London Town, Ghost Town

[JohnD]

even at 35 years most banks will only give 4.5 times earnings

Mottie is convinced that a typical young person on average earnings can get a mortgage of nine times their earnings. And can actually pay it.

It would hurt his pride to admit he is wrong.

 

[dontbelieveawordofit]

And in your district, what do the typical "snotty kids" earn? Is that the same as ordinary hard-working young people on insecure contracts earn, or a different figure?

couldn’t tell you what a snotty kid earns?
or what ‘ordinary’ people earn.
my point was people, particularly youngsters want what makes them ‘look’ the best. not what they can afford

 

[JohnD]

my point was people, particularly youngsters want what makes them ‘look’ the best. not what they can afford

And my point is that when Mottie was relatively young, a person on average earnings could buy a house of average cost.

And today they can't.

 

[dontbelieveawordofit]

Mottie is convinced that a typical young person on average earnings can get a mortgage of nine times their earnings. And can actually pay it.

It would hurt his pride to admit he is wrong.

a single applicant doesn’t even get 4.5 times because the risk is huge , some banks would only lend my son 1x his earnings. it more than quadrupled to 4.5x with his mother on the application and she earns less than him

 

[Mottie]

Mottie is convinced that a typical young person on average earnings can get a mortgage of nine times their earnings. And can actually pay it.

It would hurt his pride to admit he is wrong.

Depends where in the country they live and what job they do. Obviously a burger flipper in central London won’t be able to live where they work but an 'average' wage earner living up north probably could get a house with just a years wages!

 

[JohnD]

Depends where in the country they live

I've shown you the figures for average earning today, and at the time you say you bought your first house

And I've shown you the figures for average house prices today, and at the time you say you bought your first house.

It was possible then, and it isn't possible now.

Don't waste your time trying to pretend that in the old days, people in poor areas got paid more.

 

[Mottie]

It was possible then, and it isn't possible now.

It quite obviously is otherwise houses wouldn’t be selling.

 

[Ryler]

It was possible then, and it isn't possible now.

Always said the good ole days were better.

 

[JohnD]

It quite obviously is otherwise houses wouldn’t be selling.

Wrong.

A person on average earnings cannot buy a house of average price.

I can't believe you are seriously suggesting that there are no people with greater earnings or wealth.

 

[dontbelieveawordofit]

every thread an argument.

 

[JohnD]

John: A person of average means can't afford to buy a Rolls-Royce

Mottie: Obviously they can, or Rolls-Royces wouldn't be selling.

 

[Mottie]

A person on average earnings cannot buy a house of average price.

I’ll repeat myself just one more time. Depends. On. Where. They. Live.

My daughter and her boyfriend are on an 'average' city wage. They can afford to buy near to where they live.

Ive had enough, off to bed. Night night. Xx

 

[EFLImpudence]

"You say?"

No, you said.

Do you think that's not true? Tell me how you think you would go about getting a mortgage of nine times your earnings.

When you say young people can't buy a house, there is a difference between fundamentally not being able to afford it and not being allowed (cannot get) to have a mortgage by some arbitrary figure.

Then, as I said, they probably end up paying more in rent than the mortgage would be.

 

[JohnD]

When you say young people can't buy a house,

I didn't say that.

I said that, today, a person on average earnings can't buy a house of average price on a mortgage.

But that when Mottie was relatively young, they could.

This illustrates that houses today are much less affordable.

And that the reason young people today don't buy houses, like they did when mottie was relatively young, isn't because they squander their money on Starbucks coffees.

it's because house prices have gone up much more than wages.

It is simply impossible for a person on average earnings today to do what Mottie did many years ago.

Mottie doesn't believe that.

 

[sbgasman]

I quite enjoy my occasional visits to the 'smoke'.
I wouldn't live there, but I do enjoy my visits.
It's a very vibrant city with lots to do. You could never be bored in such cities.
Like Paris, Saigon, Hanoi, Bangkok, Manila, but again, I wouldn't want to live there.

I guess living out in the sticks allows me to enjoy the visits to bustling cities.

That’s a great name for a care home