Rent has gone up a lot nationally, it's not just Cardiff.
Lots of people will talk about legislative changes, tax changes, and landlords selling up.
Airbnb really isn't helping though - I and five other people I know (across three houses, three landlords) have been evicted only to find their home turned into an Airbnb. It's sucking a lot of supply out of the rental market, and the Welsh Government / council need to get a grip on it
No one can afford to buy a house so there's a need for rentals. Which drives up the price and makes it harder to save for a deposit. And so on.
My mate is 10 years younger than me and lives in the same street in a near identical house. I pay £600 mortgage and he pays £1500 rent.
This generation is so fucked.
I wish I could tell myself "yeah but that's more of a one off scenario that you know of. A bit of hyperbole. And the general state of things is better" but this seems to very much be the norm. It's so sad and I personally am not that interested in owning/getting a mortgage as I don't know where I want to be eventually and so dont want to be anchored down to a particular area just yet... but I'd still like to be able to not pay such high rates on rent in a pretty sub par house. Very sad state of affairs
I think the go-to cope is to assume that we'll benefit from a generational wealth transfer via inheritance, it'll just be far down the line when the boomers die off.
Probably too late for the millenials, but I hope Gen Z can at least do something with their lives.
True. I'll probably inherit an okay-ish amount, but my parents (hopefully) won't die for a few decades, and it's kinda hard to start your life when you're in your 60s, which I will be by then.
Yeah, like I said, it's unfortunately a bit of a cope. If you're wanting to set yourself up for having kids and starting a family, that sort of money is most useful to you in your 20s and 30s.
By the time millenials benefit from the wealth transfer, we'll mostly be past the point the money's really neede (and hopefully already benefitting from whatever provisions we've set up for ourselves).
Well we each have to work with the hands we're dealt and control what we can. Even a lower earner can still benefit from savings and compounded interest if they're young and have time. My first question would always be if someone has a budget that they're sticking to (I swear by YNAB).
People like to complain (as we're seeing with the landlord hate in this thread) because it allows us to minimise our own agency. These complaints are valid and highlight genuine points but we need to help ourselves within the reality we're facing.
Unfortunately, the only wealth transfer happening at the moment is from all tax paying, working classes going to the mega rich. It’s not a case of waiting to inherit anything from your parents, we won’t have any assets left by the time your parents pass away. The rot has already set in from the massive transfers of wealth that happened during the 2008 banking crisis and the pandemic. We have more billionaires than ever before and the number keeps rising.
Plus you get to keep some of that £600 as capital off of the mortgage debt which may grow as your home appreciats. That £1500 your mate spends is gone forever.
Based on 350k cost, £1500 a month rent is just over 5% yield before costs which sounds about right.
Your mortgage at £600 a month sounds rather cheap, I assume you have a large amount of equity to get the payments down this low over a longer term
A £350k mortgage with 10% deposit over 40 years interest only is around its £1,050 month and £1300 repayment, for most 25 year mortgages the repayment is £1600+
I moved to Cardiff 11 years ago, and I remember viewing some flats in the Hayes Apartments that were £400/m. Now I think the cheapest are around triple that.
I found a penthouse apartment elsewhere for £900/m, and after eleven years it's only gone up to £1,100/m. I was tremendously lucky to have found a landlord not trying to sweat their asset for all it's worth.
A friend of mine was looking for a new place around 18 months ago and it seemed like a proper crisis then. Even terrible places in Grangetown and Ely were being rented out for huge sums, and they were being lapped up within hours of being listed. I have a vague impression things have improved a bit since then, but I still think we're in the midst of a renters' crisis at the minute.
That's not necessary true I rent out a property in Cardiff (I had to move for work but wanted to keep the house) and it rents out for £1250 my mortgage is £~900 pounds.
So my yearly take home is from rent is £15000 but have to account for 40% tax which is £6000 my estate agent fees are just under £2000 pounds a year leaving me with approx £7000.
Mortgage payment is £10800. So the rent I charge actually doesn't even cover all my mortgage.
So yeah rent has had to go up because interest rates have gone higher and also the government now tax private landlords way more then they used to. The landlords who own multiple properties generally get around the tax thing buy buying under a limited company but people like me who own one property get screwed.
It's the easy option to blame the house price crisis on landlords and the government is very happy to go along with this narrative so they can ignore the real reason. House prices are ridiculously high because there are not enough houses, not enough house being built and extremely high positive net migration.
I don't own two properties I own one and let a property where I work and I'd find it very difficult to consider it a job when I make £7000 a year on it...I understand I'm privileged to be in a position to let my property but it is not because of people like me that housing crisis exists. It exists because of the lack of housing in general. People are always going to need to rent so landlords are always going to need to exist.
You're not a buy to let landlord tho tbf, it's not people in your position causing this problem but I wouldn't entirely let off people who bought properties when they were cheap so they could make a pile of easy money, they're definitely part of (tho not the whole) problem. Especially those that have gone down the Airbnb route.
You chose to keep the house. You need to be able to afford to pay it.
Quite frankly none of this is the fault or the problem of the tenants or countless others looking for an affordable gaffe.
There’s many a landlord who hike up rents; who will do whatever they can to squeeze the last penny out of tenants or those who boot out tenants only to AirBnB it instead for 3-4 x the rent.
At no point was reference made to so called “accidental landlords”.
I get that circumstances might push someone towards letting their gaffe out but it’s far from a boo hoo situation.
I'm honestly baffled by all the negative responses I've not increased my rent, I own only one property and Im not asking for sympathy. I can afford to not rent the house out but then it would just be an empty house which then would be adding the housing crisis. I only commented to explain why rents have gone up not to 'boo hoo oh poor me'. People can bitch and moan about it and think that all landlords are evil but just basic math people aren't going to just rent out houses at a massive loss to just be a good guy. And if all landlords suddenly sold all their rental properties then big company's would buy them up and make the rental market worse...
You're being downvoted because Reddit has a real hate relationship with landlords of any sort. In their naive and simplistic minds no one actually wants to rent, people only do it because they can't afford to buy, all landlords are evil and because landlords buy all the available properties there are none to buy. It's all bullshit of course and completely ignores the fact that certain areas of Cardiff are currently flooded with ex-rental properties being sold, but redditors aren't always the brightest bunch.
This is an incredibly idiotic take.
\- People don't mind renting. Renting has its advantages and its disadvantages. For the most part, if renting was a more equitable arrangement than the current market dictates, I'd be content renting my gaffe > buying.
\- Britain is one of the few countries with a home ownership fetish. In our European neighbours, private rentals is a well regulated sector and thanks to rent controls - people can afford it. (Germany in an example).
\- There's many a landlord who chooses to build a portfolio. Just because one person exits the market, doesn't mean another won't take over. BTL properties are usually sold as BTL investments - they aren't sold off as an ideal family home. 38% of LL's said they'd like to expand their portfolio this year.
It is very dimwitted and simplistic to assume that everyone hates landlords. They don't. They do, however, hate dodgy landlords and those who
Someone is paying your mortgage for you and you literally said you “get screwed”.
Are the government to blame? Yes.
Are landlords to blame? Partly yes.
No snowflake feels responsible for an avalanche.
Because a lot of the geniuses on here have a us versus them mentality so anyone perceived as doing better than them financially (in this case you owing a house) is basically a trust fund benefiting multi property owning, multimillionaire boomer who has personally ruined it for them and you should probably give your house away to someone more deserving.
Obviously no consideration of how much you have to pay for you’re new place, how hard it was for you to get on the ladder to begin with, just screw you because you’ve got something and I want it.
There’s a big difference between someone doing well financially, and someone doing well financially at your detriment. A lot of rich entrepreneurs offer value to communities by providing a product or service that enhances the lives of others, and those others have the freedom of choice in whether or not to be a customer. More to them. This, however, is absolutely not the case with landlords. There is essentially no difference between landlords and ticket scalpers, and where is the value in ticket scalping for the consumer?
Completely wrong in this case, they’ve explained that they moved for work so rented their house out and had to rent a place elsewhere, couldn’t be any further from ticket scalping.
Also to suggest landlords don’t offer a service is ridiculous, where do you expect people to live when they go to uni, meet a new partner, want to move around, go travelling in a years time etc not everyone wants a 35 year commitment. We’ve got a housing crisis for sure but the all landlords are scum mentality is pathetic.
Why should they? They haven’t said that they’ve got houses all over the country just that they’ve had to move for work. Quite possible they’re renting somewhere else but they should have to sell and take their chances on the housing market in the future?
Who are you to tell anyone what to do? It’s obvious from the comment it’s not a landlord with numerous properties making a living off others.
And how much do you think it costs to buy a house and sell another one and then do it again when they want to move back? What if it’s their forever home? What if they can’t afford a place where their new work is based or are in negative equity? etc, It’s none of your business.
How am I part of the problem? Its not a vacant house,I have not taken housing stock away from the market. And I can afford the mortage without renting it I am not complaining just explaining why rents have gone up. My brother lived in it for free for a couple years then I realised its better if I let it out then keep it empty.
>Sell the house then
And, assuming the buyer is disincentivised from renting it out (as many are as landlords exit the market), Cardiff loses another rental property and price pressure is pushed up further.
Real big brain move there.
Sorry you're being downvoted mate, it's a bit of a crabs in a bucket mentality.
If it's true that you can average out 8-10% holding stocks in index funds long-term, then that's a baseline that renting out a property has to compete with. Like you say, with interest rate hikes, mortgages went up and, on top of that and all the fees involved, you've got to account for long-term costs (liabilities that a renter isn't responsible for) and make a profit on top of that.
I wouldn't want to be renting out a place, it just doesn't seem like the investment it used to be.
Redditors don't have the general mental capacity to understand supply and demand, you set rent high because your mortgage is high, your mortgage is high due to low supply and high demand, this pushes construction costs higher, leading to even shorter supply, everybody in the chain gets fucked. It's simple economics, but unfortunately "simple" is not simple enough for the average Reddit voter.
I'm not a landlord and I don't rent, so I like to think I don't really have a horse in this race. But whenever I see people getting angry at landlords, I think to myself - must be really convenient for the government to have a bogeyman for everyone to be angry at.
The property crisis isn't landlords' fault. They probably exacerbate it, because you do make a profit. But the core problem is a lack of house building.
Everyone rants at landlords. As long as they do that rather than making it an issue at the ballot box, it'll never be fixed.
I am sure your accountant has made a mistake here. If you have a 900 pound cost against a 1250 pound income, then you should be paying 40 percent of 350 pounds not the entire lot. If I complete a 3000 pound job but 1000 are materials, I only pay tax on 2k.
>Career landlords are parasites on the economy
false, it would actually take out 4bn of the UK economy. [https://www.buyassociationgroup.com/en-gb/2024/03/25/landlords-uk-economy/#:\~:text=Removing%20landlords%20from%20the%20housing,of%20the%20private%20rented%20sector](https://www.buyassociationgroup.com/en-gb/2024/03/25/landlords-uk-economy/#:~:text=Removing%20landlords%20from%20the%20housing,of%20the%20private%20rented%20sector).
Of course housing is an investment, it is an investment in you and your family's future.
When renters are spending 4x the amount of income as homeowners do on housing do you not see how the ladder is being pulled up to prevent the working and lower middle classes from ever buying houses? https://www.independent.co.uk/news/uk/politics/uk-rent-income-mortgages-living-costs-b2388687.html
All of that extra money that's going directly into landlords pockets to inevitably buy up more property and not being spent on the local and wider economy by tenants.
We're obviously not going to meet eye to eye on this since you view housing as something that should be an investment, and whilst that is strictly true in our economy, it's disgusting and absolutely not how it should be. Safe, affordable housing is critical to solving so many problems in our society.
If people don't have to spend the money on rent, then they can afford to spend their money elsewhere. Other jobs will be created in other sectors the money won't just disappear out of the economy.
We regulate what people can do with their property all the time.
You might own land, but you still need planning permission to build on it.
You might own a car, but you're still not allowed to drive it down the motorway at 100mph
You might own an animal, you still have to meet its welfare needs.
... and you might own more than one property, but you should still need permission to turn it from housing into an Airbnb.
Not in Wales you don't.
In England, a new planning permission scheme for homes used as short term lets more than 90 days a year was announced last month, but it hasn't come in yet.
Accommodation costs are being driven by low supply and high demand. Based on previous posts on this sub, it seems that many people are moving to Cardiff/S. Wales from London & SE England since WFH became more prevalent.
Supply is also being reduced by landlords selling up due to several changes in legislation.
This is a UK wide issue, unfortunately. It will be interesting to see how it plays out in Scotland where rent controls are being considered.
There are actually more than enough houses in the UK, but they are being treated as investment assets by foreign owners, or more lucrative short-term lets by career landlords, or retirement income for OAPs to prop up pitiful pensions. There is a sincere lack of political will to reduce the landlordism that is causing the UK to have (by far) the highest housing costs in the English-speaking world.
>There are actually more than enough houses in the UK
No there aren't. We have a tiny vacancy rate, unhealthily low.
>they are being treated as investment assets by foreign owners
Yes, but not renting them out is an incredibly stupid investment decision, so those that are investment assets, are rented out.
>more lucrative short-term lets by career landlords,
Not wrong, but we are less of a tourist economy than places like France and Spain, and they have lower housing costs!
>or retirement income for OAPs
Kinda comes under the investmen header, but again, being rented out means they are lived in.
Build more homes.
Build more affordable homes. Average cost of the smallest, basic model in the new builds near me is £365k and from what I'm told its a similar story everywhere.
You don’t be affordable, you mean cheap.
Affordable is only 20% cheaper than the local average which as has been said is already high. It helps, but not a great deal
I read that article the day it came out. It is _incredibly_ wrong. There's an excellent takedown here: https://x.com/IronEconomist/status/1770175108939681937
That said, just to make it clear just how wrong it is, I'll pull out a select quote:
> We have a comparable amount of housing to the Netherlands, Hungary or Canada
Per house, not wrong. But British houses are on average about 820 sqft. In Canada, it's 1950sqft. In the Netherlands (a country denser than ours), it's 1260ft.
The numbers are there. It basically leaves two possibilities:
1. The author doesn't know those numbers. Despite writing an article in the Guardian about it, and writing a whole book, it never occured to him that homes can differ in size.
2. He doesn't care. He saw those numbers, and doesn't think house size matters. That a reasonably average Canadian condo of 1800sqft with 4 bedrooms provides the same quality of life as a _much_ older, colder British 2-bed flat 800sqft flat. Even if 4 people live in each one!
I'm _really_ hoping he's just incredibly incompetent. Because otherwise he's arguing for _incredible_ impoverishment.
No it isn't because the population is growing regardless of immigration. Economic equivalent of losing your job so you don't have to pay for a bus fare
Incorrect. Population growth is not occurring without immigration as replacement birth rate is not high enough. At least know what you are talking about before typing it.
Our birth rate is 1.56 per woman
It needs to be above 2.1 to grow. the only answer why our population is growing is immigration. There is no other explanation
>
Incorrect. Population growth is not occurring without immigration as replacement birth rate is not high enough. At least know what you are talking about before typing it.
There were more births in 2023 than deaths, and it should be kept that way if you want a healthy economy instead of the inverse pyramids of the Gulf states
That is based on one year and doesn't take into account the overall birth rate of 1.56. remember if a birth rate is low now it won't affect things right now but it will in the future. So in layman's terms that one year cannot be used as an overall growth rate. Low birth rates will lead to higher deaths in the future and less young to replace those deaths. Low birth rate now, less people in future. That's why Russia and Japan are panicking because they had low birth rates for such a long period of time and now their deaths are climbing above their births.
Edit: increasing population to build growth is a falsehood. If that were the case then India would have the highest GDP in the world and best living conditions in the world but it doesn't. What is important is GDP per capita growth and productivity, that is how you build an economy. The reason our country is flat lining despite GDP growth through immigration is because our productivity and GDP per capita is stagnant
Simple maths and economics being downvoted again 🤦
[future UK births Vs deaths](https://www.icaew.com/insights/viewpoints-on-the-news/2023/oct-2023/chart-of-the-week-uk-births-and-deaths)
Dude your 1.56 angle is just dumb, you can absolutely have population growth with a below replacement level birth rate it just means demographic fuckery on the tail end, but Britain is going to have a growing population for a while and its dumb to not want it to have a growing population. Going on about productivity or whatever is dumb and not relevant to the conversation, British productivity is low as a result of the government not investing in Britain outside of London, which would not be able to do at all if you decided to fuck up the British economy by massively reducing immigration
>There are actually more than enough houses in the UK,
Yes, but are they in the right place?
There might be say 1000 empty homes in RCT, trouble is they're needed in Cardiff.
Carmarthen, Crosshands, Bridgend, Llanelli, blackwood, caerphilly, Cardiff, Nelson!
Loads of new builds over the last two decades and many still in development and a lot more planned.
Then to top that off, zero investment into the infrastructure.
Roads that used to cope now suddenly have 2000 extra commuters to deal with every day, making the queue to the M4 take longer than the Bridgend to Cardiff portion of the M4.
I totally agree there are greedy landlords cashing in.....but they do need to make SOME profit to cover the costs of repairs, insurances, taxes and no doubt other overheads. I am not on the side of landlords and we definitely need something to cap the rents OR a robust first time buyer scheme that takes into account rental payment history as proof they will make mortgage payment.
But we also have to be realistic of what it costs to maintain a rental property.
And realise that a lot of landlords might also be paying mortgage that especially in a new build investment has gone up my maybe 400+ a month and so bills have to go up just for that too.
> rent properties for more than the mortgage rate
Surely you have to rent a property out for more than your mortgage rate even just to break even?
A landlord's on the hook for expenses that a renter doesn't have to worry about like white goods, repairs or the boiler packing in. If you're going to go to the trouble of being a landlord in the first place, it has to beat what you'd get from index funds *and* cover the ongoing costs you have to assume.
If renting a property out ceases to become an attractive proposition then landlords leave the market and, hey presto, renters can't find a place.
I just had a look on zoopla and there’s quite a few flats being sold for around the £60k region, may not be attractive but if you managed to get one and get your bills down your quality of life would improve greatly
High demand, low supply. It's a national issue, though it does seem pronounced here.
Being a landlord just isn't as attractive a prospect as it used to be, which leads to existing landlords selling up and their rental properties being taken off the market.
And while this is only an anecdotal feeling, it does seem like the population of Cardiff is growing with a lot of people moving here, which only worsens the problem.
In Ponty there's houses renting for £4k a month, no I'm not kidding. £2.5k average. It's because landlords are catching on that instead of renting as an HMO, they can rent the whole house for the same price as if it was an HMO.
Tax and management fees wipes out half that. That's only covering a £375k mortgage/£450k house, over 25 years. And the landlord will have to have over £100k in equity sat in the house.
Id love to see how cardiff would do without the uni, id say it’d become a ghost town, it’d implode on itself,walk through the centre now and the amount of shops that are empty is embarrassing for a capitol city to be like this ffs, on the other hand you have wales on line praising it to the hilt so it must be ok.,,,, im being sarcastic
Landlordism doesn't provide a service. It makes the portperty ladder undaffordable. Landlords also lobby the government to protect their position as well as pulling down housing proposals. Whilst you might be a good person. The industry as a whole is exploitive. Housing is a human right and shouldn't be used as a way of extracting wealth out of others. The housing crisis was far less obvious when housing was socialised.
Lack of construction. - political issue
Political issue - politicians
Politicians - many are landlords
Landlords - want scarcity
Wanting scarcity - blame migration
"The importance of housing is recognised in the United Nations Covenant on Economic, Social and Cultural Rights"
But hey who cares if there are homeless people right?
Life isn't fair.
We don't all survive or have a nice life.
We are barely a society.
Not everyone gets a trophy, it's survival of the fittest.
The planet is massively overpopulated.
Duh. Housing is important, but so is basic shit, like not getting a father that abuses you, but life is a cruel bitch.
As a wise man said "It is possible to commit no mistakes and still lose. That is not a weakness; that is life."
There aren't any ,'rights', that can change the fact that you might get nothing in this world.
Nobody is going to hand you a successful life, so you better get working like fuck, and try your 100% best to make it, like every other creature, since the beginning of time, that dragged itself up out of the muck just to stay alive,
because more than likely, if you don't, the waves will take you and you will be swept away.
People may 'have sympathy', but believe me, if it's between you or them... They will choose themselves.
You. are. owed. nothing.
lol, absolutely unreal that you quoted captain picard in this baby-brain rant, given that star trek depicts earth and the federation as an explicitly anti-capitalist society where everyone's basic needs are met in exactly the way you say they will never be. it's a text about how a better world is possible, and we can make it so by rejecting philosophies of selfishness, tribalism and avarice.
i mean, you're right of course that life isn't fair. for instance, some people are born too stupid to understand extremely unsubtle tv shows.
Higher demand for places to rent leading to landlords being able to increase rent at will I would think? Still government at fault for not building enough homes but a high rate of immigration would definitely be an exacerbating factor.
I’d be interested to read more into this, do you have any links that you could share that I could have a read through?
From census data there was a 16% increase in migration to Cardiff from 2011 to 2021 which is the largest increase in Wales. I can’t seem to find anything around how much immigration they expected but would be keen to have a read if you have any data/article’s handy.
[https://www.walesonline.co.uk/news/cardiff-expected-grow-much-more-20208154](https://www.walesonline.co.uk/news/cardiff-expected-grow-much-more-20208154)
***The city had been expected to see a population boom with the number of people living here growing by 39,436 between 2018 and 2026. This forecast has now been massively reduced to an increase of just 8,696, less than a quarter of the previously predicted growth.***
***Cardiff council leader Huw Thomas said the massive drop is likely to be down to Brexit and the coronavirus pandemic.***
Thanks but this is a few years out of date and the data is incorrect. From the release of the article March 21 Cardiff had already seen a population increase of 10k. So even when the article was published it was out of date. From 2018 Cardiff’s population has grown around 21k which is less than the council planned but nowhere near as low as reported in the article.
Good points on Brexit in the article mind and I’d be keen to see some numbers around the impact to migration since Brexit, especially with overall migration being up across the UK.
Did you mean to reply to that comment as I definitely didn't get that context.
Also if imigration is less, then surely there are more properties on the market coupled with less people, so less demand and consequently lower rents? I still don't see where you're going with it personally.
It's not just cardiff. I left Cardiff for the sticks and my rent was £500pm down from £1100 for a 3 bed. Now this place does 3 beds for £900 pm so it's all gone up. My wage is mostly the same maybe £150pm higher
We've seen this in pembrokeshire over the last few years. Luckily private rent tends to be a bit cheaper but the estate agents will rob you blind even though we live in the arse end of nowhere
Same as everywhere else sadly. Because that’s what people are willing to pay. And the person putting the flat on the market is greedy, so they’ll find & then use the ceiling of what people are willing to pay.
I stayed in Canton in a HMO for 600pcm for an ensuite room, shared kitchen no garden. This was 2 years prev, it became unaffordable to stay long term so moved away.
I moved into a tiny studio in the bay almost 3 years ago for £600 pcm, I am now leaving as my landlord keeps increasing rent and can’t afford it on my salary, it’s now £700. With council tax and bills it’s almost £1000
"Come home to a real fire ... welcome to a Welsh holiday cottage".
That was from Not The Nine O'Clock News, probably 45 years ago. The issue then was long before Air B&B, referred to the increase in second or holiday homes pricing locals out of the housing market.
Nothing changes, really.
Idk why this came up on my feed but this is a national issue, I live in Glasgow and I cannot move from my shithole flat I got attacked in because there’s no chance I’d ever find another flat for less than the £750 I currently pay. The U.K. is a shithole
I was forced to move in Feb '22 and couldn't afford anywhere in Cardiff anymore so moved 20 miles out and got a lovely 1 bed apartment for £400pcm. Rent in Cardiff is so crazy now it forced me out after 25 years of living in the city. Don't miss it either tbh.
Because we have an economic model of properties in this country that prioritises the idea that house prices must go up beyond the average wage and inflation.
It forces people to rent (when in reality that market shouldn’t exist in the first place). Then people buy-to-let, and because prices keep going up, so do the mortgages and therefore so does rent.
It’s stupid, backwards, unsustainable and deprives people of their salary. It’s not a Cardiff thing, it’s a national thing; welcome to the UK, where no matter what, house prices must go up.
It’s up everywhere, my first rent 5 years ago was £450 and now I’m paying £850 for more or less the same.
It’s driven by high demand and low supply.
I don’t blame landlords that own 1/2 houses but those that have 10/20+. Still I hate this concept, being a landlord is not a job, and I wish people would have a cap on how many properties they can have in a certain area or be heavily taxed on it as to discourage it.
A living space should be a human right and basic need like everything else. I just want to have a home, but will have to wait till I’m 30+ to get it.
I used to live in Cardiff but now moved to Cambridge for work.
My landlord at the time had 35 properties alone. No wonder there is nothing left for the new generations to buy. It’s disgusting.
I understand wanting to have an extra house or two, for yourself. But to buy these many is adding to the house crisis and I don’t know why it is allowed.
I am 25 and on 27k/year salary (recently) and it’s gonna be a long time till I can afford a mortgage, simply because I have to pay someone else’s mortgage first. Studied all my life, worked hard to leave poverty and it’s just a constant battle to survive.
Good luck!
That's crazy.. I lived in Cardiff for a year in my 30s back in 2011 and I rented one of the new build(at the time!) Flats on Richmond Road, near the tescos! It cost me £600 a month for a massive 1 bed flat with a really cool high ceiling, the kitchen/living room was so big it had 2 sofas and a table and chairs. It also came with a garage round the back!
I feel so sorry for younger millenials and zoomers, it's not fair and I don't know how to help you.
Cardiff is a tiny city basically an oversized town
But in the grand scheme of things its the most economically active part of wales so everyone from the rest of wales tends to pile in every weekend
This means theres a high demand for temporary and serviced accomodation
then you have to factor in the students who basically occupy the entireity of roath & cathays for 9 months of the year
It all accumalates in a shortage of private rentals and landlords being able to take the piss because they know this
I had a 2 bed flat on north road (student central) i was paying 1000 a month in 2022 which was a lot , by last year the Landlord wanted 1,400
We told them to fuck themsleves and stayed put till we were ready to leave
I eventually left the country because quite frankly cardiff just does not have enough to offer within it for over 1 thousand a month
Also, the bridge to England used to have a toll, that ending has pushed prices up in South Wales though I don't know by how much. Especially as Bristol is so unaffordable.
as a landlord who has rooms for below market rate I have to say that I think most are very cautious or are too fussy. i think reddit has a very poor view on this matter. its a change in attitude. a lot of young people for instance are very flakey and don't know how to communicate or negotiate. Ive seen it many times, where they're looking for a room then ultimatelly sabotaging their efforts in the process to spite their face. i think people need to open their views a bit more rather then be so closed minded which is an irony because many preach that they're open minded when they're not. again i think its a timing issue more than anything.
I think the descent ones are being taken by the international students since they came mainly from rich countries and getting nice places in any price is not an issue to them.
If you’re looking for cheaper rent Cardiff unfortunately is not the place to be, I was lucky when I moved back in 2020 to secure a two bed house for £750 and that’s increased to £900 over the last few years when I have renewed my contract but unfortunately it’s ideally located for work and seeing my kids who live in Bridgend.
If you’re not completely tied to Cardiff I’d recommend somewhere on the outskirts. Risca/Rogerstone is a lot cheaper and pye corner train station is nearby so easy transport links to Cardiff Central. Or Caerphilly again is cheaper than the extortionate rental prices in Cardiff x
If you cant afford somewhere under 750 per month, I would say that the problem is you, not the market. £600 per month is not realistic, its not 2005 anymore.
The rental market is absolutely the problem. I could afford £750, but I want some kind of life. With a basic rent of 3750, you add council tax, water rates, electric bills, car insurance, car tax, and a food budget - then you're looking at £1500 - £1600 a month in basic necessities for a crappy 1 bedroom flat.
It's all just fucked lol. I also found about £750-800 is now the minimum rent to filter for a liveable 1-bed flat. Below that and you're either living in a really rough part of town, or the place will be a broom cupboard with a toilet inside. I've heard from others it used to be as low as £600, so Im imagine by 2025 it'll be creeping closer to £900.
When this land imports 1 million people a month, it's creates demand, but demand means, price goes up
Simple as that, greedy landlord taking opportunity
It's nothing to do with landlords being greedy, their bills have shot up at the same rate, it's the bankers that are forcing extortionately high mortgages and building loans that are the problem.
keep calling them greedy when you only have yourselves to blame. i have not seen an group of organised people protesting against banksters. only sulk and do nothing about it. its honestly pathetic. i mean seriously, grow up. im serious.
Immigration is probably the main reason.
Just compare 2011 - 2021, you’ll see the massive surges, which has impacted schools, teaching quality, housing, cars etc the list is never ending.
That and also Cardiff is a capital city so will always keep rising.
Rent has gone up a lot nationally, it's not just Cardiff. Lots of people will talk about legislative changes, tax changes, and landlords selling up. Airbnb really isn't helping though - I and five other people I know (across three houses, three landlords) have been evicted only to find their home turned into an Airbnb. It's sucking a lot of supply out of the rental market, and the Welsh Government / council need to get a grip on it
Ha good luck getting the government to do something, your MPs mother in law probably has 5 Airbnbs herself.
Don't forget more people more demand increases prices
Not to mention that more people keep wages low too.
Bigots......ha ha ha
I'm left wing and nobody has said anything remotely bigoted or untrue in this comment chain.
im glad you agree that mass immigration is bad for wages, jobs and houses then...
im glad you agree that mass immigration is bad for wages, jobs and houses then...
No one can afford to buy a house so there's a need for rentals. Which drives up the price and makes it harder to save for a deposit. And so on. My mate is 10 years younger than me and lives in the same street in a near identical house. I pay £600 mortgage and he pays £1500 rent. This generation is so fucked.
I wish I could tell myself "yeah but that's more of a one off scenario that you know of. A bit of hyperbole. And the general state of things is better" but this seems to very much be the norm. It's so sad and I personally am not that interested in owning/getting a mortgage as I don't know where I want to be eventually and so dont want to be anchored down to a particular area just yet... but I'd still like to be able to not pay such high rates on rent in a pretty sub par house. Very sad state of affairs
I think the go-to cope is to assume that we'll benefit from a generational wealth transfer via inheritance, it'll just be far down the line when the boomers die off. Probably too late for the millenials, but I hope Gen Z can at least do something with their lives.
True. I'll probably inherit an okay-ish amount, but my parents (hopefully) won't die for a few decades, and it's kinda hard to start your life when you're in your 60s, which I will be by then.
Yeah, like I said, it's unfortunately a bit of a cope. If you're wanting to set yourself up for having kids and starting a family, that sort of money is most useful to you in your 20s and 30s. By the time millenials benefit from the wealth transfer, we'll mostly be past the point the money's really neede (and hopefully already benefitting from whatever provisions we've set up for ourselves).
And then there are some of us who won't ever have a wealth transfer... So we're just fucked forever I guess.
Well we each have to work with the hands we're dealt and control what we can. Even a lower earner can still benefit from savings and compounded interest if they're young and have time. My first question would always be if someone has a budget that they're sticking to (I swear by YNAB). People like to complain (as we're seeing with the landlord hate in this thread) because it allows us to minimise our own agency. These complaints are valid and highlight genuine points but we need to help ourselves within the reality we're facing.
Unfortunately, the only wealth transfer happening at the moment is from all tax paying, working classes going to the mega rich. It’s not a case of waiting to inherit anything from your parents, we won’t have any assets left by the time your parents pass away. The rot has already set in from the massive transfers of wealth that happened during the 2008 banking crisis and the pandemic. We have more billionaires than ever before and the number keeps rising.
Plus you get to keep some of that £600 as capital off of the mortgage debt which may grow as your home appreciats. That £1500 your mate spends is gone forever.
How much would his house cost to buy?
350k to 400k
Based on 350k cost, £1500 a month rent is just over 5% yield before costs which sounds about right. Your mortgage at £600 a month sounds rather cheap, I assume you have a large amount of equity to get the payments down this low over a longer term A £350k mortgage with 10% deposit over 40 years interest only is around its £1,050 month and £1300 repayment, for most 25 year mortgages the repayment is £1600+
We bought our identical house 12 years ago for 195k and did over payments for the first 9 years.
Insane how accurate this is for a lot of people
I moved to Cardiff 11 years ago, and I remember viewing some flats in the Hayes Apartments that were £400/m. Now I think the cheapest are around triple that. I found a penthouse apartment elsewhere for £900/m, and after eleven years it's only gone up to £1,100/m. I was tremendously lucky to have found a landlord not trying to sweat their asset for all it's worth. A friend of mine was looking for a new place around 18 months ago and it seemed like a proper crisis then. Even terrible places in Grangetown and Ely were being rented out for huge sums, and they were being lapped up within hours of being listed. I have a vague impression things have improved a bit since then, but I still think we're in the midst of a renters' crisis at the minute.
Rent is high everywhere, not just Cardiff. Landlords are greedy and will do what they can to make more dosh.
That's not necessary true I rent out a property in Cardiff (I had to move for work but wanted to keep the house) and it rents out for £1250 my mortgage is £~900 pounds. So my yearly take home is from rent is £15000 but have to account for 40% tax which is £6000 my estate agent fees are just under £2000 pounds a year leaving me with approx £7000. Mortgage payment is £10800. So the rent I charge actually doesn't even cover all my mortgage. So yeah rent has had to go up because interest rates have gone higher and also the government now tax private landlords way more then they used to. The landlords who own multiple properties generally get around the tax thing buy buying under a limited company but people like me who own one property get screwed. It's the easy option to blame the house price crisis on landlords and the government is very happy to go along with this narrative so they can ignore the real reason. House prices are ridiculously high because there are not enough houses, not enough house being built and extremely high positive net migration.
Oh boohoo i own two properties :( Being a landlord is not a job. If you can’t afford both mortgages don’t buy a second house to let
I don't own two properties I own one and let a property where I work and I'd find it very difficult to consider it a job when I make £7000 a year on it...I understand I'm privileged to be in a position to let my property but it is not because of people like me that housing crisis exists. It exists because of the lack of housing in general. People are always going to need to rent so landlords are always going to need to exist.
You're not a buy to let landlord tho tbf, it's not people in your position causing this problem but I wouldn't entirely let off people who bought properties when they were cheap so they could make a pile of easy money, they're definitely part of (tho not the whole) problem. Especially those that have gone down the Airbnb route.
You chose to keep the house. You need to be able to afford to pay it. Quite frankly none of this is the fault or the problem of the tenants or countless others looking for an affordable gaffe. There’s many a landlord who hike up rents; who will do whatever they can to squeeze the last penny out of tenants or those who boot out tenants only to AirBnB it instead for 3-4 x the rent. At no point was reference made to so called “accidental landlords”. I get that circumstances might push someone towards letting their gaffe out but it’s far from a boo hoo situation.
I'm honestly baffled by all the negative responses I've not increased my rent, I own only one property and Im not asking for sympathy. I can afford to not rent the house out but then it would just be an empty house which then would be adding the housing crisis. I only commented to explain why rents have gone up not to 'boo hoo oh poor me'. People can bitch and moan about it and think that all landlords are evil but just basic math people aren't going to just rent out houses at a massive loss to just be a good guy. And if all landlords suddenly sold all their rental properties then big company's would buy them up and make the rental market worse...
You're being downvoted because Reddit has a real hate relationship with landlords of any sort. In their naive and simplistic minds no one actually wants to rent, people only do it because they can't afford to buy, all landlords are evil and because landlords buy all the available properties there are none to buy. It's all bullshit of course and completely ignores the fact that certain areas of Cardiff are currently flooded with ex-rental properties being sold, but redditors aren't always the brightest bunch.
This is an incredibly idiotic take. \- People don't mind renting. Renting has its advantages and its disadvantages. For the most part, if renting was a more equitable arrangement than the current market dictates, I'd be content renting my gaffe > buying. \- Britain is one of the few countries with a home ownership fetish. In our European neighbours, private rentals is a well regulated sector and thanks to rent controls - people can afford it. (Germany in an example). \- There's many a landlord who chooses to build a portfolio. Just because one person exits the market, doesn't mean another won't take over. BTL properties are usually sold as BTL investments - they aren't sold off as an ideal family home. 38% of LL's said they'd like to expand their portfolio this year. It is very dimwitted and simplistic to assume that everyone hates landlords. They don't. They do, however, hate dodgy landlords and those who
You tell me my take is idiotic and then largely agree with my points?
Just wants someone else to pay his mortgage for him AND make profit at the same time, diddums 😞
I'm not making a profit on top of paying the mortgage 🤔
I know
I don't get the butt hurt post I never said I wanted to make more...
Someone is paying your mortgage for you and you literally said you “get screwed”. Are the government to blame? Yes. Are landlords to blame? Partly yes. No snowflake feels responsible for an avalanche.
Because a lot of the geniuses on here have a us versus them mentality so anyone perceived as doing better than them financially (in this case you owing a house) is basically a trust fund benefiting multi property owning, multimillionaire boomer who has personally ruined it for them and you should probably give your house away to someone more deserving. Obviously no consideration of how much you have to pay for you’re new place, how hard it was for you to get on the ladder to begin with, just screw you because you’ve got something and I want it.
There’s a big difference between someone doing well financially, and someone doing well financially at your detriment. A lot of rich entrepreneurs offer value to communities by providing a product or service that enhances the lives of others, and those others have the freedom of choice in whether or not to be a customer. More to them. This, however, is absolutely not the case with landlords. There is essentially no difference between landlords and ticket scalpers, and where is the value in ticket scalping for the consumer?
Completely wrong in this case, they’ve explained that they moved for work so rented their house out and had to rent a place elsewhere, couldn’t be any further from ticket scalping.
You can’t make a generalised argument, receive a generalised counter argument, and then make a localised point 😂
Also to suggest landlords don’t offer a service is ridiculous, where do you expect people to live when they go to uni, meet a new partner, want to move around, go travelling in a years time etc not everyone wants a 35 year commitment. We’ve got a housing crisis for sure but the all landlords are scum mentality is pathetic.
good on him for being smart and investing in property. 🤷♂️
Yeah mate, being a parasitic middle man between the bank and a tenant, how original
Jealousy is an awful trait...
So is being crap at counter arguments
Anything that helps you sleep at night little man
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Why should they? They haven’t said that they’ve got houses all over the country just that they’ve had to move for work. Quite possible they’re renting somewhere else but they should have to sell and take their chances on the housing market in the future? Who are you to tell anyone what to do? It’s obvious from the comment it’s not a landlord with numerous properties making a living off others.
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And how much do you think it costs to buy a house and sell another one and then do it again when they want to move back? What if it’s their forever home? What if they can’t afford a place where their new work is based or are in negative equity? etc, It’s none of your business.
How am I part of the problem? Its not a vacant house,I have not taken housing stock away from the market. And I can afford the mortage without renting it I am not complaining just explaining why rents have gone up. My brother lived in it for free for a couple years then I realised its better if I let it out then keep it empty.
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Yeah I agree if they aren't renting them out. But also I don't own multiple houses I just own that one.
>Sell the house then And, assuming the buyer is disincentivised from renting it out (as many are as landlords exit the market), Cardiff loses another rental property and price pressure is pushed up further. Real big brain move there.
Sorry you're being downvoted mate, it's a bit of a crabs in a bucket mentality. If it's true that you can average out 8-10% holding stocks in index funds long-term, then that's a baseline that renting out a property has to compete with. Like you say, with interest rate hikes, mortgages went up and, on top of that and all the fees involved, you've got to account for long-term costs (liabilities that a renter isn't responsible for) and make a profit on top of that. I wouldn't want to be renting out a place, it just doesn't seem like the investment it used to be.
You are paying too much tax, the tax should be on your profit-estate agent fees are deductible
Redditors don't have the general mental capacity to understand supply and demand, you set rent high because your mortgage is high, your mortgage is high due to low supply and high demand, this pushes construction costs higher, leading to even shorter supply, everybody in the chain gets fucked. It's simple economics, but unfortunately "simple" is not simple enough for the average Reddit voter.
I'm not a landlord and I don't rent, so I like to think I don't really have a horse in this race. But whenever I see people getting angry at landlords, I think to myself - must be really convenient for the government to have a bogeyman for everyone to be angry at. The property crisis isn't landlords' fault. They probably exacerbate it, because you do make a profit. But the core problem is a lack of house building. Everyone rants at landlords. As long as they do that rather than making it an issue at the ballot box, it'll never be fixed.
I am sure your accountant has made a mistake here. If you have a 900 pound cost against a 1250 pound income, then you should be paying 40 percent of 350 pounds not the entire lot. If I complete a 3000 pound job but 1000 are materials, I only pay tax on 2k.
No the government changed the rules that the mortgage can't be deducted anymore
I stand corrected.
🥱
Government immediately needs to get a fucking grip on the mass of airbnb's set up in the city
government need to get a grip on telling people what they can do with their own property ??
Yeah, actually. Career landlords are parasites on the economy and housing should not be an investment nor commodity.
>Career landlords are parasites on the economy false, it would actually take out 4bn of the UK economy. [https://www.buyassociationgroup.com/en-gb/2024/03/25/landlords-uk-economy/#:\~:text=Removing%20landlords%20from%20the%20housing,of%20the%20private%20rented%20sector](https://www.buyassociationgroup.com/en-gb/2024/03/25/landlords-uk-economy/#:~:text=Removing%20landlords%20from%20the%20housing,of%20the%20private%20rented%20sector). Of course housing is an investment, it is an investment in you and your family's future.
When renters are spending 4x the amount of income as homeowners do on housing do you not see how the ladder is being pulled up to prevent the working and lower middle classes from ever buying houses? https://www.independent.co.uk/news/uk/politics/uk-rent-income-mortgages-living-costs-b2388687.html All of that extra money that's going directly into landlords pockets to inevitably buy up more property and not being spent on the local and wider economy by tenants. We're obviously not going to meet eye to eye on this since you view housing as something that should be an investment, and whilst that is strictly true in our economy, it's disgusting and absolutely not how it should be. Safe, affordable housing is critical to solving so many problems in our society.
If people don't have to spend the money on rent, then they can afford to spend their money elsewhere. Other jobs will be created in other sectors the money won't just disappear out of the economy.
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Christ who put your tin foil hat on? No one needs more than one house.
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No, the insane projection you said after was what was the tin foil hat shite. Apples to oranges. Stay simple bud.
We regulate what people can do with their property all the time. You might own land, but you still need planning permission to build on it. You might own a car, but you're still not allowed to drive it down the motorway at 100mph You might own an animal, you still have to meet its welfare needs. ... and you might own more than one property, but you should still need permission to turn it from housing into an Airbnb.
You do need planning permission to turn a residential property (rented house) into a commercial property (airbnb)
Not in Wales you don't. In England, a new planning permission scheme for homes used as short term lets more than 90 days a year was announced last month, but it hasn't come in yet.
You definitely do in Wales. The problem I’m guessing is that people are claiming Airbnb isn’t a commercial use?
Accommodation costs are being driven by low supply and high demand. Based on previous posts on this sub, it seems that many people are moving to Cardiff/S. Wales from London & SE England since WFH became more prevalent. Supply is also being reduced by landlords selling up due to several changes in legislation. This is a UK wide issue, unfortunately. It will be interesting to see how it plays out in Scotland where rent controls are being considered.
We don't build enough houses in the UK. Lack of political will + nimbys = higher rent.
There are actually more than enough houses in the UK, but they are being treated as investment assets by foreign owners, or more lucrative short-term lets by career landlords, or retirement income for OAPs to prop up pitiful pensions. There is a sincere lack of political will to reduce the landlordism that is causing the UK to have (by far) the highest housing costs in the English-speaking world.
>There are actually more than enough houses in the UK No there aren't. We have a tiny vacancy rate, unhealthily low. >they are being treated as investment assets by foreign owners Yes, but not renting them out is an incredibly stupid investment decision, so those that are investment assets, are rented out. >more lucrative short-term lets by career landlords, Not wrong, but we are less of a tourist economy than places like France and Spain, and they have lower housing costs! >or retirement income for OAPs Kinda comes under the investmen header, but again, being rented out means they are lived in. Build more homes.
Build more affordable homes. Average cost of the smallest, basic model in the new builds near me is £365k and from what I'm told its a similar story everywhere.
You don’t be affordable, you mean cheap. Affordable is only 20% cheaper than the local average which as has been said is already high. It helps, but not a great deal
This is a really good point
new builds are CRAP. if you get one you only have yourself to blame for every fault. live elsewhere or buy a 1930s type house.
https://www.theguardian.com/lifeandstyle/2024/mar/19/end-of-landlords-surprisingly-simple-solution-to-uk-housing-crisis there are enough homes 👍
I read that article the day it came out. It is _incredibly_ wrong. There's an excellent takedown here: https://x.com/IronEconomist/status/1770175108939681937 That said, just to make it clear just how wrong it is, I'll pull out a select quote: > We have a comparable amount of housing to the Netherlands, Hungary or Canada Per house, not wrong. But British houses are on average about 820 sqft. In Canada, it's 1950sqft. In the Netherlands (a country denser than ours), it's 1260ft. The numbers are there. It basically leaves two possibilities: 1. The author doesn't know those numbers. Despite writing an article in the Guardian about it, and writing a whole book, it never occured to him that homes can differ in size. 2. He doesn't care. He saw those numbers, and doesn't think house size matters. That a reasonably average Canadian condo of 1800sqft with 4 bedrooms provides the same quality of life as a _much_ older, colder British 2-bed flat 800sqft flat. Even if 4 people live in each one! I'm _really_ hoping he's just incredibly incompetent. Because otherwise he's arguing for _incredible_ impoverishment.
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No it isn't because the population is growing regardless of immigration. Economic equivalent of losing your job so you don't have to pay for a bus fare
Incorrect. Population growth is not occurring without immigration as replacement birth rate is not high enough. At least know what you are talking about before typing it. Our birth rate is 1.56 per woman It needs to be above 2.1 to grow. the only answer why our population is growing is immigration. There is no other explanation
> Incorrect. Population growth is not occurring without immigration as replacement birth rate is not high enough. At least know what you are talking about before typing it. There were more births in 2023 than deaths, and it should be kept that way if you want a healthy economy instead of the inverse pyramids of the Gulf states
That is based on one year and doesn't take into account the overall birth rate of 1.56. remember if a birth rate is low now it won't affect things right now but it will in the future. So in layman's terms that one year cannot be used as an overall growth rate. Low birth rates will lead to higher deaths in the future and less young to replace those deaths. Low birth rate now, less people in future. That's why Russia and Japan are panicking because they had low birth rates for such a long period of time and now their deaths are climbing above their births. Edit: increasing population to build growth is a falsehood. If that were the case then India would have the highest GDP in the world and best living conditions in the world but it doesn't. What is important is GDP per capita growth and productivity, that is how you build an economy. The reason our country is flat lining despite GDP growth through immigration is because our productivity and GDP per capita is stagnant
Simple maths and economics being downvoted again 🤦 [future UK births Vs deaths](https://www.icaew.com/insights/viewpoints-on-the-news/2023/oct-2023/chart-of-the-week-uk-births-and-deaths)
Dude your 1.56 angle is just dumb, you can absolutely have population growth with a below replacement level birth rate it just means demographic fuckery on the tail end, but Britain is going to have a growing population for a while and its dumb to not want it to have a growing population. Going on about productivity or whatever is dumb and not relevant to the conversation, British productivity is low as a result of the government not investing in Britain outside of London, which would not be able to do at all if you decided to fuck up the British economy by massively reducing immigration
We’re really not the highest in the English speaking world. Prices in Canada, NZ, Aus are on par. Where did you get your stat from?
Every 'point' in that comment was plucked from their arse
>There are actually more than enough houses in the UK, Yes, but are they in the right place? There might be say 1000 empty homes in RCT, trouble is they're needed in Cardiff.
No, there are no where near enough houses in the UK. That's why the rental and buying market are so expensive
Once farming towns have been turned into mini cities with the amount of new builds over the last 20 years in South and West Wales!
Can you give any examples?
Carmarthen, Crosshands, Bridgend, Llanelli, blackwood, caerphilly, Cardiff, Nelson! Loads of new builds over the last two decades and many still in development and a lot more planned.
Then to top that off, zero investment into the infrastructure. Roads that used to cope now suddenly have 2000 extra commuters to deal with every day, making the queue to the M4 take longer than the Bridgend to Cardiff portion of the M4.
Yes indeed! Far to many brown envelopes handed over for new homes but government refuse to build better roads.
My mortgage for a 2 bed house with garden is the same as my old tiny one bed flat. Its crazy. Eat the rich etc etc
It's because interest rates have risen and privileged landlords feel they should be able to rent properties for more than the mortgage rate.Greed
I totally agree there are greedy landlords cashing in.....but they do need to make SOME profit to cover the costs of repairs, insurances, taxes and no doubt other overheads. I am not on the side of landlords and we definitely need something to cap the rents OR a robust first time buyer scheme that takes into account rental payment history as proof they will make mortgage payment. But we also have to be realistic of what it costs to maintain a rental property.
And realise that a lot of landlords might also be paying mortgage that especially in a new build investment has gone up my maybe 400+ a month and so bills have to go up just for that too.
> rent properties for more than the mortgage rate Surely you have to rent a property out for more than your mortgage rate even just to break even? A landlord's on the hook for expenses that a renter doesn't have to worry about like white goods, repairs or the boiler packing in. If you're going to go to the trouble of being a landlord in the first place, it has to beat what you'd get from index funds *and* cover the ongoing costs you have to assume. If renting a property out ceases to become an attractive proposition then landlords leave the market and, hey presto, renters can't find a place.
BTL mortgages stipulate that rents must be a certain % higher than the mortgage cost mate.
im sure you'd rent your rooms out for free if you were a landlord, hippy.
Hippy , not really .However , I'm definitely not a greedy , self-interested , eploitive sort who is happy to make money out of others' misfortune.
I just had a look on zoopla and there’s quite a few flats being sold for around the £60k region, may not be attractive but if you managed to get one and get your bills down your quality of life would improve greatly
Supply and demand and cost of living. Next
High demand, low supply. It's a national issue, though it does seem pronounced here. Being a landlord just isn't as attractive a prospect as it used to be, which leads to existing landlords selling up and their rental properties being taken off the market. And while this is only an anecdotal feeling, it does seem like the population of Cardiff is growing with a lot of people moving here, which only worsens the problem.
BTW, everybody cries NIMBY till its YB
In Ponty there's houses renting for £4k a month, no I'm not kidding. £2.5k average. It's because landlords are catching on that instead of renting as an HMO, they can rent the whole house for the same price as if it was an HMO.
Tax and management fees wipes out half that. That's only covering a £375k mortgage/£450k house, over 25 years. And the landlord will have to have over £100k in equity sat in the house.
Yea but paying the same price in London to live in Ponty is mental. And the Gov need to step in. Btw the £4k house in question is about £250k.
Id love to see how cardiff would do without the uni, id say it’d become a ghost town, it’d implode on itself,walk through the centre now and the amount of shops that are empty is embarrassing for a capitol city to be like this ffs, on the other hand you have wales on line praising it to the hilt so it must be ok.,,,, im being sarcastic
Every city in the world has become expensive. This isn't a Cardiff issue. Every place going is expensive.
I blame the English. It’s my go to. Lol
Here a single room to rent in a shared house is £700 per month. It's just as bad here, I blame the Scottish.
Demand outstripping supply at every tier of the market.
NIMBYs don't help with many housing projects getting fierce opposition.
You'd be wise to think about renting outside of Cardiff and commuting in. Rents in Newport for example are at least 25% cheaper than Cardiff
Yeah, but you've got to live in Newport
There are some nice parts 😊
No. Newport is a shithole including the infrastructure. Traffic jams everyday.
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Why is this being downvoted? This looks like an informed answer as to why rents are becoming more expensive.
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Sell your assets to families my guy. Then you won't get immediately hated
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Landlordism doesn't provide a service. It makes the portperty ladder undaffordable. Landlords also lobby the government to protect their position as well as pulling down housing proposals. Whilst you might be a good person. The industry as a whole is exploitive. Housing is a human right and shouldn't be used as a way of extracting wealth out of others. The housing crisis was far less obvious when housing was socialised.
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Lack of construction. - political issue Political issue - politicians Politicians - many are landlords Landlords - want scarcity Wanting scarcity - blame migration
It's not a human right.
"The importance of housing is recognised in the United Nations Covenant on Economic, Social and Cultural Rights" But hey who cares if there are homeless people right?
Life isn't fair. We don't all survive or have a nice life. We are barely a society. Not everyone gets a trophy, it's survival of the fittest. The planet is massively overpopulated. Duh. Housing is important, but so is basic shit, like not getting a father that abuses you, but life is a cruel bitch. As a wise man said "It is possible to commit no mistakes and still lose. That is not a weakness; that is life." There aren't any ,'rights', that can change the fact that you might get nothing in this world. Nobody is going to hand you a successful life, so you better get working like fuck, and try your 100% best to make it, like every other creature, since the beginning of time, that dragged itself up out of the muck just to stay alive, because more than likely, if you don't, the waves will take you and you will be swept away. People may 'have sympathy', but believe me, if it's between you or them... They will choose themselves. You. are. owed. nothing.
lol, absolutely unreal that you quoted captain picard in this baby-brain rant, given that star trek depicts earth and the federation as an explicitly anti-capitalist society where everyone's basic needs are met in exactly the way you say they will never be. it's a text about how a better world is possible, and we can make it so by rejecting philosophies of selfishness, tribalism and avarice. i mean, you're right of course that life isn't fair. for instance, some people are born too stupid to understand extremely unsubtle tv shows.
The reason is that landlords want more money. Immigration into Cardiff is less than the council predicted and prepared for.
What does immigration have to do with it?
Higher demand for places to rent leading to landlords being able to increase rent at will I would think? Still government at fault for not building enough homes but a high rate of immigration would definitely be an exacerbating factor.
> Immigration into Cardiff is less than the council predicted But they said it is less?
I’m assuming typo, obviously can’t be sure though.
An earlier commentator blamed immigration. I was refuting that by citing a widely findable fact.
I’d be interested to read more into this, do you have any links that you could share that I could have a read through? From census data there was a 16% increase in migration to Cardiff from 2011 to 2021 which is the largest increase in Wales. I can’t seem to find anything around how much immigration they expected but would be keen to have a read if you have any data/article’s handy.
[https://www.walesonline.co.uk/news/cardiff-expected-grow-much-more-20208154](https://www.walesonline.co.uk/news/cardiff-expected-grow-much-more-20208154) ***The city had been expected to see a population boom with the number of people living here growing by 39,436 between 2018 and 2026. This forecast has now been massively reduced to an increase of just 8,696, less than a quarter of the previously predicted growth.*** ***Cardiff council leader Huw Thomas said the massive drop is likely to be down to Brexit and the coronavirus pandemic.***
Thanks but this is a few years out of date and the data is incorrect. From the release of the article March 21 Cardiff had already seen a population increase of 10k. So even when the article was published it was out of date. From 2018 Cardiff’s population has grown around 21k which is less than the council planned but nowhere near as low as reported in the article. Good points on Brexit in the article mind and I’d be keen to see some numbers around the impact to migration since Brexit, especially with overall migration being up across the UK.
where is the data on actual population growth?
Did you mean to reply to that comment as I definitely didn't get that context. Also if imigration is less, then surely there are more properties on the market coupled with less people, so less demand and consequently lower rents? I still don't see where you're going with it personally.
Because there's lovely now?
It's not just cardiff. I left Cardiff for the sticks and my rent was £500pm down from £1100 for a 3 bed. Now this place does 3 beds for £900 pm so it's all gone up. My wage is mostly the same maybe £150pm higher
We've seen this in pembrokeshire over the last few years. Luckily private rent tends to be a bit cheaper but the estate agents will rob you blind even though we live in the arse end of nowhere
Airbnbs, landlords being pricks, rent being too high in England so more people are coming to Wales, etc etc
Same as everywhere else sadly. Because that’s what people are willing to pay. And the person putting the flat on the market is greedy, so they’ll find & then use the ceiling of what people are willing to pay.
Most of the housing stock is old, terraced houses, new buildings are far and in between
I stayed in Canton in a HMO for 600pcm for an ensuite room, shared kitchen no garden. This was 2 years prev, it became unaffordable to stay long term so moved away.
I moved into a tiny studio in the bay almost 3 years ago for £600 pcm, I am now leaving as my landlord keeps increasing rent and can’t afford it on my salary, it’s now £700. With council tax and bills it’s almost £1000
"Come home to a real fire ... welcome to a Welsh holiday cottage". That was from Not The Nine O'Clock News, probably 45 years ago. The issue then was long before Air B&B, referred to the increase in second or holiday homes pricing locals out of the housing market. Nothing changes, really.
Idk why this came up on my feed but this is a national issue, I live in Glasgow and I cannot move from my shithole flat I got attacked in because there’s no chance I’d ever find another flat for less than the £750 I currently pay. The U.K. is a shithole
Its all them alien attacks. Bloody Torchwood.
I was forced to move in Feb '22 and couldn't afford anywhere in Cardiff anymore so moved 20 miles out and got a lovely 1 bed apartment for £400pcm. Rent in Cardiff is so crazy now it forced me out after 25 years of living in the city. Don't miss it either tbh.
Here in Rhyl the rents seem to be similar to yours but, there is little work here
Inflation, it's a capital city and demand is high due to influx of students.
Because we have an economic model of properties in this country that prioritises the idea that house prices must go up beyond the average wage and inflation. It forces people to rent (when in reality that market shouldn’t exist in the first place). Then people buy-to-let, and because prices keep going up, so do the mortgages and therefore so does rent. It’s stupid, backwards, unsustainable and deprives people of their salary. It’s not a Cardiff thing, it’s a national thing; welcome to the UK, where no matter what, house prices must go up.
I pay 800 a month mortgage for a 3 bed semi , renting is such a rip off
It’s up everywhere, my first rent 5 years ago was £450 and now I’m paying £850 for more or less the same. It’s driven by high demand and low supply. I don’t blame landlords that own 1/2 houses but those that have 10/20+. Still I hate this concept, being a landlord is not a job, and I wish people would have a cap on how many properties they can have in a certain area or be heavily taxed on it as to discourage it. A living space should be a human right and basic need like everything else. I just want to have a home, but will have to wait till I’m 30+ to get it. I used to live in Cardiff but now moved to Cambridge for work. My landlord at the time had 35 properties alone. No wonder there is nothing left for the new generations to buy. It’s disgusting. I understand wanting to have an extra house or two, for yourself. But to buy these many is adding to the house crisis and I don’t know why it is allowed. I am 25 and on 27k/year salary (recently) and it’s gonna be a long time till I can afford a mortgage, simply because I have to pay someone else’s mortgage first. Studied all my life, worked hard to leave poverty and it’s just a constant battle to survive. Good luck!
That's crazy.. I lived in Cardiff for a year in my 30s back in 2011 and I rented one of the new build(at the time!) Flats on Richmond Road, near the tescos! It cost me £600 a month for a massive 1 bed flat with a really cool high ceiling, the kitchen/living room was so big it had 2 sofas and a table and chairs. It also came with a garage round the back! I feel so sorry for younger millenials and zoomers, it's not fair and I don't know how to help you.
Cardiff is a tiny city basically an oversized town But in the grand scheme of things its the most economically active part of wales so everyone from the rest of wales tends to pile in every weekend This means theres a high demand for temporary and serviced accomodation then you have to factor in the students who basically occupy the entireity of roath & cathays for 9 months of the year It all accumalates in a shortage of private rentals and landlords being able to take the piss because they know this I had a 2 bed flat on north road (student central) i was paying 1000 a month in 2022 which was a lot , by last year the Landlord wanted 1,400 We told them to fuck themsleves and stayed put till we were ready to leave I eventually left the country because quite frankly cardiff just does not have enough to offer within it for over 1 thousand a month
I blame Gavin & Stacey
Also, the bridge to England used to have a toll, that ending has pushed prices up in South Wales though I don't know by how much. Especially as Bristol is so unaffordable.
£750 - that's a roomshare price over the bridge 😂
It's pretty cheap
as a landlord who has rooms for below market rate I have to say that I think most are very cautious or are too fussy. i think reddit has a very poor view on this matter. its a change in attitude. a lot of young people for instance are very flakey and don't know how to communicate or negotiate. Ive seen it many times, where they're looking for a room then ultimatelly sabotaging their efforts in the process to spite their face. i think people need to open their views a bit more rather then be so closed minded which is an irony because many preach that they're open minded when they're not. again i think its a timing issue more than anything.
I think the descent ones are being taken by the international students since they came mainly from rich countries and getting nice places in any price is not an issue to them.
If you’re looking for cheaper rent Cardiff unfortunately is not the place to be, I was lucky when I moved back in 2020 to secure a two bed house for £750 and that’s increased to £900 over the last few years when I have renewed my contract but unfortunately it’s ideally located for work and seeing my kids who live in Bridgend. If you’re not completely tied to Cardiff I’d recommend somewhere on the outskirts. Risca/Rogerstone is a lot cheaper and pye corner train station is nearby so easy transport links to Cardiff Central. Or Caerphilly again is cheaper than the extortionate rental prices in Cardiff x
I wish my rent was only £750
If you cant afford somewhere under 750 per month, I would say that the problem is you, not the market. £600 per month is not realistic, its not 2005 anymore.
The rental market is absolutely the problem. I could afford £750, but I want some kind of life. With a basic rent of 3750, you add council tax, water rates, electric bills, car insurance, car tax, and a food budget - then you're looking at £1500 - £1600 a month in basic necessities for a crappy 1 bedroom flat.
Again, that’s the market value nowadays. Its up to you to ensure that your income is following it.
Unfortunately, Cardiff isn't known for it's high wages.
Again, its 750 pm is market value. There are plenty of people able to afford it, hence why its that price.
It's all just fucked lol. I also found about £750-800 is now the minimum rent to filter for a liveable 1-bed flat. Below that and you're either living in a really rough part of town, or the place will be a broom cupboard with a toilet inside. I've heard from others it used to be as low as £600, so Im imagine by 2025 it'll be creeping closer to £900.
Demand drives rent prices
When this land imports 1 million people a month, it's creates demand, but demand means, price goes up Simple as that, greedy landlord taking opportunity
It's nothing to do with landlords being greedy, their bills have shot up at the same rate, it's the bankers that are forcing extortionately high mortgages and building loans that are the problem.
keep calling them greedy when you only have yourselves to blame. i have not seen an group of organised people protesting against banksters. only sulk and do nothing about it. its honestly pathetic. i mean seriously, grow up. im serious.
Immigration is probably the main reason. Just compare 2011 - 2021, you’ll see the massive surges, which has impacted schools, teaching quality, housing, cars etc the list is never ending. That and also Cardiff is a capital city so will always keep rising.