truman Posted February 10, 2016 Share Posted February 10, 2016 The market rate doesnt exist. maybe the true market rate is council levels. ive illustrated why earlier...otherwise market rates would just keep going up past levels of earnings and literally nobody could afford rents. If no-one could afford the rent then it'd be pretty stupid of landlords not to reduce them ... or is there something I've missed? Link to comment Share on other sites More sharing options...
herbalharry Posted February 10, 2016 Share Posted February 10, 2016 UK average salary is £26,500, so it is a higher than most. £1620 is not high. taking a 1 bed at park hill flats. including bills that person is paying over 50% of take home salary on rent! ---------- Post added 10-02-2016 at 14:06 ---------- If no-one could afford the rent then it'd be pretty stupid of landlords not to reduce them ... or is there something I've missed? It would be stupid to increase them. I agree!!! Link to comment Share on other sites More sharing options...
sgtkate Posted February 10, 2016 Share Posted February 10, 2016 The market rate doesnt exist. maybe the true market rate is council levels. ive illustrated why earlier...otherwise market rates would just keep going up past levels of earnings and literally nobody could afford rents. And then if no one could afford them the landlords would have unoccupied flats and would have to reduce the rent to get tenants back in and that point would be the market rates wouldn't it? If we built more houses and had more rental properties (both private and council) then the supply would be higher than the demand so again the rents charged would have to drop to get you a tenant. This is all fairly standard economics 101 here. The slight difference with housing is that it's not a choice in the same way a car or meal out is. You can't really opt to not have a place to live, but if rents were so high that people were totally unable to afford them, then of course they would need to come down. Link to comment Share on other sites More sharing options...
truman Posted February 10, 2016 Share Posted February 10, 2016 £1620 is not high. taking a 1 bed at park hill flats. including bills that person is paying over 50% of take home salary on rent! UK average is about £26500 so £30k is higher than most people get..especially in Sheffield.. Link to comment Share on other sites More sharing options...
sgtkate Posted February 10, 2016 Share Posted February 10, 2016 (edited) £1620 is not high. taking a 1 bed at park hill flats. including bills that person is paying over 50% of take home salary on rent! Ok, so how much do you think a mortgage costs most people as a percentage of their income? Flat at Park Hill to rent is around £550 (there are some a little more but this is a common price). Add onto that council tax at around £120 a month, then another £80(?) for other bills, so yeah you are looking at £750 a month to live there all in. Leaving you £870 'play money'. I'm struggling to find the part where you think a take home salary of £1620 isn't high... Edited February 10, 2016 by sgtkate Link to comment Share on other sites More sharing options...
apelike Posted February 10, 2016 Share Posted February 10, 2016 £1620 is not high. taking a 1 bed at park hill flats. including bills that person is paying over 50% of take home salary on rent! ---------- Post added 10-02-2016 at 14:06 ---------- But that example is an exception and probaly the reason why most are still empty as you can rent a 2 bed flat for half that cost. ---------- Post added 10-02-2016 at 14:18 ---------- UK average is about £26500 so £30k is higher than most people get..especially in Sheffield.. The one problem there is we should have a regional average not a UK one. Link to comment Share on other sites More sharing options...
herbalharry Posted February 10, 2016 Share Posted February 10, 2016 Ok, so how much do you think a mortgage costs most people as a percentage of their income? Flat at Park Hill to rent is around £550 (there are some a little more but this is a common price). Add onto that council tax at around £120 a month, then another £80(?) for other bills, so yeah you are looking at £750 a month to live there all in. Leaving you £770 'play money'. I'm struggling to find the part where you think a take home salary of £1620 isn't high... If you think over 50% is sustainable that's your opinion. It should be around 30% max. Woo 180 play money! Time to pop the champagne cork! You don't think professional people have to save, eat, cloth & enjoy themselves from time to time. I think they deserve it seen as they are going out to work 12 hours per day subsidising other groups. How much you think it costs to buy run and maintain a car? Lol I get the impression you are retired and don't really get the maths, because I've been on so called professional wages and in this situation you are far from rich let me tell you. Link to comment Share on other sites More sharing options...
999tigger Posted February 10, 2016 Share Posted February 10, 2016 £1620 is not high. taking a 1 bed at park hill flats. including bills that person is paying over 50% of take home salary on rent! ---------- Post added 10-02-2016 at 14:06 ---------- Net salary is £1957. So you have travel costs of £337 The rent for a 1 bed flat can be anything from £350-700. If it takes 50% of your salary for rent and bills, so what? there will be plenty who earn less and pay an even greater proportion of their salary, so its still a lot more than most to have £800 a month disposable. How much is the council rent for hyde park 1 bed flat? Link to comment Share on other sites More sharing options...
herbalharry Posted February 10, 2016 Share Posted February 10, 2016 But that example is an exception and probaly the reason why most are still empty as you can rent a 2 bed flat for half that cost. ---------- Post added 10-02-2016 at 14:18 ---------- The one problem there is we should have a regional average not a UK one. The example was park hill as it's 400 thru council, 600 thru private. Link to comment Share on other sites More sharing options...
Berberis Posted February 10, 2016 Share Posted February 10, 2016 £1620 is not high. taking a 1 bed at park hill flats. including bills that person is paying over 50% of take home salary on rent! Park hill flats is a new, redevelopment that comes at a premium. If you are prepared to spend £810 per month on rent/bills, you can get a 3 bed semi for that. Link to comment Share on other sites More sharing options...
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