There don’t seem to be any rungs at the bottom of that property ladder
Love this, have wages risen by 35k a year?
The UK is so fucked. I feel sorry for those who didn’t vote Tory but you can’t say that in general, the British public have brought this on themselves.
BTW, I live on mainland Europe, one of the poorer southern countries, and I make average money, and we’re not in such trouble.
That can’t be right surely, there aren’t actually any figures in that article that state or indicate a £35k higher income? At a 4x multiple for a mortgage that would indicate house prices that have moved £140k in a year
I read this as need a 35k income for mortgage in London and thought oh wow that seems way off, then I reread and it sank in.
Can we forget all the generic nonsense comments these always get and someone explain to me where the money has come from?
For the price to go up money has to be there? Is it low interest rates, high wages, Landlords, Buy to Let, foreign investors, dead boomer inheritance?
Where have whatever entity that is paying this much money for the product, got it from in a year?
There’s never been a better time to be a polygamist.
Don’t knock it until you’ve tried it.
With energy bills are affordability checks even passable for most now?
One of the many reasons I moved well, well away from London.
Who the hell going to buy in London lol.Let that shithole or I mean foreign country oh sorry I mean place rot as sky high prices Including rent is ridiculous,thanks but no thanks.
I’m currently trying to buy a three bedroom house in London for my family. We already own a small house, so not FTB and will be selling this to move
But our deposit will be around £500k. The deposit.
Three bedrooms in my neck of the woods are circa 800k.
How anyone starting out can even comprehend these costs is beyond me
At this point, it is pointless calling millennials ‘Generation Rent’ because that will now be the norm, unless you have multiple generations of the same family living together. You cannot find 35K from Netflix, avocados and lattes; this is the sign of a broken system that is never going to be fixed under the Tories. You can see why young people are trying to work from home in the north, the midlands and Wales with London property prices like this.
So if I couldn’t afford a home in london in 2021, I’d need a £35k pay rise, to still not be able to afford a home in 2022 🤔
The knock on effect of this is insane. Can’t rent a property in Sheffield (166 miles away) because the people who are supposed to live in London can’t afford it and are renting/buying all the available property in Sheffield. At the current rate, someone who works in Sheffield will have to live in Sunderland.
Nothing against the southerners moving north but it’s completely unsustainable for them to do so in the number they are.
15 comments
There don’t seem to be any rungs at the bottom of that property ladder
Love this, have wages risen by 35k a year?
The UK is so fucked. I feel sorry for those who didn’t vote Tory but you can’t say that in general, the British public have brought this on themselves.
BTW, I live on mainland Europe, one of the poorer southern countries, and I make average money, and we’re not in such trouble.
That can’t be right surely, there aren’t actually any figures in that article that state or indicate a £35k higher income? At a 4x multiple for a mortgage that would indicate house prices that have moved £140k in a year
I think they might mean the AVG London *house price* has gone up 35k year on year, which a graph on this page appears to show. https://www.twindig.com/market-views/london-house-prices
The AVG London houseprice being £538k which is egregious no matter how you look at it.
Meanwhile, Labour councillors in charge of housing in London boroughs still don’t think we need to build more.
https://twitter.com/Jamie_D_T/status/1563150586950078464
I read this as need a 35k income for mortgage in London and thought oh wow that seems way off, then I reread and it sank in.
Can we forget all the generic nonsense comments these always get and someone explain to me where the money has come from?
For the price to go up money has to be there? Is it low interest rates, high wages, Landlords, Buy to Let, foreign investors, dead boomer inheritance?
Where have whatever entity that is paying this much money for the product, got it from in a year?
There’s never been a better time to be a polygamist.
Don’t knock it until you’ve tried it.
With energy bills are affordability checks even passable for most now?
One of the many reasons I moved well, well away from London.
Who the hell going to buy in London lol.Let that shithole or I mean foreign country oh sorry I mean place rot as sky high prices Including rent is ridiculous,thanks but no thanks.
I’m currently trying to buy a three bedroom house in London for my family. We already own a small house, so not FTB and will be selling this to move
But our deposit will be around £500k. The deposit.
Three bedrooms in my neck of the woods are circa 800k.
How anyone starting out can even comprehend these costs is beyond me
At this point, it is pointless calling millennials ‘Generation Rent’ because that will now be the norm, unless you have multiple generations of the same family living together. You cannot find 35K from Netflix, avocados and lattes; this is the sign of a broken system that is never going to be fixed under the Tories. You can see why young people are trying to work from home in the north, the midlands and Wales with London property prices like this.
So if I couldn’t afford a home in london in 2021, I’d need a £35k pay rise, to still not be able to afford a home in 2022 🤔
The knock on effect of this is insane. Can’t rent a property in Sheffield (166 miles away) because the people who are supposed to live in London can’t afford it and are renting/buying all the available property in Sheffield. At the current rate, someone who works in Sheffield will have to live in Sunderland.
Nothing against the southerners moving north but it’s completely unsustainable for them to do so in the number they are.