| The house letting industry is out of control, Pt. 1352314... on 09:54 - Dec 14 with 3421 views | giant_stow |
| The house letting industry is out of control, Pt. 1352314... on 09:52 - Dec 14 by Benters2 |
Where do you get 1979 from? I was still at school! |
Doesn't really matter does it? Sounds like tractorboy77777777 is basically following the same path as you did but can;t afford what you did - this ought to show you how wrong you are. |  |
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| The house letting industry is out of control, Pt. 1352314... on 09:56 - Dec 14 with 3408 views | monytowbray |
| The house letting industry is out of control, Pt. 1352314... on 09:52 - Dec 14 by Benters2 |
Where do you get 1979 from? I was still at school! |
I can change it to the exact date is you supplied it, it wouldn't do much but shift the figures, the point would still be clear. |  |
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| The house letting industry is out of control, Pt. 1352314... on 09:58 - Dec 14 with 3376 views | Herbivore |
| The house letting industry is out of control, Pt. 1352314... on 09:54 - Dec 14 by giant_stow |
Doesn't really matter does it? Sounds like tractorboy77777777 is basically following the same path as you did but can;t afford what you did - this ought to show you how wrong you are. |
You're wrong, Benters just worked harder is all. |  |
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| The house letting industry is out of control, Pt. 1352314... on 10:00 - Dec 14 with 3381 views | BloomBlue |
| The house letting industry is out of control, Pt. 1352314... on 05:30 - Dec 14 by Benters2 |
Touch of the green eyed monster heh ?
They must have started somewhere in the first place,people in life take risks and this couple have done very nicely out of it.
[Post edited 14 Dec 2018 5:31]
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Both were maths teachers apparently and took a gamble to move into the property letting market |  | | |
| on 10:19 - Dec 14 with 3315 views | _ |
| The house letting industry is out of control, Pt. 1352314... on 09:33 - Dec 14 by monytowbray |
So you've sort of answered me in another reply...
£100 is a days wages.
£100 x 5 days = £500 a week
£500 x 52 weeks = £26,000 a year earned
£100 x 52 weeks = £5,200 upkeep.
Now, a couple of things to note...
Assuming this was 1979 at the latest, by today's inflation your salary then was the modern equivalent of £125k - there aren't many highly skilled manager/director positions paying those wages in London, let alone outside of it. Earning that as a manual laborer would be impossible in 2018.
The other thing is your upkeep would have been 25% of your income. My outgoings for rent and bills is 40% of my income after tax, and gets closer to 50% when you throw in the unavoidable expense of travel to and from work.
This is the problem Benters. I don't doubt you work hard but folk like yourself need to stop comparing your upbringing and what you had vs my generation and the one after that. We might have iPhones and tattoos but we also earn considerably less in terms of real money.
I don't expect you to do anything but downvote this post, but it would be awesome if it finally got through to you. |
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| The house letting industry is out of control, Pt. 1352314... on 11:04 - Dec 14 with 3267 views | Sarge |
| The house letting industry is out of control, Pt. 1352314... on 05:30 - Dec 14 by Benters2 |
Touch of the green eyed monster heh ?
They must have started somewhere in the first place,people in life take risks and this couple have done very nicely out of it.
[Post edited 14 Dec 2018 5:31]
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No. I’d sooner live in a box than sponge off other people’s income whilst finding the time to be an utterly unpleasant, racist, walking heart attack, contributing nothing to my community or country. | | | |
| The house letting industry is out of control, Pt. 1352314... on 11:11 - Dec 14 with 3257 views | Sarge |
I think there’s a bit of a misconception that young professionals are on outrageous salaries. I’m one of them, I live and work in Surrey. The starting salary at my company for graduates is £30k. Not bad by any means, but it gets you nowhere in this part of the country. After tax, NI, pension, rent, bills, council tax I’m down to less than £600 a month to cover food, fuel, savings, emergency expenses like car repairs, clothes, and (and this is where I’m expecting to be told by the more senile board members that I should be forgoing such luxuries) a beer once a fortnight. I can save half of that but saving £300 a month means a deposit is well over a decade away. Probably 2 decades if I’m stuck here. | | | |
| The house letting industry is out of control, Pt. 1352314... on 11:18 - Dec 14 with 3233 views | GlasgowBlue |
| The house letting industry is out of control, Pt. 1352314... on 09:15 - Dec 14 by monytowbray |
If I get to spend a lifetime travelling the world in luxury, eating the finest foods and coming home to a big house full of luxuries most people won't even lay eyes on as long as they live I'd be happy to wave to the odd crowd, cut the odd ribbon and make some half-baked good will speech once a year.
How do I apply? Wait, I can't because you have to be born into such privilege. |
Yiu hink all she does is wave to the odd crowd, cut the odd ribbon and make some half-baked good will speech once a year?
She had meeting with advisors, gone through a mountain of paperwork in her red boxes and signed off government business before you’ve rolled out of your pit mate. |  |
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| The house letting industry is out of control, Pt. 1352314... on 11:18 - Dec 14 with 3233 views | monytowbray |
| The house letting industry is out of control, Pt. 1352314... on 11:11 - Dec 14 by Sarge |
I think there’s a bit of a misconception that young professionals are on outrageous salaries. I’m one of them, I live and work in Surrey. The starting salary at my company for graduates is £30k. Not bad by any means, but it gets you nowhere in this part of the country. After tax, NI, pension, rent, bills, council tax I’m down to less than £600 a month to cover food, fuel, savings, emergency expenses like car repairs, clothes, and (and this is where I’m expecting to be told by the more senile board members that I should be forgoing such luxuries) a beer once a fortnight. I can save half of that but saving £300 a month means a deposit is well over a decade away. Probably 2 decades if I’m stuck here. |
That's my vibe in a nutshell. By the time I can afford to own a home I'd mostly be buying it as an asset for a will. Very depressing. | |
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| The house letting industry is out of control, Pt. 1352314... on 11:21 - Dec 14 with 3226 views | monytowbray |
| The house letting industry is out of control, Pt. 1352314... on 11:18 - Dec 14 by GlasgowBlue |
Yiu hink all she does is wave to the odd crowd, cut the odd ribbon and make some half-baked good will speech once a year?
She had meeting with advisors, gone through a mountain of paperwork in her red boxes and signed off government business before you’ve rolled out of your pit mate. |
Do you think she does that all on her own and she doesn't have people that do the leg work for her? | |
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| The house letting industry is out of control, Pt. 1352314... on 11:25 - Dec 14 with 3222 views | J2BLUE |
| The house letting industry is out of control, Pt. 1352314... on 10:00 - Dec 14 by BloomBlue |
Both were maths teachers apparently and took a gamble to move into the property letting market |
There's no denying it takes a bit of effort, hard work and daring to do what they have done. Is it ethical to buy 300 houses as investment properties though? The story says they once had over 1000. Have these been sold off after massive capital gains?
I do think property needs some sort of legislation. It's no good the government going on about the housing crisis while allowing things like this to happen. |  |
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| The house letting industry is out of control, Pt. 1352314... on 11:36 - Dec 14 with 3200 views | chicoazul |
Tory. |  |
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| The house letting industry is out of control, Pt. 1352314... on 11:36 - Dec 14 with 3197 views | Ryorry |
| The house letting industry is out of control, Pt. 1352314... on 07:22 - Dec 14 by tractorboy7777 |
As Clapham has mentioned, your situation is different from others where some criteria would mean that you could fall under Rent-A-Room relief.
Those that the issue lie with is where they’ve either bought or inherited separate property.
I appreciate that this link is a couple of years old now and some of the forecasts will have been affected by the change in Morgtage Interest restrictions.
https://homelet.co.uk/letting-agents/news/article/how-many-landlords-and-tenants
But the stats speak for themselves. Yes, a landlord could be a good landlord but they still charge rents that restrict the tennants from building deposits for their own potential property. What will happen to the younger generation when they don’t own property and state pension disappears.
And I personally find it disgusting that people see housing (every person has a right to live in a property) as an ‘investment’! Building new homes doesn’t appear to be helping the younger generation either as the prices of these properties are extortionate.
Landlords as I’ve said should be taxed higher, however they should also have to allow their Tennant to have the option to buy their property (at market value) if they wish to do so. I appreciate some people prefer renting and that’s fair enough. [Post edited 14 Dec 2018 7:24]
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You just can't generalise about this, and the real answer is a massive house-building programme of genuinely affordable starter homes for young people. In towns and villages round and about, there's actually quite a lot of building going on - but the vast majority of it is 3-4 bed detached or semi properties, which simply attracts even more commuters from cities like York, Ripon, Leeds who want to live in a scenic place; or provides for those locally who are wanting to move up the ladder.
It's not an impossible task to provide such starter homes, as some buildings such as old commercial premises fall into disuse & the businesses aren't sold when owners retire. The buildings could be bought by local authorities and then split up & renovated as 1-2-bed flats or maisonettes, but instead are either allowed to languish and fall into decay, or are bought by developers looking to make big bucks from the kind of detached 3-4 bed homes as above.
Most landlords do charge fair rents (albeit some of course don't), and most tenants are satisfied with their rentals - https://www.simplybusiness.co.uk/knowledge/articles/2018/07/tenants-satisfied-wi
Re your "right-to-buy" comment - I can only say that I bought my property with a view to having a carer on hand should I become incapacitated or unable to drive (am late 60s & have health problems) hence finding one with an annexe. If "right to buy" ever got to be enshrined in law, I'd have no option but to completely remove the annexe from the long-term let market. It could be a voluntary option (some landlords might even welcome it) but should never be a requirement. It's also the kind of let that is in very, very short supply round here - small scale, good quality, affordable & suitable for a single or childless couple, so it would be removing a locally needed & much-used asset. |  |
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| on 12:29 - Dec 14 with 3145 views | _ |
| The house letting industry is out of control, Pt. 1352314... on 11:11 - Dec 14 by Sarge |
I think there’s a bit of a misconception that young professionals are on outrageous salaries. I’m one of them, I live and work in Surrey. The starting salary at my company for graduates is £30k. Not bad by any means, but it gets you nowhere in this part of the country. After tax, NI, pension, rent, bills, council tax I’m down to less than £600 a month to cover food, fuel, savings, emergency expenses like car repairs, clothes, and (and this is where I’m expecting to be told by the more senile board members that I should be forgoing such luxuries) a beer once a fortnight. I can save half of that but saving £300 a month means a deposit is well over a decade away. Probably 2 decades if I’m stuck here. |
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| The house letting industry is out of control, Pt. 1352314... on 12:32 - Dec 14 with 3134 views | Herbivore |
Your wife is definitely on the fiddle. A grand a month when still having a social life seems an awful lot on that kind of income. | |
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| The house letting industry is out of control, Pt. 1352314... on 12:38 - Dec 14 with 3134 views | Sarge |
Because like I said, there simply isn’t much left to save. By the time I’ve paid all the things I don’t actually want but have no choice to pay (rent, bills, tax, NI etc) there’s less than £600 left. That’s the reality of life in London and the surrounding areas. The salaries may be higher but they’re not high enough to offset to eye watering cost of living. I can’t speak for couples, I’m here by myself.
I should add, I don’t actually want to live here, it’s full of old windbags and tossers. But until the UK decides to headquarter its space program in Suffolk that’s how it’s going to be. | | | |
| The house letting industry is out of control, Pt. 1352314... on 12:42 - Dec 14 with 3124 views | WarkTheWarkITFC |
As an older person I try and look at this through the eyes of my children and what other younger people have said. It's incomparable from our days.
You sound very sensible and lucky to a degree also, but this is the thing. EIGHT years to save to be able to afford your own house, all the time whilst people are likely paying rent. Even if you are paying £500 a month which is peanuts that is nearly £50,000 in rent over that period until you can escape.
The average salary is about £27,000 I believe. That's about £1,700 a month. An average couple would therefore have £3,400 between them. But the average salary is more likely to be paid to an older person, who has worked their way up the ladder, not a younger one less likely to be on the ladder.
In the case of my son, he met his long term partner when he was 25. They both rented separately as neither could afford to buy a house on their own salary. They were on average salaries for their age.
They started saving for a house about 2 years later when they became engaged. At the age of 27. They rented a nice house at £800 a month, not wonderful, not a dump, a reasonable house in a reasonable area and by the time council tax, bills, food, petrol are taken into account they were saving about £400 a month between them. Neither of them went out loads, had a flash car, went on holidays etc. £400 was them saving every penny they could.
For them to buy what they considered to be a reasonable house for a family in the future (£250,000 upwards) they were told they'd need at least a 10% deposit, with a lot of places more, so they needed to save £30,000 minimum, plus money for fees etc on top.
That's 75 months, which is 6 years. So they would now be 33 before they'd have the money to buy their own house. The problem then was during those 6 years house prices continued to rise, until it got to the stage where they would be 35 / 36 before they had that money.
By then they would ideally have liked to have had kids. So they then had a choice. Start trying at 35 / 36, not necessarily succeeding straight away and towards the age where the risks for a woman increase dramatically, or have a baby sooner and with the expense of that, maybe now you will be 39 / 40 before you get on the ladder, only for the prices of houses to just keep rising even further.
It's really crap compared to the 70's and 80's when me and most of my mates were married by 25 and had our mortgages paid off by the time we were 45. Now a lot of 45 year olds haven't even got their own home. Absolutely farcical how it all works against them now.
You could get a mortgage for little deposit and even when you worked cash in hand and had no real way of proving you were likely to be able to keep up your payments. Now couples earning above the average wage struggle to buy a home.
Unless you meet very early, are both prepared to go years without enjoying yourselves (at the detriment of the relationship) and probably don't want kids, what chance do youngsters really have in this climate? | |
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| The house letting industry is out of control, Pt. 1352314... on 12:42 - Dec 14 with 3121 views | tractorboy7777 |
| The house letting industry is out of control, Pt. 1352314... on 11:36 - Dec 14 by Ryorry |
You just can't generalise about this, and the real answer is a massive house-building programme of genuinely affordable starter homes for young people. In towns and villages round and about, there's actually quite a lot of building going on - but the vast majority of it is 3-4 bed detached or semi properties, which simply attracts even more commuters from cities like York, Ripon, Leeds who want to live in a scenic place; or provides for those locally who are wanting to move up the ladder.
It's not an impossible task to provide such starter homes, as some buildings such as old commercial premises fall into disuse & the businesses aren't sold when owners retire. The buildings could be bought by local authorities and then split up & renovated as 1-2-bed flats or maisonettes, but instead are either allowed to languish and fall into decay, or are bought by developers looking to make big bucks from the kind of detached 3-4 bed homes as above.
Most landlords do charge fair rents (albeit some of course don't), and most tenants are satisfied with their rentals - https://www.simplybusiness.co.uk/knowledge/articles/2018/07/tenants-satisfied-wi
Re your "right-to-buy" comment - I can only say that I bought my property with a view to having a carer on hand should I become incapacitated or unable to drive (am late 60s & have health problems) hence finding one with an annexe. If "right to buy" ever got to be enshrined in law, I'd have no option but to completely remove the annexe from the long-term let market. It could be a voluntary option (some landlords might even welcome it) but should never be a requirement. It's also the kind of let that is in very, very short supply round here - small scale, good quality, affordable & suitable for a single or childless couple, so it would be removing a locally needed & much-used asset. |
I completely agree with your first paragraph! I just wish they built one bed quarter houses like there used to be which would serve as a great starter for my generation! There are far too few affordable ones being built. The other issue with new builds is the service charges you then have to pay for the whole estate!
It wasn't the right to buy I mentioned, it’s the Rent a room relief where you can have £7500 income free. Although like I say, it depends on whether there’s shared facilities etc.m
I don’t dispute the rentals being unfair, the rents in general are so high compared to wages that it is virtually impossible to save for a deposit [Post edited 14 Dec 2018 12:52]
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| on 12:47 - Dec 14 with 3104 views | _ |
| The house letting industry is out of control, Pt. 1352314... on 12:38 - Dec 14 by Sarge |
Because like I said, there simply isn’t much left to save. By the time I’ve paid all the things I don’t actually want but have no choice to pay (rent, bills, tax, NI etc) there’s less than £600 left. That’s the reality of life in London and the surrounding areas. The salaries may be higher but they’re not high enough to offset to eye watering cost of living. I can’t speak for couples, I’m here by myself.
I should add, I don’t actually want to live here, it’s full of old windbags and tossers. But until the UK decides to headquarter its space program in Suffolk that’s how it’s going to be. |
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| The house letting industry is out of control, Pt. 1352314... on 12:48 - Dec 14 with 3103 views | WarkTheWarkITFC |
Sorry but you are talking patronising, potential BS here.
You saved £1,000 a month minimum? You saved for 8 years according to another post? So you saved £96,000 before you got yourselves on the ladder? What did you put a deposit down on? Balmoral?
If a couple meet at 25 like my son and daughter in law and take a couple of years to ensure the relationship is going to last before they decide to buy a house together, they are looking at being in their mid 30's before they can buy a house (based on your own alleged 8 years). So that essentially decides you either have no children or you do and put the whole buying a house process back considerably.
I'd be fascinated to know when you and your wife met, what age you were, what age you were when you started to save for a house and whether you have kids. Incredibly patronising to suggest because you've done it everyone else that hasn't has something wrong with them. | |
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| on 12:56 - Dec 14 with 3082 views | _ |
| The house letting industry is out of control, Pt. 1352314... on 12:42 - Dec 14 by WarkTheWarkITFC |
As an older person I try and look at this through the eyes of my children and what other younger people have said. It's incomparable from our days.
You sound very sensible and lucky to a degree also, but this is the thing. EIGHT years to save to be able to afford your own house, all the time whilst people are likely paying rent. Even if you are paying £500 a month which is peanuts that is nearly £50,000 in rent over that period until you can escape.
The average salary is about £27,000 I believe. That's about £1,700 a month. An average couple would therefore have £3,400 between them. But the average salary is more likely to be paid to an older person, who has worked their way up the ladder, not a younger one less likely to be on the ladder.
In the case of my son, he met his long term partner when he was 25. They both rented separately as neither could afford to buy a house on their own salary. They were on average salaries for their age.
They started saving for a house about 2 years later when they became engaged. At the age of 27. They rented a nice house at £800 a month, not wonderful, not a dump, a reasonable house in a reasonable area and by the time council tax, bills, food, petrol are taken into account they were saving about £400 a month between them. Neither of them went out loads, had a flash car, went on holidays etc. £400 was them saving every penny they could.
For them to buy what they considered to be a reasonable house for a family in the future (£250,000 upwards) they were told they'd need at least a 10% deposit, with a lot of places more, so they needed to save £30,000 minimum, plus money for fees etc on top.
That's 75 months, which is 6 years. So they would now be 33 before they'd have the money to buy their own house. The problem then was during those 6 years house prices continued to rise, until it got to the stage where they would be 35 / 36 before they had that money.
By then they would ideally have liked to have had kids. So they then had a choice. Start trying at 35 / 36, not necessarily succeeding straight away and towards the age where the risks for a woman increase dramatically, or have a baby sooner and with the expense of that, maybe now you will be 39 / 40 before you get on the ladder, only for the prices of houses to just keep rising even further.
It's really crap compared to the 70's and 80's when me and most of my mates were married by 25 and had our mortgages paid off by the time we were 45. Now a lot of 45 year olds haven't even got their own home. Absolutely farcical how it all works against them now.
You could get a mortgage for little deposit and even when you worked cash in hand and had no real way of proving you were likely to be able to keep up your payments. Now couples earning above the average wage struggle to buy a home.
Unless you meet very early, are both prepared to go years without enjoying yourselves (at the detriment of the relationship) and probably don't want kids, what chance do youngsters really have in this climate? |
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| on 13:04 - Dec 14 with 3062 views | _ |
| The house letting industry is out of control, Pt. 1352314... on 12:48 - Dec 14 by WarkTheWarkITFC |
Sorry but you are talking patronising, potential BS here.
You saved £1,000 a month minimum? You saved for 8 years according to another post? So you saved £96,000 before you got yourselves on the ladder? What did you put a deposit down on? Balmoral?
If a couple meet at 25 like my son and daughter in law and take a couple of years to ensure the relationship is going to last before they decide to buy a house together, they are looking at being in their mid 30's before they can buy a house (based on your own alleged 8 years). So that essentially decides you either have no children or you do and put the whole buying a house process back considerably.
I'd be fascinated to know when you and your wife met, what age you were, what age you were when you started to save for a house and whether you have kids. Incredibly patronising to suggest because you've done it everyone else that hasn't has something wrong with them. |
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| The house letting industry is out of control, Pt. 1352314... on 13:05 - Dec 14 with 3062 views | Ryorry |
| The house letting industry is out of control, Pt. 1352314... on 12:42 - Dec 14 by tractorboy7777 |
I completely agree with your first paragraph! I just wish they built one bed quarter houses like there used to be which would serve as a great starter for my generation! There are far too few affordable ones being built. The other issue with new builds is the service charges you then have to pay for the whole estate!
It wasn't the right to buy I mentioned, it’s the Rent a room relief where you can have £7500 income free. Although like I say, it depends on whether there’s shared facilities etc.m
I don’t dispute the rentals being unfair, the rents in general are so high compared to wages that it is virtually impossible to save for a deposit [Post edited 14 Dec 2018 12:52]
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Hi - re "right to buy", I was speifically referring to your comment "however they should also have to allow their Tennant to have the option to buy their property (at market value) if they wish to do so." in your last para, and it was that which I was referring to in my last para. Nothing to do with Rent a Room relief. | |
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| The house letting industry is out of control, Pt. 1352314... on 13:08 - Dec 14 with 3055 views | tractorboy7777 |
| The house letting industry is out of control, Pt. 1352314... on 13:05 - Dec 14 by Ryorry |
Hi - re "right to buy", I was speifically referring to your comment "however they should also have to allow their Tennant to have the option to buy their property (at market value) if they wish to do so." in your last para, and it was that which I was referring to in my last para. Nothing to do with Rent a Room relief. |
Ah yep! Because I didn’t use that terminology ‘right to buy’ I presumed you meant the right to buy scheme! Easy mistake! But like I say, your situation differs imo | |
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| on 13:09 - Dec 14 with 3052 views | _ |
| The house letting industry is out of control, Pt. 1352314... on 12:32 - Dec 14 by Herbivore |
Your wife is definitely on the fiddle. A grand a month when still having a social life seems an awful lot on that kind of income. |
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