Mortgage Rate Rises

Shoza said:
Just from my perspective half the people in our Manchester office are from London originally. A lot of internal transfers, myself included. It’s been happening for 10+ years now (I moved in 2014) and there has been no harm to anyone’s careers. I earn a good salary (not quite as much as London of course) but due to better affordability up here i have more disposable income and better quality of life.

Housing costs in the north west are FAR more affordable - I sold a very small 1 bedroom flat in London and bought a 2700sqft 4 bedroom Victorian built house with 120ft garden for almost the same price. That’s a really big draw for a lot of people who are fed up with expensive flats in London and want a “normal” house and garden for a reasonable price.

Post pandemic I work in the office 2 days a week and it suits me perfectly.
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If they are moving to work closely with other people still then that will certainly help. I was more referring to the general moving up north because it’s cheaper suggestion as it implies more remote kind of work which would be a very bad idea for someone early in their career.

I think it all depends on what you want as none of this is black and white. There’s a short term gain to be made by moving but weighing that impact on career and opportunities is important. I know I wouldn’t be earning anything like I do now if I had moved back up north or to another part of the country. Plus I have a lot of options if I wanted to move to another company.
 
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delta0 said:
If they are moving to work closely with other people still then that will certainly help. I was more referring to the general moving up north because it’s cheaper suggestion as it implies more remote kind of work which would be a very bad idea for someone early in their career.

I think it all depends on what you want as none of this is black and white. There’s a short term gain to be made by moving but weighing that impact on career and opportunities is important. I know I wouldn’t be earning anything like I do now if I had moved back up north or to another part of the country. Plus I have a lot of options if I wanted to move to another company.
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Is it a short term gain? You are looking at close to 500+K like for like difference on a decent house in the London Area. Over a 25 period you need to be making 33K more coin per annum post tax just to live the same as you would be up north. All whilst living in an overpopulated area with air quality problems as apposed to somewhere a lot cleaner.
 
adam cool dude said:
Is it a short term gain? You are looking at close to 500+K like for like difference on a decent house in the London Area. Over a 25 period you need to be making 33K more coin per annum post tax just to live the same as you would be up north. All whilst living in an overpopulated area with air quality problems as apposed to somewhere a lot cleaner.
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The housing market for the last god knows how many years has made this a non-event though. Low interest rates and massive house price increases. Not only do you earn more but your house increases in price massively and you live in a generally more wealthy environment due to the way things work in this country.

The housing market is borderline a ponzi scheme and as long as you get on and it keeps rolling you aren't going to suffer for it like the latecomers. You won't actually benefit from it really but the perception is there and you have two choices. Play the game and only get ****** gently or abstain and its 10x worse.
 
fez said:
The housing market for the last god knows how many years has made this a non-event though. Low interest rates and massive house price increases. Not only do you earn more but your house increases in price massively and you live in a generally more wealthy environment due to the way things work in this country.

The housing market is borderline a ponzi scheme and as long as you get on and it keeps rolling you aren't going to suffer for it like the latecomers. You won't actually benefit from it really but the perception is there and you have two choices. Play the game and only get ****** gently or abstain and its 10x worse.
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I agree the case for London pre-covid was there but it just seems madness post covid. Especially the way house prices have gone since covid.
 
I have never understood the obsession with London. imo there should be huge incentives put in place for business to set up in other areas and spread the money around. I am biased however as am a country boy originally (lived in Manchester for 3 years so have some experience of city living). but it's just not for me. it would take a hell of a pay incentive to get me to work and live in London.
 
adam cool dude said:
I agree the case for London pre-covid was there but it just seems madness post covid. Especially the way house prices have gone since covid.
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Those with money and stable jobs during COVID had nothing to spend it on and many people wanted to work from home/have a larger house/garden. Therefore house prices shoot up. House prices love to go up but unfortunately rarely down.

Even the adjustment we are seeing at the moment is unlikely to set the market back to where it was pre-covid. Prices might fall 5-10% but they went up by 20% in many places in 2 years.
 
adam cool dude said:
Is it a short term gain? You are looking at close to 500+K like for like difference on a decent house in the London Area. Over a 25 period you need to be making 33K more coin per annum post tax just to live the same as you would be up north. All whilst living in an overpopulated area with air quality problems as apposed to somewhere a lot cleaner.
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What's funny is that those places outside of London that supposed have cleaner air don't have have silly road rules such as ulez and 20mph roads across most areas of London...
 
adam cool dude said:
Is it a short term gain? You are looking at close to 500+K like for like difference on a decent house in the London Area. Over a 25 period you need to be making 33K more coin per annum post tax just to live the same as you would be up north. All whilst living in an overpopulated area with air quality problems as apposed to somewhere a lot cleaner.
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It is very much a short term gain. It is an opportunity you chose because you can do it now rather than saving for later. However you do sacrifice the earning potential but that may be acceptable. It’s a balance and depends on your priorities. It’s down to the individual what they think is best. For me having London with everything it can offer is really awesome, the number of companies here and earning potential is very high, easy access to anywhere else in the country or abroad, always something to do, great parks, lots of friends here, better weather, plus many more reasons. I just couldn’t imagine moving back up north. I’ve travelled a lot and would rather move abroad.

All of UK has very good air quality
40371583-9092-48-C2-BD47-BDF591-F2-CDF1.jpg
 
jonneymendoza said:
What's funny is that those places outside of London that supposed have cleaner air don't have have silly road rules such as ulez and 20mph roads across most areas of London...
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I'm not sure what your point is here. London has worse air quality because of the population density. Lots of cars and out emission sources in a very small area. It would be far worse without ULEZ. The 20mph zones are partly for safety as well.
 
fez said:
I'm not sure what your point is here. London has worse air quality because of the population density. Lots of cars and out emission sources in a very small area. It would be far worse without ULEZ. The 20mph zones are partly for safety as well.
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my pouint is, these ulez and 20mph is pointless as places outside of london that dont have that all have supposedely cleaner air
 
200sols said:
You're kidding yourself if you think London air is good. Its night and day being in the countryside vs a big city.
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It’s well monitored across the UK. Central London on some days can have pockets of high DAQI, say 5 but so can many cities in the UK. I’ve yet to see where I live in London go beyond 3 which is generally where most of the country sits in the 2-3 range.
 
jonneymendoza said:
my pouint is, these ulez and 20mph is pointless as places outside of london that dont have that all have supposedely cleaner air
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What am I missing here... Areas that are not build up to buggery don't need them to have clean air. London does need them.

Report shows that the ULEZ has reduced harmful pollution levels in central London by nearly half compared to what they would have been without the ULEZ. Each day, 74,000 fewer polluting vehicles are seen driving in the zone, a cut of 60 per cent since expansion in October 2021.
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Last time I got off the underground in Central London the first thing getting to street level was the smell of fumes and pollution.
Soon get used to it. But can't believe air quality at street level is same as rural uk

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