Average Mondeo man(young family) in London 2018

michaels

Sapphire wrote: »

Yes. London was always expensive to buy property in. I don't think people take into account just how low the wages were when some people were buying properties in London, which were often decrepit, with London being generally far more of a dump than it is now. Also, when they bought the places, they didn't expect to extend them, or put in the latest kitchens, bathrooms and so on, but most just lived with what they got, barring some DIY, for many years. I looked up some paperwork of an elder in my family, and in the 1970s that person was earning £1,914 p.a., not at all uncommon in those days.

Talking about people currently in their thirties with families (a couple of offspring, usually), around where I am they are generally house (not flat) owners. Many are extending already large enough houses upwards, backwards and/or sideways. Everyone seems to feel the desirable thing is to have upwards of four bedrooms, something that now-older people never even considered when they were buying homes for themselves and their children, often with quite a lot of self-sacrifice on their part. The building works are constant in all the side streets around me. It is clearly not 'elderly' people, but young ones, who are spending money on these works.

Couple, 2 kids and a spare room means 4 beds needed. (Plus at least 1 ensuite, preferably 2).

For the same price as a new build inc stamp duty and moving costs you can extend your existing property to have these and it will be much bigger and less overlooked and on a better street than said new build. Why waste a fortune on moving (for the same amount that it would cost us to move to a house identical to our current one we could add a large GF extension or a 2 bed loft extension) when you can pay the same and make your current house into your dream home.

Good for the economy in a way as it provides employment but rubbish in terms of having a functioning housing market, moves up the ladder, tax revenue etc.

Sapphire

michaels wrote: »

Couple, 2 kids and a spare room means 4 beds needed. (Plus at least 1 ensuite, preferably 2).

For the same price as a new build inc stamp duty and moving costs you can extend your existing property to have these and it will be much bigger and less overlooked and on a better street than said new build. Why waste a fortune on moving (for the same amount that it would cost us to move to a house identical to our current one we could add a large GF extension or a 2 bed loft extension) when you can pay the same and make your current house into your dream home.

Good for the economy in a way as it provides employment but rubbish in terms of having a functioning housing market, moves up the ladder, tax revenue etc.

Yes, 'needs' have changed a lot over the last few decades since the 1970s (and before). Offspring used to share bedrooms (I shared mine with two sisters), but apparently each one 'needs' its own bedroom now. There were no en suites. :rotfl:

The fact that people in their thirties can afford to do this (which 'the old' were generally unable to do due to tight finances) rather denies the assertions made by some that 'the old' had it so much easier, which is patent rubbish, given that wages were so much lower in the 1970s, and there were very few benefits paid to people courtesy of the taxpayer. Perhaps those making such assertions regard people in their thirties as old?

ukcarper

Sapphire wrote: »

Yes. London was always expensive to buy property in. I don't think people take into account just how low the wages were when some people were buying properties in London, which were often decrepit, with London being generally far more of a dump than it is now. Also, when they bought the places, they didn't expect to extend them, or put in the latest kitchens, bathrooms and so on, but most just lived with what they got, barring some DIY, for many years. I looked up some paperwork of an elder in my family, and in the 1970s that person was earning £1,914 p.a., not at all uncommon in those days.

Talking about people currently in their thirties with families (a couple of offspring, usually), around where I am they are generally house (not flat) owners. Many are extending already large enough houses upwards, backwards and/or sideways. Everyone seems to feel the desirable thing is to have upwards of four bedrooms, something that now-older people never even considered when they were buying homes for themselves and their children, often with quite a lot of self-sacrifice on their part. The building works are constant in all the side streets around me. It is clearly not 'elderly' people, but young ones, who are spending money on these works.

In early 70s £1900 pa would have been an exceptional salary. Admittedly in relation to earning property around London is more expensive than it was in 70s but it wasn't easy in the 70s

kabayiri

I know the topic is Mondeo man, but I'd be interested to know what happens further up the chain.

Let's call this person "chauffeur man".

We hear a lot about wealthy Chinese, Russian, and Arabic people buying London property as investment.

Who were these houses selling to a generation or so ago?

If these new buyers are more affluent, it might explain how prices were pulled up?

Sapphire

kabayiri wrote: »

I know the topic is Mondeo man, but I'd be interested to know what happens further up the chain.

Let's call this person "chauffeur man".

We hear a lot about wealthy Chinese, Russian, and Arabic people buying London property as investment.

Who were these houses selling to a generation or so ago?

If these new buyers are more affluent, it might explain how prices were pulled up?

I think perhaps people tended to stay put more a generation or so ago, rather than 'upsizing' the way they do now. Also, there were a lot of people renting, even in the places that are now owned by the wealthy Chinese, Russian and Arabic people. A lot of students used to live in bedsits in places like Kensington and Earls Court, for instance, and the rents were not particularly high for them.

I agree that wealthy foreigners (and companies) buying up places (often not even to use as main residences) has helped to pushed the prices up so much in London. That and the proliferation of buy to let as an 'investment', and the tendency to classify housing as a 'market', rather than as homes.

LydiaJ

Herzlos wrote: »

... the Mondeo is actually a really good car...

Not in all respects. After my family were involved in an accident in one, I looked it up on the Euro NCAP which said it was good for safety for children in the back, but "weak" for driver safety in a frontal impact. That would be why my kids are still alive but my husband isn't, then.

michaels wrote: »

For the same price as a new build inc stamp duty and moving costs you can extend your existing property to have these and it will be much bigger and less overlooked and on a better street than said new build. Why waste a fortune on moving (for the same amount that it would cost us to move to a house identical to our current one we could add a large GF extension or a 2 bed loft extension) when you can pay the same and make your current house into your dream home.

Sarah Beeny made a series about that.

HPC_Ghuol_Hunter

Average Mondeo man is now average PCP Audi A4 man.

GreatApe

lisyloo wrote: »

Your father (if he was modeo man) probably could afford to buy somewhere outside London, have his wife not work and start a family in his 20's.
My parents did and they were ordinary working class.
I think that is different.

This is nonsense anecdote over evidence, ownership in the 60s was a good deal lower than it is today

Also women in this country have worked for all of living memory it is another myth that the men worked and the women stayed at home. You can look at the census data and see millions upon millions of women working

In the circumstances were someone had a lowly paid job and a stay at home wife (for a long period) I suspect it is mostly people who had other income or assets or help eg a big inheritance or a house gifted to them etc

The simple fact is the best time to be born is today not yesteryear

margaretx9

sammyjammy wrote: »

:rotfl:Does anyone still own a Mondeo?

Can anyone survive with a family on £26k a year in London anymore - without housing benefit, tax credits etc etc assuming they won't have got a council house as they have all been sold off!

margaretx9

Cakeguts wrote: »

My father couldn't afford to move to London and maintain his lifestyle in the 60s and yet people still think that not being able to afford to live in London is recent problem.

My parents lived in London in the 1960s on the wages of a nurse and postal worker in Highgate (paying market rent) - my mother gave up her job and they bought a 3 bed house in outer London on a mortgage equivalent to 1.5 times his salary.

Today they would struggle to afford the rent of a one bed flat in outer London - and no way could they afford Highgate.

So no it wasn't easy then - but its impossible now for a young family on average wages doing ordinary jobs!