Originally posted by sasguru
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Reply to: Oil price jumps to $104 a barrel
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Previously on "Oil price jumps to $104 a barrel"
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Originally posted by DimPrawn View PostSo Mr and Mrs Average in London (both working) could afford that and have two holidays in Disneyland ever year and buy an Aygo and an Eco Shed?
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Originally posted by AtW View Post"average property in the capital costing 430,680 pounds."
And what kind of after tax salary is necessary to afford this average property?
I could buy 3 of those for cash if I sold mine. No salary necessary.
HTH
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haven't been past for a while - is that big Anchor butter factory still there by the M4?
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Originally posted by AtW View Post£39k salary is £2,402.85 monthly net wage - so this already makes this "average" house out of the reach.
£65k salary is £3,721.70 net - 65% of net income spent on mortgage, and that using very low interest rates of 4.5%!!!
Clearly this average house price is totally unrelated to average salary and thus the market is completely and utterly overpriced.
For this reason I am out.
If you are waiting for 3x income house prices, prepare to die waiting.
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Originally posted by DaveB View PostA 25 year mortgage on £430,000 at 4.5% will cost you £2,416 a month in mortgage payments. To get the loan based on the Halifax lending criteria you'd need to be earning in the region of £65000 to get a 75% mortgage on that amount on a 25 year term. Average income in London in 2010 was £39,000.
£65k salary is £3,721.70 net - 65% of net income spent on mortgage, and that using very low interest rates of 4.5%!!!
Clearly this average house price is totally unrelated to average salary and thus the market is completely and utterly overpriced.
For this reason I am out.
Leave a comment:
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Originally posted by DaveB View PostA 25 year mortgage on £430,000 at 4.5% will cost you £2,416 a month in mortgage payments.
To get the loan based on the Halifax lending criteria you'd need to be earning in the region of £65000 to get a 75% mortgage on that amount on a 25 year term.
Average income in London in 2010 was £39,000.
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