Soldato
Yeah the numbers don't add up. No point bothering with south east unless you're earning double/triple that.
How do people afford to work in expensive areas of the country?
- Thread starter Stu999
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Soldato
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- 22 Nov 2007
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Where abouts in the South East? If your talking Bexley/Dartford then 30k is easily do able especially if you have a partner earning similar. Ok the former won't be living a glamorous life style but its certainly doable.
Pretty much everyone in general warehouse roles, etc. at work are either back living with parents or have given up on moving out if they are single and/or when relationships break up, etc. even people in supervisor or lower level management roles are struggling.
EDIT: Actually not entirely true, there are some single people claiming benefits/social housing who have their own place.
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Caporegime
People who have already paid their house or bought ten to 15 years ago can afford it.
There is a massive gulf between people who bought 15 years ago to people in the last decade.
I will be mortgage free at 40 and the only reason I managed it was pure luck buying in the dip just after the financial crash.
If I was back in my early 20's buying today. I wouldn't have been able to save up as big a deposit as my wage was worth more back then and I would be on a 30 year mortgage into my late 50's minimum. That is east midlands let alone down south!
There is a massive gulf between people who bought 15 years ago to people in the last decade.
I will be mortgage free at 40 and the only reason I managed it was pure luck buying in the dip just after the financial crash.
If I was back in my early 20's buying today. I wouldn't have been able to save up as big a deposit as my wage was worth more back then and I would be on a 30 year mortgage into my late 50's minimum. That is east midlands let alone down south!
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Probably should have been more specific. It’s M40 corridor not far from Oxford. Saying London probably skewed the responses.
It’s just me and I’m not otherwise independently wealthy.
think the problem is more the london/se centric view for buinesseses setting up in the UK - doubt Keir/#humptydumpty will fix it but with housing shortages, it just creates a vicious cost of living circle,
when there are lot's of nicer places to live in the UK (than Cambridge)
when there are lot's of nicer places to live in the UK (than Cambridge)
Soldato
I was passing an ordinary semi near my daughters with a newish 911 outside ,Oxfordshire , crappy view ,what's that happy horse **** all about? i don't get it and renting ae any stage beyond your first few adult years, just no, i would rather go van life than pay someone else's mortgagee and lifestyle (repeat, Moon mans on the vino)
Your math is out, those figures are closer to £12k/year interest not £20k
That would be just over 4% interest rate, which is lower than you would get if buying today.
I did it on 5% over 25 years with exactly your numbers - gives the interest as ~£1100 a month.
Interest and capital repayment is closer to your £20k/year.
Caporegime
I was just looking now and a similar house to mine in Dartford is around 750,000 but even that is scraping the barrel.
With a 250k deposit. I would need a mortgage of 500k. I would need to find an extra 2 grand a month with a 25 year mortgage finishing when I am 62. I would need to find an extra 24k a year after tax to live in a worse home than what I live in now paying a mortgage for an extra 20 years compared to what I have now.
I could maybe just about make it work but I would be living on beans on toast and my kids would have to grow up in that environment too going without many things and zero holidays.
With a 250k deposit. I would need a mortgage of 500k. I would need to find an extra 2 grand a month with a 25 year mortgage finishing when I am 62. I would need to find an extra 24k a year after tax to live in a worse home than what I live in now paying a mortgage for an extra 20 years compared to what I have now.
I could maybe just about make it work but I would be living on beans on toast and my kids would have to grow up in that environment too going without many things and zero holidays.
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Last I was reading it's not just London anymore, house price madness has spread to anywhere near London, and the places people thought to move to after leaving London behind
I'm really not sure where these mythical affordbale houses are these days.
There's people down here who do decently skilled work who have given up on the idea of ever living in a house - until they couple up. And have turned to van life instead.
Things for sure aren't getting better - for anyone below average income. It does very much seem that we can't sustain a downward trend forever.
Or maybe we can. You can just call me 'villein'
Soldato
- Joined
- 22 Nov 2007
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750k in dartford will be probably get you a 5 bed house with a big garden. You can get 2-3 bed with small garden for around 300k
Would also love a new kitchen. But anything like that is ridiculously expensive.
You've got to be on really good money to justify things like new kitchens, extensions and energy stuff like new windows.
Absolutely. Better to take a lower paid Job if you can in north or West.
You also don't have to live somewhere so crowded as another boon.
I'm amazed. London can really survive.
All the supermarkets and retail jobs.. They must be living with parents or something.
How can so many people even be able to live there? It boggles my mind.
I'm far far behind you (probably 15 years of mortgage left) because I only bought at 34 rather than 24. And it means you need a much bigger salary to keep up.
Only savior for me is WFH + technology.
It means I can live in a relatively cheap place on a decent wage.
Being forced to work in London would be life changing if salary Was the same. I'd probably feel average or below propping up the mortgage down there. Or in a crappy flat.
I know many have no choice, I just hope WFH continues
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£104.32 a week here In Newcastle. for my 1bed flat.Yeah, I had a quick glance on Rightmove and some of the house shares are more than my 2 bed flat in the North East.
I've been here for about 12years though, I think the rent was about £76 back then. (social housing)
I see nice cars outside in the parking lot so even well offs don't seem to want to give up the safety of social housing.
also if you outgrow your property you can just go back to the social housing and get put on a list for a bigger place. I guess that's a huge +
My sister was renting from a private landlord and had her life pulled from under her pretty much. council+social housing is just too damn reliable and safe, why did the country sell it all off and stop building more.....
I see people on reddit looking for house shares and people claiming they need 300-500 a month.
compared to older generations though, like my parents bought their semi detached council house for 26k back in the day and it's probably worth 200k+ now
meanwhile we are happy with cheap rents.
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Soldato
Minimum wage in April will be £11.44
Work 60 hours per week on that and your income is £35k.
Rent a room for £600 /month Not pay council tax.
Spend £200 on travel, £200 on food, £200 in misc
Thats 1200/month, deducted from 2300 net income
You will save £1100 per month, give or take.
Its not easy but its not complicated.
Work 60 hours per week on that and your income is £35k.
Rent a room for £600 /month Not pay council tax.
Spend £200 on travel, £200 on food, £200 in misc
Thats 1200/month, deducted from 2300 net income
You will save £1100 per month, give or take.
Its not easy but its not complicated.
London has exceptionally good public transport so you can live in social housing and/or ******** estates far out from the centre. You don't need a car and you never need to travel outside London because there is so much in London.
Renting a room in an apartment isn't that expensive, you can get rooms for under £10k a year. Minimum wage has been hiked up massively (over £10/hr now) and tax free threshold also hiked massively. So those retail jobs you refer to probably have a takehome pay that has risen a lot more in percentage terms than higher paid jobs have.
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