• Welcome to DOSBODS

    Please consider creating a free account to be able to access all the features of the DOSBODS community. It only takes 20 seconds!

Turned Out Nice Again

Half a million required now for a London flat

Recommended Posts

Saw this in the ES yesterday on a trip up to the Smoke - only inheritance can sustain this lunacy

£500,000 to get your first flat: A quarter of London homes bought by first-time buyers 'worth half a million or more'
https://www.standard.co.uk/news/london/500000-to-get-your-first-flat-a-quarter-of-london-homes-bought-by-firsttime-buyers-worth-half-a-a3720361.html

'Sarah Murray, 29, said she had been looking to buy a home for about 18 months with a budget of around £500,000. The media buying executive, who works in the West End, has around £30,000 of savings and her mother is planning to invest around £250,000 of an inheritance in the property.

However, even armed with such an unusally large deposit, Sarah said the process of finding her preferred option of a two bedroom flat has been arduous and frustrating.

She said: ”I rent in Clapham at the moment but I quickly realised I was priced out of that area. I was looking at flats in converted Victorian houses and they were all £600,000 plus and there’s only so much I am prepared to do to compromise my social life by taking on such a big mortgage.'

Edited by Turned Out Nice Again

Share this post


Link to post
Share on other sites

So Gideon’s rag is simultaneously telling us that the economy is collapsing due to Brexit and that house prices are continuing to rise due to, er, what? That fuck-head really should get his story straight.

Share this post


Link to post
Share on other sites
8 hours ago, Turned Out Nice Again said:

Saw this in the ES yesterday on a trip up to the Smoke - only inheritance can sustain this lunacy

£500,000 to get your first flat: A quarter of London homes bought by first-time buyers 'worth half a million or more'
https://www.standard.co.uk/news/london/500000-to-get-your-first-flat-a-quarter-of-london-homes-bought-by-firsttime-buyers-worth-half-a-a3720361.html

'Sarah Murray, 29, said she had been looking to buy a home for about 18 months with a budget of around £500,000. The media buying executive, who works in the West End, has around £30,000 of savings and her mother is planning to invest lose around £250,000 of an inheritance in the property.

However, even armed with such an unusally large deposit, Sarah said the process of finding her preferred option of a two bedroom flat has been arduous and frustrating.

She said: ”I rent in Clapham at the moment but I quickly realised I was priced out of that area. I was looking at flats in converted Victorian houses and they were all £600,000 plus and there’s only so much I am prepared to do to compromise my social life by taking on such a big mortgage.'

Ah, I bet the future Christmas dinners will be fun.

Hope shes an only child. How is her mother going to claim back her investment???

Lets say you take out a 400k mortgage.

As IR normalise to, say, 4%, youll be paying ~6% on that loan.

Thats 24K IR cost alone, so about 50K of income.

The median wage in London is about 30k.

75% of people in London earn less the median wage or less.

 

Id take her mums 250k and jer 30k and fuck off to the regions.

As far as 'compromise my social life' Shes 29. You're social life is about to end, or at least become less + less selective.

 

Share this post


Link to post
Share on other sites

I was about to say "why would anyone spend £500K on a flat in London, you'd just put the half a mill into good investments and spend the rest of your life lazing on a beach"...

...but then it's not about having the money, it's about having access to credit, and being put in servitude to the banks for the rest of your life as a result of it.

Share this post


Link to post
Share on other sites

More fool them for even entertaining that sort of price. I wouldn't pay 50k for a 10 year old Mondeo with 120k on the clock so why would you do so for the property equivalent?

What ever happened to - 'sorry, but that's extortionate. Poke it up your arse?'

There's plenty of other places in the UK where you won't get your pants pulled down to that degree, that's an outrageous level of debt to have over your head in your mid-twenties.

Share this post


Link to post
Share on other sites
7 minutes ago, Sgt Hartman said:

More fool them for even entertaining that sort of price. I wouldn't pay 50k for a 10 year old Mondeo with 120k on the clock so why would you do so for the property equivalent?

What ever happened to - 'sorry, but that's extortionate. Poke it up your arse?'

There's plenty of other places in the UK where you won't get your pants pulled down to that degree, that's an outrageous level of debt to have over your head in your mid-twenties.

Shes in her late 20s - 29.

For Ms UK-Average, her earning period is going to have a about a 10-15 gap - kids.

 

And my stand response to these article - be it property or being offered a job in London - you need to be paying me 200k before Id consider it.

Share this post


Link to post
Share on other sites

What message is society sending to young people now? Forget ever being able to buy a flat (never mind a house) closer-in than zone 4 in your capital city by working. Your only hope is inheritance (2 parts of my extended family are already mired in inheritance disputes - unheard-of in my parents' and previous generations) or making a killing in the spiv economy (house-flipping? Bitcoin?).

I exited London 6 years ago but some friends - with not particularly high-paying jobs - got embedded with 2 kids near Hampstead Heath as a result of which they've had to upgrade their 2-bed flat, which went from 260K to 700K, to a 3-bed maisonette costing well over a million. The wife will inherit eventually so they'll probably be OK but right now they're mortgaged up to the hilt. 

.

Edited by Turned Out Nice Again

Share this post


Link to post
Share on other sites
Just now, spygirl said:

Shes in her late 20s - 29.

For Ms UK-Average, her earning period is going to have a about a 10-15 gap - kids.

 

Even so, ridiculous amount to be on the hook for, especially for some poxy flat.

I'm 37 and I wouldn't entertain that, even if I could afford it. 

Share this post


Link to post
Share on other sites
2 minutes ago, Turned Out Nice Again said:

What message is society sending to young people now? Forget ever being able to buy a flat (never mind a house) closer-in than zone 4 in your capital city by working. Your only hope is inheritance (2 parts of my extended family are already mired in inheritance disputes - unheard-of in my parents' and previous generations) or making a killing in the spiv economy (house-flipping? Bitcoin?)..

The message is "you are a slave working for the taxman and the landlord".

Share this post


Link to post
Share on other sites
1 minute ago, JoeDavola said:

The message is "you are a slave working for the taxman and the landlord".

Both of whom seem to be following the same crude business model - maximise the body count and minimise the services rendered. 

 

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.