FTB's Up.....

GreatApe

I know a cleaner who works 25 hours a week she owns her own home outright, inherited it from her mother when she was in her 30s. Better than the average house. Should that be illegal or is that immoral in any way?

If such people exist which they certainly do, how does the 'average person is entitled to the average house' equation change?

Clearly it is not just a basic income equation it never was nor will it ever be.
The single man on the 'average' £26k pa (the actual average male full time wage is closer to £35k) wont ever find it easy to buy the average home not when there are cleaners getting inheritances that push them up the curve or actual men earning the actual average wage rather than the urban legend of £26k or where there are couples bidding against singles.

GreatApe

BobQ wrote: »

Did you manage to ascertain how this was distributed. Surely much of it will be left by the very wealthy to their offspring? How much goes to the average person?

I have no inclination to go digging again but yes I did post how it was distributed as the stats were available in an excel version with good data breakdown/ if you are interested do a forum search

The very wealthy do not fall into the stats no billionaire is going to pay 40% IHT when £100k to a accountant/lawyer/adviser will see them save £400 million in tax

ukcarper

I think the deposit thing is a red herring if you earn enough to get the mortgage with a bit of effort you should be able to save deposit. Earning enough to get a big enough mortgage is another thing.

Zxcv_Bnm

The average wage is meaningless here because it includes the wages of people who would never at any time in the past have bought either. So if you eliminate those then you are looking at the top 80% or so as being likely to buy and the average of 2 such salaries makes some properties affordable in most places I would think.

ukcarper

Zxcv_Bnm wrote: »

The average wage is meaningless here because it includes the wages of people who would never at any time in the past have bought either. So if you eliminate those then you are looking at the top 80% or so as being likely to buy and the average of 2 such salaries makes some properties affordable in most places I would think.

To buy an average house in the borough I live in with a 90% mortgage you would need a joint income of £100k

GreatApe

ukcarper wrote: »

To buy an average house in the borough I live in with a 90% mortgage you would need a joint income of £100k

or a lot less if you are one of the many who get an inheritance or gifts and other help...

ukcarper

GreatApe wrote: »

or a lot less if you are one of the many who get an inheritance or gifts and other help...

You seem obsessed about this but how many people inherent in the 30s my children are in their 40s as are most of my friends.

Zxcv_Bnm

ukcarper wrote: »

To buy an average house in the borough I live in with a 90% mortgage you would need a joint income of £100k

Why would a couple with a joint income of £100k be unable to raise more than a measly 10% deposit?

ukcarper

Zxcv_Bnm wrote: »

Why would a couple with a joint income of £100k be unable to raise more than a measly 10% deposit?

If they saved £100k they would still need to be earning best part of £90k

westernpromise

Why would a pair of equityless FTBs expect to be able to buy the average house?

What would the average 1-bed starter home cost?