outbid locals when buying and when renting they're on a better footing than locals if they work from home. It's a wave that ripples through the country.
its classic gentrification. unfortunately the total effect of gentrification is general improvement to several areas, so youre not going to find a lot of people who are against the concept.
@@jonathanodude6660 Actually the people that know the examples of other countries think very differently. Look at Singapore for example. The state owns 100% of the properties and there is no capitalist free market in the real estate industry. The result is affordable and modern housing for everyone. And even though the government pays for the maintenance of 100% of the properties as they own all of them, the citizens pay among the lowest taxes among the world. The average citizen has better living conditions than people among the top 10% earners in US. A capitalist free real estate market is a massive burden to any progress regarding gentrification. The fact that it's needed to boost the gentrification is a myth long proven wrong by countries who are doing it right.
As a spouse of a senior IT engineer, I was blown away of how low the salary is in UK. It’s 3x less than in the U.S. So why stay there? Get a job abroad and get paid more and live in the same standard as there if not better and reasonable cost of housing. The UK will lose a lot of good skilled employees if the pay is this low.
but not everyone wants to live in some other random country
As if getting a visa to work in the US is easy lol
@@drinkwater9891 not random country, better country maybe. UK is not the only good country in the world.
cost of living us much higher in the US, especially if you have a family.
The US ie better housing wise but everything else is soo expensive! Groceries is 3x more expensive than UK and they have this annoying tipping culture everywhere you go.
So one thing I thought of when watching this was the fact in the US the vast majority of mortgages are fixed rate and therefore homeowners will always have to pay the same amount every month (of coarse property tax can change at a few percent per year). In the UK many are variable so when the UK raises interest it also raises how much owners need to pay and therefore they how much they need to get from renters. Now don’t get me wrong I’m sure there are bad owners out there who are just trying to drain as much money as possible from renters, but I think a large portion actually need the rent increases to stay afloat. Why does the UK mortgage system have such a high amount of variable rates?
Ding ding ding! 🛎️ one way to pay the mortgage is to raise the rent!
The key to enjoying life in London is being able to afford it.
The London I remember from my teens was comparatively grim, loads of empty ex-industrial buildings, way fewer nice places to eat, lots of stuff closed on Sundays, and a lot of inner suburbs were pretty rough. A night out meant hours on the nightbus to get home or freezing at Waterloo Station waiting for the first train. The plus side was cheaper rent, way more diversity of people, I don't just mean ethnicity, London is still ethnically diverse, but also in terms of income and occupation, and I think a sense of less pressure. Weird things and eccentric people were able to exist and not get wiped out by the pressure of money. I did my degree there starting 2000 and had a massive bedroom over a post office for low rent. There was even an adjoining room which I hardly used. Walking round my neighbourhood was full of surprises and inspiration. I think after the 2008 financial crash people started ploughing loads of money into the new properties because London was a safe bet to invest, this plus the Olympics meant that huge parts of the city were turned into luxury housing. Now the city is a total playground for people who have the cash, as there is so much there to cater for them - shops, cafes, nights out etc. I wanted to move back into C. London for years, but I'm realising that that London I knew is kind of gone now. It's fine, the world changes, it's just different place for a different kind of people.
Squatting used to be huge in London and lots of people who are now established artists- think Grayson Perry etc- started out squatting. It allowed for creativity to flourish in the capital. Now artists, musicians, writers etc can't afford to stay in the capital. It's souless.
@@Rumade yeah totally! I remember Joe Strummer talking about squatting when he started out. Or just staying in areas that were super cheap, that weren't having a fit about how cool they were. Before the Olympics, which we had no need to host, Hackney had the highest number of artists living there in Europe I think.
Totally agree. I moved to London just before the crisis in 2007 and was lucky that I could still see a bit of that. Definitely as the economy bounced back from 2008-09 something started spiralling out of control. So many new developments for rich people of the world, too much and too fast gentrification. Within 2 years a M&S opened in Dalston, and London Fields became trendy and expensive....
Especially the "surprises and inspiration" you mentioned, it's totally gone. It's a massive amusement park or airport lounge. Everything looks the same and is supposed to the be the ultimate fun....it really broke my heart to go
@Katia D there's loads of spaces that appear public now but aren't, like Granary Square just north of King's Cross Station. It's a privately owned plaza so if the security don't like the look of you they can move you along, you can't busk etc.
Living in NYC, these rents don’t seem too bad to me. However, based on what I’ve heard, salaries in London are way less than in NYC for many industries.
Salaries in the UK haven’t been going up for years hence all the nationwide protests.
Yes the US earning power is significantly higher than most places. We don't realize it until we look outside of our country. I'm moving to Austria and while the cost if living is lower, so is income after one has gone through education and training. I'm pretty alarmed at how low mt wife's income is given her experience and education. I earn more than her here in California and I don't have a degree. It's very lopsided
Yeah, I have a friend who went to grad school London. She said that the offers she got after graduating were so low that it made more sense for her to return to her developing country (Mexico) and take a job there instead. I work in tech and you couldn't pay me to move to London given the kind of pay cut I would have to take.
@@sharr630 well, I'm pretty sure I could pay you to move to London, say £200,000,000? I bet that would do it 😂😂😂
Average salary in UK is around £35k, probably $40-45k. Compare house prices and rent to that.
I live in a beautiful part of North Wales after leaving London 18 years ago. I pay £520 a month for a 4 bedroom house. Our household income is just over £78000. I can't believe the amount of money people are willing to pay to live in that city
Oh dear...but it's a bit grim there isn't it?!?
@@mike2561 Yes Mike. Its awful. You should stay away and tell all your friends.
Same. I don't understand why people choose to live in London if they have chance to move. I know some people want to stay for family but otherwise it's just not worth it.
Some landlords are reasonable. We rent a flat in SE London, zone 3, and our rent was increased by 7.7% last July. This was after 2 years with no rent increase. The extra bonus is they allowed us to sign a 2 year contract so that rent is locked in until at least August 2024. Ours is managed by a great agency and the owners are a fairly large company with lots of properties. They sort issues out straight away. We have also lived here for 5 years so I guess they value loyalty too. So there are some good places out there.
"some many things to do" if you have disposable income, with rent and food inflation there is far less to spend
"They sort issues out straight away." It's literally their obligation written down in the contract. They're not doing you a favour. We've just silently accepted that landlords don't care and treat it as a norm
This world has become so unlivable it’s frightening for the future generation 😢
And its only going to get worse. A lot worse. Over populated, too many people and too much automation.
Thats why more and more people getting together, buying up land and try to set up self sufficient comunities. For now it may seem as abit extreme and still rare, but let me tell you,in few more years you wont be able to survive in cities and those still living in the cities will be seen as some kind of nutcases.
Scared for MY generation first not to talk of future....that's if there'll be a "future" with the way things are going now!
@@simoneaustin8076 Modern day capitalism gone way to far. The rich are getting richer without even trying. Most of the worlds wealth is locked up in banks.
@@noire9601 Double wammy. The rich elite are taking more wealth out of the system. And because of their greedy ways they are wrecking the planet. You may have noticed, the planet is showing its anger. The planet will always survive. Man will not.
Rent is out of control everywhere. The problem with capitalism is that everything goes up EXCEPT for wages.
need more unionization
The cities have also increased property and waste taxes for landlords
@@michaelsmith953 it won't solve the problem.
Its not just capitalism. Restrictive zoning laws are causing a supply issue. In my area, building code only allows large homes and lots. Thus, new houses cost 300k minimum. Only a minority here can afford them. You could petition change but existing homeowners like seeing their home's value go up. They don't realize that a primary home is not an investment unlike a second home or a rental. So yeah, capitalism maximizes profit but its being enabled by laws supported by ignorant, greedy voters.
@Sam Choi why build more cheap housing when you can build less expensive housing
Living in capital cities is a nightmare, I moved to a city located 1h by train from the capital. In that 2nd tier city, the prices have barely changed. I bought 2 apartments in the same neighborhood there for a fraction of the price in the capital. Even my 2 apartments combined couldn't even pay for a low quality flat in the capital. Secondly, I work remotely most of the time anyway, I could be in Thailand and most people wouldn't even notice.
$2900 a month, that's a 500 square foot studio in Downtown San Diego, a 2 bedroom is around $5500 down here and you have to make 3X a month that amount to even be considered for renting
One day soon, it’s all crashing with long tears pain 2030 - 2035 is going to be harsh 🔥
lmao, $$2900 a month for $500 sq ft condo??,for $2900, you can get a 1500 sq ft condo in Florida just a mile from the ocean, come to Florida and get out of San Diego, no state income tax here and warmer ocean
Absolutely unbelievable, even a 10% rise in rent annually is difficult for most people.
10% rent rise but landlord mortgages have tripled in the last 12months. Lets not forget this is all down to UKs support for the war in Ukraine
Go back stay with your parents or save more..
@@JGrant60 -but for that people should not have voted for such a party henceforth people should be careful when voting
@@arpanmadrecha3013 Unfortunately every party will support the war because the EU is Bidens puppet - failed society
@@dpcater That's the point, bucko.
My landlord tried to raise the rent for a 3 bed house share from 1800 to 2600 whilst ignoring complaints about mould. The rent is rising but the wages aren’t raising at the same rate, they are pushing out all lower income people or forcing us into more cramped house shares to be able to stay in the city
£1800 for a house share?? Wow. I pay £800 a month in rent in the centre of Birmingham I can’t even imagine paying that much just on rent.
2600.00 for a house? Come to Chicago. That number will be doubled.
I pay £344 a month for a 3 bedroom modern house lol. 😂😉🏡
hmm. What's your postcode so we can see if you're in one of the areas experiencing rapid gentrification. I bet there's somewhere at your old rent within 3 miles of where you currently live, because London is all about microcultures.
I'll give you a 4 bed in Chingford/South Woodford for £1800
Very informative Thanks for sharing God bless
In Toronto the average rent for a purpose built rental just surpassed $3,000 CDN per month as stated in the Toronto Star last week. When I moved here in the 80s a young person could survive and even live on their own but now that is not the case unless a high paying job exists. The reasons being supply not meeting demand, outdated zoning laws and a slow down in building new properties of any sort. We have some conditional rent control but reno-eviction definitely exists here.
room so small the door doesn't fully open before hitting the bed frame - Legendary things that only happen in London. In France there is actually a law and a minimum surface for something you can rent. some landlord manage to rent unlawful places to migrants but when they get busted they get busted hard.
What most amazes me is how over the years people have passively accepted the increasing squeezing of their incomes.
they keep throwing distractions at us.i believe the smartphone and tech in general is a problem. people have become passive and docile. sedated by pleasure and convenience. addicted to their devices. they go through life in a trance-like state, hardly noticing anything, especially the erosion of their rights, liberties and dignity. it's a sad state of affairs because I also see so much good in people. so much potential. hopefully some sort of rude awakening may wake the people from their slumber. otherwise the future looks grim.
Because London is supposed to be the coolest place on earth and it's really, really difficult to admit it isn't. So you just keep going with its difficulties and are somehow grateful for being there (ex Londoner here)
I personally agree with you on that.
@@johngower2208 since you seem to have it all figured out John, what exactly do you propose people do to escape from these trance-like states? and if they are fortunate enough to escape, how does the average Joe drive down these prices?
@@mtreezee2072 driving down prices will require a complete upheaval of the current system. fundamental changes need to be made. for example, how is it acceptable that a super rich Saudi prince and can purchase a flat in a new build in Vauxhall for a ridiculously inflated price and never even live there and it remains empty for a year. and then he sells it off a year later when the price increases. the average Londoner pays the price as their landlord or agency decides to up rent prices because the market price has gone up. time to stamp out this behaviour but the system is very corrupt and politicians are exactly people of high moral standing. as far as the trance-like states are concerned, how about leaving the smartphone at home. carry an old phone if you need to. smartphones weren't around 40 years ago and we got by just fine. its clear the powers that be are using the smartphones to control people (you can't go in an amazon fresh store without the app). what better way to take back power by not using it so much
We are stuck in the cycle of paying rent as a family of 3 in London, zone three. With the current cost of living crises it seems we will NEVER own our own patch of land because saving anything is just impossible. We also live frugally and take inexpensive day trips across the city for entertainment. Soon however, we will be forced to leave the city we love because of no rent control.
Interest rate going up, and for landlord tax are paid for the full rental income regardless of the huge mortgage interest.
Portuguese here living in Dublin for 8 years. When I came to Dublin I used to mention to my Irish colleagues "salaries in Lisbon are lower but at least property is cheap...". Long gone are those days. Dublin and Lisbon are pretty much on par in regards to housing costs. So it is a common problem, not only for London.
The issue in Lisbon is dramatic, because the salaries here are really miserable
@@leonelkalupeteka4912 hope you feel more welcome in Ireland than we did in Lisbon for 4 years. Never knew how racist the Portuguese are. Dont like foreigners there one bit. In Ireland total opposite. We fall over everyone.
@@Prodrive1 I have been very well welcomed in Ireland. I am black and have experienced only 2 episodes of racism, 1 from young teens at Dublin City centre (I think people call them nuckers???) and another from an older man close to where I live in Sutton area. Other than that, I can only say great things about Irish people. My children are mixed and so far none of them has ever complained about racism. I believe what happens in Portugal is different from Ireland. In Portugal l, usually foreigners from Europe or USA living there are having the best live while portuguese people struggle with low salaries. This creates resentment as people feel only foreigners ate enjoying their own countries.
@@leonelkalupeteka4912 do those foreigners work there or are they pensioners? if they work there, why can;t the portuguese have those jobs?
@@Blackadder75 They work remotely for their companies in America. It's not easy for portuguese to find those jobs.
Moved to London in 2008, 8 people for 1 bathroom was a norm, but rooms were maybe £200-300pm. By the time I moved out in 2016, even smaller rooms were £550. Moved to Manchester 1 year later and finally was able to rent my own studio flat for £400- finally no sharing and a great location! Left the UK to work abroad in 2018 and looking at these attrocious prices and challenges to even find something, not coming back anytime soon 😑
If we’re not careful Manchester will become like London. An expensive stabby shithole
@@ManchesterBlue1894 yeah totally right
@Marta Sch Are you spanish?
I moved to London in 2008 and never remember the rent being that cheap, even in large houseshares.
after speaking to a Bradford girl on my flight back to the UK she was telling me she is living in Manchester but may have to move home due to rents going through the roof there, this was in March 2023, and I have seen a few videos also mentioning how bad Manchester is getting.
It's not just London, I've been living in Manchester for 10 years and this had become ridiculous. I'm leaving the UK next summer...
I think problem UK facing currently is also showing the direction been taking for last decade’s country was on… from manufacturing superpower to more service orientated economy which had long term effects on countries wealth security and prosperity
Needless to say that we're facing a similar situation over here in the Netherlands. As a result from all the protests and media attention, steps are taken by our government, such as a points system for properties, a rent increase limit and fiscal changes for landlords.
The government doesn't care about us. It's obvious. Now what?
Dont lie. Absolutely nothing is happening in the Netherlands to combat that problem.
Bandaids, the real cost driver is population. All capping prices will do is cause more people to just have empty property and to stop developers building as they know they'll not make their money back.
@@semaph0re That's utter nonsense.
@@in3x The growing demand is the main driver of our housing crisis, can't disagree with that one.
So I watched the video about rent in New York and there was this woman who said she had no choice but leaving to go to...London because life or rent would be cheaper, oh well 🥲 This global cost of living crisis is INSANE!
Exactly! I was thinking of that video when I saw this posted. And I was in support of the decision, but now, I have different thoughts. It’s pretty bad everywhere now!
@Sarah G. It's like the world has become an exclusive place for the super wealthy, I just don't get it!
Might as well sign a contract without an exit clause to work and live on private land as serfs. At least we'd have stability (sarcasm).
@@talitam.8414You still don't get it? WEF? 🤦
@@talitam.8414 You are still young. This is how it should be and how it has always been. There are ups and downs within economies, ask your grandpa, I'm sure he will enlighten you
What did NOT help in fact CONTRIBUTED to rent increase was when foreign investors were allowed to buy UK property. The vast majority of EU countries will not allow outside nationals buying BULK amounts of properties...
We left London 3 years ago and moved to sunny Spain. We have no regret at all! The flat where we live now has 2 big bedrooms and it's €660, 3 mins walking distance to the beach. 🏖 🏝 London is a fantastic city but not for living for sure!!
You come from UK If you get paid 1000E ,600E for House is very expensive too I use to live 7 years in London and i'm Ok in Madrid but I know if I couldnt emigrate i Will be poor Here
@@S.Lanap63 Luckily we work hard and we earn more than 1000 euro a month and our lifestyle is not luxury so we are very happy than living in Ldn for sure.
I had to leave London for this exact reason back in 2015 where a ROOM at almost £1000 a month was the norm....I first moved here in 1998 and it was affordable and fun - and I wanted to live here the rest of my life...pushing people out who earn decent money is destroying the city.
I rented in London until about 15 years ago. Today it would be impossible on my wages. It isn't just rent which has gone up it is also public transport, utilities and council tax. Either wages have to go up a lot or a bad recession pushes down rents and house prices. It is now a major crisis
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs
@Marvin66 You are correct but obviously some people are paying up or they wouldn't be able to charge these prices. It's a nasty cycle propagated by corporations, government and landlords in collusion.
@@Marvin-dg8vj …how ‘bout that coronation bill the tax payers are forced to pay? Must Love that!
I often tell people that, back in 2009 I was living in SE London and sharing with two friends, a 3-bed flat for £900pm. It wasn't a huge flat but had a large living room and all the rooms were doubles. Now, I'm just moving into a place where I'll be paying £800 for a double room. I don't think I want to spend one more year in London even though I've been here most of my life (apart from a few years back home in Guyana when I was a toddler). The rents are crazy, and some of the supermarket chains are on a price-hike bender at the moment.
living in Lodnon is like backpacking. Its good when you are young for a couple of years, to meet people and experience the good points, but after that i really cant see why poeple want to stay long term. You can live close to visit often but live in a safe affordable place. the reality is when you have more disposable income you can plan for better future for you and your family and actually do more ti give yourself a better quality of life. Everyone i know has been a victim of crime who lives in London. They accept it as normal. Its bizarre to me
Wow, I don’t know anyone who feels unsafe in London. Everyone I know says how much safer it feels compared to any town or city in England. So much anti social behaviour outside London. So much safer nowadays compared to a couple of decades ago. Even rich people move to the most violent areas of hackney, Brixton , Peckham, and still feel incredibly safe. I’m always more alert in European cities for pickpocketing……I think it’s the new generation of high anxiety KZhead geeks who watch too much news
Back in 1990 an engineer from London told me that people were commuting for their daily work in London even from places as far as Nottingham .
Core workers are commuting increasingly long distances. These are people who do awkward shifts - early starts/late finishes. One of the contributing factors towards our broken public services is the lack of housing for key workers.
I've considered moving out of London before because of the cost of renting a place. The most recent 'spanner' in the works has now given me renewed resolve to get out of here within a year. The estate agents just came to all of us in the flat and has given us an ultimatum - Take a place at an alternative accommodation at a higher price (but with smaller rooms); I suppose they didn't have to give us first choice on the new place, or move out in 2 months. I've had enough of this. It was hurting a few years back but now it's just painful; There's this long-term low level anxiety that I feel over the thought of these increases and finding it more and more difficult to find a place where I have enough space to live comfortably. Even people I worked with recently who come in to london to do construction work from other areas in the uk have told me that I'm crazy to still live in london given that the cost of my room is greater than say, half the price of a 1 bed flat elsewhere far from the Capital. The only thing keeping me here was work. I don't have anything keeping me here except that. There is a bit of a fear factor though.
There’s a huge problem with ghost towers in London. The most profitable thing for builders to do is to sell flats off to foreign investors as purely speculative investments. Often selling a whole block of flats before construction has started. The rate of increase in the value of property has historically been multiple times higher than the money that would be gained from rent - so why risk renting them out. My flat in central London overlooked a new build with 8 huge 3-bedroom flats. Each would have held 4 of the 2-bed flat I was living. One was occupied the whole time I was there of the other 7 I only once saw one man staying in one of the other flats for 3 weeks during the year I lived there. I passed over new build towers including those 20-30 stories high where you could tell they were almost all empty looking at the lights in the windows at night. Flats are getting built they just aren’t getting used as housing. UK property is well known to be the easiest way to launder money in the world. Others have mentioned AirBnB: another case of housing not being used for people to permanently live in.
money corrupts. very few benefit. the majority suffer.
That's the problem when a country heavily invests in one city, demand of people wanting to live there outstrips supply.
@@dpcater This is because historically London got more share of the investment so it leads the economy UK economy now.
@@dpcater and during the industrial revolution the Northern towns with the mills and factories were contributing more than London .... The industrial revolution helped Britain become a commercial nation, far more GDP was generated outside of London.
@@dpcater You are the one who said London generated more so it should get more. I was simply giving you an example of a time when this wasn't the case. The Industrial revolution is hardly comparable to mining. There are also other factors which London gets more investment because the central government is based there, and the UK spending is very centralised. The UK is suffering from productivity issues as the rest of the UK does not get enough investment. Keep going the way it is and the UK will become more divided, why do you think some people voted for Brexit. Also all this investment is really helping ordinary Londoners who can't afford to buy or rent.
@@dpcater London didn't generate more and did get more... That's how London centralised government funding works...
Geographic dutch disease
I live in the US rural Ga. Our rent went from 765.00 to 1125.00. We’re expecting an increase this autumn that’ll take place first of the year
I lived in London with my partner for 5 years and on the same day our landlord proposed a 36% increase to our rent, we handed in our notice and moved to Milton Keynes. Still work in London and only need to be there 3x a week, but moving out and to somewhere else with better value was a good call
London !?
I know a friend she lives at a block of flats where she pays £1600 pcm but the flat next to her is social housing its exact same flat and that lady pays £525 pcm There should be rule that private rent should only be double the rent of social housing not 3 or some cases 4 times the social housing rent My friend is considering quiting her job just to go on benefits to get herself a social housing property This is a vicious circle no control is putting the country in
Moved away in 2019. Best decision I've made. It was fun for a bit, but not a place to call home.
And where do you live now?
What about people like myself who have their whole life in London. Born and bred, all my family is here. This is my home. Unfortunately , it just got out of control. All new developments made are for wealthy foreign investors looking to add to their portfolio.
Can’t stand London, can’t wait to leave every time I visit . Happy living in Valencia region , Spain.
@@dpcater Lol "work harder", nice joke
@@amasim86 you can make a home in another city if you can’t afford to live in London. Becoming attached to a location is what causes people to remain in unfulfilling and unsatisfying situations. Relocation is possible
I am a FATHER and "I MATTER" ITS TIME TO SAVE OUR NATION REFORM UK The people are now, more than ever becoming aware that REFORM UK is the best choice for our nation. They have constantly been giving us sound advice now for many years in relation to a multitude of issues relating to immigration, migrant crisis, current economic issues and sclerotic mindset of our politicians and was always shut down and silenced. REFORM UK have been the voice of reason for many years and no one listened, well the people are listening now. We can only hope Nigel Richard and REFORM UK continue to be tenacious and we, the hard working people of the UK stand and be counted and we may just see a time, once again, where are children feel safe, our communities are cohesive and our great British values are never again pushed so far from us that our very identity is eroded beyond recognition. VOTE REFORM and show the current Conservative and Labour leaders that, WE the people have a voice and it is our,,,,, voice collectively that is the only voice that matters. Stand and be counted if you matter VOTE REFORM UK.
I'll be voting for Reform. A lot of people will. Britain for the British.
Im a surveyor from Lancashire, I recently worked in London, the standard of the housing in some areas is bad at best, I was appalled at the rent prices for housing with crumbling brickwork, single glazed wooden windows, dry rot, wet rot, you name it, it had it. Most of those people are on some kind of credit but its the tax payer who foot the bill, the landlords are creaming it in . You now have cities further north where rents are creeping up, especially trendy Manchester, so locals are now moving out of Manchester to cheaper Lancashire, those prices will eventually go up too, its a nightmare of any young couple without the help of parents chipping in or parents passing away. I make a very good wage for the north, I couldnt afford to live in London though even with a 50% pay rise, which incidently I was offered by a London company, the figures just do not add up, London and the south east are pricing themselves out of the market even for professional people
Video titled: 'Why rent is out of control in London' Mentions multiple times that supply and demand are out of sync as a reason. Does not even ATTEMPT to explain why supply and demand are out of sync. Great video CNBC you really did a great job explaining the issue
If you take a group of people [locals] who you won't allow to purchase then you will get a shortage.
It amazes me greatly the way I move from an average lifestyle to earning over 63k per month, utter shock is the word. I have understood a lot in the past few years to doubt that oppor-tunities abound in the financial markets, The only thing is to know where to focus....Thanks so much Rodger Michael Karl.
I agree, a huge part of my portfolio growth has come during this bear market. I've been able to scale from 63K to 210K in a short period of time. I basically was just following the steps and guideline from Rodger Michael Karl who is also my FA as long as you've professional help, you're good to go.
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HAHA, shut up advertising rubbish
We’re feeling this in the USA as well! Here in Oregon, rent went up in 2022, 8.9% and this year (2023), it’s going up another 14.9%
They forgot to mention the Airbnb issue in big cities , which take off long term rental appartment.
Immigration also not mentioned.
I know. I’ve been kicked out of my flat in Covent Garden. It was the last one in the small building that wasn’t yet a holiday rental… Well, it is now! Now I have to pay more in rent, and buy a monthly travel card from zone 3. It’s all about greed.
@@semaph0re immigration is the number one issue
I’ve lived in a shared house in London for 3 years and now moving out due to rent increases. Luckily my work will allow WFH anywhere in the country which is lucky compared to others. Problem is that even if you move out season ticket costs are a nightmare also.
If you can WFH it’s crazy to stay in London. Sure, it’s nice to go to boutique coffee shops and burger restaurants and theatres, but you can always visit and it’s surely not worth paying another £10k a year (or more) just for niceties.
What's a season ticket?
@@sandworm9528train subscription for your commute for the year.
Train tickets that you buy for a whole season I.e. year
@@PotatoPirate123 - Its not like there aren't other places in the UK with lots of coffee shops, burger restaurants and theatres though is it. Live in York and you've got it all, plus Harrogate 30 minutes away. Full of prosperity and quirky areas with independent shops, much better quality of life.
You know why properties are going up in rent? It’s because with the costs raising on everything and the fact that during the pandemic tenants stopped paying rent how are landlords going to be able to afford to pay the mortgages?
I would think that renters massively lobbying their MPs and representatives on local councils might be able to see legislation passed that limits rent increases to no more than the rate of inflation or bank interest rates, whichever is greater. The rate of inflation will be greater, but that will still be WAY less than the percentage increases these landlords are demanding. They can't blame their demands on their costs, since the bank interest rates on their mortgages will be lower tha the rate of inflation.
My rent increased 15% this year in Dallas, Texas
Tokyo went from the most expensive city in the world, to one of the most affordable by incentivizing one thing: Building more housing Japan made it easier to build homes by nationalizing zoning restrictions. This allowed them to apply strict safety codes across the whole country, while disallowing local bodies from restricting housing. It also made building much easier, as it the zoning and approval process was the same across the country. Everyone wants their property to go up in value, so they fight other developments in the area. This leads to artificial restrictions in housing supply, and thus artificially high prices. Local property owners should not be allowed to control how land they do not own is used
I think the state should build apartment complexes, that way they would control the rent price instead of greedy landlords, because Suburban Houses are problematic, they need too much space and eventually the cost would go up, as land would become scarce and You shouldn't be able to legally own multiple Houses, that is also driving the price artificially up
Bingo!!! Yet not a politician in sight willing say it.
The UK has had restrictive land use regulations for less than a century. As late as the 1950s, you could build practically whatever you wished on the land you owned.
Everything you said about nationalising zoning regulations is valid, and every developed Western country has a big problem with professional landlords blocking new developments by lobbying local government. This has happened in New Zealand for example where large swathes of suburb close to the city centre in the capital of Wellington have been designated as 'protected historic buildings' to block new mid-density developments, at the behest of local property investors. It is worth mentioning also that Japan has a shrinking population and very strict immigration controls. Easier to build enough housing to house everyone when you're not importing hundreds of thousands of people year-on-year
Japan also pay people to move out of cities and live in rural areas and reinvigorate towns that have lost lots of their populations to cities.
This tenant pays for an accommodation service. It is none of his business what the LL might do with the rental income. He might use some or all of it to service finance conmitments of the property or he might not! The LL is ENTITLED to spend the rental income on what he wants. He might CHOOSE to spend it all on wine; women and song and waste the rest! It is entirely the prerogative of of the LL as to what he does with the rental income for the accommodation service he provides. We hear it time and time agsin from whingeing tenants that they are paying the LL mortgage. Even if they are it is totally irrelevant. The tenant is paying for an accommodation service It is IRRELEVANT how that service is being provisioned.
Well, that happens anywhere in the world. Rental Business is where owners get their needs as a source of income. This should not be a charity for some reasons that the landlord's own family will suffer in the long run because of the inflation happening around the world. Here in Asia is also like that anyway.
I just been served a section 21 eviction notice. Without even discussing the possibility of rent increase. Landlord just wanted to sell the property probably due to increase in his BTL mortgage
gg
Sorry to hear! I’ve been in that situation. Hope you quickly find something better and reasonably priced ❤💪🏻
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs
I like how my man says that transportation in london has improved and yet underground is always delayed and if you live south of the river you literally have little to no connections apart from rail. And in some places overground
Exactly. I live in the Kingston upon Thames area, and as you state, no underground. The rail is mainly for commuting into London, leaving a bus service for North-South journeys.
Rail is much faster than tube. Think about, you can live in zone 6, for example orpington, and you get a direct train to london bridge that takes less than 30 mins non-stop. Much quicker than a tube stopping every minute.
It ain’t just London. People across the UK are struggling financially because of Rent increase and I say this as a Londoner myself.
I was shocked at how dirty and unfriendly London is. I didn't expect to see the capital of Great Britain like this 😢 We live near Manchester, it's a completely different atmosphere here. Clean streets, friendly people, sufficient choice of houses for rent. And rent prices in London look absolutely unacceptable 😮 when you know how much it must cost.
To the lady from the real estate agency: landlords are definitely driving the increase!!! They are taking advantage that the mortgage rates are up and they're putting the rent prices up as well. Are all London landlords remortgaging this year? This is ridiculous, an absolute shitshow. I had the worst 3 months of my life trying to find a flat in the winter of 2022. I blame the government who doesn't take care of its people.
Londoner here, I left over 12 years ago, just after Uni. I lived across Europe, now in Canada. It’s a shame that there are no regulations regarding rent increases.
As a property owner I understand all this rent increses. I decided to sell my house and move abroad simply because after recent interest rate increase, my mortgage monthly payment would have gone up by £550 (from £1,300 to £1,850). So imagine a landlord who has more mortgage to pay and his interest can easily increase by £1k/month, he then have to increase it to his tenants, otherwise he would not have anough £ to pay it to mortgage provider
@@hamza6981 well a property is an investment and all investments carry a level of risk that should have anticipated before forking out the money on a second mortgage. Not just transferring the burden on to his tenants who need a roof over their heads?
Isn't Canada major cities known to be even worse in terms of affordability?
@@minimoman432 No - that is not how it works. It is supply and demand and if the cost to supply increases for everyone then the rent goes up. Grow up.
@@minimoman432 but how is that need of a roof over somebody's head is landlords problem? That's a business, not a charity, is it?
I love living in London but I’m considering leaving because living costs are insane.
The salaries in Britain are incredibly too low compared to Australia especially. You can hardly survive on 1 income really. 😢
Seems like low salaries are part of the problem. When I first visited London back in 2006, I thought the potential salary there was great. I was in my teens and saw an ad on the Hop-On, Hop-Off bus that said, "Drive this bus for £26.80/hour." The pound was really strong against the dollar back then ($2/£1) and I was like, "wow, $80K/year to drive the bus!" (I'm American so I was assuming that there is a 40-hour workweek). But lately I've noticed that the salaries are extremely low in London. I saw an article about nurses earning an average salary of £40K/year and then someone in the comments said that he could expect to earn £35K (per year I'm assuming) as an engineer. I love London (its history, heritage and beauty) but I would only move there if I was employed by a US firm and could work from home in or near London. I've been fortunate enough to visit yearly and (side-story) after telling an airport security worker that we like to get out of the hot California weather, he replied "and you prefer this?!" as he glanced over to the gloomy London skies lol
Nowhere a bus driver gets 26£ hr today let alone in 06. u probably saw 26k a year which was ok then.
some bus drivers now make billions 😅 of irani riyals per year (2.5 billion riyals at 45k salary)
No wages were not at all this then. It would have been £6.80 an hour.
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs
Thing is in the USA you have to pay for all that healthcare which will make your salary lower as well
I remember the days of the council estates and genuinely cheap rents and the councils still use to struggle to find tenants with nearly a quarter of some estates empty.....in London🤔.
Over population by illegal immigrants
That was until mass immigration escalated
@@wulfsorenson8859 ....up until the late 90s early 00s.
7:32 one bedroom apartments being advertised for two people for having bunk beds and with washing machine in the living room beside their dinner table for 2000 euros (?) 1:37 27% rent increase in a year (?) That's insane and deplorable that the government isn't intervening. Where I live salaries are remaining stagnant for years and barely get adjusted to inflation. No wonder so many people are struggling to even afford to live alone anymore.
As a realtor in my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.
thank you for this tip , I must say, Margaret appears to be quite knowledgeable. After coming across her online page, I thoroughly went through her resume, educational background, and qualifications, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
Rent price increases across the world. Crazy here in Nigeria
People moan about London. I’m a British citizen living in Lisbon, Portugal. Average salary is €1,000 and to rent a 2 bed flat is €1,500
I am in Lisbon this week and it’s not that cheap at all! The only thing is good here, a better tax scheme for us foreigners, but used to be much much better when Casino & Estril Palace was ruling and then all moved to Monaco.
@@victorias2399 How long have you been living here? I could so easily live here but thanks to Brexit it’s not so straightforward. I have rental commercials in the UK so I have passive income, but you need to sign a 1 year lease to obtain a D7 visa.
@@carlyndolphin if you get an invitation letter you don't need a lease. Info from VFS Global
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs.
The UK has a major lack of rent regulations surrounding many areas compared the US and Australia. I think it is a lot worse for a tenant in the UK than in the US and Australia, when it comes property disrepair and landlords not registering their property with council planning or with the Royal Mail to avoid income tax, which just makes it worse for tenants. Rents are more expensive in London compared to Sydney and New York when you do the currency conversion.
My rent went up 17%, I tried to fight back, got hit by an eviction notice. Landlord didn't do any maintenance at all during two years. The balance of power is way too much in favor of landlords right now.
Buy a place of your own then? Or move somewhere cheaper
Thanks for your contribution ! How come I didn't think about it before ? @@manjeetgill1
I know exactly-landlords that have gotten out of the game due to how much power renters have. This puts even more stress on renters.
Ex-Londoner here (since August 2022). Used to pay 2 grand a month for a 2 bed flat right next door to a pub (albeit fairly quiet pub). Moved to Northern Ireland and my rent is now 850, for a 5 bedroom house with 3 living rooms. Caveat: The energy bills are much higher here, but I don't pay council tax, and the water is nationalized. That being said I do find there is significantly less stuff to do on weekends, and my part time job requires me to travel to England quite frequently. In all honesty if I could find a way to afford moving back to London I definitely would but the gov has no incentive to intervene. Those rent prices are chump change to Rishi!
Why didn't you try Manchester, Leeds etc.? Ok, more expensive than Northern Irealand but still a lot more affordable than London and plenty to do.
@@rumcajs009 Family in NI
In Montréal (Province of Québec, Canada), Inflation has been harder on futur house buyers than on renters. Here we have a government watchdog that has final say in rent hikes. A landlord cannot impose a 10% or 15% or more without serious invesments in the building. The increase is usually in the range of 2-3% a year ...maximum.
its a good way to stop high rent increases- but dontforget, Montreal want more renters & public transportation... not future home owners & car drivers... so you chose your medicine
Which I think is a great thing. It discourages speculation with living space, which is the root of all these issues.
actually that sort of regulation keeps people from building more rental buildings and makes rental apartments even more scarce and hard to come by
@@animalsarebeautifulpeople3094 Correct, price control always ends in scarcity and higher prices, but it takes at least two working neurons in a person's brain to understand that.
It also helps that you're an NHL all star, Patrice. 😂😂🤣🤣
We in Toronto have been facing the same situation
Blame the WEF. Trudeau and Sunak are both in on this scam.
Rents may have gone up by 25%, but this video fails to look at the situation from the landlords perspective. With interest rates as high as they are currently, a landlord might be paying a 300% increase in their mortgages... and they subsequently need to pass on a portions of this increased cost to the tenants. They're running a business at the end of the day - not a charity.
Lived in London 21 years.. loved it but it's a mug's game.. wasn't able to save any money .. moved up North and my salary is good and my rent for a 2 bed terrace house is £395 .. I'm able to save for a mortgage now and will be buying a flat in Newcastle later this year.. my brother still lives in London and I'm trying to get him to think about it not being the centre of the universe
Fantastic to hear. I may follow!
If you can buy a house do that. You will will be lumbered with a service charge on top of council tax.
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs
Sometimes is not just the landlord but the agencies, that tell the landlord how much they should increase in terms of the area, or what the average rent price of their property should go, so the problem starts there. We often believe the landlords are the worst in this conflict, but the agencies are incredibly cunning with the tenants, I had the same issue where the landlord had nothing to do, and the agency was being more complicated over and over to even negotiate.
That's what happened with me. I paid £1800 for a 2 bed flat and the agency (not the landlord) increased the rent to £2300, that was last year. Now it's £2600. Madness
@@__-gn3tp Either greedy landlord or agency. Either or both is making big profit from each rental.
Incorrect. Tenants have been competing against each other - it is always demand that drives any market and market prices always reflect it.
Please tell your compatriots that Chinese immigrants, especially Chinese political asylum smugglers, are Trojan horses planted by the Communist Party in the democratic world. They will carry out suicide attacks in your country in the future. They all know how to make suicide attack weapons and how to Carry out suicide terrorist attacks because they find out that they are ultimately dictator slave owners and slaves, genetically unable to integrate into the democratic world, please don't forget the human disasters and social disasters they have caused you in the past with their bottomless morality and beliefs
@@notimetodienttd1115 interest rates have gone through the roof, tripling monthly costs in some cases
This made me sad but people needs to understand…. It’s demand and supply! There are so many renters in big cities like London, New York, California etc because everyone wanna be there. These aren’t cities to settle down to but to come hussle and leave. Do not stay there permanently! You pay less, have more space, and better quality of life if you move to less expensive cities. I am a landlord in US, the cost of owning a house kept growing. Increases property taxes, home insurance, HOA all increased dramatically. How do you expect landlords are going to deal with this increase? Increase the rent ofcourse It’s a business not a charity organization, the cost will always be passed down to the renter. The same government asking landlords to reduce rent are the ones increasing the property taxes. This year mine went up 18%. Yes I agree greedy landlords who jack up the rent unnecessarily are a problem. But majority of the time, rent increases is due to increased cost.
This is a great video that brings real-world people commentary, instead of speculating talking heads like in the U.S. Although; I have learned a lot about the housing crisis, and it seems to be a global phenomenon that has many more nuanced issues at play. I feel like this video only covers the surface and doesn't go as far as discussing what has caused the housing shortage - which I suspect has to do moreso with investors buying up the availability and hyperinflating the prices hoping to make huge returns on their investments in a short period of time. I believe the investors being involved creates an "artificial" housing shortage, since investors are not permanent residents of their properties. Additionally, there are many more individuals that are jumping on the AirBnB bandwagon and turning larger profits than long-term renters with none of the regulations of a long-term rental unit.
Now? Rents in London have been obscenely high for many years.
Lived in London my whole life for 25 years before deciding to move to Bedfordshire. Can easily commute back into London when I need to. For me the prices, crime, underground commute and pollution all became too much.
Good for you. How have you been finding it? I’ve been contemplating making the move to Bedfordshire from London for more than a few years now. Born and raised in London, never lived anywhere else.
@@Genevieve8002 Yeah I have no regrets, took me about a year to adjust and settle in but I haven’t looked back since. London is only a 35 minute drive away or 40 minutes on the train.
@@uchihaitachi5905 Thanks for your reply. At least you did settle, couldn’t have been easy that first year. I find for me, the 35-40 minutes is really if you’re going to North London from Bedfordshire. I’m based in SE London, and I would have the added headache of getting back across London!! Getting across London can be a trek all on it’s own. That being said, the benefits are getting to the point where they are looking more and more worthwhile.
@@Genevieve8002 Yes I’m from North London so it’s quite quick to get back for me. The first year was tough but you will meet new people and make new friends. I do have friends here who moved from South London, the Thamselink train is your best option and it runs 24/7. To get back to South London you’d be looking at around 1 hour + give or take depending on which part of south London. You can easily spend the day in London or go there for a night out. For me the benefits definitely outweigh the cons, I only visit London once every couple of weeks now.
@@uchihaitachi5905 Yes, thank you. I’m quite familiar with the rail and road routes between SE London and Bedfordshire, as I have a couple of relatives who moved there from Hertfordshire over 10 years ago. That’s how I’ve gotten to know it really. Driving, it has literally taken me over an hour just to get across London, due to the traffic issues…I guess it’s like anything, you adapt and get on with things.
My Landlord served me notice 21 after 4 years of tenancy..... He just did that to get rid off me because he couldn't increase rent for me because of tenancy agreement which we sign. So when i moved out he increase rent by £700 I was paying 1800....and for new tenants he put lovely new price 2500 And the house is not even worth it....
It’s out of control everywhere in this world.☹️
I was born in bred in London. I’m 27 and can’t afford to move out of my mum’s house so I’m seriously considering moving to another city so that I can afford to move out