London home 'needs £93,000 wage'

Pete111

LittleMissAspie wrote: »

He said 30-40k and you're assuming the other half also earns this much. I doubt most couples earn £80k, even in London.

Possibly not. But plenty of professional couples who historically look to buy in London do.

I posted on this a while back. Of my primarily London based peer group (all early 30's) of say 15 couples, I doubt more than 2 couples are on less than this. Most of us are lucky enough to be on rather more.

Oh and before you ask no, we are not unusually qualified, overly clever or all in financial services!

P

the_ash_and_the_oak

Bonia77 wrote: »

I come from dual-income family. My mum went back to work when my brother was 1.5; I was 3.5. i can assure you that nothing bad happened to us. We were well-looked after; didn't have problems at school, both have degrees and nice jobs and nothing to compaint about ;-) (Except high propert prices of course )

I also think that my parents probably spend more quality time with us than non-working parents

I'm sure this is the case! I have no interest in moral judgements about how people live. And this isn't really about children or non-working parents - but more increased divorce rates and shorter "long-term relationship" and how this relates to whether (or how much) dual-incomes are necessary

Out,_Vile_Jelly

the_ash_and_the_oak wrote: »

I think where it gets interesting is not so much the starter homes in Penge but the pretty large numbers of 1bed flats in the 200-300k range in places like Shepherds Bush, Camberwell or Kensal Green

Laughable would be the adjective I'd use....

Most of my peers (who don't work in Education and are in couples so are obviously a lot richer than me) have bought modest 2 bed terraces in SE London in the hope that these areas will be "up and coming", or have ended their social lives by moving out to the dull suburbs of Kent. I rent in an area that has already upped and come, and think that renting a 1 bed will become more affordable as these become harder to flog.

Pete111

I've thought of a better example re FTB's and London wages.

I work in a large private sector organisation. We pay below market rate (I know this for a fact). Within my team there are 3 people who have graduated, worked for around 5 years and are now 'coupled up' but not married. Within the next year or two these people are likely to be prospective London FTB's

Person 1. Age 26 annual income = 35-38k
Person 2 Age 26 annual income = 40-43k
Person 3 Age 28 annual income = 33-35k

I work in HR - not a particularly well paid industry. These guys are bright, hardworking and capable. But they are not unsually gifted.

I know less about their partners but I know that one of them earns 6 figures and anecdotally believe that the other 2 earn 30k-40k. This would approximately equate to 70k+ incomes for 2 couples and far higher for the other

Hey presto - London still has FTB's.

inspector_monkfish

premiership back tomorrow

adjust your teams....

http://fantasyfootball.skysports.com/

inspector_monkfish

Harry_Powell wrote: »

Inspector monkfish, are you a divorced gentleman?

most certainly not squire

very happily married

the_ash_and_the_oak

Pete111 wrote: »

I've thought of a better example re FTB's and London wages.

I work in a large private sector organisation. We pay below market rate (I know this for a fact). Within my team there are 3 people who have graduated, worked for around 5 years and are now 'coupled up' but not married. Within the next year or two these people are likely to be prospective London FTB's

Person 1. Age 26 annual income = 35-38k
Person 2 Age 26 annual income = 40-43k
Person 3 Age 28 annual income = 33-35k

I work in HR - not a particularly well paid industry. These guys are bright, hardworking and capable. But they are not unsually gifted.

I know less about their partners but I know that one of them earns 6 figures and anecdotally believe that the other 2 earn 30k-40k. This would approximately equate to 70k+ incomes for 2 couples and far higher for the other

Hey presto - London still has FTB's.

Don't think there is any doubt London has FTBs, the question is does it have enough to continue to support current prices.

There are a few questions that immediately jump out about your people here and how representative they are.

1. If there are enough couples around this age able to buy in the next couple of years, then why is the average FTB age much higher than this (and why has it been climbing throughout the 2000s?)

2. These are couples are youngish but not buying yet, it seems they will be buying in the next couple of years (lets say ave age 28-30?) - how long on average are we expecting the dual-income mortgage paying to go on for before kids come on the agenda

3. These are couples looking to skip out a rung on the ladder and go straight to a house presumably. If this is something that is possible in any reasonable number, what effect do we think this is going to have on the future ownership of 1 and 2 bed flats in London

inspector_monkfish

chucky wrote: »

quite true - how long will she be away from work for?
in theory she can come back in less than a year.
this is a bit of a can of worms because for me it is good for mums to raise children at home - so i agree with you.

but the point i was trying to make was property is affordable but it is still expensive. they are different things.

maybe she wont be able to go back

Really2

inspector_monkfish wrote: »

maybe she wont be able to go back

Maybe she goes back and gets a promotion.:);)

Some women do go back to work some don't, Most people who don't go back prepare for it before (just like the ones that do) by moving etc.

Hypothetical debates do not help really help as there is clear evidence some women go back to work after having children.

Bonia77

Bear in mind that some women don't want to be full-time housewives irrespective of their family income.

I know I would find it boring