Halifax +2.6 % MoM

bendix

£35k is not a particularly good salary in London. My secretary is currently on £55,000 and she doesnt have a degree.

dazeruk

As I understand things, if house prices fall then the gap between say a 2 and a 3 bed house will narrow. What effect does this have on house prices if a lot of people are seeing this as the right time to up size? Balancing the lose on their own property against the savings on the new purchase. Does anyone have any stats on this movement?

Graham_Devon

Dan: wrote: »

It's not above average earnings for London.

Theres more to the UK than London. I'm sure you have said twice now today, may have been yesterday "but a person in London will earn more".

They also pay more!!

inspector_monkfish

bendix wrote: »

£35k is not a particularly good salary in London. My secretary is currently on £55,000 and she doesnt have a degree.

but shes got massive t! ts !!!


:rotfl::rotfl::rotfl:

Out,_Vile_Jelly

There are so many factors in each individual's decision.

Outside London = more for your money, but lower salary if employed in the provinces, high costs in terms of fares and wasted time commuting into the capital, plus (IMO) greatly reduced social life. Friends of mine have opted for this, at present I am not desperate enough to consider it.

I acknowledge that I have been spoilt by renting for some years in SW18 and SW19 (galling knowing if I can comfortably pay rent, I could presumably pay the mortgage). I could afford to buy in some areas of London, but I'm just not really convinced owning property is worth not actually liking where you live.

Just to give a bit of context, so you can assess whether I should entertain grandiose delusions of joining the property-owning elite; I would like to think I'm quite a respectable member of society; well educated, securely and usefully employed in something of benefit (engineering research, or what's left of it in this country), no debts, savings, must be one of the few students who left university owing nothing. I certainly don't expect to be handed everything on a plate.

I suppose some will say you should buy whatever you can afford, wherever you can afford and assume market conditions will allow you to trade up. As someone who's always been sensible with their money, that just sounds a bit....desperate to me.

Dan:_4

Out,_Vile_Jelly wrote: »

Not everyone, of course not. What proportion of society, and what kind of demographic (education, employment, single status etc) of property underclass is acceptable though?

Can somebody please tell me what I SHOULD be earning in London in order to obtain a modest 1 bed in a nice area.

Your always going on about eduction, social status etc.....it has nothing to do with it.

It's very very simple. One can either afford something or they can't. It applys to anything in life.

chucky

Out,_Vile_Jelly wrote: »

I suppose some will say you should buy whatever you can afford, wherever you can afford and assume market conditions will allow you to trade up. As someone who's always been sensible with their money, that just sounds a bit....desperate to me.

as you know London can very expensive compared to most of the UK for whatever reason.

but your comments are more about your decision not to buy and thinking that property is too expensive rather than affordability.

in the words of "the ash and the oak" i'm feeling that it isn't because you can't afford to buy but because you don't want to have a large amount of debt... is my assumption right?

the_ash_and_the_oak

inspector_monkfish wrote: »

move further out then

not really feeling this. Pretty sure the house I rent with friends works out better imo. Not particularly into idea of leaving London - salaries not so good elsewhere for a start. kinda want to get away from what I (or any individual) should do tho - and look more at prices and salaries as a whole.

Point being 35k not enough to buy a one bed flat (dont really know why anyone would buy one of these tho tbf). If we all 'moved further out'....then who would buy the one bed flats here?

Its enough to have a good life on tho imo

the_ash_and_the_oak

Don't think this should revolve around what an individual should or shouldn't do tbh.

Point is one bed flats in pretty rundown areas of london cost 4-5 times a 40K salary. Are there enough people on 40k in the market for a 1 bed flat in Harringey?

"it was always hard in the past" - missing the point imo - in the past don't think the housing stock was chopped up into one bed flats. mostly thinking people didn't buy flats so much to live in by themselves

wolvoman

What's all this nonsense about not being able to afford a flat in London on £35K?

Near me there's lots of 1-bed conversion places for about £145K and purpose built for around £135K.

Knock £5k off asking and you're talking a deposit of £25k and no more than a 3.5x mortgage.

What is so unaffordable about that???


(Oh you wanted to live in Fulham? Hmmm, better work on that job then)