Reply to: How to make property more affordable for the young?

[vetran]

Print more money, cover in clay, bake and build houses.

[PurpleGorilla]

Why is economics so tuff? That works for Trading Blocs, whole countries/regions, banks and governments.

Pure and simply, the majority are shjte at maths.

[tractor]

....

Depends on the multiples you allow, and as we've been saying, just allowing people to borrow more doesn't solve the problem.

So, taking the 3.5x suggestion (as it used to be back in 2000), you'd need to earn about £17000, or under £1500 per month.
Do Lidl pay £17K? That's about £9.50 an hour full time.
On that rate, presuming that you're paying rent, can you save for a deposit?

Why is economics so tuff? That works for Trading Blocs, whole countries/regions, banks and governments.

[OwlHoot]

2015-06-11 For Millennials, The Homeownership Dream Is Dying

[Ticktock]

It's more affordable than most areas where a small flat is more likely to be £200k in a deprived area

It's why I moved, broke after a divorce, do I want to live somewhere scummy near a big city, or get a big house with views to die for and a tiny mortgage with the downside of having to commute for work

I've accepted a longer commute to have a nicer area to live in. It's also cheaper than London (of course), but it is more expensive than if I was willing to live in either of the nearest large towns. In the process of buying at the moment, if our bloody chain is ever put together, and although in my mind the properties are all overpriced I guess all I can say is "it is what it is" and be happy that I can buy. A lot of the small flats and houses in the area are bought by divorcees, the retired, BTL etc, as young people just can't afford them.

[MicrosoftBob]

I guess wage growth really has been outstripped by inflation then.

Most of their jobs are part-time. They do have some full-time jobs for "Customer Assistants" (presumably till work). £7.30 - £9.50 per hour.

So those people may be able to buy a small flat eventually. So long, of course, as they don't spend money on any of those wasteful things such as food, rent, telephone, electricity, taxes, water, entertainment, etc.

It's more affordable than most areas where a small flat is more likely to be £200k in a deprived area

It's why I moved, broke after a divorce, do I want to live somewhere scummy near a big city, or get a big house with views to die for and a tiny mortgage with the downside of having to commute for work

[Bacchus]

Slice 20% off all "green belts" (whatever they are) across the country on the side closest to existing cities and allow land owners to build houses on their land.

Job done.

I like this plan - I could then sell off some of the Bacchus acres and retire wealthy instead of just comfortable (c:

[Ticktock]

Can't be far off they were paying £8 an hours in the 90s on the checkouts up here

I guess wage growth really has been outstripped by inflation then.

Most of their jobs are part-time. They do have some full-time jobs for "Customer Assistants" (presumably till work). £7.30 - £9.50 per hour.

So those people may be able to buy a small flat eventually. So long, of course, as they don't spend money on any of those wasteful things such as food, rent, telephone, electricity, taxes, water, entertainment, etc.

[MicrosoftBob]

Depends on the multiples you allow, and as we've been saying, just allowing people to borrow more doesn't solve the problem.

So, taking the 3.5x suggestion (as it used to be back in 2000), you'd need to earn about £17000, or under £1500 per month.
Do Lidl pay £17K? That's about £9.50 an hour full time.
On that rate, presuming that you're paying rent, can you save for a deposit?

Can't be far off they were paying £8 an hours in the 90s on the checkouts up here

[BrilloPad]

Slice 20% off all "green belts" (whatever they are) across the country on the side closest to existing cities and allow land owners to build houses on their land.

Job done.

It means a tough commute for those in the new houses.

[alphadog]

Slice 20% off all "green belts" (whatever they are) across the country on the side closest to existing cities and allow land owners to build houses on their land.

Job done.

[Ticktock]

Mostly low paid and tourism jobs, but surely even a naff job in Lidl would pay the mortgage for flat

Their seem to be a lot of expensive cars locally for a deprived area, they can't all be stolen

Depends on the multiples you allow, and as we've been saying, just allowing people to borrow more doesn't solve the problem.

So, taking the 3.5x suggestion (as it used to be back in 2000), you'd need to earn about £17000, or under £1500 per month.
Do Lidl pay £17K? That's about £9.50 an hour full time.
On that rate, presuming that you're paying rent, can you save for a deposit?

[MicrosoftBob]

And are there any jobs round there?

Mostly low paid and tourism jobs, but surely even a naff job in Lidl would pay the mortgage for flat

Their seem to be a lot of expensive cars locally for a deprived area, they can't all be stolen

[BrilloPad]

Can get flats for about £60k near me, you can't need to earn much to get a mortgage that low

And are there any jobs round there?

[MicrosoftBob]

Exactly! Was going to make the same point.

But no doubt FLC will find some obsure part of the UK where one can buy a flat or terraced house for half that, never mind that it is 50 rural miles from the nearest city where most people need to be based to have a full time job.

Can get flats for about £60k near me, you can't need to earn much to get a mortgage that low