the housing shortage.

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balky12 said:
I earn a little short of that and on track to buy a 3 bed house for ~£250k - £300k within the next year (total time saving ~2 years). My current outgoings are about £1k a month. I will be within a 40 minute commute to London City.
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£1000 a month? you must house share then and eat beans on toast every night?

My bills alone comes to £1200 and that is before i have travelled to work £250 or eaten any food or drank any beer.
 
mrbell1984 said:
Correct. The area where I'm at is overloaded. Go further into other areas near and they are overloaded too.

Can't build any more houses without effecting the above. There's just too many people in the world and services are crumbling.
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Same here, relatively small village, that developers want to double with 2000 new houses.
The infrastructure is at breaking point already.
 
I just did a hsbc calculation.

With my current salary for a mortgage for 25 years of £300000

Your results 20 years

Your deposit

£163,000
Est. property value

£300,000
You could borrow

£137,000
Your loan-to-value

45%
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Your results 25 years

Your deposit

£120,000
Est. property value

£300,000
You could borrow

£180,000
Your loan-to-value

60%
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So unless you managed to save up £100k in 2 years on yer less than 40k per annum or your looking at some part buy government scheme or you have a magic trick, i would think you are telling porkies.
 
bloodiedathame said:
There should be an EU migrant benefits package, that is the same in every EU member nation.
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That would be unfair for any country with above average economy as their citizens would gain less. It would also be unsustainable for people going to countries with above average economies, as the benefits would not cover their expenses in those countries.

I.e. someone in Cyprus is being paid 500 euros for a low paid full time job. The same job in the UK earns a little over 1000 pounds, which is roughly 1300 euros. If we took these two countries only and gave an average benefit of 900 euros, although not a bad figure, you'd have to be mad to go to a country that cost of living would mean those 900 euros can buy you and your family less.

So poor countries would get more migrants as those 900 euros would go a long way, whilst rich countries would finance the big chunk of those benefits.
So basically financing benefits for people not even in the country.
 
Caged said:
Nobody is denying that it would be expensive, but an increasing population size isn't a new thing, it shouldn't have surprised anyone, but that hasn't stopped successive governments spending 30 years not building enough new homes.
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Indeed and the longer you ignore the problem the more it costs...
 
If i had to move i would have to pay £850 per month rent for what i have got at the moment, which is just a 1 bedroom duplex with no private garden.

For £10k deposit using the barclay calculator. I would be able to afford a £150k mortgage with an equivalent monthly payment of £850 per month.

This is an example of a property i could get for £150k

http://www.rightmove.co.uk/property-for-sale/property-33036018.html

I like how its half a house and the kitchen/lounge is one room. :D

This two bedroom maisonette was one of the best.

http://www.rightmove.co.uk/property-for-sale/property-47106236.html

The other issue i have is with the low quality of the housing for the price. £150k is R2.7 million rand. What you can get for R2.7 million rand is 10 times better than what you get for £150k OF course its in ****** SA but just why i struggle to spend so much on a half a house.

http://www.property24.com/for-sale/flamingo-vlei/blouberg/western-cape/11581/102370817?Branded=true
 
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It's really not that hard if you have a partner, but on your own obviously it becomes much more difficult.

For example I used to live in Kilburn - here's a reasonable 2 bed flat for £1650/month

Between two of you, you could have living/travel costs of under £1000/month if you wanted.

Similarly, if you have joint income then you have double the deposit, and can afford a bigger mortgage :)
 
This time last year the dumb asses were picking on the single mums and the 50" plasma tv/PS4 dole scroungers.

NOW they are defending them and demanding they get first pick on social housing.

its a strange world.
 
anything I don't mind said:
£1000 a month? you must house share then and eat beans on toast every night?

My bills alone comes to £1200 and that is before i have travelled to work £250 or eaten any food or drank any beer.
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I share.

Your bills and travel come to ~£1500 leaves you with ~£1000 a month left. on £40k

Mine:

£700 rent & bills
£200 travel
£150 car lease and insurance
£200 food both at work and home
£600 savings
£50 odds and sods (phone bill/ game subsciptions/ netflix, etc.)

Still leaves me with roughly £300/ £400 a month disposable.

Bonus' go straight to the house fund. Well, all one of them that I have had during this time.
 
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£200 a month on food? that is less than £50 a week. You must eat like a peasant.

mine is

£1200 rent and bills
£240 train
£300 debts
£600+- for food and drink and savings. I usually end up with about £100-200 left and thats all being going in to cc.

But even then to save up £10k on £600 per month takes 16 months and there is no way you can afford a house on 40k with only £10k deposit. You need at least £80k deposit before you can afford a house for 250k on 40k salary.

That would be £80k deposit on 250k 25 year, monthly mortgage £679 - £1,043 at £600 per month £80k would take 11 years to save up.
 
anything I don't mind said:
£200 a month on food? that is less than £50 a week. You must eat like a peasant.
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£200 a week gets you a lot of food... abuse your local butchers / green grocers.

£600 saving for 2 years is ~£15k add in one bonus and another to come and your talking £25k plus.

~10% deposit gets a mortgage of around £1200.. not the best rate but it's doable.
 
balky12 said:
£200 a week gets you a lot of food... abuse your local butchers / green grocers.

£600 saving for 2 years is ~£15k add in one bonus and another to come and your talking £25k plus.

~10% deposit gets a mortgage of around £1200.. not the best rate but it's doable.
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£200 a week? i thought that was monthly. £200 a week is more than i spend on food and drink.

There is no way i could afford a mortgage of £1200 on a £40k a salary. £1500-1600 on mortgage and bills alone. Then you have trains £1800 and then you left with like £500 for everything else?

What area you looking at buying in?
 
anything I don't mind said:
£200 a week? i thought that was monthly. £200 a week is more than i spend on food and drink.

There is no way i could afford a mortgage of £1200 on a £40k a salary. £1500-1600 on mortgage and bills alone. Then you have trains £1800 and then you left with like £500 for everything else?
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Sorry meant a month. £200 a month does get you a lot of food, well enough for me anyways.

£40k salary gets you what ~£2500 net a month.

£1600 on mortgage and bills.
£240 train
Ok you spend £600 on food a month...

Still its roughly what you earn... no social life.

I'm not saying it's a walk in the park but on £40k a year you could afford a house within the 1hour commute you need.
 
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anything I don't mind said:
If i had to move i would have to pay £850 per month rent for what i have got at the moment, which is just a 1 bedroom duplex with no private garden.

For £10k deposit using the barclay calculator. I would be able to afford a £150k mortgage with an equivalent monthly payment of £850 per month.

This is an example of a property i could get for £150k

http://www.rightmove.co.uk/property-for-sale/property-33036018.html

I like how its half a house and the kitchen/lounge is one room. :D

This two bedroom maisonette was one of the best.

http://www.rightmove.co.uk/property-for-sale/property-47106236.html

The other issue i have is with the low quality of the housing for the price. £150k is R2.7 million rand. What you can get for R2.7 million rand is 10 times better than what you get for £150k OF course its in ****** SA but just why i struggle to spend so much on a half a house.

http://www.property24.com/for-sale/flamingo-vlei/blouberg/western-cape/11581/102370817?Branded=true
Click to expand...

Fellow south african here,

Agree, that's exactly why I don't want to buy a house.
 
balky12 said:
Sorry meant a month. £200 a month does get you a lot of food, well enough for me anyways.

£40k salary gets you what ~£2500 net a month.

£1600 on mortgage and bills.
£240 train
Ok you spend £600 on food a month...

Still its roughly what you earn... no social life.

I'm not saying it's a walk in the park but on £40k a month you could afford a house within the 1hour commute you need.
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Well none of your numbers add up mate.

You said you would save up a deposit of 10% at £600 per month in two years for a £250k property value.

To save up £30k on a £600 per month would take 4 years.

Putting down £30k on a 250k house with barclays would result in £1200 per month mortgage which would not be affordable on £40k.

Also where are you planning on buying a house?

Sure i could go back to house sharing for 5 years and stop drinking alcohol and never buy any take out and eat the same sandwich every day for lunch for 5 years and i could probably buy a house for about £180k with a mortgage of about £1000 per month. But no chance i am going back to house sharing and living like a peasant for 5 years just so i can buy a crappy house. :)

I think the other guy was right the only way you can afford property if you not super rich or have a large deposit from your parents is to live with a partner. If i could find a women to pay half my rent then i would also have £600 extra money a month.

If you do put in a second salary of 30k and do the same calculations the monthly payment does not go up or down, they will just lend you more money with a lower deposit.
 
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