UK Affordability still very good

Windofchange

You've also pretty much undone any argument you had about affordability. Your parents seem to have managed to buy a house in London during the peak of the late 80's property boom on a single median salary - your mum may or may not have been doing a bit of work back then. Reckon your dad alone on his median wage could buy their house now?

economic

Windofchange wrote: »

You've also pretty much undone any argument you had about affordability. Your parents seem to have managed to buy a house in London during the peak of the late 80's property boom on a single median salary - your mum may or may not have been doing a bit of work back then. Reckon your dad alone on his median wage could buy their house now?

yes he would be able to afford it by paying all in cash now.

ukcarper

economic wrote: »

no they worked hard and saved but we went on holidays every year. they just didn't waste it on stupid stuff. as I said they got help for the deposit (which they paid back) which may explain the head start they got compared to you.

All that on the equivelent of £35k a year gross or £27k take home. They would have taken home the equiv of £720k over the 27 years plus any your mum earned that an impressive saving rate.

economic

ukcarper wrote: »

All that on the equivelent of £35k a year gross or £27k take home.

don't forget it was over a 40 year period. plus compounded. does wonders.

ukcarper

economic wrote: »

don't forget it was over a 40 year period. plus compounded. does wonders.

it's a 30 year period.

Windofchange

economic wrote: »

yes he would be able to afford it by paying all in cash now.

No.

If your dad was a young man now in London earning the median wage and your mum was in and out of work, would they be able to buy a house worth around the million pound mark?

GreatApe

Windofchange wrote: »

Yup born into wealth (Will inherit > £500k), earning 100k a year and brought a property that happens to have tripled in value whilst you scratch your behind. School of hard knocks right there.

Anyway, want to address the question about inheritances or just keep ignoring it?

I prefer raw data to articles

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/541408/Table_12-3.xls

Windofchange

ukcarper wrote: »

All that on the equivelent of £35k a year gross or £27k take home. They would have taken home the equiv of £720k over the 27 years plus any your mum earned that an impressive saving rate.

Yup, but they didn't waste any of their money on silly things like family holidays. Oh. Wait.

ukcarper

GreatApe wrote: »

I prefer raw data to articles

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/541408/Table_12-3.xls

So 75% of estates are under £300k and that doesn't include people who do not leave anything.

Also most people are in 60s when they inherit.

economic

Windofchange wrote: »

No.

If your dad was a young man now in London earning the median wage and your mum was in and out of work, would they be able to buy a house worth around the million pound mark?

of course he wouldn't have, he would have been a new immigrant!