Another property market boom?

wymondham

about 30 I suspect!!!

SmartGirl_2

MascaraMinx wrote:

To the OP - try looking in areas outside of Zones 1 and 2 that are on reasonable transport links and you should find housing available roughly £100k below the asking prices you are seeing

The properties I was talking about are in the outskirts of London (zone 4). The area has very good schools and I have 8 year old so I would prefer staying there. I would be happy to move to another cheaper area with good schools, but I have not found one yet! There are areas with good schools, but they are even more expensive and majority of cheaper areas have rough schools. So a bit of dilemma here...

SmartGirl_2

natwill wrote:

[2) What kind of people easily splash out £300-£350k for a starter house in average area?

FTB's here. I am on second home, just bought for 300k.

Gazumped on earlier flat I liked by FTB for 315k. 95% mort i think

One of my friends has just bought first home for 310k, no deposit to speak of but a fairly good salary of about 70.

It is crazy, I look at prices outside London and think wow but then my salry would drop by about 20k so it evens out

But if somebody is making £70k and all they can afford is a flat in London, who can afford the houses? What is percentage of people living in London who make more than £70k? 20%, 10%, 5%, lower?

I have mortgage AIP for £300k, which is 5 times my salary (plus I get 10-20% bonus), but I am not convinced that paying mortgage on £300k for 25 years is not financial suicide.

tomstickland

London salaries and house prices need to be scaled for comparison. I was talking to a garage owner last night and I said that for £400 I could get a complete car repainted in Gloucester. He was amazed and said that the same money would barely cover a 40% respray round there. So, a £70K London salary is probably equivalent of earning £35K in Bristol.

We need a UK equivilance map.

greencat_2

Frankly London prices are insane. In my corner of east London - prices have more than doubled in five years (£80K->£200K+) but local salarys have dropped by 20% to £20K.

Sure there are secretaries on £30K and other bods on £70K but they are by no means the majority. I'm a middle manager in my company on £35K (puts me in the top 10% of staff). Missus earns £25K as an ACCA qualified accountant (again top 10% of staff).

The average salaries in London are highly skewed by the City. But in general I find London to be at least as cheap as anywhere else for living if you don't travel by Tube or car (I cycle), find cheap accomodation (missus and I have rooms in shared house) and stay out of the tourist areas. Entertainmentwise there's plenty of stuff to do for free and fresh food can be astonishingly cheap (even my Midlands friends are surprised).

lynzpower

wymondham wrote:

up and coming! was bad but much better these days... (well kept secret!)

up and coming usually means house price rises doesnt usually refer to salaries, does it? What does a receptionist make in Lowestoft, for example

lynzpower

greencat, where abouts in East london have you seen those rises ( altohugh where I am in E3 has got more expensive I must say, the olympics and the crossrail, and east london extension all a bit to blame for that)

I agree that the city pays highly, but so too does local goverment, this sort of job isnt unusal salary wise http://towerhamlets.jobsgopublic.com/search/index.cfm?fuseaction=job&viewjobs=0&job_id=302096&searchtype=listall&place=0&county=0&fields=0&occ=0&losal=1&hisal=20&term=0&keywords=&qs_keywords=&sortby=postdesc&ad=0&endlist=10&startlist=1&postdate=0

It doesnt cost £2 for a pint of milk here, nor is it cheaper to buy a pint in machester than london for example. tourists who come to london who get stung 3.00 for a can of coke or a fiver for a rank slice of pizza have fallen into the tourist trap, that when you live here you can actively avoid.

80-odd a month for unlimited travel I dont think is bad, where im from in Stockport a bus card which only covers half the network is about a tenner a week and it doesnt cover any trains, and getting home at night involves taxis.

RHemmings

SmartGirl wrote:

I have mortgage AIP for £300k, which is 5 times my salary (plus I get 10-20% bonus), but I am not convinced that paying mortgage on £300k for 25 years is not financial suicide.

Is that AIP for a mortgage at a fixed rate for the whole term? I wouldn't want to be coming onto a variable rate in a few years for a five times my salary mortgage. RISKY!!!!

RHemmings

LeanneF wrote:

Interesting... and do you find the cost to be directly proportional or inversely proportional to house prices?

Assuming you meant my post on the price of loose mushrooms varying as much as house prices, directly proportional.

I like mushrooms a great deal, and was shocked how much cheaper loose mushrooms were in the markets of some smaller cities oop north compared to London.

RHemmings

MascaraMinx wrote:

I originate from the North but like living in london because..........

I get paid more & there are many more career opportunities, it's very easy to get around, despite high crime I feel relatively safe as a female travelling around due to numbers of people, social scene is great, stores and bars are open all the time, there's always something new to do/ experience, there is a lot of history to be appreciated, I enjoy the diversity and multi-culturalism..... I could go on.

Have you been mugged in London? I have.