Quote:
Originally Posted by Hugh
From the end of the Times article.
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TBF, take London/South East out of the equation and it will be significantly less.
---------- Post added at 14:12 ---------- Previous post was at 14:08 ----------
Quote:
Originally Posted by Chris
She’s obviously not speaking from personal experience but it’s churlish to dismiss her professional expertise based on who her family is. I’m reminded of a show that was on TV probably 15 years ago now with Alvin Hall, the personal finance expert. Week after week he’d help out someone who “couldn’t afford it” (whatever major life purchase “it” was) and every single time there was poor personal financial planning and even just basic weekly budgeting at the root of it.
Housing has certainly got a lot more expensive but is there really nothing valid in her ladyship’s observations about personal finances and the things we think we “need” to spend money on that are hindering our ability to save for a deposit?
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No, there's nothing valid at all.
I believe I read earlier, that by applying all the things that she should be done it would would save you approximately the amount of money that your deposit % has increased by in the past 12 months. approx £2k
---------- Post added at 14:13 ---------- Previous post was at 14:12 ----------
Quote:
Originally Posted by Carth
So typical of these people . . and the shows they appear on . . to have no idea of anything outside of their 'privileged' comfort zone.
Bought my first house (3 bed terraced) in 1972 at 18 years of age . . on apprentice wages. Try doing that now 
The infamous 'affordable housing'* is the only realistic option for many nowadays . . and they're lucky if they can afford that.
*2 bed rabbit hutch |
You've absolutely hit the nail on the head.
---------- Post added at 14:18 ---------- Previous post was at 14:13 ----------
Quote:
Originally Posted by Hugh
https://www.thetimes.co.uk/article/o...sopp-dpt9q3v3c
For comparison, we bought a small 3 (2.5 really) bedroom house in Leeds for £27k in 1985, and last year the next door but one house (same size, same layout) was sold for £281k - an over 10 times increase in price.
I was earning £11k per year at the time, so could get 2.5 times salary mortgage, with a small deposit we had from selling our first house in Thatcham - pretty sure anyone in the same job I was in at the time (software programmer) isn’t earning £110k per year in Leeds at the present time…
Even worse Down South - our first house was in Thatcham, near Newbury (in 1984), and I earned £10k and the 2 bed semi cost us £26k; it’s now on the market at £306k…
I believe the most of the current mortgage lenders are basing their offers on four to five times annual salary, with a deposit of at least 10% - so for our previous little 2.5 bed semi in Leeds, a deposit of nearly £30k and an annual salary of £50k would be needed.
* her father, Charles Henry Allsopp, 6th Baron Hindlip, was Chairman of Christie’s at the time…
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Similar story, SWMBO and i bought our first house twenty years ago, in Boro for £45k for a three bedroom terrace. she was on about 11.5k and i was on about 17k. Current house we're in has gone up approx 60k in the five years we've lived here.