utterly disillusioned

jyonda

thelawnet

I would love to know where you rent a detached house by the river in Surrey for only 1100 a month? We would like to rent there too!


My rant (not directed at you thelawnet)-
I won't be buying anytime soon because I can't afford it. It's that simple. I DID work harder and got a promotion, in fact I now earn so much money that the government takes 40%. However, my partner has an irregular/ part time income because we have two children under three to raise and don't want them in full time care plus it wouldn't be worth it financially. IF I work masses of overtime then I just get taxed 40% on it and don't get to see my kids. Hardly helps to create a healthy balanced home life does it? I suppose 'I just want it all' and am 'too lazy' to work that 2nd job but we don't have one holiday a year let alone two, we hardly ever go out, we don't spend money on designer clothes or have a big car so don't really have any areas to cut our spending in. The sums of money involved in buying a 3 bed semi like the one I grew up in are HUGE. My parents had only one income and tax breaks from the government for married couples and mortgage relief so don't f****** tell me it was just as hard 30 years ago as it is now and we should pull our fingers out because it wasn't. Yes interest rates were a bit higher but then banks would only lend 3x income so everyone was limited in what they could borrow. Today an FTB is expected to get a 100% interest only never ending mortgage costing 50% of their total household income to get on the property ladder. And they're the lucky ones supposedly!!!!!!!

Do me/you/everyone a favour

STOP propping up the market by giving your undeserving children large deposits.
STOP buying to let for the reason it's too late to get in on the band wagon.
STOP trying to develope run down properties when you could leave the money in a bank and earn almost as much with none of the effort/risk.
STOP this easy money/something for nothing mentality towards the most essential of lifes requirements.... a warm dry place to sleep.

CB1979_2

STOP thinking the world owes you something, when it doesn't.

feel safe in the knowledge that if (when) property prices fall, you will be the smug one buying at a cheaper price from someone who now can't afford it, job done, you're happy!

thelawnet

jyonda wrote:

thelawnet

I would love to know where you rent a detached house by the river in Surrey for only 1100 a month? We would like to rent there too!

It's not Surrey, it's Uxbridge, Middlesex. The house is a detached worth about £350k, quite nice, but not a great commute to the City (about 1hr on the tube). Still, I'm getting a great deal: about 3.75% of the value of the house, very low. I'm sure you can find value in renting if you look - my house came from Loot, so no £100/month to the scummy estate agents.

If I was buying I would be buying in Surrey though.

jyonda

CB1979 wrote:

STOP thinking the world owes you something, when it doesn't.

feel safe in the knowledge that if (when) property prices fall, you will be the smug one buying at a cheaper price from someone who now can't afford it, job done, you're happy!

What part of my post led you to believe i wanted something for nothing?

Howellers_2

Hi guys and gals,

I'm a wannabe FTB'er and I have to say that this thread has opened my eyes a little more to the possibility of a crash.

Anyway I think both sides of the arguement gave a fairly good case for and against.. so it was an interesting read all round.

Thanks,

Pete

manhattan

welcome to the site pete.

i dont know what situation you are in,but IMO wait if you can,and keep saving towards a larger deposit.
never buy near to the top of the market.

Howellers_2

manhattan wrote:

welcome to the site pete.

i dont know what situation you are in,but IMO wait if you can,and keep saving towards a larger deposit.
never buy near to the top of the market.

Hiya,

I have a deposit of just over 10kish saved up already. Earnings of about 14k base salary per year (no OT, bonus etc. taken into account). Average housing prices in my area (Northern Ireland) went up 18.5% last year..

Generally places go on the market for 80 - 90k in pretty bad areas and go for anything upto 120kish. Pretty much putting them out of my price area without either a huge deposit (not much chance this side of a lottery win), buying with someone or going co-ownership with the government.

Of course I'm doing everything I can to boost my salary within reason (training courses etc. from the bank i work for as much as possible. Even getting them to invest a few grand in outside specialist courses for me ).

Pete

hedley

OP poster-

I know cornwall and plymouth well. If you live in the depths of Cornwall, suggesting buying in plymouth?? !! The flat suggested is in one of the worst areas of plymouth (It was on my patch as a social worker!).

Think that Cornwall has the greatest differential between earnings and property prices. It is a completely overheated market- driven greatly by people from the south east with second homes and the padstein effect.(Of course you'll often see many locals there paying 150 quid for lunch for two!).

It is not a case of just working harder- most jobs pay only the minimum wage- the only people I know in Cornwall on reasonable salary are public sector workers (all of which you need mostly to be a graduate for with another 20 000 quid of debt!)

I think people who visit Cornwall on holidays often have a blinkered view of what it is like to live there year 'round!!

As someone else said- staying in a few nights a month won't suddenly turn a £12000 salary into a deposit for somewhere ok ish (I mean somewhere you'd be happy for your 18 year old to live in!)

In fact ,many friends of mine (and me) relocated because of this!

manhattan

Howellers wrote:

Hiya,

I have a deposit of just over 10kish saved up already. Earnings of about 14k base salary per year (no OT, bonus etc. taken into account). Average housing prices in my area (Northern Ireland) went up 18.5% last year..

Generally places go on the market for 80 - 90k in pretty bad areas and go for anything upto 120kish. Pretty much putting them out of my price area without either a huge deposit (not much chance this side of a lottery win), buying with someone or going co-ownership with the government.

Of course I'm doing everything I can to boost my salary within reason (training courses etc. from the bank i work for as much as possible. Even getting them to invest a few grand in outside specialist courses for me ).

Pete

i wish you the best of luck for the future!
same here with the training courses,i also have a large deposit and i look forward to the day of being able to buy a starter home for my wife and two children.

georgy9

you go jyonda! i agree with you wholly.
hedley: thats interesting what you say and completely agree. why should i move 200 miles away from my job, friends and family to one of the most crime-ridden areas in the south west just so i can buy a squalid flat for £78k! yes, its not enough to stay in a few nights a week and 'wow - ive suddenly saved £20000!!!'
i will tell you this - in the next 10 years there will be no village life. there will only be 'summer villages' where the south east have a mass diaspora to the south west like a mass of spoilt, obese locusts where they can clink their champagne glasses in their chocolate box thatched cottages and cheer about how nice it is to do their bit for the environment and prop up the UK economy by holidaying in england.
ive said it before and ill say it again - i find it amazing noone in power has done anything about this.
anyway, i keep going off track! my point is is that i dont go out, i dont go on holiday (last one was a week in tenerife two years ago). i want to stay in my area and stay working here. i dont want to buy (literally!) a crack den for £80k!
ok, thats it. good luck all those FTBs. and remember - DONT BUOY UP THE MARKET. BE PATIENT. SAVE MONEY.
thanks.