In what way? Genuine question. We could go on lavish holidays, pay the minimum on our mortgage, get a new car every 2 years on finance, eat out all the time and get to 65 (probably 75 by the time I retire) and until we retired we would be able to keep our head above water just fine unless one of us suddenly lost our job.
overtime just to cover living costs
- Thread starter ozaudio
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In what way? Genuine question. We could go on lavish holidays, pay the minimum on our mortgage, get a new car every 2 years on finance, eat out all the time and get to 65 (probably 75 by the time I retire) and until we retired we would be able to keep our head above water just fine unless one of us suddenly lost our job.
I think there would be plenty of support for the German system if it was proposed over here. The issue with benefits is that they are abused by far too many people and that does sour peoples general opinion of them. There are entire areas of the country where a huge proportion of people exist on handouts and they will have generations that haven't worked. That needs to be addressed.
I assume there is a cap on the German system or are people who get sacked from their £300k/year banking job getting a nice £180k from the state for a year
If we deride our current benefits system on the basis that people abuse it, why would this system be any different? If we genuinely have a problem with abuse of state support, then this scheme would be no different in the eyes of most, it would just get 'abused' by people looking for sponsored training etc.
The issue is once you're renting it's difficult or takes years enough deposit and the way house prices are going you'll need at least £25k minimum! I myself have accepted that we will probably never get a house I'm 40 next year, have 2 children and ones going to secondary school. There are benefits to renting and cons, like not having to worry about boiler or any issues building wise. However the house isn't yours they can sell if they want and fees ontop you'll need to have £1200 - £2000 saved for deposit and checks.
I do every bit of overtime I can, doing 4 hours a day everyday this week, more if any becomes available but then that's nothing new for me. Only me that works so might as well do all I can. Wife wants to get a job but no point still currently as childcare cost would eat almost all of what she would earn
The big one for me is..
Mortgages go down over time (to nothing eventually)
Rent goes up with house prices.
(generally over time)
Man of Honour
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One of the issues we may have is the rise of high inflation followed by recession and then the property bubble bursting. We all remember how bad people had it when people fell into negative equity. I think the same thing is going to happen again unfortunately.
I assume there is a cap on the German system or are people who get sacked from their £300k/year banking job getting a nice £180k from the state for a year
Capped at around 7k EUR/month as I recall. The payout is 67% of your old salary if you have kids too.
Yeah, its generally "safe as houses" to own a house vs renting. Costs much less, you have stability, you are paying off debt rather than paying off someone elses debt and your asset generally rises in value.
I don't understand why people love house prices rising so much when they only have aspirations of owning a single house at a time. Unless you are downsizing, the property market inflating just screws you. "Ooh my house has gone up £50k in the last 2 years, isn't that great". Well yes, until you want a house that is 1.5x the value of your current one and that one has gone up by £75k...
There should be upsides and downsides to owning vs renting and the only real downsides to owning is that you are tied to one place and home more than if you were renting. Even then, you could always rent it out if you desperately needed to move.
Even after the crash in 2008, most houses only went down to their prices from about 3 years earlier. We have now added 35% to the price of the average UK house over the past 13 years vs the peak in 2008. If you take the peak as an abnormality that was corrected, prices have risen about 64% vs the dip after the peak.
They thought it prudent to waste £6.4bn on the stamp duty holiday last year rather than better support those who were made redundant, unable to work etc. during the pandemic. I think this government in particular has nailed their colours to the mast when it comes to propping up the housing market, yes. lol...
They thought it prudent to waste £6.4bn on the stamp duty holiday last year rather than better support those who were made redundant, unable to work etc. during the pandemic. I think this government in particular has nailed their colours to the mast when it comes to propping up the housing market, yes. lol...
Yeah, the mind absolutely boggles as to who thought that was a good idea. Cue my surprise when house prices went up by more than the discount on stamp duty
Caporegime
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No it helps for streaming too
Caporegime
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£80 for a cambelt change? I paid almost 10x that the other month
God, that was one of the most ridiculous govt actions last year. Just no good reason for it whatsoever, as pointed out all it did was deprive the government of money in order to further inflate house prices.They thought it prudent to waste £6.4bn on the stamp duty holiday last year rather than better support those who were made redundant, unable to work etc. during the pandemic. I think this government in particular has nailed their colours to the mast when it comes to propping up the housing market, yes. lol...
Policy should focus on trying to keep house prices static, or very slightly reduce them imo. A sharp decline would be really bad news for a lot of people, and probably a lot of banks too, but any further rise is bad news for basically everyone except those wealthy enough to own multiple properties already, or old people downsizing to release profits.
ye i was happy with £80, only took just under 2 hours and that was with dealing with stripped engine mounts from the last guy who just smashed the bolts back in with an impact .
Caporegime
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Both myself and the missus saved up 36k for a deposit 12 years ago. We were both at the time earning below average wage but did the overtime and saved the cash. We were putting away 1-2k a month. Our rent was 450 a month back then.
I do agree now it is more difficult as our house has gone up 50% in value over that time easily but still obtainable as we would just have to accept a semi detached instead if we were buying now in the same position or have a higher mortgage to offset.
Soldato
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I assume you didnt do much outside of work if you were saving that much? No car ect?
If your house has gone up by 50% then it likely rents have also significantly increased (£450 would be a room in a house share here) so not only do they need a larger deposit but they'll have higher outgoings. Wages up until last year haven't really increased in the last decade.
Soldato
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I do think it's cheeky that rent goes up with the value of the house. Surely the landlords mortgage is fixed
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