The state of the rental housing crisis is (still) depressing

What a load of cr*p!

 

As if it wasn’t already depressing that someone was going to charge £3,000 a month for the rental of his bathroom. (Yes, seriously. We reported on it below,) now it seems that rents could be pushed even higher.

Chancellor Philip Hammond’s Autumn Statement ban on lettings fees has been announced and although this sounds like good news for tenants, the country is wondering if this will just bring on higher rents and more competition.

Letting fees have gone up 60% in the past five years so abolishing them will definitely help some but, the worry is whether landlords will have to rise rents in order to pay the administration fees themselves.

The next ban to be discussed is the upfront fees from agents to tenants which would definitely be helpful.

On April 12, we wrote this…

Prepare yourself. We’ve got some bad news about rent…

**Seriously, make sure you are sitting down.**

You probably think your rent is eye-wateringly extortionate, but compared to this toilet in north London, we can guarantee your place is a steal.

Builder, James Atherton from Highgate is seeking a tenant to cough up £3,000 per calendar month to rent his standalone washroom inside a block of flats.

The budding-landlord is hoping to get flush quick by filling what he considers to be an obvious gap in the rental market.

He told the Camden New Journal that his loo would appeal to bus drivers who pass his block on their daily routes.

‘The bus drivers in Highgate don’t have a toilet,’ he explained. ‘I thought they might be interested in buying it, or maybe three of them could rent it.’

The bathroom is said to have been unused for years and is in good condition. However, Mr Atherton is clear that tenants or buyers are responsible for the upkeep themselves.

Mr Atherton’s proposition comes as numbers from the Office for National Statistics (ONS) revealed that UK tenants now spend up to a third of their disposable income on rent.

Renters in London spend even more than that, with 34.4% of their disposable income going on rent.

Rent rises have far exceeded earning growth in the capital, with rents rising by 3.3% and salaries up just 0.4%.

A surge in house prices over the last 10 years has also seen millions of young people pushed off the property ladder. In fact, even those in their late thirties are struggling to buy.

This certainly explains the crappy (pun absolutely intended) situation in Highgate. While he’s set the monthly rental price at a simply staggering £3,000, he says he would be open to a cool £20,000 for a 20-year lease.

What an absolute bargain!

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