dont know where in the UK you live but few people under 40 buy homes in Surrey unless they have dual high salaries, or help from the bank of mum and dad or an inheritance. I recently met somebody who had ALL 3 and just got on the ladder
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dont know where in the UK you live but few people under 40 buy homes in Surrey unless they have dual high salaries, or help from the bank of mum and dad or an inheritance. I recently met somebody who had ALL 3 and just got on the ladder
Since the AVG wage in the UK is 33k and usually there's 2 people buying the house so your saying 66k income.
From this lets say 10k goes on rent and maybe another 25-30k on cost of living. That's 26k spare per year. The AVG house price is just under 290k. You can buy a house with 10% deposit. So I'm guessing 14 month?. Please correct sums of they are wrong
If you wanted a house that desperately you move to where you can afford them. If you don't you rent.
That's the problem with modern day thinking. They want a house, exactly where they want it and done to a certain spec. With a certain size garden with 2 garage. If we don't get it blame someone else
Sharpend
"It Just Is"
You are making many assumptions, but in the example that you give I’m sure a couple with no kids could afford and most likely do afford a mortgage.
But if you are saying a young couple with perhaps 1-2 kids then probably not. Expenses for families are significantly higher than single couple.
So when we discuss the possibility of getting a mortgage we have to agree a target purchaser otherwise there are far too many permutations and I’d suggest there are more that can’t than those that can.
But if you are saying a young couple with perhaps 1-2 kids then probably not. Expenses for families are significantly higher than single couple.
So when we discuss the possibility of getting a mortgage we have to agree a target purchaser otherwise there are far too many permutations and I’d suggest there are more that can’t than those that can.
Sharpend
"It Just Is"
As for your suggestion that people should just move to buy a house well that’s ok for the free lance worker who can work from home but you tell that to the avg worker that has to attend a place of work they might suggest otherwise?
I live in Yorkshire and Ive no doubt house prices in Surrey are almost double the prices of yorkshire. Do you know how much they paid for the property?
I'm not making assumptions I'm using the AVG wage and AVG house price you suggested. The only other assumptions was rent price and 25-30k cost of living.
Don't forget were only talking about 18% of people who rent 4.4 million houses so the % from these who are stuck will be a lot smaller amount..
Sharpend
"It Just Is"
And how many of those that buy can actually afford to buy? A little change in outgoings or income pushes them over the edge?
Doesn't it effect all of us? Landlords are governed by interest rates and cost of living like most household.
Let's be honest, can many of us afford to buy a house when we're young? Not really but it didn't stop us trying..
1989. I'm on £3.20per hour mrs was on £3. We bought a 30k house at 13.8% interest rate. £358pm plus a 14 quid for a good old endowment.
Each month we had £9 spare. We all had it tough. Life is not easy
Btw it's a lot harder for people to get pushed over the edge according to affordability now because since the 2008.crash they brought in stress testing.
When the interest rates were 0.5 % the stress test was set at 4.5%. Now it's 3% and next week possibly 3.5% it's set at 6%.
my niece bought her house a few month back
I recommended getting a 10 year fixed and a max of 170k spend from her part time teachers wage and her boyfriend's mechanic wage.
The broker they spoke to said go 2 or 5 years and you can afford 210k
Luckily she went 10 year at 3.29% but spent 190k... As you say it doesn't take much to tip over the edge and a future baby could make things right in the near future
When the interest rates were 0.5 % the stress test was set at 4.5%. Now it's 3% and next week possibly 3.5% it's set at 6%.
my niece bought her house a few month back
I recommended getting a 10 year fixed and a max of 170k spend from her part time teachers wage and her boyfriend's mechanic wage.
The broker they spoke to said go 2 or 5 years and you can afford 210k
Luckily she went 10 year at 3.29% but spent 190k... As you say it doesn't take much to tip over the edge and a future baby could make things right in the near future
Average gross wage BEFORE tax and NI is about £33k
Tax and NI will be about £6500 each
£800 per month for rent might get you a studio flat around here, and a shabby one probably
So your sums also ignore deductions for tax and NI
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The other obvious issues for affordability is that youngsters have high expectations of holidays, cars, nights out , phones etc
AND most think 2% mortgages were here for ever
AND most think 2% mortgages were here for ever
Ok so not 26k it's 20k so instead of 14 month it's 18 month.
Ow and o forgot the 2 cars and 3 holidays a year. There's a girly night out every month and a takeaway every Friday. Yep your right Murdoch it's all the landlords fault the scumbags
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Electrical Safety Council have guidance on what are the typical requirements for Landlords to meet their basic safety obligations...
such as:-
https://www.electricalsafetyfirst.o...ndlords-guide-england-and-wales-june-2020.pdf
and..
https://www.electricalsafetyfirst.o...pection-explained/guide-to-condition-reports/
Obviously costs will vary due to numerous factors relating to the size & age of the installation and the geographical location...
So it is Impossible to give a fixed one-size-fits-all costs..
But their are few websites giving some rough ball-park starting figures..
e.g.
https://www.propcert.co.uk/eicr-cost#:~:text=Below are the average EICR costs for different-sized,House: £200- £250 6 Five Bed House: £300
which suggests:-
Another site https://www.skillstg.co.uk/blog/eicr-certificate-cost/
suggests:-
Around my local area these costs are probably not too far off for covering general labour/admin costs pre the recent fuel and energy increases, (which all increase any tradespersons overheads)
A significant point to note is :-
If previous electrical certificates are available.. AND the consumer unit is correctly labelled up the time taken will be significantly less.
BUT... Investigations to identify exactly what each circuit protective device supplies power to can be very time consuming...
Classic example is an old property that new owners have just moved into...
They haven't got a clue about anything...
So doing an EICR for them could be much longer than doing an EICR at the same property while the previous owners were still in residence!!
In the modern day Interweb world, where everyone generally googles the best price for anything they want to purchase...
Any half decent Landlord should have a clear idea about their legal obligations with regard to electrical safety...
And what is needed for an Electrical Installation Condition Report...
And what it should cost to confirm the electrical installation is satisfactory for continued use...
IF THEY DONT...?
(And/or think they can get an accurate EICR for less than £100),
Then 'possibly' they are lacking a few skills to being a competent Landlord?
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Now that's an interesting point. According to an article I heard on the radio, planning permission has been granted for 1 million houses, but the big builders are sitting on these because if they keep house supply down it keeps prices up. To me, this is the problem of effectively outsourcing such things to private business.
Thanks for that special. A very informative reply.Electrical Safety Council have guidance on what are the typical requirements for Landlords to meet their basic safety obligations...
such as:-
https://www.electricalsafetyfirst.o...ndlords-guide-england-and-wales-june-2020.pdf
and..
https://www.electricalsafetyfirst.o...pection-explained/guide-to-condition-reports/
Obviously costs will vary due to numerous factors relating to the size & age of the installation and the geographical location...
So it is Impossible to give a fixed one-size-fits-all costs..
But their are few websites giving some rough ball-park starting figures..
e.g.
https://www.propcert.co.uk/eicr-cost#:~:text=Below are the average EICR costs for different-sized,House: £200- £250 6 Five Bed House: £300
which suggests:-
Another site https://www.skillstg.co.uk/blog/eicr-certificate-cost/
suggests:-
Around my local area these costs are probably not too far off for covering general labour/admin costs pre the recent fuel and energy increases, (which all increase any tradespersons overheads)
A significant point to note is :-
If previous electrical certificates are available.. AND the consumer unit is correctly labelled up the time taken will be significantly less.
BUT... Investigations to identify exactly what each circuit protective device supplies power to can be very time consuming...
Classic example is an old property that new owners have just moved into...
They haven't got a clue about anything... So doing an EICR for them could be much longer than doing an EICR at the same property while the previous owners were still in residence!!
In the modern day Interweb world, where everyone generally googles the best price for anything they want to purchase...
Any half decent Landlord should have a clear idea about their legal obligations with regard to electrical safety...
And what is needed for an Electrical Installation Condition Report...
And what it should cost to confirm the electrical installation is satisfactory for continued use...
IF THE DONT...?
(And/or think they can get an accurate EICR for less than £100),
Then 'possibly' they are lacking a few skills to being a competent Landlord?
I kind of get why they do it but it's not very helpful to the housing market.
I recall watching a documentary it's a while back and before the last crash. and it was wimpy homes. They had bought loads of plots of land and because of material and labour costs being through the roof (forgive the pun)they couldn't afford to build on them. The policy was they had to make a minimum of 15% profit per house. Or they just sat on the land and waited.
As I've said many times in the past. Of private company's can do this then why don't local authority do it. Most of the land is owned by them to start with so the 15% target will be easier to hit. Alternatively why not build low cost housing on their own land making it a non profit organisation.
Imagine how many trades would be employed and apprentice scheme could be started.
I miss read your post. I apologize. So 2 years to save not 14 month.
You see what I did above???
Can you see it?
Want some help?
Earlier in the thread you made a mistake and tbh it was a massive one yet when I pointed it out to you you choose to ignore it and started to call me a troll.
It's not hard to say sorry m8 when your wrong. It makes you a better person. It also helps you learn.
Life lesson over. Where were we?
