I just rented out my flat - Council bribed me
Discussion
I have a two bed flat which I have just refurbished.
I put the property on he market and had numerous applicants. Being honest I would have preferred a working couple, however I had a number of HB applicants.
I agreed to rent to this one girl who seemed nice and her mother was prepared to act as guarantor if required.
Single Mum, small child, not working, she informed me that the first months rent and deposit would be coming from the Council and she can top up the £225pcm shortfall going forward as she receives £1300pcm in Universal Credit.
Housing officer called me to confirm and then told me they would also pay me £1800.00 on top as an incentive! Which was suprising.
This was obviously fine by me.
That have also assigned a dedicated housing officer to her for the next 12 months who will support her throughout the tenancy.
However, it made me realise how much I would have to earn to cover all the costs, £1100pcm rent, £2500p.a council & £1300pcm UC.
I'd need to be earning £40k p.a before tax.
It's little wonder we have so many economically inactive people.
Purely an observation
I put the property on he market and had numerous applicants. Being honest I would have preferred a working couple, however I had a number of HB applicants.
I agreed to rent to this one girl who seemed nice and her mother was prepared to act as guarantor if required.
Single Mum, small child, not working, she informed me that the first months rent and deposit would be coming from the Council and she can top up the £225pcm shortfall going forward as she receives £1300pcm in Universal Credit.
Housing officer called me to confirm and then told me they would also pay me £1800.00 on top as an incentive! Which was suprising.
This was obviously fine by me.
That have also assigned a dedicated housing officer to her for the next 12 months who will support her throughout the tenancy.
However, it made me realise how much I would have to earn to cover all the costs, £1100pcm rent, £2500p.a council & £1300pcm UC.
I'd need to be earning £40k p.a before tax.
It's little wonder we have so many economically inactive people.
Purely an observation
boyse7en said:
Interesting to note that among all the stories about the feckless benefit scroungers living like Lords on the taxpayers dollar, there is little comment about the OP renting out a flat for more than a working couple could afford.
If the "market rate" for a flat is more than a dual income, no kids family can afford then something in the whole housing system is broken. Councils are forced by legislation to house people and landlords know that they can, to a certain extent, put a price on a property that normal working people cannot afford yet the councils cannot afford not to pay. Obviously this further drives up rental prices and the vicious circle continues.
A working couple on say 15k a year each could afford it and that would have been my preferred choice.If the "market rate" for a flat is more than a dual income, no kids family can afford then something in the whole housing system is broken. Councils are forced by legislation to house people and landlords know that they can, to a certain extent, put a price on a property that normal working people cannot afford yet the councils cannot afford not to pay. Obviously this further drives up rental prices and the vicious circle continues.
If I were to buy the flat today the mortgage would be 1100pcm.
Edited by Acorn1 on Wednesday 19th June 16:23
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