"South West Home Truths"

purch

is 600pcm reasonable for local wages?

I very much doubt it !!!

West Somerset has one of lowest average wage levels in the country (apparantly.....I have no proof of that statement)

Really2

Graham_Devon wrote: »

Yes. You are correct. You have found properties cheaper within comuting distance. But that's not what the article is talking about. It is talking about those specific areas.

I'm not here to argue. MP's are off to London to discuss this problem. Not me. I was just raising the story. I don't even live there.

And the other houses all under £200K:rolleyes:

But local wage does not equal local house price. If every one worked in the town they lived in the market would only be supported by the local wage.

The market is clearly not supported by the local wage so it is clear people do not work in there local towns, or have come in to the areas with money.

Do you work in the town you live in?

Graham_Devon

purch wrote: »

Thats Bridgwater in Sedgemoor District :eek:

That house is on the A38, backing onto a huge Industrial Estate, with 40 ton Artics trundling past, about 3 feet from the front door !!!

Looks like an ex council estate to me.

Maybe the trucks trundling passed explains why it's falling down

75k though. FTB's should be wetting themselves in excitement and be damned grateful.

Thrugelmir

purch wrote: »

Well in West Somerset, you could rent a 3 bed type place that would be marketed at £ 180/220K for £600/650 pm

An average gross salary of £19k per annum, is around £1,250 per month net. So spending £600 on rent doesn't leave much for anything else.

At £220k a £650 rental indicates a 3.5% yield. Which indicates that prices are supported by people moving into the area with capital. Rather than locals buying at all.

purch

Looks like an ex council estate to me

I was talking about the one above, on Bristol Road.

The ex council house is probably on the Sydenham Estate :eek:....................err no thanks !!!

Really2

Thrugelmir wrote: »

An average gross salary of £19k per annum, is around £1,250 per month net. So spending £600 on rent doesn't leave much for anything else.

Don't forget that is an average for all employed not just full time. so it will include all part time positions, a fact often overlooked.

purch

Which indicates that prices are supported by people moving into the area with capital

Yes. I would agree with you 100%

Graham_Devon

Really2 wrote: »

Don't forget that is an average for all employed not just full time. so it will include all part time positions, a fact often overlooked.

LOL.

Really. It's expensive. Too expensive for the younger generation to buy and live. Yes, or no!?

Really2

Graham_Devon wrote: »

LOL.

Really. It's expensive. Too expensive for the younger generation to buy and live. Yes, or no!?

!!!!!! are you on about surely you look at a full time wage to rent? Or do you think your average part timer should spend there whole wage on rent and not have any money to live on?

As I said I came from a town when pices were 10X the average local wage.

That means the market is being supported by something, usualy commuting or money moving to the area..

Like the town where I lived you make do with what you can get or move.

I said social housing is the answer for the lower paid, owning is not a right it is something that you can do if you can afford it.
In your area the market is being supported by something which looks like holidaying and retirment.
You can't stop people moving to where they want to move too.

If owning is the goal and the area is to expensive perhaps something different needs to be done to reach that goal if it is that important.
That something different in most cases is moving if owning is so drastically important.

Thrugelmir

Really2 wrote: »

Don't forget that is an average for all employed not just full time. so it will include all part time positions, a fact often overlooked.

Even on a local salary of £23k per annum, £4k more. That only equates to an additional £250 per month of take home pay or £58 per week more.

£600 spent on rent is still 40% of disposable income.