£194,400 minimum wage

ukcarper

davomcdave wrote: »

That's all balderdash and you know it or at least you should.

People on the minimum wage can't raise a deposit when they're on the minimum wage as people that earn a little can't save a lot.

Judge not lest thee be judged.

How much do you think a couple taking home £25k a year should be able to save a year if they tried hard?

sabretoothtigger

Depends how try hard you mean, growing own food on allotment type of deal. They'd save alot more then most people who dont know how to save exactly, this whole website points out the differences where alot of wasted wages goes but its also a bit of extra work to save

GreatApe

Graham_Devon wrote: »

!!!!!! is this thread?

If 2 people, as part of a couple are on a minimum wage which does not yet exist, for a company who breaks the law when it comes to annual leave, can afford to borrow just shy of 200k?

!!!!!!. Just use the halifax mortgage calculator instead of typing all of this guff and step into the real world.

https://www.halifax.co.uk/mortgages/mortgage-calculator/calculator/

2 people both on minimum wage at 37.5 hours a week, with NO fixed outgoings, NO debts and NO kids can borrow.....£137,000.

You're only 32% out though greatape, so not all is lost.

I do hate to break it to you, but you can't just approach a bank and tell THEM what they will lend you.

Even your £137,000 + £25,000 deposit = £162,000

Average house price in wales is £145,000 so their budget can buy not just the average house in wales but the better than average in wales

Average house price in the Scotland is £139,000 so again they have a choice of more than half of all the homes sold in scotland

Likewise, Northern Ireland, North East, North West, Yorkshire and humber, they can afford to buy more than half of the homes listed for sale

If they save a bit more the East and West Midlands also opens up (Actually they already can afford plenty of homes in those areas they just cant afford more than the average in those areas unlike the areas listed before)

So where is this affordability problem?

Come 2020 when the min wage is £9ph will house prices be cheaper or more expensive?

GreatApe

economic wrote: »

i wonder how much of that increase in first time buyer age is due to young people not being sensible with money?

probably a small part, the bigger part is that people are getting married later or not at all and marriage has been a trigger for buying/inheriting for generations so if it is delayed it means FTB age goes up

Also a generation ago many boys started working at age 15, now most go to university and only start at age 21 so there is a 6 year life cycle delay. Another factor is that we are more mobile now so someone out of university may look for work anywhere up and down the country and move to where the work is which means making the decision to buy is difficult. The boy that got a job at the local steel mill at age 15 knew or at least believed he was going to be there for life so its a whole different world when deciding to buy or not

economic

GreatApe wrote: »

probably a small part, the bigger part is that people are getting married later or not at all and marriage has been a trigger for buying/inheriting for generations so if it is delayed it means FTB age goes up

Also a generation ago many boys started working at age 15, now most go to university and only start at age 21 so there is a 6 year life cycle delay. Another factor is that we are more mobile now so someone out of university may look for work anywhere up and down the country and move to where the work is which means making the decision to buy is difficult. The boy that got a job at the local steel mill at age 15 knew or at least believed he was going to be there for life so its a whole different world when deciding to buy or not

the flipside to the argument is that back then it only took one persons income to afford to buy whereas now it is usually two people (the couple).

GreatApe

economic wrote: »

the flipside to the argument is that back then it only took one persons income to afford to buy

I think that is wrong, if it was so easy to buy 25 years ago why wasn't ownership for uk born higher then than it is now?

Houses were cheaper that does not mean buying a house was easier not if necessities like food fuel cloths cost more which they did

Graham_Devon

GreatApe wrote: »

Even your £137,000 + £25,000 deposit = £162,000?

I've deleted the rest of your post as it wasn't really worth responding to and it's all based on, well, to be blunt, complete myth.

I'm not sure if you are just having fun and gaining a reaction you crave or not. Certainly this is my take on your posts now.

But just ffor the record, if you are being serious and this is genuinely your point of view, I don't think you have any idea of the difficulties in anyone on average wage, let alone minimum wage to save £25k.

It;s all these assumptions that everything is just ever so easy that undermine every single one of the points you write.

I'm not saying it's all impossible. But what I am saying, is that, while living as a couple on minimum wage, if you need transport and a roof, saving £25k is going to take you years and years.

davomcdave

Graham_Devon wrote: »

But just ffor the record, if you are being serious and this is genuinely your point of view, I don't think you have any idea of the difficulties in anyone on average wage, let alone minimum wage to save £25k.

^^^^^^^
This.

We've got people commenting on this thread that seem to think that it's normal to be in your 20s, earning 6 figures and living with Mummy.

kabayiri

davomcdave wrote: »

^^^^^^^
This.

We've got people commenting on this thread that seem to think that it's normal to be in your 20s, earning 6 figures and living with Mummy.

Maybe we need more houses which support multi-generational living, and flexible mortgages which spread the burden amongst multiple working members in the property?

This will only be a marginal benefit I suspect, but we might just see the creation of houses with more floor space but with more flexibility in the use of that space too.

ukcarper

ukcarper wrote: »

How much do you think a couple taking home £25k a year should be able to save a year if they tried hard?

davomcdave wrote: »

^^^^^^^
This.

We've got people commenting on this thread that seem to think that it's normal to be in your 20s, earning 6 figures and living with Mummy.

I see you still haven't answered my question