How do any single buyers manage to afford houses when only able to borrow 4x income??

HAMISH_MCTAVISH

Autumn868 wrote: »

Im sure those prices will be about accurate even if ou go up north to any towns or cities like Birmingham, Manchester, Liverpool, Newcastle... ect

And you would be wrong.

HAMISH_MCTAVISH

Autumn868 wrote: »

B&Q pay min wage for store staff, about £8.50p/h to team leaders, and so probably not much above £10/11ph to store manager (£22,000 per year).

B&Q store manager between 42K and 52K per year.
https://www.glassdoor.co.uk/Salaries/store-general-manager-salary-SRCH_KO0,21.htm

And that's for relatively unsophisticated hardware retail jobs.

Just imagine what a Tesco superstore GM makes..... (hint - it's well north of 70K base plus bonuses)

You appear to be exhibiting confirmation bias.

Where people of low earning ability assume most other people are like them as that's all they know in the real world.

You would be wrong.....

[Deleted User]

2 x £25k incomes +£20k deposit = potential to buy a £200k property easily, and there are many houses of that price outside the south East.

People earning less than is required to buy a home rent. It's the way of the world.

The average wage is irrelevant to this.

Sagz_2

I did it by moving to East Anglia, drastic move for a soft southerner but it was the only way I could get on the housing ladder.

ukcarper

Autumn868 wrote: »

Please tell me what these jobs are that pay 30k-40k for entry level/few years experience employees?? :O

As ive lived in Surrey/London my entire life, and yet ive seen extremely few jobs which pay over 30k.
The only ones are mid level/senior management in IT, finance, engineering, NHS, and certain public service industries.

B&Q pay min wage for store staff, about £8.50p/h to team leaders, and so probably not much above £10/11ph to store manager (£22,000 per year).

According to ONS median full time earnings is £28k.

Autumn868

No, you are simply a fool whos basing your opinion on a website which took into account just '2 anonymous people' who posted a salary figure for that role... :rotfl:

Retail is a dead-end unskilled job role which is typically filled by people who have nothing more than a few GCSEs,
and so even the manager of retail shops earns nowhere near the same as a qualified solicitor, doctor, senior police officer, or anyone else in the wage bracket which you mentioned.


Here are actual job ads for retail store managers, showing what their actual salary is (21k-25k)-

reed.co.uk/jobs/retail-store-manager/31658608#/jobs/retail-store-manager-in-swindon

reed.co.uk/jobs/retail-store-manager-menswear-swindon-designer-outlet/31607508#/jobs/retail-store-manager-in-swindon

reed.co.uk/jobs/store-manager/31651561#/jobs/retail-store-manager-in-swindon

reed.co.uk/jobs/store-manager/31647932#/jobs/retail-store-manager-in-swindon

reed.co.uk/jobs/store-manager-branch-manager-gifts-books-greeting-cards/31492980?source=details.mob.appliedto

Doshwaster

zagubov wrote: »

This thread is slowly working its way to the obvious question: who on earth ever suggested that single people should be able to buy a house?
That expectation has no foundation in reality

Why shouldn't single people be able to buy a house? I don't see why I should be doomed to a lifetime of renting just because I can't find anyone willing to live with me.

Outside of London and a few property hotspots in the SE, a house is still affordable to a single person on a professional income, especially if you are in the public sector on a national payscale job in the cheaper regions. If you are a single teacher in the North East then you'd be crazy to rent. Of course it will be tough if you are on a minimum wage job but that's the same whether you are single or a couple.

As a single person I finally was able to buy at 38 years old. House was £160,000 with a £40,000 deposit (£20,000 was life savings and the other half was a cash windfall). The mortgage on £120k was less than I had been paying in rent.

davomcdave

ringo_24601 wrote: »

2 x £25k incomes +£20k deposit = potential to buy a £200k property easily, and there are many houses of that price outside the south East.

People earning less than is required to buy a home rent. It's the way of the world.

The average wage is irrelevant to this.

The median City of London income is about £50k and there are plenty that earn a lot more than that.

There is a lot of money in London.

chucknorris

I've often wondered if there could be a new type of entry level purchase for places like London, something like an en-suite room, possibly with a very small kitchenette, but also access to a shared larger kitchen and dinning facilities, in a block of about 3 to 5 units? But I don't suppose it is that different to a studio flat.

Doshwaster

chucknorris wrote: »

I've often wondered if there could be a new type of entry level purchase for places like London, something like an en-suite room, possibly with a very small kitchenette, but also access to a shared larger kitchen and dinning facilities, in a block of about 3 to 5 units? But I don't suppose it is that different to a studio flat.

Even if you built a lot of properties like that then the laws of supply and demand would mean that they would go for £250,000 in London.