How much disposable income?

Lunar_Eclipse

Glen0000 wrote: »

Nothing is shifting round here.

And I think this is the (only) reason you are wise to 'stick it out'. If you are seeing prices fall in the area in which you want to buy then of course you would be a fool to buy now.

However, family Houses are (still) selling for above their asking prices where we live. Crazy I know. There are 10-15 families for every house that comes onto the market. And of course cash buyers (no chain) usually snap them up giving those moving up the chain little chance. I know this is not widespread, but is why I think people need to assess their personal situation based on where they want to buy.

Interestingly hubbie and I discussed this very topic last night. If prices fall substantially, we will probably try to move up the ladder to what we can't afford now as the gap will reduce proportionately. And if they don't fall but simply remain static, then at least we won't have lost financially by opting out of the market. (I don't think increases are on the cards).

But it is trickier for non home owners I think as their 'timing' is more critical.

patchwork_cat

Can I ask what sort of jobs people do? Sorry to go off topic.

onlyroz

£400 a month on food sounds like a lot to me.

We have about £4000 a month coming in, with £1100 a month mortgage, and £760 a month nursery fees. Once child #2 arrives this will go up to about £1300 a month. Other bills come to about £900 a month, so that would leave us with about £700 a month to cover food, fuel, presents, holidays, car insurance and servicing.

Glen0000

onlyroz wrote: »

£400 a month on food sounds like a lot to me.

We have about £4000 a month coming in, with £1100 a month mortgage, and £760 a month nursery fees. Once child #2 arrives this will go up to about £1300 a month. Other bills come to about £900 a month, so that would leave us with about £700 a month to cover food, fuel, presents, holidays, car insurance and servicing.

It is a lot, but meat is very expensive. Buy a few nice cuts and your shopping bill rockets. We could live on value mince, but I would not feed that type of junk to my family. Fruit too is very dear.

Glen0000

patchwork_cat wrote: »

Can I ask what sort of jobs people do? Sorry to go off topic.

I work in IT. On call a lot, day and night, so have a half decent wage. £33k.

floss2

Lunar_Eclipse wrote: »

...... If prices fall substantially, we will probably try to move up the ladder to what we can't afford now as the gap will reduce proportionately. And if they don't fall but simply remain static, then at least we won't have lost financially by opting out of the market.......

We're doing the same - £50k mortgage, with £60k+ equity....looking to move up the ladder in 2 years to what is currently on the market for £230-£250k...10% loss on ours is £10-13k, but the drop on the new home will be approximately £25k+, which will be to our benefit.

BTW, OP, I take it your "public sector" organisation have had their pay review, if your salary "will only go up"?

patchwork_cat

OP must be in a minority if his public sector job has had it's pay review. Last year April payrise was finally paid in November for less than inflation, this year April pay rise offer has been 2.45%! not settled and strike action called.

Glen0000

floss2 wrote: »

BTW, OP, I take it your "public sector" organisation have had their pay review, if your salary "will only go up"?

Yes, that bit made me chuckle, especially in today's climate. OP has obvioulsy never lived through a recession, another reason we are waiting to buy.

onlyroz

Glen0000 wrote: »

It is a lot, but meat is very expensive. Buy a few nice cuts and your shopping bill rockets. We could live on value mince, but I would not feed that type of junk to my family. Fruit too is very dear.

We only buy our meat from the local butcher. £50 a month gets us plenty of good quality meat.

Glen0000

onlyroz wrote: »

We only buy our meat from the local butcher. £50 a month gets us plenty of good quality meat.

Thanks for the tip. We don't have one in our small town, but they probabaly have one in our nearest city. We probably spend £125 a month on meat alone. Four nice pork chops are £6 from the supermarket. Have that once a week and that is £24 on it's own! My sunday joint costs me a tenner, so that is £64 for just 8 meals. Shocking when you think about it. Also started buying free range chickens so that has bumped the price up.