Homes in the UK still very cheap/affordable

economic

GDB2222 wrote: »

A single person in London is paying nearly 75% of take-home pay on his mortgage. That leaves him around £600 per month to pay his council tax (roughly £200) + travel card (£200) + running the house (£200), and nothing for anything else.

Labelling this as "expensive" must count as the understatement of the year. Still, if you can't afford food, it won't be expensive for long.

how much is this single person earning? how much did he pay for his property? how much deposit?

again the average person does not matter. the average person is a renter in london and theres nothing wrong with that.

ukcarper

economic wrote: »

how much is this single person earning? how much did he pay for his property? how much deposit?

again the average person does not matter. the average person is a renter in london and theres nothing wrong with that.

That doesn't matter cells says property is affordable in London to a median earner which it clearly isn't. For a start he wouldn't be able to borrow enough (£200k if he was lucky and got a 5x earnings mortgage) even if he was prepared to pay 75% of his take home pay on mortgage payments.

economic

ukcarper wrote: »

That doesn't matter cells says property is affordable in London to a median earner which it clearly isn't. For a start he wouldn't be able to borrow enough (£200k if he was lucky and got a 5x earnings mortgage) even if he was prepared to pay 75% of his take home pay on mortgage payments.

so hes on 40k. true he may not be able to afford on his own. but with gifts from parents he would. that makes all the difference.

ukcarper

economic wrote: »

how much does the median earner earn? after how many years of working would this person buy?

I assum it's what cells posted £3169 a month irrelevant again. The most he could borrow would be £200k and average terrace is £503k.

Lingua

ringo_24601 wrote: »

Terrace? Hell, in North Manchester you can pick-up a 2 bed semi-detached for £100k - http://www.rightmove.co.uk/property-for-sale/property-60332543.html

I do love to play the game of 'what could I buy in the North if I sold my house in the South'

It's quite amazing the range of house prices in the UK

You can get a 4-bed semi-detached for 100k in this lowly section of the North.
Would buy you a broom closet in London I imagine.

cells wrote: »

France also has a comparable migration scale yet they are able to more than meet housing needs by building close to 400k units ~120sqm average. The UK is closer to 180k units at ~75sqm. The migrants dont write the planning rules and regs its an issue down to the uk government

And a much greater amount of land available.

Lingua

economic

ukcarper wrote: »

I assum it's what cells posted £3169 a month irrelevant again. The most he could borrow would be £200k and average terrace is £503k.

median earner wouldnt buy a 500k property. he would buy a 350k property further out. can afford that on 40k salary and saving over the years.

point is a median worker should not have to afford a 500k property. there is little supply which is why. if you have to blame someone about this blame the government.

meanwhile others will just get on with life.

GreatApe

39% of your joint income in London does not seem unreasonable to me. wages also increase with time so that 39% figure will get lower and lower.

And remember at the end of the 30 years you also own outright a London home.
So it is 39% of your joint income not just for housing but for housing + pension/savings/equity

Also why is everyone hung up about London again, what about the 8 regions that cost between 9%-14% of joint take home pay clearly those 8 regions home to most of the country are very cheap

GreatApe

ukcarper wrote: »

I assum it's what cells posted £3169 a month irrelevant again. The most he could borrow would be £200k and average terrace is £503k.

why would you think the average London terrace should be affordable by a single median full time working male?

How many of Londons terrace homes should be filled with single occupancy males?

GreatApe

economic wrote: »

median earner wouldnt buy a 500k property. he would buy a 350k property further out. can afford that on 40k salary and saving over the years.

point is a median worker should not have to afford a 500k property. there is little supply which is why. if you have to blame someone about this blame the government.

meanwhile others will just get on with life.

if a man cant find a partner to share housing costs with then he can not expect to live in the capital, and certainly not a terrace in the capital and certainly not the average terrace which is likely to be 3 bedrooms.

people crying that a single man can not have a whole 3 bed terrace to himself in the capital are bonkers. If said man wants a whole house to himself he can go buy one in the midlands or north. We simply do not have the capacity in London to fill the housing stock with single loners else the population would need to shrink to 3.5 million to have 1 person per house.

GreatApe

ukcarper wrote: »

That doesn't matter cells says property is affordable in London to a median earner which it clearly isn't. For a start he wouldn't be able to borrow enough (£200k if he was lucky and got a 5x earnings mortgage) even if he was prepared to pay 75% of his take home pay on mortgage payments.

Read the table it says it is affordable for a couple working full time, not to a singleton.

How many of Londons average terrace homes should be dedicated to single men?