In other news Howard may be attempting to enter the nuclear fusion research race after success in creating a critical mass of ragebait.
“not difficult to buy a home” says man who’s annual salary exceeds average house price of multiple homes.
He probably doesn’t realise how divorced from reality his life is
There it is folks, just save money. Cut back on those fancy craft beers and having any sort of fun and you can buy a property in a decade maybe.
There is another factor here that no one is mentioning. Building costs have increased 50% since 2020. New builds that, for example, might have cost 350k are now pushing 500. New builds that only 2 or 3 years ago were 600 are now 900.
Add increased mortgage rates into that and it’s a perfect storm (yet again) for first time buyers.
Add to that exhorbitant childcare costs and millennials in the UK are just getting fucked left, right and centre.
Personally, I’m amazed there isn’t rioting in the streets.
*Have you tried just having money?* Boss of NatWest asks
What a total dickhead.
I think it’s more the affordability of a home once you buy it.
How is someone in the finance sector so out of touch? NatWest know their own lending criteria, how many people they decline, and everything else such as average house prices is known.
Top trolling by davies here .
On a more serious note – this shows the disconnect between the 1% and the rest of the country.
Reminds me of the Rabb quote on food banks.
Boomer earning £750k says not hard to buy house.
Unbeleivably out of touch, like most of his peers.
Congratulations on your unfathomable levels of disconnect from the general population, Howard. Twat.
I’d like to see his spreadsheet where he calculated this!
This is so wilfully ignorant. The problem isn’t saving for a deposit, it’s the fact that house prices have risen far far more than incomes over the last couple of decades. This means that people cannot afford to buy the homes now that they would have 20 years ago, even with high LTV mortgages.
Currently the avg house price is around 8x the avg income (vs 4x in the 70s). Lenders will typically lend up to 4.5x your income. This is the problem, not people being too irresponsible to save for a deposit.
It’s not that hard to be fair, in some places. In others it’s basically impossible without help. Saving £500 a month on a £2000 take home isn’t that hard. In 2 years you can buy something alone for about £150k.
You’d think after the Farage debacle the NatWest senior management would have had some reputation management training. Guess not.
Here lies the problem. Those in power that are close to decision and policy makers are completely detached from the lives of everyday people. The issues will never negatively impact them or their immediate circle of friends or family, therefore they don’t empathise with the reality on the ground.
The rich and powerful in this country are criminally clueless and detached.
I am on a good salary (70k), barely made it on the housing ladder with support from my parents, and am currently facing a possible redundancy which means I’m at significant risk of being thrown off it.
I do not understand how people on lower wages are expected to get a house, save for a pension and simultaneously participate in the economy. You either have to live as a hermit and save every penny you make, or enjoy your life and barely save anything.
He should try it on n.m.w the obnoxious ass that he is!!
Buying a home is easy
Aldi even let you take cardboard boxes for free
~ out of touch boomer
He’s right, it’s not that difficult to purchase a home today…
​
…if you’re on £350k a year (plus bonuses).
Not difficult to buy one, just difficult to save up.
It might not be that difficult to actually buy a home going through the process but ACTUALLY finding the money to put down on it then pay the mortgage is the problem.
It really isn’t that difficult to own a house. It’s literally 2 steps.
Step 1 – Be rich, Step 2 – Buy house
I’ve paid around £36,000 in rent over the last 4 years. Will this cunts bank give me a mortgage based on that?
Like fuck they will.
He can buy me one then… I want 5 bedrooms and room for a pony
Id like to see how easy it is for him if he gave up his money and worked an average job, whilst having to spend most your paycheck on rent and bills.
I’m sure it will be super easy for him
I bought a house about ten years ago. Obviously it’s harder now, and more or less getting harder every year.
And what this guy is saying is obviously bullshit and tone deaf. It’s fucking tough.
But I sometimes think that on reddit, it’s over dramatised to the point of despair.
Simplifying it to “wages in 1980 were X, house prices were 4X, house prices today are Y, house prices are 10Y, so it’s 2.5 times harder” ignores an awful lot of factors, and you see it pretty much every day on reddit.
Not to go all boomer “interest rates were 12%”, but the majority of your monthly mortgage is interest. [Throughout the 70s and 80s, interest rates were never below 7%, and usually above 10%](https://www.bankofengland.co.uk/boeapps/database/Bank-Rate.asp)
If your interest rate is 9% on a 100k mortgage you’re paying 9k a year, £750 a month before you ever *start* paying off the banks markup, before you even *start* paying off anything you owe. Double it if you owe 200k, if you owe 300k…..
Obviously, the fact that interest rates have been low the last 25-30 years is *why* house prices are so high, its directly correlated.
I think what’s *really* tough is rent, if you don’t have any option to stay at home. When you see shows even set in the 90s in London, and there’s some waster always in between jobs who can afford to live there, it just seems mad.
Shows like Bottom, or It’s A Sin (set in the 80s) where people can afford to live there picking up work here and there. Meanwhile professionals like nurses or teachers are struggling with rent in major cities (not just London).
Added to that, the number of people who’ve moved away from the towns they were born for decent jobs.
They don’t have the option of staying at home to save a deposit, so are paying a fortune in rent.
Not necessarily London, but even say moving from somewhere near Leeds to Liverpool (or vice versa) isn’t a commutable distance.
Sure, you could rent somewhere cheaper nearby, like Wakefield or St Helens, but I’d imagine it’s pretty daunting to sign a 12 month contract in a town you’ve little knowledge of. And you’d still likely be paying more in rent in Wakefield than Eddie and Ritchie did in London zone 2.
To people like Sir Howard and many people in positions of power, this is just how things are. House price inflation is just another of those inevitable things like ageing or changing seasons. In the interview, he can’t even seem to fathom the idea of building more homes!
If only I cancelled my Netflix then I’d be able to afford a house in 372 years
29 comments
In other news Howard may be attempting to enter the nuclear fusion research race after success in creating a critical mass of ragebait.
“not difficult to buy a home” says man who’s annual salary exceeds average house price of multiple homes.
He probably doesn’t realise how divorced from reality his life is
There it is folks, just save money. Cut back on those fancy craft beers and having any sort of fun and you can buy a property in a decade maybe.
There is another factor here that no one is mentioning. Building costs have increased 50% since 2020. New builds that, for example, might have cost 350k are now pushing 500. New builds that only 2 or 3 years ago were 600 are now 900.
Add increased mortgage rates into that and it’s a perfect storm (yet again) for first time buyers.
Add to that exhorbitant childcare costs and millennials in the UK are just getting fucked left, right and centre.
Personally, I’m amazed there isn’t rioting in the streets.
*Have you tried just having money?* Boss of NatWest asks
What a total dickhead.
I think it’s more the affordability of a home once you buy it.
How is someone in the finance sector so out of touch? NatWest know their own lending criteria, how many people they decline, and everything else such as average house prices is known.
Top trolling by davies here .
On a more serious note – this shows the disconnect between the 1% and the rest of the country.
Reminds me of the Rabb quote on food banks.
Boomer earning £750k says not hard to buy house.
Unbeleivably out of touch, like most of his peers.
Congratulations on your unfathomable levels of disconnect from the general population, Howard. Twat.
I’d like to see his spreadsheet where he calculated this!
This is so wilfully ignorant. The problem isn’t saving for a deposit, it’s the fact that house prices have risen far far more than incomes over the last couple of decades. This means that people cannot afford to buy the homes now that they would have 20 years ago, even with high LTV mortgages.
Currently the avg house price is around 8x the avg income (vs 4x in the 70s). Lenders will typically lend up to 4.5x your income. This is the problem, not people being too irresponsible to save for a deposit.
Source: https://www.ons.gov.uk/peoplepopulationandcommunity/housing/bulletins/housingaffordabilityinenglandandwales/2022
It’s not that hard to be fair, in some places. In others it’s basically impossible without help. Saving £500 a month on a £2000 take home isn’t that hard. In 2 years you can buy something alone for about £150k.
You’d think after the Farage debacle the NatWest senior management would have had some reputation management training. Guess not.
Here lies the problem. Those in power that are close to decision and policy makers are completely detached from the lives of everyday people. The issues will never negatively impact them or their immediate circle of friends or family, therefore they don’t empathise with the reality on the ground.
The rich and powerful in this country are criminally clueless and detached.
I am on a good salary (70k), barely made it on the housing ladder with support from my parents, and am currently facing a possible redundancy which means I’m at significant risk of being thrown off it.
I do not understand how people on lower wages are expected to get a house, save for a pension and simultaneously participate in the economy. You either have to live as a hermit and save every penny you make, or enjoy your life and barely save anything.
He should try it on n.m.w the obnoxious ass that he is!!
Buying a home is easy
Aldi even let you take cardboard boxes for free
~ out of touch boomer
He’s right, it’s not that difficult to purchase a home today…
​
…if you’re on £350k a year (plus bonuses).
Not difficult to buy one, just difficult to save up.
It might not be that difficult to actually buy a home going through the process but ACTUALLY finding the money to put down on it then pay the mortgage is the problem.
It really isn’t that difficult to own a house. It’s literally 2 steps.
Step 1 – Be rich, Step 2 – Buy house
I’ve paid around £36,000 in rent over the last 4 years. Will this cunts bank give me a mortgage based on that?
Like fuck they will.
He can buy me one then… I want 5 bedrooms and room for a pony
Id like to see how easy it is for him if he gave up his money and worked an average job, whilst having to spend most your paycheck on rent and bills.
I’m sure it will be super easy for him
I bought a house about ten years ago. Obviously it’s harder now, and more or less getting harder every year.
And what this guy is saying is obviously bullshit and tone deaf. It’s fucking tough.
But I sometimes think that on reddit, it’s over dramatised to the point of despair.
Simplifying it to “wages in 1980 were X, house prices were 4X, house prices today are Y, house prices are 10Y, so it’s 2.5 times harder” ignores an awful lot of factors, and you see it pretty much every day on reddit.
Not to go all boomer “interest rates were 12%”, but the majority of your monthly mortgage is interest. [Throughout the 70s and 80s, interest rates were never below 7%, and usually above 10%](https://www.bankofengland.co.uk/boeapps/database/Bank-Rate.asp)
If your interest rate is 9% on a 100k mortgage you’re paying 9k a year, £750 a month before you ever *start* paying off the banks markup, before you even *start* paying off anything you owe. Double it if you owe 200k, if you owe 300k…..
Obviously, the fact that interest rates have been low the last 25-30 years is *why* house prices are so high, its directly correlated.
I think what’s *really* tough is rent, if you don’t have any option to stay at home. When you see shows even set in the 90s in London, and there’s some waster always in between jobs who can afford to live there, it just seems mad.
Shows like Bottom, or It’s A Sin (set in the 80s) where people can afford to live there picking up work here and there. Meanwhile professionals like nurses or teachers are struggling with rent in major cities (not just London).
Added to that, the number of people who’ve moved away from the towns they were born for decent jobs.
They don’t have the option of staying at home to save a deposit, so are paying a fortune in rent.
Not necessarily London, but even say moving from somewhere near Leeds to Liverpool (or vice versa) isn’t a commutable distance.
Sure, you could rent somewhere cheaper nearby, like Wakefield or St Helens, but I’d imagine it’s pretty daunting to sign a 12 month contract in a town you’ve little knowledge of. And you’d still likely be paying more in rent in Wakefield than Eddie and Ritchie did in London zone 2.
To people like Sir Howard and many people in positions of power, this is just how things are. House price inflation is just another of those inevitable things like ageing or changing seasons. In the interview, he can’t even seem to fathom the idea of building more homes!
If only I cancelled my Netflix then I’d be able to afford a house in 372 years