The Tin Can Millionaire

borkid

CLAPTON wrote: »

40 years ago would be 1975

if you could saved £10 per day for about 4 year you could have bought for cash a nice family sized terrace house in London : this would probably be worth more than a million without all those tedious tin cans
and without compound interest.

sadly this option is no longer available for young Londoners due to the huge house price inflation in London caused by the huge number of immigrants living there.

In 1975 I had a take home pay of £96 per month and rent of £32 per month ( £64 between me and OH as a lodger) . That was as a science graduate in London so far from a low wage for the time. Saving £10 per day wasn't an option for the majority in 1975.

CLAPTON

cells wrote: »

Nor would that option be available without the immigrants as that £1m terrace would probably only be £500k

That's exactly my point : society would be better off for lower house prices and better housing standards and a more equal distribution of housing wealth between young and old.
Fewer immigrants = more equal and better society

Is that what you meant?

Keep_pedalling

CLAPTON wrote: »

That's exactly my point : society would be better off for lower house prices and better housing standards and a more equal distribution of housing wealth between young and old.
Fewer immigrants = more equal and better society

Is that what you meant?

If large numbers of immigrants are responsible for the daft prices of houses in London and the SE, does that mean there is no immigration in vast areas of North England where house prices have not gone through the roof?

Whatever your view on immigration, I can't see how it is the major cause for the rise in housing costs as the vast majority of them are in low paid jobs with less chance of getting on the housing ladder than young natives who just might manage it with the help of the bank of mum and dad.

Migration does play its part but much of that migration is internal as the concentration of high paid jobs in one region draws people from the rest of the UK, and these migrants are likely to be highly paid individuals who do drive prices higher.

PasturesNew

We also don't know if the tramp wasn't born into a wealthy family and inherited all his money ... using his tin can money to eat and a few extra quid here/there stuck into his savings.

While the article looked at how much he MIGHT've made from collecting cans and how much he MIGHT've earned if he'd picked the right stocks ... we don't actually know if he had inherited money and was just "playing" with the tin money ...

In the article it said a tin can collector might make $1k/month, that's £600/month (or so) .... if it 'paid' that much here we'd all be doing it.

stator

Generali wrote: »

I suspect that in general having a million dollars is nicer than not having a million dollars.

But if you have to sacrifice 30+ years of your life, is it really worth it?

CLAPTON

Keep_pedalling wrote: »

If large numbers of immigrants are responsible for the daft prices of houses in London and the SE, does that mean there is no immigration in vast areas of North England where house prices have not gone through the roof?

Whatever your view on immigration, I can't see how it is the major cause for the rise in housing costs as the vast majority of them are in low paid jobs with less chance of getting on the housing ladder than young natives who just might manage it with the help of the bank of mum and dad.

Migration does play its part but much of that migration is internal as the concentration of high paid jobs in one region draws people from the rest of the UK, and these migrants are likely to be highly paid individuals who do drive prices higher.

in round figures the population of London is about 8 million
of the 8 million about 3 million is foreign born
it is inconceivable that such a number doesn't provide a major component of demand.

Whether or not the vast majority of immigrants are in low paid jobs (do you have supporting evidence?) they obviously live somewhere so increase the demand across the board including for flats and multi occupancy housing, which of course forces up the overall price of all housing.

In many other parts of the country, the demand supply dynamics are different.

cells

CLAPTON wrote: »

That's exactly my point : society would be better off for lower house prices and better housing standards and a more equal distribution of housing wealth between young and old.
Fewer immigrants = more equal and better society

It is more complicated than that, London 30 years ago was cheap but was it desirable was it nice did it have a future?

Back then the talk was of how to manage London decline

CLAPTON wrote: »

Is that what you meant?

no, you said all you had to do was save a tenner a day and buy a terrace house outright and wait to 2015 to be a millionaire but now that option is gone thanks to the immigrants. I said well if there was no immigrants that option would not have been there anyway as the million pound terrace would probably be half the price

cells

CLAPTON wrote: »

in round figures the population of London is about 8 million
of the 8 million about 3 million is foreign born
it is inconceivable that such a number doesn't provide a major component of demand.

Whether or not the vast majority of immigrants are in low paid jobs (do you have supporting evidence?) they obviously live somewhere so increase the demand across the board including for flats and multi occupancy housing, which of course forces up the overall price of all housing.

In many other parts of the country, the demand supply dynamics are different.

I generally agree with this point but less than I would have a year ago

There has been lots of immigrants coming into northern england over the decade too. Yet prices are down. Maybe it could be argued that prices would have fallen further had there been little to no net migration over the last decade?

London has been special in England as its industries have been geared towards globalization and hence London has done better over the last generation.

CKhalvashi

CLAPTON wrote: »

in round figures the population of London is about 8 million
of the 8 million about 3 million is foreign born
it is inconceivable that such a number doesn't provide a major component of demand.

Whether or not the vast majority of immigrants are in low paid jobs (do you have supporting evidence?) they obviously live somewhere so increase the demand across the board including for flats and multi occupancy housing, which of course forces up the overall price of all housing.

In many other parts of the country, the demand supply dynamics are different.

I have agreed in the past with a lot of what you said.

I have now no option but to believe that you're nothing more than a bigoted racist.

Is it also conceivable that a good number of those immigrants provide employment for British nationals, and a good number work extremely hard to be able to afford to live in London?

Is it also conceivable that there wouldn't be a large demand from immigration if the British education system (which is great with the theory, but not the practice, and in my opinion is one of the largest failures of the country) was up to the job of training people for the job?

No, thought not.

CLAPTON

CKhalvashi wrote: »

I have agreed in the past with a lot of what you said.

I have now no option but to believe that you're nothing more than a bigoted racist.

Is it also conceivable that a good number of those immigrants provide employment for British nationals, and a good number work extremely hard to be able to afford to live in London?

Is it also conceivable that there wouldn't be a large demand from immigration if the British education system (which is great with the theory, but not the practice, and in my opinion is one of the largest failures of the country) was up to the job of training people for the job?

No, thought not.

many ideas and points of view are conceivable but there can be no debate if you simply see the issue as one of racism.