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- Super Spammer
Joined: 22 Oct 2013 Karma :
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Posted: 12:39 - 27 Dec 2017 Post subject: |
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asta1 wrote: | Way I see it, what's really needed to return to a sustainable system for all is a full on housing market crash in the UK. We aren't talking a small one either. At what price point is a house in say London or the commuter belt actually affordable for the average Joe in the early stages of his career? On say an ok salary of £25k/year and a 5x salary multiplier, we're still only talking £125k plus deposit. For context, my mother bought her first house with a 2.5x salary mortgage.
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£25K a year? A couple will earn £32,500 on minimum wage if both working full time.
If you're referring to single occupants, there are plenty of 1 bedroom flats for sale under £125K where I live, which is half an hour by train to Londonistan.
Many of these are not in high rise, they're quite spacious quarter houses with an upstairs bedroom and bathroom and a downstairs open plan kitchen/living area. They are also in quite nice areas and start from a guide price of £90,000.
My ex had one. It was prefectly OK to get on the ladder. Anyone who expects more, needs to adjust their senses of entitlement. ____________________ TZR250 2MA road, TZR250 1KT road, TZR250 2MA race, TDR250, YZF-750R Boost colours.
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M.C |
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M.C Super Spammer
Joined: 29 Sep 2015 Karma :
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Posted: 16:15 - 27 Dec 2017 Post subject: |
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mpd72 wrote: | Do they "own" it? I thought it was a council flat. Hence why you, as a worker, have to contribute a token amount to the rent. |
M.C wrote: | People I know wonder why they work full time and still live at home*.
*their parent(s) own their house on ordinary salaries, yet they can't even afford to rent a poxy 1 bed flat. |
Highlighted the important bit for you. I know it's an alien concept on this forum that someone might not be talking about themselves.
mpd72 wrote: | £25K a year? A couple will earn £32,500 on minimum wage if both working full time.
If you're referring to single occupants, there are plenty of 1 bedroom flats for sale under £125K where I live, which is half an hour by train to Londonistan.
Many of these are not in high rise, they're quite spacious quarter houses with an upstairs bedroom and bathroom and a downstairs open plan kitchen/living area. They are also in quite nice areas and start from a guide price of £90,000.
My ex had one. It was prefectly OK to get on the ladder. Anyone who expects more, needs to adjust their senses of entitlement. |
I have a 30k deposit, lets see what Mr Barclays says...
Based on the information you've provided, we won't be able to offer you a mortgage.
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- Super Spammer
Joined: 22 Oct 2013 Karma :
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Posted: 17:02 - 27 Dec 2017 Post subject: |
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M.C wrote: | mpd72 wrote: | Do they "own" it? I thought it was a council flat. Hence why you, as a worker, have to contribute a token amount to the rent. |
M.C wrote: | People I know wonder why they work full time and still live at home*.
*their parent(s) own their house on ordinary salaries, yet they can't even afford to rent a poxy 1 bed flat. |
Highlighted the important bit for you. I know it's an alien concept on this forum that someone might not be talking about themselves. |
Nice try, but I was replying to this, not the quote you chose. I've highlighted the important bit for you.
M.C wrote: | Rogerborg wrote: |
[*] Nobody over the age of 25 should refer to dangling off their mum's teat as being "at home".
Yes, bnp72, but really. Really. |
No just you, even he seems to have given up What term would you prefer? Parent(s) house? |
M.C wrote: | I have a 30k deposit, lets see what Mr Barclays says...
Based on the information you've provided, we won't be able to offer you a mortgage.
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Why? Do you have a gambling habit or bad credit? a 30% deposit should be way more than enough unless there's something you're not disclosing. ____________________ TZR250 2MA road, TZR250 1KT road, TZR250 2MA race, TDR250, YZF-750R Boost colours.
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M.C |
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M.C Super Spammer
Joined: 29 Sep 2015 Karma :
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- Super Spammer
Joined: 22 Oct 2013 Karma :
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Posted: 17:26 - 27 Dec 2017 Post subject: |
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M.C wrote: |
It wasn't about me. It was about people I know, so you going on about my circumstances shows you aren't following the conversation (for a change). |
I saw it as Borg referring to you, you replied. I doubt you didn't spot that.
M.C wrote: | Nope. Typed in my deposit, salary, and travel costs (remember I'll be a commuter with your plan) and computer said no. |
For how much mortgage? £60K on a £90K property with £30K deposit? I don't believe you. £60K over 25 years is easily affordable on minimum wage.
You're just playing the hard done by generation victim, priced out of housing to excuse your, as Borg put it, "dangling off their mum's teat as being "at home".
You could do it if you actually tried properly, rather than looking for an excuse to stay in your current cushy little number. ____________________ TZR250 2MA road, TZR250 1KT road, TZR250 2MA race, TDR250, YZF-750R Boost colours.
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M.C Super Spammer
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Sun Wukong |
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Sun Wukong World Chat Champion
Joined: 02 Nov 2014 Karma :
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asta1 |
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asta1 Scooby Slapper
Joined: 03 Dec 2015 Karma :
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Posted: 19:49 - 27 Dec 2017 Post subject: |
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mpd72 wrote: |
£25K a year? A couple will earn £32,500 on minimum wage if both working full time.
If you're referring to single occupants, there are plenty of 1 bedroom flats for sale under £125K where I live, which is half an hour by train to Londonistan.
Many of these are not in high rise, they're quite spacious quarter houses with an upstairs bedroom and bathroom and a downstairs open plan kitchen/living area. They are also in quite nice areas and start from a guide price of £90,000.
My ex had one. It was prefectly OK to get on the ladder. Anyone who expects more, needs to adjust their senses of entitlement. |
Hmm. Whilst I agree it can still be done, I think you do rather underestimate how difficult it is for the young. Some facts:
1.) Average stating salary for a student is about £19-22k/pa.
2.) On my course, which is considered good, its about £30K.
3.) A first year junior doctor earns £22,636, although this rises to £30k in 4 years.
4.) If you've no degree, you're probably talking £16-18k.
5.) Most people at that stage are likely to be buying alone (only one of my friends has a long term girlfriend that is serious enough to consider buying a house together, that shit is more of a long term commitment than marriage).
6.) A 5x salary mortgage is about the best you'll ever get in terms of borrowing and it is by no means a guaranteed that the bank'll play ball on such a level of debt.
And for context, my mothers first mortgage for a 3 bed semi detached house with a garage was 2.5x salary in about 1985. She bought it on her own.
Today, houses of a similar type (3 bed, semi detached, sometimes with a garage) in the same post code are on the market for 'offers in excess of £180K'. To afford the same house today on a 2.5x salary mortgage, a young professional straight out of uni would need to be pulling in £72,000pa. ____________________ CBT Acquired: 09/07/2015
A2 Licence Passed: 12/02/16
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Im-a-Ridah |
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Im-a-Ridah World Chat Champion
Joined: 20 Oct 2006 Karma :
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- Super Spammer
Joined: 22 Oct 2013 Karma :
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Posted: 21:41 - 27 Dec 2017 Post subject: |
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Im-a-Ridah wrote: | mpd72 wrote: |
For how much mortgage? £60K on a £90K property with £30K deposit? I don't believe you. £60K over 25 years is easily affordable on minimum wage.
You're just playing the hard done by generation victim, priced out of housing to excuse your, as Borg put it, "dangling off their mum's teat as being "at home".
You could do it if you actually tried properly, rather than looking for an excuse to stay in your current cushy little number. |
Not much chance of a £90k property in an area with jobs and where you won't get stabbed on a daily basis. In fact even without jobs and with getting stabbed on a daily basis you would struggle to find one that cheap! £190k is more like it, and that's still very bottom end of the market for the places where the work is. |
1 bed flats start at £90k and are in decent areas. ____________________ TZR250 2MA road, TZR250 1KT road, TZR250 2MA race, TDR250, YZF-750R Boost colours.
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M.C Super Spammer
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- Super Spammer
Joined: 22 Oct 2013 Karma :
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Posted: 11:02 - 28 Dec 2017 Post subject: |
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M.C wrote: | Everytime you bring up the move to Kent argument you gloss over the commuting costs. I guess you could tell them you plan to jog to work, see if they believe you. |
You're playing the victim "my generation can't get on the housing ladder".
This is bollocks. I'm showing you why, you have enough deposit to put down 33% on a 1 bedroom flat, which start from £90K for a quarter house where I live, half an hour by train from your beloved Londonistan.
£120 a week train fare to London is affordable for many basic workers. If you think the thousands of commuters going to London are all city traders, you're wrong. I know plenty who work in retail as shop assistants in London and commute. ____________________ TZR250 2MA road, TZR250 1KT road, TZR250 2MA race, TDR250, YZF-750R Boost colours.
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- Super Spammer
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Rogerborg nimbA
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asta1 Scooby Slapper
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Diggs |
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Diggs World Chat Champion
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Posted: 12:17 - 28 Dec 2017 Post subject: |
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I'm told you can still buy a house for £30,000 in Lincolnshire. Don't know if this is true and I dread to think what a 30k house looks like, but if I was young and lived in London (god forbid!), I would be looking to obtain 'remote' skills (CAD tech, Microsoft engineer etc...) and move to somewhere where I could both work and afford to live. ____________________ Now - Speed Triple, old ratty GS550, GSXR750M
Gone (in order of ownership) - Raleigh Runabout, AP50, KH125, GP125, KH250, CBX550, Z400, CB750FII, 250LC, GS550, ZXR750H1, Guzzi Targa, GSX750F, KH250 x2, Bimota SB6R and counting... |
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- Super Spammer
Joined: 22 Oct 2013 Karma :
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Posted: 12:30 - 28 Dec 2017 Post subject: |
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asta1 wrote: |
120 a week *48* a 25 year mortgage equals £144k.
So really, what your saying is he can afford to buy a bed sit for effectively £234k and have to travel an hour to work everyday?
Not gonna lie, think I'd live with mummy if that was the situation...
Of course, as Rog says, fuck London with a rusty pole. Other areas are more realistic. |
So many wrong assumptions there.
Is commuting to work free and timeless in London then?
An Oyster card can cost up to £60 a week and travel across London can take over half an hour each way, even by Tube. ____________________ TZR250 2MA road, TZR250 1KT road, TZR250 2MA race, TDR250, YZF-750R Boost colours.
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panrider_uk World Chat Champion
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Diggs |
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Diggs World Chat Champion
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Posted: 12:51 - 28 Dec 2017 Post subject: |
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My sister-in-law did exactly that. She lives in Scotter now and hasn't looked back... ____________________ Now - Speed Triple, old ratty GS550, GSXR750M
Gone (in order of ownership) - Raleigh Runabout, AP50, KH125, GP125, KH250, CBX550, Z400, CB750FII, 250LC, GS550, ZXR750H1, Guzzi Targa, GSX750F, KH250 x2, Bimota SB6R and counting... |
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- Super Spammer
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panrider_uk World Chat Champion
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Posted: 13:29 - 28 Dec 2017 Post subject: |
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But houses going up in value means nothing while you still live in it and if you move then that house has probably also doubled in price so you really only benefit when you downsize or move away.
I can see some attraction, for the convenience, if you go out eating/clubbing etc every night but generally most areas have no shortage of good food and entertainment.
Busy, dirty, noisy, expensive.
Seems a high price to pay to me but each to their own ____________________ Current bike: Honda ST1100 |
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Old Thread Alert!
The last post was made 6 years, 136 days ago. Instead of replying here, would creating a new thread be more useful? |
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