Property crash, just maybe it really is different this time

[Wight Flight]

11 minutes ago, AWW said:

Six figure salaries aren't at all uncommon in my industry and area of the country. All those earning them must be minted, right? Well, if you earn £120k a year, the government lets you keep about £70k of it, around £6k a month. Are you supporting a family on that enormous wage? Well, if you're renting, £2.5k goes in rent. £200 on council tax. Another £200 on gas, electric, water, broadband, mobiles, Turkish Netflix and Argentinian Tidal. £900 on food. £300 to run and fuel a car. £250 on half time places at nursery, to prep the kids for school. Life insurance £30. Disposable income is down to somewhere around £1500 a month. If you want to make the max. SIPP contribution of £40k, you have no disposable income left, even with the tax relief. I'm not saying these people have hard lives; I'm saying they're not driving around in Lambos and drinking Krug.

Of course, if you are happy for your kids to be brought up by someone else, and both work, six figure salaries will give you a very comfortable lifestyle.

You forgot school fees. Goes -ve if you add those in.

[AWW]

2 minutes ago, Wight Flight said:

You forgot school fees. Goes -ve if you add those in.

The only way we'd be able to send our kids private is if their grandparents move out of a massive, completely unsuitable house in north London, downsize to something they can actually maintain and move round, then fund it from the equity released. For some reason, they still think there's a risk they'll end up destitute, so they're sitting on a couple of million of property, just in case.

[AWW]

(either that or they want their kids and grandkids to "have it as hard as they did")

[Wight Flight]

Just now, AWW said:

The only way we'd be able to send our kids private is if their grandparents move out of a massive, completely unsuitable house in north London, downsize to something they can actually maintain and move round, then fund it from the equity released. For some reason, they still think there's a risk they'll end up destitute, so they're sitting on a couple of million of property, just in case.

From my experience Grandparents funded a good 80%+ of private pupils. Our school was smart enough to have a Grandparents' day, and they really polished the place up for that one!

[AWW]

Just now, Wight Flight said:

From my experience Grandparents funded a good 80%+ of private pupils. Our school was smart enough to have a Grandparents' day, and they really polished the place up for that one!

Yes, I'm told it's quite common, but it requires grandparents who see more value in educating their heirs than in rattling around a pile of bricks. We've got Deliveroo and Amazon now - we don't even know we're born. /rant 

[Chewing Grass]

2 hours ago, AWW said:

Six figure salaries aren't at all uncommon in my industry and area of the country. All those earning them must be minted, right? Well, if you earn £120k a year, the government lets you keep about £70k of it, around £6k a month. Are you supporting a family on that enormous wage? Well, if you're renting, £2.5k goes in rent. £200 on council tax. Another £200 on gas, electric, water, broadband, mobiles, Turkish Netflix and Argentinian Tidal. £900 on food. £300 to run and fuel a car. £250 on half time places at nursery, to prep the kids for school. Life insurance £30. Disposable income is down to somewhere around £1500 a month. If you want to make the max. SIPP contribution of £40k, you have no disposable income left, even with the tax relief. I'm not saying these people have hard lives; I'm saying they're not driving around in Lambos and drinking Krug.

Of course, if you are happy for your kids to be brought up by someone else, and both work, six figure salaries will give you a very comfortable lifestyle.

Six figure salaries are uncommon in my industry (its an actual one), indeed you are doing well to cross the HRT threshold.

OK you can get a bit above average house for £350K but if you stick to the threshold by prudently putting just the excess into a pension then your £700 per week / £3000 per month will leave you with little if anything left.

£3000

minus

£900 mortgage payment (£200,000 balance at 2.9%)
£200 council tax
£200 Gas/Elec
£60 Water
£250 Car Finance
£100 All Car Running Cost Exc Fuel
£160 Getting to Work Cost and local travel in said car
£60 Broadband/Phone/Shit TV Packager
£20 Mobile Phone (run of the mill sim only)
£720 Food for 2 adults plus 2 young kids
£250 Running second paid for car to shuffle kids around
£200 Clothes/Shoes etc for everyone
£100 all house and appliance maintenance including furnishings and upkeep

Left over nothing and I haven't included any fun, credit card debt or other loan repayments.

If your other half doesn't work (or earns little) you are fucked.
 

Edited June 10, 2022 by Chewing Grass

[Axeman123]

57 minutes ago, AWW said:

Six figure salaries aren't at all uncommon in my industry and area of the country. All those earning them must be minted, right?

Yes, but at the same time only a small % of the population earns that much. Six figure salaries used to be a big deal (I know...inflation). Gangsters and Aurhur Dailey characters in fiction quiping that they earn more than the Prime Minister used to be shocking. The post big-bang era has lost all sense of value, and the PMs salary now looks like a graduate entry position within the city of London! Labour is essentially worthless when compared to assets and people near the spigot of money printing. Even highly skilled labour like yours barely gets you a middle class lifestyle from what you say.

The head of housing for a social provider should be paid like a bank manager, not a merchant banker IMO. Some of them are on mid-to-high six figures too, not just barely six-figures!

[Phil]

1 hour ago, Chewing Grass said:

Six figure salaries are uncommon in my industry (its an actual one), indeed you are doing well to cross the HRT threshold.

OK you can get a bit above average house for £350K but if you stick to the threshold by prudently putting just the excess into a pension then your £700 per week / £3000 per month will leave you with little if anything left.

£3000

minus

£900 mortgage payment (£200,000 balance at 2.9%)
£200 council tax
£200 Gas/Elec
£60 Water
£250 Car Finance
£100 All Car Running Cost Exc Fuel
£160 Getting to Work Cost and local travel in said car
£60 Broadband/Phone/Shit TV Packager
£20 Mobile Phone (run of the mill sim only)
£180 Food for 2 adults plus 2 young kids
£250 Running second paid for car to shuffle kids around
£200 Clothes/Shoes etc for everyone
£100 all house and appliance maintenance including furnishings and upkeep

Left over £320 but I haven't included any fun, credit card debt or other loan repayments.

If your other half doesn't work (or earns little) you are fucked.
 

£180 food ? For 4. Amazing.

 

[Phil]

On 05/06/2022 at 19:56, Phil said:

There are all kinds of silly games going on. Mainly by TPTB. It’s amazing how screwed everyone is, some more than others, but the main thing is for me, when is it gonna blow up? Probably never. Once again TPTB will come up with some brilliant idea. I’m currently going through the, I fuckin hate this cuntry. I can’t see that changing.

I needed to see a quack at the local drop in center on Saturday. I never use the nhs so was unawares I had to call 111 for an appointment . So I’m at the centre in front of the reception desk. Nurse said make the appointment on 111 to see the quack who was sat in an office, doing fa waiting for the next appointee. That would have been me. So I called 111, explained my need ( toothache which felt like it had gone all infected) waited for the appointment for 20mins for her to come back and say they couldn’t make the appointment. Wtf. 
So. Housing- fucked. NHS - fucked. Dentist- have to go private- fucked. Me - fucked over. Yes, this is a cuntry and I’m paying taxes for these privileges. Imo.

Further info on the dentist if anyone is remotely interested. 1st dentist for a look, 2 xrays, prescription £69.95 booked a referral Boots chemist £9.95. 

Just had the phone call for making an appointment. £85 consultant, then £885.00 more than likely for the root canal filling. 

It's coming out. Fuck that. I have sovereigns to purchase... hmm

[Curious Pattern]

10 minutes ago, Phil said:

£180 food ? For 4. Amazing.

I can get through that alone and I'm not exactly gorging myself on caviar and Charlie Binghams readymeals. Agree otherwise though.

[Chewing Grass]

38 minutes ago, Phil said:

£180 food ? For 4. Amazing.

 

Shit, that was a week...

That's the budget completely blown.

Edit: went back and fixed it.

Edited June 10, 2022 by Chewing Grass

[Boglet]

Lot of money on grass

[Wight Flight]

3 hours ago, Chewing Grass said:

Six figure salaries are uncommon in my industry (its an actual one), indeed you are doing well to cross the HRT threshold.

OK you can get a bit above average house for £350K but if you stick to the threshold by prudently putting just the excess into a pension then your £700 per week / £3000 per month will leave you with little if anything left.

£3000

minus

£900 mortgage payment (£200,000 balance at 2.9%)
£200 council tax
£200 Gas/Elec
£60 Water
£250 Car Finance
£100 All Car Running Cost Exc Fuel
£160 Getting to Work Cost and local travel in said car
£60 Broadband/Phone/Shit TV Packager
£20 Mobile Phone (run of the mill sim only)
£720 Food for 2 adults plus 2 young kids
£250 Running second paid for car to shuffle kids around
£200 Clothes/Shoes etc for everyone
£100 all house and appliance maintenance including furnishings and upkeep

Left over nothing and I haven't included any fun, credit card debt or other loan repayments.

If your other half doesn't work (or earns little) you are fucked.
 

Try re-working it with rent at £1,500, council tax at £280 and see how much you can save towards your house deposit.

 

[Long time lurking]

 

[Long time lurking]

 

[Frank Hovis]

Having mulled this over if you cut through the technicalities and long timescale what the government is proposing is to buy houses for those on benefits and in social housing.

They will do this in two stages:

1) Fund a deposit and give a big discount on the house price

2) Pay the mortgage via housing benefit for 25 years until it is cleared

 

That's outrageous; especially as these house purchases will be partly funded by taxing people who cannot themselves afford to buy a house.

[Bobthebuilder]

53 minutes ago, Frank Hovis said:

That's outrageous; especially as these house purchases will be partly funded by taxing people who cannot themselves afford to buy a house.

I would love to sit down and have a couple of pints with that Rishi Sunak, you know, the one whos worth £750 million quid, just to see where his fucking heads at.

Edited June 10, 2022 by Bobthebuilder

[With a crooked smile]

Banks already lining up to give mortgages to those on benefits after bojos announcement. 

https://newsthump.com/2022/06/10/banks-confirm-they-will-happily-give-a-mortgage-for-a-250000-house-to-uc-claimants-on-350-a-month/

[Loki]

11 minutes ago, Bobthebuilder said:

I would love to sit down and have a couple of pints with that Rishi Sunak, you know, the one whos worth £750 million quid, just to see where his fucking heads at.

Mind on his money, money on his mind

[Bobthebuilder]

11 minutes ago, With a crooked smile said:

Banks already lining up to give mortgages to those on benefits after bojos announcement. 

https://newsthump.com/2022/06/10/banks-confirm-they-will-happily-give-a-mortgage-for-a-250000-house-to-uc-claimants-on-350-a-month/

Not surprised, they will end up owning them all after the defaults. Cant go wrong me son.

[Long time lurking]

14 minutes ago, With a crooked smile said:

Banks already lining up to give mortgages to those on benefits after bojos announcement. 

https://newsthump.com/2022/06/10/banks-confirm-they-will-happily-give-a-mortgage-for-a-250000-house-to-uc-claimants-on-350-a-month/

Of course they will be lining up ,the last time around the deposit was the discount given by the council 

[Long time lurking]

3 minutes ago, Bobthebuilder said:

Not surprised, they will end up owning them all after the defaults. Cant go wrong me son.

What happens if the housing benefit they normally receive is used to pay the mortgage ,there is very few on benefits that could afford to pay their rent if it was not for housing benefit ,so you have to ask how will they afford a mortgage 

This is either nothing more than a political statement ,or the above there is no middle ground,that i can see

[Wight Flight]

1 hour ago, Frank Hovis said:

Having mulled this over if you cut through the technicalities and long timescale what the government is proposing is to buy houses for those on benefits and in social housing.

They will do this in two stages:

1) Fund a deposit and give a big discount on the house price

2) Pay the mortgage via housing benefit for 25 years until it is cleared

 

That's outrageous; especially as these house purchases will be partly funded by taxing people who cannot themselves afford to buy a house.

Yep. A nice simple way for the feckless to leapfrog the workers.

[Yadda yadda yadda]

1 hour ago, Bobthebuilder said:

I would love to sit down and have a couple of pints with that Rishi Sunak, you know, the one whos worth £750 million quid, just to see where his fucking heads at.

I'll have a couple of pints with him. One pint for me and one pint to pour over the pint-sized twat.

[Guest]

3 hours ago, Wight Flight said:

Yep. A nice simple way for the feckless to leapfrog the workers.

No point in the government helping workers into homeownership, if they rent privately forever they have to keep working forever and the government can take a nice cut of both their wages and their rent cheques. Win-win.