In 70% of England you can buy the average terrace on minimium wage

cells

PasturesNew wrote: »

The flaw is it speaks of regions.... I bet where the 'affordable on NMW' houses are, there are no jobs at all, nothing, not even NMW jobs .... so then you have to add on the cost of commuting, making it unaffordable.

There are jobs everywhere there are people, because people need goods and services.

Very few areas are dormitory towns and I used to live in one, it was a very nice town with few jobs and the house prices were higher than average and the homes better than average. The people there mostly drove 10 miles around to get to their place of work (about a 15 min drive). Where they worked there were few people outside of work hours and where they lived there were few workplaces. A bit like you know residential areas of london and the city of London

silverwhistle

missbiggles1 wrote: »

Well, it's only about 40 miles between York and Bridlington so it's perfectly commutable for someone who works in York but can't afford to buy there.

Except you either need a car or the standard return on a train is £24.20 (adjust for season tickets) and the earliest train out of Brid get you to York at 9.38.

So a rather glib statement that doesn't reflect reality. For what it's worth, when I bought my house in 1983 I didn't own a car, and that was with a half way decent job.

On a more general point, somebody may have a minimum wage job, but how secure is it? More importantly, how secure does the mortgage lender consider it? I'm afraid cells has a record of throwing vague, misleading and unhelpful figures around on this website and this thread is a good example.

ukcarper

Towser wrote: »

It's my perception that 7O% of the population live in the SE that's why house prices are sooo expensive. The only place me or OH can get a job in our industries.

? No

I know where the least deprived areas are but which one of them is most affordable - find the biggest house a budget of £335,000 will get ?

I cannot do the restaurant thing though. But at least let me know the method so that I can at least work it out for myself.

It's about 17%

cells

Towser wrote: »

It's my perception that 7O% of the population live in the SE that's why house prices are sooo expensive. The only place me or OH can get a job in our industries.

I know where the least deprived areas are but which one of them is most affordable - find the biggest house a budget of £335,000 will get ?

£335k wont get you a big house in the SE but there are lots of smaller homes available for £250k or less

bout 400 properties per day come onto the market with rightmove in the SE for £250k or less

Generali

cells wrote: »

The Land registry has started splitting its house prices by type.
So you can now look up the average price of a flat or a terrace or a semi or a detached and its interesting to note that according to the land registry the average terrace costs

NE = £67k
NW = £70k
Yorkshire and Humber = £78k

Three regions home to 15 million people and it is cheap enough for a single full time minimum wage to afford to buy the average terrace house.

E-Midlands = £90k
W-Midlands = £92k

Two regions home to 10 million people and it is cheap enough for one full time and one part time min wage to afford the average terrace

South West = £152k
East = £168k

Two regions home to 11 million people and a couple on just a little above min wage (or working 50h weeks on min wage) can buy the average terrace in those two regions


7 regions of England home to almost 70% of the population where the average terrace can be bought by a couple on minimum wage or less.

Interesting, thanks Cells.

Of course forumnomics dictate that everyone is either a bonus-swilling, tax-dodging investment banker or scraping by on the minimum wage and eating from food banks because evil Tories.

The reality is that only about 12% of Britons that work make the minimum wage and the vast majority of them either work in catering or retail where there is a strong concentration of young, inexperienced workers.

I wonder why house sales are falling? Mortgage rationing, fe ckless youth or something else.

cells

silverwhistle wrote: »

Except you either need a car or the standard return on a train is £24.20 (adjust for season tickets) and the earliest train out of Brid get you to York at 9.38.

So a rather glib statement that doesn't reflect reality. For what it's worth, when I bought my house in 1983 I didn't own a car, and that was with a half way decent job.

On a more general point, somebody may have a minimum wage job, but how secure is it? More importantly, how secure does the mortgage lender consider it? I'm afraid cells has a record of throwing vague, misleading and unhelpful figures around on this website and this thread is a good example.

if everyone should be able to afford a house in york should the rest or Y&H be abandoned? its worse than that should a lot of york be abandoned too if everyone should be able to afford the average terrace in york half the terraces are at a lower price than the average.

The data is availilbe on the land registry

http://landregistry.data.gov.uk/app/hpi/
https://en.wikipedia.org/wiki/Regions_of_England


And I don't recall saying the average person in Y&H can afford the average terrace in York on minimum wage. I said the average couple in Y&H working full time can afford the average terrace in Y&H

With the average terrace at £78k in Y&H a couple on full time min wage can comfortably afford the £70k mortgage as its ~2.5x joint income

kinger101

missbiggles1 wrote: »

Well, it's only about 40 miles between York and Bridlington so it's perfectly commutable for someone who works in York but can't afford to buy there.

If your car runs on water and you don't mine spending 2-3 hours commuting every day.

missbiggles1

silverwhistle wrote: »

Except you either need a car or the standard return on a train is £24.20 (adjust for season tickets) and the earliest train out of Brid get you to York at 9.38.

So a rather glib statement that doesn't reflect reality. For what it's worth, when I bought my house in 1983 I didn't own a car, and that was with a half way decent job.

On a more general point, somebody may have a minimum wage job, but how secure is it? More importantly, how secure does the mortgage lender consider it? I'm afraid cells has a record of throwing vague, misleading and unhelpful figures around on this website and this thread is a good example.

Well, I know I didn't learn to drive and get a car until I was 50 but I rather thought I was the exception in that regard.;)

There also seems to be a bus service that gets you into York before 0900. http://getdown.org.uk/bus/bus/46.shtml

cells

Generali wrote: »

Interesting, thanks Cells.

Of course forumnomics dictate that everyone is either a bonus-swilling, tax-dodging investment banker or scraping by on the minimum wage and eating from food banks because evil Tories.

The reality is that only about 12% of Britons that work make the minimum wage and the vast majority of them either work in catering or retail where there is a strong concentration of young, inexperienced workers.

Indeed not many people are on min wage most people are on a lot more than that. The median gorss annual earnings 2014 even in the lowest paid region which is the North East is £24,876. So with that info we know that exactly half of people in the NE earn more than that

I tried to post average terrace price vs average region median gross earnings which shows that three of the regions are v.affordable and perhaps even overly cheap. Two regions are affordable at 3.6/3.7x median income. Three regions are a bit expensive at 6-7x median income and London is the silly one at 13x

NE 2.7x
NW 2.7x
Y&H 3.1x
EM 3.6x
WM 3.7x
SW 5.9x
East 6.3x
SE 7.0x
Lond 13.0x

Generali wrote: »

I wonder why house sales are falling? Mortgage rationing, fe ckless youth or something else.

my theory is that the biggest reason for volumes being less than the pre 2007 era is that new builds have fallen.
100,000 less new builds = 100,000 fewer first hand transactions but also maybe 200,000 fewer second hand chain transactions.

Also a shift to more renters will have meant the stock of homes that are likely to change hands more rapidly (ie the owenrs, as social don't sell between themselves and BTLers hold longer) has shrunk

missbiggles1

kinger101 wrote: »

If your car runs on water and you don't mine spending 2-3 hours commuting every day.

What's wrong with an hour or so's drive to work?

(Bloody northerners!;))