Caporegime
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So what are you telling me £73k is unattainable for someone earning minimum wage?
House prices rose 7.3% this year, average now almost £250k
- Thread starter HACO
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So what are you telling me £73k is unattainable for someone earning minimum wage?
The max mortgage a single person on minimum wage could get is £68,700 if they have zero out goings. If the person is living at home with parents they should be able to save a 10% deposit in around 12 months. If they are already renting probably more like 24 - 36 months. However in that 24 - 36 months the house has probably increased 7-10% in value so it is now out of their reach.
No? I didn't mention anything at all about how affordable or unattainable those prices are.
I said house prices in Glasgow are difficult to judge from sales adverts because actual sales prices can be significantly higher - more than in other areas of the country.
Surely that will get hoovered up by a btl landlord, someone on min wage would have very little chance of getting a foot in...
''Investment Analysis - This apartment has the potential to generate a monthly rental income of £1,000 - £1,150.''
You have to want it, then figure out how you can get it, then motivate yourself to ensure it happens.
I always wanted a yacht, it's been my dream most of my life.
I haven't had the highest paying jobs of been left a bundle of cash to help me on my way, but I slaved and sacrificed all I could, scrimping here and there, missing out on this and that all to be in a position where I owned 6 properties before I was 30 and well on my way to trading them all in for a yacht to retire on. Oh and cocaine, I sold a lot of cocaine.
I always wanted a yacht, it's been my dream most of my life.
I haven't had the highest paying jobs of been left a bundle of cash to help me on my way, but I slaved and sacrificed all I could, scrimping here and there, missing out on this and that all to be in a position where I owned 6 properties before I was 30 and well on my way to trading them all in for a yacht to retire on. Oh and cocaine, I sold a lot of cocaine.
Looks like you're about to get dragged into the sky by Joseph!
Caporegime
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They have as much a chance as anyone else.
To say a landlord has a better chance of buying a specific property over a resident is quite frankly hilarious.
It just feeds the hate towards landlords. I can't buy because nasty landlords get first dibs. I wish. I've never heard such nonsense.
Caporegime
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Well it's a good thing that there are cheaper properties available then just not that one.
They could easily be gifted the deposit too by parents, if not in cash then by re mortgaging their own home or by taking a loan out and gifting it.
A lot of parents buy their kids things like cars, etc so I'm sure £5k for a flat isn't dream land.
Soldato
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So Psycho Sonnys solution is for everyone to move to Glasgow, sounds like he really has it all figured out, what a well thought out idea.
This is in the realm of Stockhausen levels of stupidity.
This is in the realm of Stockhausen levels of stupidity.
Caporegime
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No I'm just proving there are affordable houses available. Even within a major city centre.
I'm sure I could find them in Newcastle, Liverpool, etc too.
Just not London.
If you cannot afford to buy a place in London then yeah you might want to move elsewhere and yeah get a job elsewhere too if the one you have in London means you cannot live there.
What is stupid is people expecting houses to pop up in front of them for £50k or someone to magically deposit £200k into their bank account.
If you cannot buy a house in the area you are looking then look elsewhere. Simple as that.
This.
Bought my house in Yorkshire for £130k. Absolute dump and took a good 500 hours of cleaning (genuinely). Some hard work and its now been valued at £220k for a 3 bed semi.
Is it really that simple?
That was 2018, probably increased yet again in the last two years.some website via google said:
Also year-on-year the % of people renting is up and the % buying is down.
If it's as simple as just moving to another part of the country - ignoring all the implications of finding a new job, etc - then people would be doing that, right? Surely 25% of 35 to 44 year olds can't just "lack motivation".
Of course the organisations representing BTL landlords, reflecting on those stats, are saying, "More people want to rent than ever before, and we're fulfilling a deep seated desire among later generations who simply don't ever want to own their own home. These younger renters are telling us they'd much rather pay 1.5x the average mortgage on paying our (many) (portfolio properties) mortgages for us."
My parents got thier house for 16k, I will be inheriting it and it probably would be worth 80k now. Did wages rise the same amount? Did they hell...
The one next door, Same story 16k ex 4 bed council house was lived in by the man next door for 30yrs and sold to a BTL landlord. They have a portfolio of homes and you never see them as they are not locals. They will never sell either so thats two houses removed from the council portfolio which did not get replaced. So anyone who wants the house next door now has to rent and that is exactly what happened a young childless couple renting for life and no sign of kids. I can hardly blame them what will they pass on the rental agreement? For the kid to compete with the children of the portfolio owner?
It does not seem fair, One of them works yet the local dealer who does not work, Never seems to do jail has five kids and a nice car. Guess who populates the future? BTL kids and the kids of the crime lord.
The one next door, Same story 16k ex 4 bed council house was lived in by the man next door for 30yrs and sold to a BTL landlord. They have a portfolio of homes and you never see them as they are not locals. They will never sell either so thats two houses removed from the council portfolio which did not get replaced. So anyone who wants the house next door now has to rent and that is exactly what happened a young childless couple renting for life and no sign of kids. I can hardly blame them what will they pass on the rental agreement? For the kid to compete with the children of the portfolio owner?
It does not seem fair, One of them works yet the local dealer who does not work, Never seems to do jail has five kids and a nice car. Guess who populates the future? BTL kids and the kids of the crime lord.
Soldato
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There needs to be a paradigm shift in thinking at all levels and that needs to start with ministers. Landlordism should be outlawed. Property should not be touted as pension ( with the exception of own home of course ). There needs to be other options like a green bond (like war bonds ) with a guaranteed return of 4.5% with the investment being used by govt to build green infrastructure to improve the lives of everyone. But importantly that means intergenerational working together rather than against each other which with the ever propped up property market is the current situation.
If no one could own more than one house and foreign sales were limited to apartment buildings only with additional stamp duties along with a proper supply of social housing, well built with decent amenities, and a wage increase then housing would be much less of an issue.
These reforms are possible but politically unlikely to come from conservative or labour party
If no one could own more than one house and foreign sales were limited to apartment buildings only with additional stamp duties along with a proper supply of social housing, well built with decent amenities, and a wage increase then housing would be much less of an issue.
These reforms are possible but politically unlikely to come from conservative or labour party
Soldato
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As a 32-year-old single guy,I can never see owning my own home at this rate with house prices continuing to rise, Wages becoming stagnant and now this whole covid will put the economy in a mess for years & years to come and taxes & bills forever going up. 
I really think there should be a legal limitation on how many properties landlords & property developers can buy purely for the rental market and never sell them..as its just pure greed and does not give people the option to buy.
I really think there should be a legal limitation on how many properties landlords & property developers can buy purely for the rental market and never sell them..as its just pure greed and does not give people the option to buy.
As a 32-year-old single guy,I can never see owning my own home at this rate with house prices continuing to rise, Wages becoming stagnant and now this whole covid will put the economy in a mess for years & years to come and taxes & bills forever going up.
I really think there should be a legal limitation on how many properties landlords & property developers can buy purely for the rental market and never sell them..as its just pure greed and does not give people the option to buy.
Absolutely agree.
As someone on above average wage (albeit slightly) but single, buying a house in anything that isn't a dump of an area or moving miles away (probably quiting my job) is pretty hard going. Not saying it's impossible, but it'd have to sacrifice a lot of what makes my life good.
I hate to say it, but the first place I tried to buy was taken by BTL. After a small bidding war, the owner (rightly or wrongly) thought they were lower risk of pulling out so went with the landlord. As it turned out, I got a house for not much more then the previous flat, and actually cheaper as there is no ground rent to pay, and prices here have increased at a much higher rate then the flat so he actually did me a favour!
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