From “lazy girl jobs” to renters competing with 20 others for housing and big pay rises for top earners, here are our favourite must-know money stories this week.

The rise of “lazy girl jobs”

Gen Z women are turning their hands to “lazy girl jobs” in order to earn a living amid the “antiwork” movement, Alexa Phillips writes for The Telegraph.

Phillips defines such jobs as well-paying jobs that are “undemanding” which many young women are turning to after burning out on high-pressure careers.

Many such people have taken to social media platforms such as TikTok to explain the benefits of their easy employment with one saying: “I was born for lazy girl jobs. I get paid a bomb salary to talk to no one, take breaks whenever I want & be the office baddie.”

Remote working has risen to prominence since the pandemic and while a movement to return workers to offices has made some way, many jobs still allow for a remote setting.

Gabrielle Judge, quoted, says that the “lazy girl jobs” movement has risen as a direct response to the “girlboss” and hustle cultures of recent years.

Renters competing with 20 others for each property

Renters are facing punishing property market conditions as they battle 20 other prospective tenants for each dwelling, Kevin Peachey reports for the BBC.

The average number of viewings for each property has tripled since 2019 according to data from Rightmove.

Peachey speaks to families who say finding a rental property is both stressful and hard, with long processes and a lack of options available.

An estate agent from Preston, Paul Forbes, told the BBC that properties are often let after just one set of viewings thanks to the extremely high demand.

Big pay rises for top earners mask salary cuts for everyone else

Large pay rises for top earners in business services, finance and IT have masked the true extent of cuts for other workers, Larry Elliot writes in The Guardian.

A study from think tank the Institute for Fiscal Studies (IFS) says many sectors such as manufacturing, education and hospitality have faced wage cuts in real terms (after inflation is accounted for) while those in business services, finance and IT have seen bumper pay rises.

Digging into HMRC payroll data the IFS says pay rises have masked the differing outcomes for many workers depending on their types of job, and where they are located. Workers in London, for example, have fared better than in other parts of the UK.

Xiaowei Xu, a senior research economist at the IFS, comments: “Inequality in mean earnings across the country had been falling in the two decades leading up to the pandemic, with the poorest areas seeing the highest pay growth. Since 2020 we have seen a reversal of this trend, with strong pay growth in business services benefiting London’s top earners.

“But not everyone in London has had a big pay rise. Middle earners in London have only seen their pay go up by 1.7% over the last three years, which is low by both national and historical standards.”

Photo credits: Pexels

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From wages rises fuelling inflation, to over-50 pandemic retirees being ‘much poorer’, and the upside of generation rent – here are our favourite must know money stories this week to help you get your head around your personal finances. 

Wage rises fuel inflation, as real pay falls behind 

Regular pay grew by 7.3% between March to May 2023, according to the Office for National Statistics (ONS) equalling the record growth rate set last month. But with inflation currently at 8.7%, real pay is still lagging in real terms. 

The increase has put further pressure on the Bank of England to continue hiking rates in its attempt to slow price increase and cool the economy. Concerns over strong wage growth remain as it feeds consumer demand and further forces companies to increase the prices of their products – a so-called wage price spiral.  

While a higher wage means you have more money to spend out of your pocket, it is certainly not keeping up with inflation either – regular pay fell by 0.8% overall, after accounting for inflationary impact. 

Sarah Coles, head of personal finance, Hargreaves Lansdown comments: “Somehow, pay is simultaneously too high for the Bank of England’s liking, and yet too low to keep up with inflation.” 

The Bank faces the challenge of carefully working around the tight labour market to end the vicious cycle of inflation and rate rises without hurting the incomes and employment of UK households.  

She added: “It’s likely to mean both that interest rate rises are on the cards, and that more interest rate rises could well exacerbate growing weakness in the jobs market.”  

The upside of generation rent 

Amid turmoil in the housing market, “renting is largely risk and responsibility-free, unlike owning a property,” writes Ben Wilkinson for in The Telegraph. 

While today’s tenants feel the squeeze of the sharp rent rises and competition in the property rental market, things are not quite rosy for landlords and homeowners alike.  

Many have stretched themselves to get on the ladder at the peak of the market – and are now facing punishing mortgage rises, the burden of monthly payments and commitment to decade long contracts, along with the threat of the housing market crashing down. 

On the other hand, renting is risk and responsibility free, according to Wilkinson. Renters have short-term contracts and no maintenance responsibilities – giving them the ability to move easily to access better opportunities in different locations.  

While renters are not immune from surging housing costs and there is a need for better regulation to root out unfair landlords – in the current situation with wobbling house prices, the heavily-mortgaged might wish they were renting.  

Over-50s pandemic retirees are ‘much poorer’ 

People over 50 who left work during the pandemic are “much poorer” in general than other retirees, reports Jemma Dempsey for BBC News. 

Research from the Institute for Fiscal Studies (IFS) shows that 48% of those who retired in 2020-21 were now living in relative poverty. The report found that they cut their food spending by £60 per week on average and nearly half of them had no access to either private or state pensions.  

Older workers between the ages of 50 and 70 who left in the first year of the pandemic were “not retiring in comfort”, the IFS said, compared with those who had retired even just a year earlier.

The study noted that older people who stop working often never re-enter the workforce. “This group may be experiencing long-term poverty and greater hardship in the current cost of living crisis,” it said. 

Chancellor Jeremy Hunt has made it a goal to encourage the over-50s back into the workplace.  

“We have recently committed £70m in back-to-work support for the over-50s including a new online Midlife MOT launched this week,” a spokesperson said. 

Photo Credits: Pexels

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Question: How do I complain if there’s damp in my rental property? Can I hold back rent if the problem isn’t fixed? 

Answer: Shelter’s data shows that over 25% of renters in Britain are affected by damp and mouldy homes, which can cause health problems.  

The UK has some of the oldest houses in Europe, so it’s not surprising that this is a big concern for some. 

There are many factors to consider when you’re considering who is at fault if there is damp in a property. 

For example, if a problem with damp or mould is caused by your lifestyle, your landlord may be able to retain part of your deposit to cover the cost of repairing any damage.  

This could include someone regularly drying their clothes inside a home without sufficient heating and ventilation which can lead to condensation and mould.  

However, if a damp problem is caused by something in the property that needs fixing – such as a burst pipe, faulty gutters, or another structural issue – your landlord will need to make the necessary repairs.   

If this is the case, you’ll need to let your landlord or letting agent know in writing about the issue as soon as you notice it. In your email, or letter, make sure you outline what needs repairing, how your health is being affected, and if it’s also caused any damage to your belongings.  

Your landlord or agent will then have to inspect the property, and make sure that they repair the issue in a “reasonable” amount of time.  

If that doesn’t fix the problem and you still have issues with damp and mould, the landlord or agent may then need to carry out improvements to your home. That could mean damp proofing the building – or could even mean something as simple as giving you a dehumidifier.  

If you’re in touch with your landlord directly and they don’t fix the issue or respond to your queries, you may need to contact your local council to ask for help. The environmental health department at the council should be able to give you advice. There are also organisations including Shelter which can offer guidance. 

If you have a letting agent and they don’t respond or come and fix the issue, you should get in touch with their redress scheme, if they have one, and they’ll be able to advise you on the next steps. 

In all cases, you’ll need to keep evidence of the problem, to make sure that you can answer any questions and back it up with proof. This includes any communications you have between a landlord or letting agent. 

However, what you shouldn’t do is stop paying your rent as this could lead to your landlord making a claim for rent arrears – which could be a potential reason for them to evict you from the property. 

Speaking with your landlord first, then following the official route of a redress scheme or your council while keeping a note of everything is therefore the best solution. 

Rik Smith is Director of Tenancy Services at the UK’s leading RentTech platform, Goodlord. He focuses on making the renting experience better for tenants. He previously worked as an energy market specialist for uSwitch.com. 

Photo Credits: Pexels

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Mouthy Money Your Questions Answered panellist Jeremy Leaf answers a reader’s question on what they can do when faced with an unaffordable rent hike.  

Question: My landlord is increasing my rent and it’s too much for me to afford right now, can I negotiate the price? And what’s the best way to do this? 

Answer: We hear this frequently as circumstances have changed for landlords and tenants. 

Clearly, we are all compromised by sharp rises in the cost of living, with some more affected than others.  

No-one knows if rents will continue to rise as fast as they have so some landlords and letting agents are building in a review or break clause to agreements in order to retain as much flexibility as possible. This can benefit both the tenant and the property owner. 

Landlords with mortgages have also had to face up to sharply rising repayments, following successive base rate rises by the Bank of England, as well as higher building costs to comply with regulations and carry out important works.  

The best way for tenants to obtain a lower rent or not such a high increase is to be as transparent as possible with their landlord or lettings agent regarding their salary and other costs and outgoings. 

You may be able to meet the landlord halfway and agree to a smaller increase in rent, or commit to renting the property for a longer period of time. This gives them the security of a tenant for a longer period and you could always agree to review the rental rate in six months (or a year), for example. 

But unfortunately, it’s worth remembering that some landlords are in a pretty dire position too; we’ve seen several examples of landlords losing money by continuing to rent and being unable to sell. 

However, most landlords appreciate that a good tenant is better than achieving top-dollar in rent and compromise can often be reached when all the cards are on the table.  

Jeremy has been principal of Jeremy Leaf & Co Chartered Surveyors and Estate Agents, in Finchley, north London since March 1984.  Jeremy is also a former residential chairman of the Royal Institution of Chartered Surveyors. 

Photo Credits: Pexels

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The cost-of-living crisis isn’t going anywhere soon, so it’s as important as ever to take better control of your finances. 

Here are some of our favourite stories this week to help you get your head around your money.

Tenants seek ‘bills included’ homes

Kevin Peachey writes for BBC News as all-inclusive rent searches rise, according to property portal Rightmove.

The phrase ‘bills included’ has jumped to second place in Rightmove search priorities, from fourth a year earlier, reflecting the pressure of surging energy bills and cost of living rises.

Apart from the price and location of property, pets have consistently been one of the top filters for rental properties. Earlier last year, the requirement for a garage rose as people sought extra space as they worked from home.

Now, all-inclusive rents are gaining popularity, as a simple and effective solution to financial uncertainty.

Tim Bannister, property data expert at Rightmove comments: “Any landlord able to offer this to a tenant is likely to be met with a long queue of applicants.”

All-inclusive rents take away the need to deal with utility companies and knowing your fixed rental amounts provides a sense of financial stability. However, it might be difficult to gauge the worth of a bills included property, or negotiate a lower rent if bills fall in the future.

Shoppers to pay £811 more for groceries

On top of increased mortgage payments and record-high rents, along with energy and council tax bills rising in April, consumers are having to deal with rising household grocery bills.

Nicole Garcia Merida writes for Money Week as food inflation rose to 17.1%, the highest ever, in February 2023. Second to rising energy costs, grocery inflation is the most important financial issue for consumers today.

Fraser McKevitt, head of retail and consumer insight at Kantar, a data analytics consultancy, comments: “If people don’t change how they buy their groceries, households are facing an £811 increase to their average annual bill.”

With milk and cheese prices already increased 26.1% and 23.8% respectively, and butter and spreads costing 29.9% more –despite improvement in supply chains issues is yet to reflect in prices.

Plus, while many items have not risen in price, they are experiencing so-called ‘shrinkflation’ – where the price of a product does not change, but the size of the product decreases, leaving shoppers with less for their money.

UK women more likely to be on low pay and struggling

Joanna Partridge reports for The Guardian that more women than men are paid below the real living wage, according to data from the Living Wage Foundation.

Women have been hit harder by the cost-of-living crisis as they already tend to earn less, with 60% of all jobs paying below the real living wage held by women.

Half a million more working women are paid below the real living wage than their male counterparts. 13% of women, are on zero-hour contracts which comes with a lower job security. compared to 9% of men.

Katherine Chapman, director of the Living Wage Foundation, comments that the research “demonstrates the reality that millions of women in the UK – often cleaners, catering staff and care workers – are more likely to be trapped in low-paying, insecure and precarious jobs.”

Photo Credits: Unsplash

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Mouthy Money Your Questions Answered panelist Elena Todorova answers a reader’s question around deciding when the right time is to buy a home.

Question: I’m planning on buying my first house this year, but with interest rates soaring, is it better to wait and if so, until when?

Answer: First, and foremost, a house is a home but then, it is also an investment.

In normal times, when interest rates are low and house prices are rising, it makes sense to become a homeowner and to occasionally check on websites like Zoopla to see how the value of your home has grown.

However, you are currently looking to buy in a very different market from the one we have got used to over the past 14 years.

Although interest rates are on the rise, there are also expectations that house prices will fall and therein lies an opportunity to time your purchase and buy at the lower end of the market.

Depending on how soon you wish to buy, you might want to keep your finger on the pulse of your local market: follow the properties coming up for sale, see if there any reductions, speak to agents and get to know them well.

I always recommend using price per square foot or square metre to compare prices. Of course, you need to factor in other aspects such as the state of the house, whether it’s outdated versus newly refurbished, the location, size of garden, or whether it’s freehold versus leasehold. You need to be patient and do your research properly, but it should pay off.

The type of property is also important. A house is likely to retain its value better than a flat, even if they are in the same location.

If you are purchasing a flat, the saturation of the development will also influence how much prices will be affected in a downturn, how much they could fall and how quickly. You can still get a great place at competitive price, but perhaps you will have to wait a bit longer for prices to then recover.

Mortgage rates are on the rise, and some shot above 6% following the shock mini-Budget in September. The market has since steadied, with five-year fixes back below 5% and some expectations that they may reduce below 4% in coming months.

Current expectations from the Office for Budget Responsibility (OBR) are that Bank of England’s base rate may still increase to 5% next year, when it is expected to peak before falling back. It is unlikely interest rates will return to the rock-bottom levels of recent years, with expectations that they will steady around 3-4%.

Your dilemma is whether to buy a property at a high(er) interest rate or continue to rent (assuming you don’t live with relatives). If you continue to rent, you may also have to allow for higher rents in coming months as they are on the rise, which may eat into your deposit.

Timing the market and trying to predict when property prices are at their lowest is notoriously difficult and there are many tales of people who have missed while they took a “wait and see” approach.

Ultimately, if you have found a property you want to buy, are able to negotiate a good price and can afford to buy it, then now is as good a time as any to get on the ladder.

Owning a property provides a steady home, while you can secure your monthly payments with a fixed-rate mortgage for a number of years as your expenses and income stabilise.

Rates have increased but with a potential correction in the housing market, you may be able to grab yourself a bargain and benefit from future house growth too.

Elena is a fully qualified IFA

Elena is a fully qualified IFA (Independent Financial Adviser) specialising in residential and investment mortgages for UK residents, foreign nationals and ex-pats. With over 20 years experience in London and UK mortgage market, she has the expertise to deal with diverse and often complex cases.

Photo by Naomi Hébert on Unsplash

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Most people in the UK will know of Sir RIchard Branson (born 1950). He is probably Britain’s most famous and successful serial entrepreneur.

Branson’s early business career involved selling records (the CDs of their day) by mail order. In 1972 he opened a chain of record stores, Virgin Records, later known as Virgin Megastores. Today his Virgin Group comprises more than 400 companies in areas from music to air travel, sports centres to space exploration. 

Branson himself is a billionaire several times over. In 2007 he was included by Time magazine in their Top 100 Most Influential People in the World list.

Of course, I’m not suggesting that every Mouthy Money reader should try to emulate Branson’s success (though dream big, by all means!). However, I do think we could all benefit by taking a leaf out of his book and being a bit more entrepreneurial, especially in these challenging times.

Multiple income streams

Like Branson and his Virgin Group, I’m a big believer in having several strings to your money-making bow, each one generating another income stream for you.

That doesn’t necessarily mean starting new businesses (though it could) but simply ensuring you have more than one source of money coming in. There are many advantages to this.

For one thing, the extra cash can give you greater resilience in the event of your main income source drying up. It can also help you build reserves to cope with unforeseen circumstances. You can put it towards major purchases in future. It can also finance a few extra treats to improve the quality of life for you and your family – from gifts and meals out to having the heating on for an hour longer in the evening…

Of course, even Branson doesn’t strike gold every time. Some of his businesses have gone under due to changing times and fashions. Others never really took off in the first place (Virgin Cola being the classic example). But because he always has plenty of other projects on the go, his empire just keeps growing and growing. That never-say-die approach is something we can all benefit from copying!

Here then are some ways you may be able to generate extra income streams for yourself…

Part-time work

I guess this is pretty self-explanatory. It could range from getting a Saturday job at your local supermarket or DIY store to gardening, delivery driving, leafleting, and so on. 

People with specialist skills may also be able to get paid part-time work in their field. For example, I know several retired nurses who went back to work part-time giving Covid jabs. 

Part-time work is generally low stress. As well as giving your income a boost, it also has the benefit of keeping you mentally alert and meeting new people and potentially new friends. If you’re over 50 (like me) there’s a website called Rest Less which specializes in part-time work suitable for older people. 

Side hustles

Side hustles is a broad term that covers small-scale money-making sidelines of all kinds. I am a big fan of side hustles and have a number myself, including freelance writing and blogging. 

There are lots of other potential side hustles, of course. One I’ve done from time to time is being a TV or movie extra. This can be great if you have a little time available in the day. You won’t make a fortune but you’ll be paid and get to see how films and TV shows are made. There are a few agencies that employ freelance extras (here’s a link to one). I wrote more about working as an extra in this article on Mouthy Money.

Another possibility is going on TV quiz and game shows. You can make a lot of tax-free money if you win a big prize on a show like The Chase or Who Wants to Be a Millionaire. Of course, you may not win anything at all, but it’s still an interesting and enjoyable day out and generally your expenses will be covered. I also wrote about this opportunity in Mouthy Money..

There are lots of other side hustles as well. I can’t go through them all in detail here, but they include tutoring, consultancy work, dog walking, handyman/DIY work, house  sitting, making and selling craft items, and so on.

Rent a room

This is a tried-and-tested way to generate extra income. If you have a spare room (or rooms) in your house that you don’t mind letting out, the government will allow you to earn up to £7,500 a year tax-free under the Rent a Room scheme. 

Tax exemption if you don’t earn more than £7,500 this way is automatic – you don’t even have to fill in a tax return. The room must be furnished and in your own home.

If you don’t want a full-time lodger, Rent a Room tax relief can also be used for income from short-term lets, as with Airbnb.

Online auction selling 

Next I want to mention online auction sites, of which the best known is eBay. 

A lot of people use eBay as a shopping site, but it can be a great way of making extra money as well. We all have stuff lying around the house we don’t need any more, so why not sell it on eBay and get a few pounds for it? Obviously selling is a bit more complicated than buying, but eBay has been running for a long time and they have learned to make selling on the site as easy as possible, even for people who are brand new to it. 

There is no tax liability if you’re simply selling your old stuff on eBay. If you decide to start buying in stuff to sell at a profit then there could be, but it’s worth bearing in mind that everyone has a £1,000 Trading Allowance. If you make less than this in a year from things like eBay trading you don’t have to pay tax on it or even declare it, whatever other income you might have.

• Though you may like to note that from January 2024 online marketplaces such as eBay have been required to notify HMRC if a user earns more than £4,000 in any one year from selling. There will still be no tax liability if you are just selling old possessions and not making a profit on them. But if you want to avoid any potential hassles there may be a case for keeping sales on any single platform below the £4,000 a year reporting threshold.

Online surveys

Finally, I want to mention survey sites. These are a great way to earn a bit of extra cash for little effort, though you certainly won’t make a fortune. Again, I wrote about this a while ago on Mouthy Money. 

As I said then, my favourite survey site is Prolific Academic.This site is used by academic researchers world-wide to recruit participants for online studies and surveys, and they are varied and often surprisingly interesting. 

The studies on Prolific require anything from a minute to an hour to complete, with payments based on how long (on average) they take. I’ve earned over £700 to date from Prolific Academic and highly recommend them.

I do hope this article has inspired you to follow in the footsteps of Sir Richard Branson and adopt a more entrepreneurial approach by creating multiple income streams for yourself. 

Of course, Mouthy Money regularly publishes articles by me and my fellow contributors setting out methods for making extra money. Take a look at MM’s Earning category for many more ideas and inspirations!

As always, if you have any comments about this article, please do leave them below.

Nick Daws writes for Pounds and Sense, a UK personal finance blog aimed especially (though not exclusively) at over-fifties.

Photo by Austin Distel on Unsplash

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The year ahead could bring more stability for the UK housing market, as the bumper demand caused by the stamp duty holiday will no longer be a factor boosting property purchases.

2021 was the strongest year for mortgage lending since 2007, according to trade association UK Finance. This was caused by a combination of factors including the stamp duty holiday, people with more cash savings, and a rethink of where households wanted to live thanks to the pandemic.

James Tatch, principal, data and research at UK Finance, says: “The outlook for the housing and mortgage markets over the next two years is for a return to more stable, balanced picture following the upheavals of the last two years.

“While risks remain, both to new lending and ongoing affordability, the market looks to be emerging from the pandemic in a better place than previously anticipated, supported by a much-improved wider economic outlook.”

‘The focus seems to be shifting to remortgages’

The price of an average UK home hit a record high of £254,822 in December. This is the highest house price growth in 15 years, according to Nationwide.

With house prices reaching record levels in 2021, housing affordability for first-time buyers may continue to be stretched.

Rising inflation will put a squeeze on real incomes next year. With the Bank Rate increase from 0.1% to 0.25%, this could also place pressure on affordability.

Myron Jobson, personal finance campaigner at interactive investor, says: “The mortgage market is still adjusting to the loss of the stamp duty holiday, which propped up the property market during the pandemic, before it was completely phased out at the end of September.

“While net lending increased in November following a contraction the month before, the net borrowing was £2.9 billion below the 12-month average to June 2021, when the full stamp duty holiday was in full swing.

“The focus appears to be shifting to remortgages, which saw a significant jump in activity in November as borrowers with home loans set to mature opting to lock into a fixed rate deal ahead of the highly touted rise in interest rates.”

Is the rental market calming down too?

Tenants faced an 11% rise in rents compared to pre-pandemic levels in suburban areas in 2021, according to property website Rightmove.

With a 155% increase in demand per rental property available in cities and up to 224% in rural locations, tenants had to compete to rent properties last year.

Will this be the case in 2022?

Mouthy Money spoke to Ryan Taws, branch manager at Cubitt & West Estate Agents, who says the rental market will remain “inconsistent and extremely competitive.”

He says: “I think the rental market probably will be the same in 2022. A lot of it does come down to the Covid situation, whether people can rent out their properties and move abroad, and then that would bring more properties onto the market.

“It’s just supply and demand, you have less of something and there’s more people that want that, and are willing to pay more price for that as well.

“So, I think that’s probably going to be a continuing trend until there becomes a bit more clarification about the pandemic. I believe that once the Covid situation is sorted out, and people can move abroad, again, that will sort the market out and make it more balanced.“

With news of the sales market potentially stabilising in 2022, Taws adds: “Normally, the sales and rental market don’t go hand in hand.

“If lettings are busy, and there’s a lot of properties on the market, that’s because sales are not doing very well. So, sales have been very good for two years. And lettings have been very bad for two years in the sense of properties on the market.

“So hopefully, for my sake, I do hope that sales won’t be stabilized!”

Photo by Chris Flexen on Unsplash

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Mouthy Money reporter Dana Raer explores why finding somewhere to rent has been such a struggle for her, and what factors are exacerbating the issue around the UK.

If you’ve been struggling to rent an apartment or room where you want, after looking for a long time, you’re not alone.

The rental market is currently a nightmare to navigate as soaring demand does not meet the woeful supply.

I started looking for apartments in July. Now in November, I am at a loss for words. I thought finding an apartment to rent after starting to earn my own money and have some financial independence at my first job as a recent graduate would be fun – right?  

Spoiler alert: it’s not.

I graduated from my journalism course at the University of Sheffield this summer. In August I went back to my home country to visit my parents in Romania. Mid-August I started looking for apartments online. I realised pretty quickly after several futile phone calls that something was wrong.

Competition among tenants

Demand per rental property in cities has seen a rise of 155% compared to pre-pandemic levels and up to 224% in rural locations, according to Rightmove.

This has created a lot of competition among tenants – the luckiest being the one who sees the property first.

For me, finding somewhere to rent has become like window-shopping during Christmas in the busiest neighborhood of the city. You enter the shop to buy an item displayed in the window only to find out it’s already gone.

My experience

The rooms or apartments I saw online were always taken by other tenants in a few hours after showing on the site.

I would usually call agents with a lot of interest, ready to make an application for a property that was published an hour ago for it to be already taken – it is an absolute nightmare.

In one instance, after making an offer to a property I liked, I the agent rang me back to tell me other potential tenants were willing to pay more for the spot. They asked me if I was able to pay more too!

People had to resort to bidding to get a flat faster, which for me is unfathomable as prices are already extraordinarily high thanks to demand. As I’m only a recent graduate affordability is a big factor for me too.  

Most of the time, agents don’t even do face-to-face or virtual viewings, because offers come as soon as posts are made online. It would seem you’re either the first one to give an offer – without even seeing the apartment or a video of it (praying that it has no issues) – or you don’t get it.

The impact

A nice living environment makes a huge difference to our mental health. This more than ever in the past 18 months during the pandemic, because there is no way you can escape the four walls surrounding you. This is especially the case with more and more of us working remotely permanently.

Finding a comfortable place to live in a safe area is more than important.

Plus, with inflation, tax and bill hikes, rising rent prices, the situation is becoming abhorrent. The high demands of renting puts many of us in vulnerable positions – signing a contract without knowing what we’re signing up for. It is also making it increasingly harder for recent graduates to find a decent place to stay.

Thankfully, I have a job in which my employers are very flexible – but this is not the case with everyone. Most people on starting salaries are put in a tough position to risk staying in a place they don’t feel safe or comfortable when working from home, because it’s what they could find after months of looking online.

How can you rent in this climate?

Surprisingly luck was on my side today. As I am writing this, I have received a call saying one of my offers has been finally accepted (after two months and a half of searching every single day).

I have seen a video of the apartment but haven’t seen it in real life.

Here are my tips if you also want to get ahead of the renting queue:

• Be the first one online. I woke up earlier in the morning and called agents before starting work, so I could get a head start.
• Be polite and chatty to every agent you speak to. After searching for more than two months every single day, agents got to know me and what I’m looking for, and would call to talk to me about new properties.
• Show enthusiasm. Call agents and express your genuine interest to get a place straight away, discussions about viewings will come later.
• Be understanding. Agents most probably have it as tough as you – some even receiving 80 calls per property. It’s not their fault there is a low supply of apartments.
• Negotiate. Once making an offer, and receiving a draft contract, be confident and negotiate the terms you’re not okay with. Just because there’s a high demand, it doesn’t mean you have to accept everything you’re being given. After all you’ve got this far.

Photo by Toa Heftiba on Unsplash

The post Why is Britain’s rental market such a mess? appeared first on Mouthy Money.

Tenants face an 11% rise in rents compared to pre-pandemic levels in suburban areas, according to property website Rightmove.

In rural areas, rents have jumped from £1,141 per calendar month to £1,264 now, and urban rents are up by just £25 over the same time, from £1,347 to £1,372.

Higher demand, lower supply

Rightmove says a sustained preference from renters for more space outside of cities has led to increased demand for suburban properties. This contributed to the number of available homes to rent in the suburbs dropping by 45% compared to before the pandemic, and 61% in rural areas.

This comes from an analysis of more than 300,000 rental listings which compared tenant demand and available rental stock across Great Britain in August 2021 with February 2020.

Mouthy Money spoke to Ryan Taws, branch manager at Cubitt & West Estate Agents in Brighton who told us estate agencies are now inundated with calls for rental properties.

He says: “We put a property on Friday, and we walked in on Saturday and we have had 80 inquiries for that one property now, and we can’t manage that sort of volume on one property.

“If I put a property on the market on a rental area today, I reckon I would have at least maybe 30 to 40 people a day inquiring about that.”

Competition among tenants

The demand per rental property available in cities has a rise of 155% compared to pre-pandemic levels and up to 224% in rural locations.

Taws adds: “There’s been a rise in rents because there are simply less properties on the rental market than before. There are a lot more people worrying about properties.

“This is tied in with the pandemic. Landlords have capitalised by selling their properties. With a big rise in prices for properties that would normally be rented out or coming back onto the rental market many have actually gone to the sales market.

“The people who are bought them haven’t been investors, but people that have been trying to come out of London into more rural areas, and they have bought these rental properties.

“Rents have risen as a result, because people have not got enough choice anymore.”

Urban vs rural

A notable trend in renting properties has been an increase in tenants looking for properties in rural areas.

Tim Bannister, director of property data at Rightmove, says: “A desire to relocate and move to a home with more space has meant that demand has greatly outstripped supply in these areas and also in rural locations, which in turn is propping up asking rents.

“Now that more people are returning to offices at least part of the week, we’d expect to see greater demand for urban rentals over the coming months as more people need to be closer to work.

“However, the scale of change we’ve seen over the course of the pandemic means this shift isn’t going to happen overnight, and it will be interesting to continue to monitor the lasting impacts of the pandemic on demand in the rental market for the rest of the year.”

Photo by chris robert on Unsplash

The post Why is it so difficult to rent a property? appeared first on Mouthy Money.