Insane rent increase.

willhub

willhub

willhub

Caporegime
Joined
3 Jan 2006
Posts
25,163
Location
Chadderton, Oldham
So me and my partner moved into this house in Chadderton, Oldham (nowhere fancy) a year ago. Since then she's halfed her salary and we've got a 7 month old.

When we moved in they made out they wanted is to treat it like our home and they're for long term but are kind of saying the opposite now, all these houses are owned by an investment firm so any chance to get more money they're going to rub their hands.

Our house is a tiny 2 bed and we were charged £725 per month however they wanted to raise the rent to £855!?!!!

Our tenancy ends on 16th May and they told is this yesterday, I think they require one month notice to give us.

But between bartering offers time is going to crack on and if we can't agree an offer I can only imagine it'll be extremely close to our tenancy expiring. So if we've not agreed an offer by the end can they kick us out?

Doesn't that amount of rent increase seem insane? The next door neighbor who's house is through the same form with the same investors behind and she's been there 2 years longer was paying 675 and now paying 725, so seems they don't play fair either?

Just seems disgusting to me when our wages have gone up less than 5% not to mention cost of living rise with inflation we're going to be royaly screwed!
 
willhub said:
When we moved in they made out they wanted is to treat it like our home and they're for long term but are kind of saying the opposite now, all these houses are owned by an investment firm so any chance to get more money they're going to rub their hands.
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And you are surprised? Housing market is a joke.
 
200sols said:
And you are surprised? Housing market is a joke.
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Well given the few next door neighbours have increased by £50 max, I'm astonished. There is no houses affordable to move to either.

We have joined income of £50k annual which will has gone down to 35k maybe slightly more due to gf going part time.
 
Is there no chance of you buying a place? A salary of 35k should be enough for a reasonable house in Oldham surely?
 
Probably not want you want to hear mate, but judging by what you say:

From recent posts on here, rental price is (wrongly) rising with house value rises. If you have a 30 day notice contract, if you haven't reached a deal by ~16th April, then they probably can serve notice. Edit: corrected by Semple who's more knowledgeable in this area.

Ultimately, depends on your finances but, can you relocate/look to buy? I know it's really difficult to buy these days, but that is the best option imo. Does Greater Manchester have similar premiums to Greater London for example? Different location up here, but my mortgage is less than your rent for my 4 bed detached.

I really do feel for people in your position and I hope you can get something worked out.
 
They will serve notice which will give you 2 months. They will then start a court process which you would be wise to avoid as that can make future rental agreements more challenging.
 
FBi7 said:
Does Greater Manchester have similar premiums to Greater London for example?
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Yes, greater Manchester does appear to be following a similar trend. Manchester itself has rocketed in price, we've a number of family members who have been priced out of buying, and waiting lists for social housing is in the region of 5-10 years.

Other southern suburbs Trafford and Stockport are also on a sharp rise, and out the west to Salford which has also shot up after BBC/itv/channel4 moved there.
 
Blimey, sounds like we're really screwed then :(, we have enough money for a 5% deposit mortgage but can't see us finding and securing a house in a few months we was hoping 1 to 2 years.

If they serve 2 month's notice would that be from end of contract so might give us a few more months before court proceedings?
 
Semple said:
Yes, greater Manchester does appear to be following a similar trend. Manchester itself has rocketed in price, we've a number of family members who have been priced out of buying, and waiting lists for social housing is in the region of 5-10 years.

Other southern suburbs Trafford and Stockport are also on a sharp rise, and out the west to Salford which has also shot up after BBC/itv/channel4 moved there.
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What's going on, why/how are folk willing and able to pay these higher prices? Hasn't the exodus of EU citizens post Brexit and Covid related excess mortality reduced UK population wrt couple years ago? Doesn't higher interest rates and higher bills in general reduce the amount people can borrow for mortgages?

Where's the support for higher house prices coming from? I can understand a shift away from city centres to more rural areas, bigger gardens etc, but why are all prices up?
 
@Semple thanks for explaining. It really is grim these days for 1st time buyers, no matter where you are.

It's the same up here. Buying property used to work differently here, it was essentially a silent auction, however the vendors could accept a lower offer ie no chain etc, if they wanted. When I sold my house in England a few years ago, you set a price and accepted an offer close to it, although it appears both countries are now alligning. My mate/colleague, coincidentally a Mancunian, was trying to buy a house up here, would always overbid by some Ks, and would always be outbid. He wasn't a 1st time buyer either.

Crazy.
 
Sadly Will, rental prices are daft. Some people are paying £900-1k for a 2 bed terrace here. I’d look for alternative accommodation if I was you.
 
Minusorange said:
Eventually everyone will be driven out of towns & cities because rent is too high and the bubble will burst
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It’s being driven by a shortage of rental property combined with a lot of people returning back to the cities after the pandemic. Letting properties isn’t as favourable as it once was so a lot of landlords have been selling which has been snapped up due to high buying demand and that has further compounded the rental shortage.
 
willhub said:
Blimey, sounds like we're really screwed then :(, we have enough money for a 5% deposit mortgage but can't see us finding and securing a house in a few months we was hoping 1 to 2 years.

If they serve 2 month's notice would that be from end of contract so might give us a few more months before court proceedings?
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It's two months from the notice providing that's after the expiry of your tenancy. If you were served tomorrow they could give an expiry date of 3 June 2022 as your tenancy ends on 16 May.
 
We must be a failure working in banks on low wages every man and his dog must earn more. 25k salary must be like 15k 10 years ago. Seems pointless working when the wage doesn't amount to anything meaningful.
 
willhub said:
Blimey, sounds like we're really screwed then :(, we have enough money for a 5% deposit mortgage but can't see us finding and securing a house in a few months we was hoping 1 to 2 years.

If they serve 2 month's notice would that be from end of contract so might give us a few more months before court proceedings?
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If it does go down to court and you are struggling to find another property then there is help. Whilst being urgent to find another property is clearly the priority, all is not lost if things do get to that point.
 
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