London Town, Ghost Town

[ReganAndCarter]

In 1984, average earnings for a full-time male were £179 per week (£9308 p.a.)

So if average house price was then £28,500, that would be just over three years' gross earnings. Readily achieveable with a mortgage and a modest deposit, and wives' earnings would be taken into account.

Today, average earnings is £511 per week (£26,572 p.a.)

Average house price today is £231,855. Just under nine years' earnings. Not achievable on a mortgage even with quite a big deposit. Many young people on zero-hours contracts or agency jobs have not the slightest chance of getting a mortgage.

There are baby-boomers in their sixties who like to say they had it hard, and young people today could afford to buy houses if they spent less on Starbuck's coffee.

It's not true.

meanwhile, young people on low wages are paying the pensions of well-off older people.

it's possible this will not continue for ever.

Mass immigration has killed it for ordinary people. Double whammy of depressed wages and spiralling house prices. Supporters of mass immigration are the true villains of the piece.

 

[ReganAndCarter]

.

 

[Mottie]

And nine years' earnings is an unachievable struggle.

Sorry, but it obviously is an achievable struggle otherwise the whole housing market would come to a grinding halt without first time buyers coming along.

 

[EFLImpudence]

Don't forget that in the 'good' old days mortgages were usually (around) 8% which, over 25 years, meant you paid back double the price, so three times earnings was actually six times.

However, that was when wages rose annually and the payments didn't (apart from some interest rate variation) and then along came Thatcher and 17% interest rate.

 

[Notch7]

Mass immigration has killed it for ordinary people. Double whammy of depressed wages and spiralling house prices. Supporters of mass immigration are the true villains of the piece.

That's not really true.

I know it's nice and easy to blame immigrants, but that isn't the root cause.

Spiralling house prices are due to this countries obsession with property and land as an investment.

Oh and successive governments not building council houses.

 

[JohnD]

Sorry, but it obviously is an achievable struggle

as long as mum and dad can bung you a few hundred thou. Or you are on two or three times average earnings.

Did you know Boris decided to make his brother a Lord the other day?

Struggle? What struggle?

 

[EFLImpudence]

and land as an investment.

Plus the shortage of land:

a. because the country isn't very big, but primarily

b. because most of it is unavailable due to being 'owned' by people who did not pay for it.

 

[EddieM]

Some parts of London are lovely, I think too many people think only of the inner city areas with high rise flats.
Many parts are nicer than other cities.

It's no that so much. The city of London for instance has some truly stunning architecture and I'm not talking the new glass monstrosities. You can also find some of the original mediaeval alleyways and hidden squares and the like. But.... There's just far too many people, noise and pollution for my liking.

 

[mitch66]

as long as mum and dad can bung you a few hundred thou. Or you are on two or three times average earnings.

Did you know Boris decided to make his brother a Lord the other day?

Struggle? What struggle?

You are a negative creep of the highest order. MY SIL took an apprenticeship in his twenties, fed up with stacking shelves in the Cash n Carry. He repairs planes n copters now. My daughter with epilepsy worked up from a part time job to a manager after moving firms several times. She makes decisions on behalf of commercial banks lending millions. Completed on there 4 bedroom house in the "outer south east" last March after scrimping and saving for two years, whilst living in a one bedroom flat. Only small help from me, to speed up the process. This is a great country and if you work just a bit you can have a good home, good life. Your constant "downer" drivel is boring, unhelpful, negative but a real insight into the person you are.

 

[Mottie]

Plus the shortage of land:

a. because the country isn't very big, but primarily

b. because most of it is unavailable due to being 'owned' by people who did not pay for it.

You best buy some land when you can - they ain’t making it any more!

 

[EddieM]

You best buy some land when you can - they ain’t making it any more!

"They" or nature sure is, but it's about as slow as a government back house building scheme.

 

[JP_]

A friend went to Bushy park the other day. Pics from Facebook. It ain't all concrete.

 

[JohnD]

This is a great country and if you work just a bit you can have a good home, good life.

you are blinded by optimism if you think that it was no easier to buy an average house at three times average earnings, than it is now that it costs nine times average earnings.

 

[Scarlet Pimpernel]

Mass immigration has killed it for ordinary people. Double whammy of depressed wages and spiralling house prices. Supporters of mass immigration are the true villains of the piece.

Are you suggesting that all these low paid immigrants are buying all the posh houses?

 

[sodthisforfun]

Are you suggesting that all these low paid immigrants are buying all the posh houses?

I think you're having trouble reading/understanding again (there's a shocker!). He mentioned no 'low paid' immigrants.