Average UK Savings By Age: How Do You Compare?
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- เผยแพร่เมื่อ 25 ม.ค. 2025
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Damien is an anagram of median yoooo
How did i miss this!
@@jameshillier7177 mind = blown
Haha good spot! It's also an anagram of "aid men", which he certainly does 🙌
Yo wtf
@@DamienTalksMoney You're just average.
Brilliant Damo! I am now 51 years old. It was by chance I tripped over one of your videos in early 2022 which pushed me to consolidate my three previous workplace pensions into one SIPP on Vanguard. Since then my personal rate of return is 38% as of today and over the past 3 years I have upped my contribution into my current workplace pension to now 30% of my salary because I've realised through finance content provided by you and others of similar quality that those contributions don't have much effect on my take home salary due to it being taken before tax.
I also opened a Stocks and Shares ISA which I pay into every month. Education is key and at 48, I did not have a clue before stumbling across your content on TH-cam. So, I thank you very much for continued work on the subject.
👍
Showing how times have changed I was looking at old wage slips and in 1999 I was paying 6.9% for a 2% accrual final salary pension. Now the company scheme is DC I am paying in 29% with no guarantee of what that will get me. If I wasn't so close to retirement I would be tempted by a salary sacrifice EV instead.
The 30% does that include your workplaces' contributions?
@MrDuncl salary sacrifice car deals are very expensive. Might be worth it if all payments were at a higher tax rate.
@@slayerrocks2 A colleague reckons he priced a Porsche Taycan EV at £600 a month all inclusive. That in turn explains the massive depreciation on used ones.
@@TrickyMicky123456 Yes it does, I contribute 24% and work contribute 6%
6% of adults in the UK have a stocks & shares ISA! SIX PERCENT... Fuck. That's criminal
Crazy, right? I've tried to convince few people to open stock and shares ISA, but they won't listen, they are convinced that Stock Market = Gambling/Scam/Ponzi/Losing money
I'm special. My income is low but compared to a lot of these stats I'm an absolute rockstar. When I'm old enough to retire I'm going to look like a baller compared to my peers.
It doesn't mean they don't own some kind of stock. They might own them in a standard share dealing account. They might also own bonds and have money in a regular ISA.
@viewtifuljon8105 Highly unlikely. Why would anyone use a standard investment account without maxing there ISA out? That makes no sense. The one thing you could say is they will own stocks via their pension.
@@viewtifuljon8105if they do it is almost a bigger shame as they are unaware of the tax wrapper
Banger of a video. Must’ve taken ages to bring this together. Thanks.
Probably one of the best things I have ever seen. Might be better than the Shawshank Redemption.
Successful investing is hard work because it means disciplining your mind to do the opposite of human nature. Buying during a panic, selling during euphoria, and holding on when you are bored and just craving a little action. Investing is 5% intellect and 95% temperament.
Government policy has thrown the future under the bus for decades. The day of judgment is near. I predict an 80% drop in the stock market. Investors will abandon stocks in favor of real estate. There will be no money in banks... You must devise a strategy for survival.
We have been in a depression since 2008, the yield curve has already uninverted, global recession indicators are flashing alarm for well over a year, and absolutely nobody could pull us out of the hell coming regardless of party.
please can i get to your advisor?
share his full name,
Jason Lunvo Rodriguez.
The knowledge you share here is extremely unique. i must say you and trader Cischke have really brought me far on this journey of growing my finance.
He mostly interacts on X, using the user-name.
@cischketrade.
Trading has offered many opportunities to investors to build a high portfolio despite the economic downturn
Speaking of been successful. I know I am blessed if not I wouldn't have met someone who is as spectacular as Cischke
He's really good in studying the market and making a strategy and i am learning so much from his already.
I know someone who lives in a £500000+ house paid for by fixing TVs in his garage. In the 1990s I often recommended him to people who were delighted to get their TV fixed for £90 rather than having to pay close to a months wages for a new one. When TVs changed to throw away flat screens he retired.
The fact we don't repair tech and the way big tech has designed it to be like this is a crying shame.
@@DamienTalksMoneymore like a scandal when you consider the metals within electronics. There is hardly any thought given to ease of repair / servicing. Take something like replacing headlight bulbs in cars, I have had models that require the wing to be loosened/taken off and the whole light assembly removed. Imagine driving at night and both bulbs blowing you basically need a recovery rescue for what should be a 5 minute job maximum.
Great video and the way you get your puns in, well above median.
Pleased to say I’m doing OK in my age bracket, but important to stress for people it’s what do you need V what others may have. Our requirements in retirement can be a lot lower than when we are working.
I know a guy whose electricals repair business started going down the toilet when people started buying German goods. Then Dyson came along and he's never been busier
@@guyr7351 scandal is far more appropriate yes
Planned Obsolescence is an integral feature of contemporary capitalism. Damo id love for you to have a Marxist economist on like Wolfgang Streek or Yanis Varoufakis. People don't realize our understanding of exchange value and capital come from Marx. Marx himself was an avid investor. I think you would love hearing ideas of ethics and capital criticisms whilst not putting people off investing. Just an idea. As someone in the realm of left thinking political theory, I believe you are the only influencer who could synthesise the two to a public audience. Nothing but love.@@DamienTalksMoney
That demo of Mean and Median using dice is brilliant and maybe underappreciated element of the video here. Thank you for including it as it helps the discussion!
It’s just the way he rolls 😂
@@TheChelsUk😂
Special shout out to my editor for making it all look lovely you should see the footage I gave him 🤣
He secretly changed the dice faces when rearranging it….
28 y/o with 0 savings (except pensions at a stretch). I’m pushing for £1,000 by the end of the month, targeting debts (like my car) and I hope by the next 3-5 years I’m debt free and pushing my savings, with a chunk going on s&p500
Good Luck Bro im sure you got this now you have a goal set like you've mentioned. It's never too late!
Dont just accept that your bills are what they are... i have managed to half my electric by a multiple of ways, i swapped out my kettle for an instant water boiler, dropped my boiler temperature from 80 to 55, dropped my hot water from 65 to 55 and programmed it for less time also insulated pipework. water usage have dropped that by 1/3 mainly by installing outlet restrictors and being more efficient when showering, my toilets are relatively new so already quite water efficient but i fitted a device that retains the height of the water but flushes out about 1 litre less each time.. all year i use reward credit card for every payment making sure the debt is fully paid up each month and the cashback rewards can save hundreds every year, and many many other things. Also using washing machine/dishwasher on eco mode actually saves alot of water and electric... while alot of peoples bills have been rising mine has been falling... it takes a while to tweak some things so they are still falling as of now.
@@TW-mp8zx mobiles too, gone from £40 a month to just £8. Not falling for buying a new one when my 2 year old phone works just fine!
Keep the momentum!
How much is your car costing you?
If XAI43K$ is $1 now and hits $15 next year, I might actually retire. This is a no-brainer move.
14:31 "Should you wait until you have a partner"
Unfortunately for many the number of adults who are single and living alone has been rising year on year. I know people in their 40's and 50's who have never met anyone. Some are still living at home with their elderly parents because they simply cant afford to move out. Awful state of affairs 😒
Definitely don't wait for anyone. If a person can afford to buy a property on their own then they should do it. A lot or asian families reside with their parents and grandparents so it can be cultural thing rather than a financial issue. 😊
This is a huge problem. Our economy assumes 2 working people per house and is priced accordingly, so anyone who can't find a partner is at a major disadvantage.
@@candybracelets getting on the housing ladder shouldn't be an incentive to find a partner, that is pure superficialism.
Also, there are the couples who have 2-3 kids then realise they are not meant to be together then split up in their 30s and all the lives crumble down and they start to live day by day with no option to save any.
💯
One mantra I repeat often, "You can always get more money but you can never buy more time.". I watched my mum work her whole life and die aged 63 just 6 months short of her planned retirement. Save all you like, have a whopping huge bank balance but when the Grim Reaper appears at your door then it's all for nought if you never did anything with all that money while you had the precious little time you were given.
I've been doing 25%-30% of my take home into pensions since the age of 19, that's over 30 years now and I had enough saved to retire at the age of 48. I'm 53 now I'm going to stick it out and hope my company offers me voluntary redundancy in the next couple of years and I'll jump on it, if not then I'm just quitting at age 56 anyway. I cleared the mortgage by age 45 and currently have no debts, second hand cars, phones and clothes. My pots are large enough now that every 12 months today they generate roughly 2-3 times what I'll need to live on annually, so even in rough years when things are down we'll still have enough to live on without worrying about the bills. 5 years later I have an old valuable DB pensions I got in the 1990s and 10 years after that state pension for both me and my wife, so by then the pots will actually still be growing larger than we'll be able to spend them so our only daughter is in line for a nice payout when we both kick our buckets!
My wife and I were both born into poor working class families, I was lucky in that my folks could just about afford camping holidays when I was kid but my wife never had a single holiday her whole childhood as she had 7 siblings and there was simply no money. The first holiday she had was with age 18 with me when I took her camping for the first time in Scotland. The sheer innocent joy in her eyes at enjoying her first camping holiday, I knew I wanted to spend the rest of my life with this girl. She's adorable, funny and tight as a f**king duck's arse just like me! ha ha!!!!
Read the last sentence a different way there, my dirty mind
I do agree on time being a hugely precious commodity but as I have children I tend to think that if I do pop my clogs, all my hard work and frugality will benefit them, so it’s not really for nothing.
A wise man is content with his lot, whatever it may be, without wishing for what he has not.”
- Seneca
Sounds like you have a great plan...🖖
Wishing you and your wife a very long and happy life. ❤
Similar here. I came from a single parent free school meals home. My wife grew up under communism in Czech Republic where they had to queue for a loaf of bread. We are aged 54 and 50 and by being careful, building good careers and sticking to a financial plan we are in good shape. Like you I’ll take redundancy if offered and if not stop at 56 anyway. I don’t have any DB, well a tiny bit that will pay £4.5k pa, but we have full state pensions a in two years will have a couple of million or so in pensions, investments and an overseas property. We both left home with just the shirts on our backs and have zero inheritance. Every penny we have we created from nothing.
12:33 I came for the finance and stayed for the top quality jokes
12:29 ?
Pretty “average” joke hahaha
Home ownership is not about expected returns, but about not paying a rent and paying it towards property instead, also it is insurance - once you own your home , it is so much easier to be financially independent going into retirement
It also saves you money because the cost to service a mortgages goes down over time (less interest as capital gets repaid) whereas rents just go up. There are times renting can be useful but if you do it late in life it can become financially burdensome.
I think its more about locking in a rate that favours you, unless you sell your house or rent it, it doesn’t matter how much you are paying into it vs rent.
With renting, your landlord can choose to up the rent when they want and kick you out if you cant afford it, with a mortgage you lock in a price that suits you
Seems everyone is obsessed with buying houses to rent them out etc. I just wanted to pay mine off so no matter what happens my family will have a roof over their head. Once that was done I started to panic about retirement :) Financial stress never goes away but I try to focus on not being in the worst place and I still have 10 years to prep for retirement. Doesn't help with these you tube financials telling you that £600k - £1.3 million pension pot is enough :(
The other benefit is that you can't be evicted on the whim of the landlord. Once the mortgage is repaid, it is extremely unlikely that you will lose your home. Even if you have a mortgage and a short spell of unemployment, the bank is likely to put up with it, as the costs and negative publicity of repossession means banks are unlikely to go down that route unless they are forced to.
That isn’t the case with renting, where your landlord can make you homeless with a month's notice.
Also, when you rent a home, it isn't yours! Look at the conditions of the average UK tenancy agreement - no pets, no children, no repainting or redecoration, not even allowed to hang pictures on the wall!
However, if you own your own home, you can customise it to suit your needs.
Managed to save £3000 in 2024. Have now spent it all as my work dried up. Back to square 1 and still living in someones spare bedroom 😂
Welldone for saving that amount in the first place, be proud of your self BECAUSE if you did it then you can do it again. I have been ( still am in away) in your situation, up and down round and round. money in money out , work no work.. all i know is that you have to keep the money coming in.. i have done ALL the crap jobs but its work and it makes a wage. still treading water with my neck just poking out, at tleast i have a job now that i enjioy and save every penny i can all the time. thst what makes me feel good about myslef is i know i can control my money...
I've always enjoyed your videos. Hope things start looking up
@ Thanks brother. I appreciate you! Hope you're doing well man
Lesson one.
Get a job that is secure and pays regular income.
@ Wow. awesome advice. Which secure jobs can you recommend?
It's always shocking how bad the financial situation is of people living in the UK. You wouldn't guess it from the outside, but the moment you look it shows just how bad the country is doing..
Nothing Great about Great Britain, as someone who moved to the UK I feel like I had been fed a lie before my move
@@MovisFunwhere did you live before the UK?
@@sirjackson321 Poland
Yeah, the streets in Britain are definitely not paved with gold like most migrants believe. If you like plenty of potholes and taxed to the teeth, however, Britain is the place to come.
@@MovisFun Most western countries are being run into the ground just to keep the 0.1% propped up and wealth travelling in one direction.
has to be one of the most engaging financial videos i've watched on TH-cam. A lot of videos about money fall into a pit of being boring and a bit dry, but your delivery, the flow, the music, tied it all together really great, well done mate!
I did this after 2008, my top tip for anyone, have a financial plan, even if it changes every month, track your money, even if it’s just a note on your phone every month, once you do this, you will surprise yourself, the key thing is to actually look and take note
I did this, and after a while, it just became habitual. I saw other people's habits evolve to spend £200 a week on groceries, whether they could "afford" to or not. I still spend around £20 a week on food, mostly fresh meat and vegetables with very little waste, and gaslit into being told that it's impossible to do. Funnily enough, I've also never spent more than £120 on a mobile phone, which was in 2020 when I bought an old iphone 8 second hand, and still use it now. It doesn't seem sensible to spend a similar amount on a phone that I spent on buying my car. I have three houses.
What did your plan involve? Milestone €/$/GBP amounts?
@@fruitydanimals I started off uni with a set budget, per week spending amount. But I found I didn't get close to the maximum amounts I set that I could technically "afford", even though it was far less than what others were choosing to spend. Milestone goals work for some, but they can also have negative effects. If you encounter an unexpected expense, like a car repair or broken boiler, making you overspend by your own set standards. Then you'll be sad. It sounds weird, but so is psychology, generally! They don't tell you, when starting uni (or anywhere else for that matter), that you might encounter quite a few people who're basically secretly rich. One thing is to try not to be influenced by others.
@@fruitydanimals to start with, just tracking my money, then saving a little for emergencies, then paying a little extra off the mortgage, then investing in an ISA, just small steps each time, retired at 57 😉
There's so many vids like this for Americans, thank you so much for making a UK one! And for including such an emotive explanation of wealth.
Best personal finance channel on TH-cam hands down
Legend thank you
Well, I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises plummeting stocks that were once revered and I don't know where to go here out of devastation.
The safest approach I feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.
@@HamiltonsGarretts I totally agree. A financial advisor can provide valuable insights and help ensure that our investment portfolios are aligned with our long-term financial goals. They have the expertise to navigate through market fluctuations and make informed decisions.
@BoianOlenberg I’ve been down a ton, I’m only holding on so I can recoup, I need help, who is this investment adviser that guides you?
@@KennithsAbadies There are many independent advisors to choose from. But I work with MARGARET MOLLI ALVEY and we've been working together for almost four years and she's fantastic. You could pursue her if she meets your requirements. I agree with her.
@BoianOlenberg Thank you for this amazing tip. I just looked the name up and wrote her explaining my financial market goals.
I think the best thing anyone at age can do and should be number 1 is look after your health.
The effort you put into your graphics really stands you apart from your competition. Keep up the great work dude. Love it
Great analysis mate!! 🙏. Biggest takeaway is that home ownership isn’t essential before 35-45, but investing in pensions & financial assets ASAP in your 20s is! 🙏
It's a big priority for a stable family life though and house price increases will likely outstrip savings.
My house has definitely 'out-earned' my wife over the past nine years by just existing.
Your house doesn't "earn" anything until it's sold. Or unless you rent it out.
Way I like to see it is Pensions give an immediate 20/40/45% return based on the income tax / NI saving.
Add the employer contributions (which increasing would be a cost effective way to offset their NI Increases) and it's a better early focus.
Especially with mortgage rates increasing
It is worth remembering though that once you get past 35-40 mortgage terms become less favourable (as 20-25 years tends to be the max age for the lower rates) along with the shorter time span increasing the monthly repayments.
If you are with a partner and financially stable then this kay not be a problem, but it is worth noting if you are thinking of delaying that house purchase.
And I know it's difficult to get the money for the deposit, but by paying mortgage of your OWN house instead of paying rent for somebody else for me is a no brainer, must go with Mortgage if you can...but totally understand the hustle to be able to be accepted a mortgage...
@NoteSelf by saying 'earning' I was commenting more on house price rises meaning getting on the ladder as soon as possible is generally a good idea.
I've had good payrises in the nine years I have owned my house, but doubt I'd get accepted for a mortgage on it if I was starting again now.
Kids now have it rough.
Brilliant analysis
Thank you!
In the summer I bought studio flat just an hour out of London at 25, without my parents financial support. But I definitely had emotional bank of mum and dad! My dad built my furniture, put my tv on the wall, mum listens to me stress out during the buying process.
I’m still not 100% I made the right choice to buy at my age, it’s definitely financially stressful as a single person. But for me it wasn’t the financial possibilities. I bought my flat because i was fed up with crazy rental prices to have just a box room in the city. And oh my god do I love having my own place
i think you made a great choice!
Defo the right thing. Your future self will thank you. Rents only going up. In 5-10years your mortgage will be 1/2 of what it is in real terms
Well done, this is an amazing thing to do at 25!
I did the same in London, 20 years ago at 23. It was definitely a good choice, while friends and peers with equal earnings took the attitude of "never being able to afford to buy" - they still can't afford to buy.
@@DaddyBiscuits care to explain how this is possible though? I live in London and can only save a few hundred a month. A small flat is £400,000.
I have been watching your channel for 12 months now. And this video is a timely recap on my own progress. Directly because of your pension information I set about the task 12 months ago of finding all my little pension pots, bringing them together and managing them proactively. I now have one pot, which I have grown from 58k to 80k in the last year. All through increased contributions and more proactive funds. I also opened a S&S ISA, which I have added to every month. Thank you for helping me kickstart my understanding of wealth and my journey to a better future. I am 42, UK residents with a bang on average salary. Well done for the content and inspiration. Go Damo!
The financial wealth segment was particularly scary, I wish the government and education system did more to inform people about the power of ISA's, S&SISA's specifically and compounding!
It really is horrific, even as a kid I thought it was ridiculous how little information I had been given.
Totally agree. Teaching about personal finance should be mandatory at school. So many people are clueless and as a result live a lifetime of poverty and / or trapped in jobs they don't enjoy.
Ive not got many savings or assets and have always felt guilty about what I might not be able to leave to my son as inheritance, or ending up being some what of a burden to him.. but learning all this and teaching him, I feel is an asset itself. From what I’ve now learnt I can start saving myself and educate him and give him a good start.. maybe even more so than someone who is left inheritance but no knowledge 😊
Doesn't make sense for most to hold financial wealth due to benefits.
The government doesn’t want people saving and investing, they want you spending and neck deep in debt to keep the facade of the economy going. That’s why it will never be in the school curriculum.
You've helped me such a lot Damo, and I'm in my 60s and had already messed up finances in a way that I (wrongly) thought was beyond salvaging. I love how interesting you make this dry data. Just a couple of observations from my own experience: I've lived in four different countries, and the UK has the most proactive incentives for investment. This probably plays into the value of UK property, but also means that saving is possible in a way that other countries simply do not support. The other thing is that your choice of partner is really important. I see people of both sexes drifting into a lifetime commitment with someone whose company they tolerate rather than enjoy, and they end up enduring a shitty relationship for economic reasons. Whatever age you are, quality of life depends on not doing this and it's worth finding another way forward, however hard it may seem. And finally... if you're really good at your job, and cover for everyone else in the office, and can see a way of going freelance, do it. Not sure if this is the place to make these comments but there you go, my tuppenny-worth 😁
a good tuppenny-worth
I'm in my 60s, too (64) and found this video interesting. Don't know about you, but I bought my first house in 85 in Lee-on-Solent, Hampshire and my 2nd in 86 in Chesterfield, Derbyshire. £25,000 for a brand new large 3 bedroomed detached with quite a bit of land. Unfortunately, I eventually divorced my then wife when we had 2 small children. The marriage was ridiculously crap and we only stayed together for 14 yrs because I was in the navy and away a lot. Unfortunately, my ex died suddenly last year completely broke. One of the reasons why we split up was because she wouldn't stop spending. Our now 2 adult children (42 and 32 respectively and both girls) have done OK in adulthood, but they have both had help from me. I am retiring later this year but have been saving into a stocks and share ISAs (really only 6% save like this is shocking) and have other investments as well as a navy pension and private pension to draw on. My 2nd marriage to a wonderful woman has lasted a lot longer than my first and I am grateful for my life with her. Best of luck. Us boomers have to enjoy what time we have left!
You find out the true value of items when the owner dies. Most of my late Mother’s furniture was taken to the dump. Her nik naks, pictures, ornaments, clothes etc didn’t even interest charities. But it all meant something to her and apparently had some value when she was alive.
thats about the size of it, I'm afraid
Yeah I'd mark that "physical wealth" column down as zero tbh. Your 10 year old TV will not be worth much. The column is more like "replacement value" very different.
So they were priceless to her. Would she have felt better not having that stuff and having numbers in a pension?
When my grandmother died, we found massive piles of clothing and jewellery from the 1970s around their house, still in the wrappers.
About enjoying your life. Too much thinking about inheritance etc. yes we all need pension, but live folks.
Brilliant. I never thought I’d enjoy a video on finances. Also… loving your Midlands accent!
Spot on with "in your 50s can throw everything at the pension as can access it soon". Yup that's me - I can get at it this year and been salary sacrificing over 60% into it for a few years. I am somewhat playing catch up as didn't contribute a thing in my 20s (doh!)
In his twenties a colleague thought buying a new Subaru WRX was a better use of his money than joining the companies excellent DB pension costing a whopping 6.9% of salary.
Salary sacrifice is a great idea. I'm retired now, but when working I too did this and saved on National Insurance etc. I also had an annual bonus which I paid into my pension and saved a ton of tax.
@stevegeek Yup - we get a small bonus most years and I tell HR to pay it straight into the pension. It all adds up!
@@MrDuncl bet that WRX is still running like new though to be fair
My 20s were a bit bereft too, a few years scraping by with depression, and then an exploitative employer, before getting real work again at 29. Before that I had a job for a year that I contributed into a pension, and that year, of pension on its own, will probably be worth £120,000 at state retirement age. One year of work at 22/23yo in a pension I only rediscovered a few years ago is going to be worth maybe 3 years of early retirement funds.
I am not even in the Uk, in the US but came here for your excellent analysis skills. Very good video, holdsgood for everyone whether in UK or otherwise.thank you.
@@Annamalaibatsha a huge amount of the tips and tricks discussed are relevent universally for sure 😁
Buying up single family homes as an investment should not be legal. Estate companies and billionaire foreign investors should have no right to housing meant for single families to live and retire in.
But if this happened, who would own the property that is rented out? I agree that renting is not for everyone, but for those on fixed-term contacts at work, students for the academic year etc, they will want to rent. I do agree that property portfolios owned by individuals is a problem, but exactly how to fix it is tricky. I sometimes wonder if they should be handled through a company that has assets over e.g £1Bn, forcing individuals into cooperatives that are then easier for the state to regulate
One answer to the "who would own property that is rented out" perhaps government (for the majority), in the form of social housing, allowing people to work, study, save without funding the lifestyles of their landlords, instead the money being reinvested back into funding more social housing and maintenance of local community infrastructure. We had enough social housing prior to Maggie, we could again if we ever get past the bureaucracy in this country.
But I do understand there is a market for private renting and always will be, as you've said "working away on fixed term contract" etc. but I do not believe 19-20% of UK households are privately renting because it is 'for them', rather out of necessity/desperation.
@@Zombalomba23 yes, if the government ever gets round to building social housing again, then excess social housing could be rented out, that would be a good way to do it. However, considering rates of house building at the moment, I am not optimistic of this ever being reality 😬
You’re not gonna get anywhere with your financial freedom with that sort of attitude don’t worry about the next man you worry about your own finances and future the reason I’m sitting pretty now living in the good life is because I bought family houses I could rent out to people who needed roofs over their heads not only that helped the government to house their citizens where they were incompetent to do so but I also help the citizens themselves to have a nice house to live in. I should have a medal really 😊
@@passivenomads obvious troll is obvious
Property goes up in price partially due to limited supply but more because as they inflate the currency supply they devalue what's already in circulation hence you need more of that devaluing currency to buy the same thing!
Phew. Thought you were going to make a mess with peas again for a second there haha
I am still finding them today!! Like little green bullets now
This is brilliant Damo - your videos just get better and better. Not only are they educational but also chuffing entertaining. I came across your channel after being made redundant, having a bit of time on my hands to finally get a hold of my old multiple pensions, and almost being a bit scammed by St James Place for huge fees. After binge watching you and pensioncraft the fog caused by mystery and fear of pensions lifted and now I have the FTSE global all cap on vanguard, contribute over and above my work based pension into it, and have all my redundancy pay out nicely invested away in the similar fund in a trading 2-1-2 ISA. I regularly bore and offend as many people in my circle as often as possible by talking money (as usually controversial topic) to try and 'convert' them too, I'm sure they feel like its some secret cult I'm trying to lure them into lol. Not everyone listens, but I try. I cant thank you enough for changing my life, I feel like I now have control over my money, I'm seeing good returns, and have a plan in place to get me (hopefully) retired at about 63. My only regret is not learning this sooner (I'm 47). You're a legend.
I see XAI320K moving right along side all the Alt's you mentioned! Plus I see all the Alt's plus XAI320K moving in lock step in the charts! My point is XAI320K is cheap! Retail likes buying cheap! Especially when that cheap item is on the verge of becoming expensive
Hi Damo, after a very stressful few days where I’ve had multiple house offers being declined as a first time buyer, this video has really cheered me up. For context I’m 32, earn a high income (close to 6 figures) and have rented my entire adult life. I’ve felt pressured to get on the property ladder for a while and being rejected for mortgages and offers is frustrating to say the least.
However in 2020 based on your “how to invest in index funds” video, I started investing and am now at a place where my investments and emergency fund could cover me for 2 years if I wanted to stop working.
This video and your messaging has given me hope to continue investing in my ISA and to enjoy my nice rented flat and to relax and just be patient for when I finally buy a home.
Sooner you buy a home, the sooner you pay interest to the bank. Don’t be disgruntled, sounds like you are nailing it 🤙🏻
How do you earn close to 6 figures but are getting rejected for mortgages???
Either you're outgoings are crazy, and/or you're going for ridiculously priced houses!
@ the latter but I’m literally going for a 3 bed terraced townhouses and 3 bed flats. This is unfortunately the problem with London
You are killing it clearly! Enjoy your finances and the position your efforts have put you in. Lots of choice and freedom is a great place to be
@@s_don57683 I was confused until you said London.
Godspeed brother
So far clear. Just such a great content creator giving out your research to help others in a clear way. Top man.
Been watching xAI39E$, and I can’t resist anymore. Dropped $50k, and I’m ready for the boom!
You always make me feel better about my situation! Thank you!
My pleasure, you really should feel good about where you are at and most importantly where you are going.
Deep down, I know I'm doing okay! Despite of a few financial shocks, the fact I had savings and investments was the biggest reason I weathered the storm. I'm just someone that doesnt thing he's any good! But I'm going to give it all I got in 2025, thanks again and all the best for the year.
Thanks to you I've gathered up my mess of a pensions history into one pot with L&G. And I've selected a fund that, after a little calculation, is 6% in profit and with lower fees than the default. Today, my pensionbee finally went over there, and I'm excited to see how efficiently L&G can now invest with this larger sum of money (the transfer more than doubled the total). I'm moving in with my partner soon, and we both watch your videos. And we're excited to sit down with the whiteboard of life planning and come up with a genuine savings and investment plan based on what we stand to save by living together. Instead of luxuriating in purchases, we're going to stockpile HARD for as long as we can. Thanks Damo🎉
XAI43K$ is everything I look for in a project. It’s flying under the radar, but not for long.
I've been watching your videos for a long while and this is the best you've ever done. Meaningful data, beautifully explained. Complete with a great wrap up, strong message and peppered with puns!
I started watching this being unsure of why I was watching - I know some of the stats associated with the headline. I was expecting you to basically just present the numbers, like so many. But you have a great approach which is really informative. Analysing what the numbers presented actually mean. Presenting in a clear, concise, relatable way. I think a lot of people know what's good for them, but they don't know just how good. I've been immersed in number crunching for a while. One of my parents has been diagnosed with dementia in her late 70s and it's made me realise that retiring at 67 is a stupid idea. I think a lot of people have unrealistic expectations of working like a slave later in life. That's not the name of the game. I think most people would be wise to plan to retire at atleast 60. If health doesn't force you into this, redundancy might. Or boredom.
This is the reason for having ISA etc savings as well as a pension. You can draw on it when you like. A holiday of the lifetime, while you are still healthy, or to help if you unfortunately get ill before retirement age. Try to aim for at least 3 months salary in the pot to cover redundancy or a job change.
I really appreciate the humility here, this remains the only finance channel I watch as it’s not presented as a ‘get rich or your are a failure’ concept, it’s much more nuanced.
Sadly I still think we will focus on house prices and home ownership because you can’t live in a pension or a bank account. FWIW I’m 30, have some small savings but not quite 2 months of my full time salary because I recently spent the savings pot on a house deposit. I feel like I’m behind in life because I don’t have a bank of Mum and Dad to help but I then I lean back and laugh in LGPS pension. My OH laughs even harder in Civil Service pension.
First time viewer from Thailand and can confirm your tattoo says Frederick, with some slightly sketchy handwriting!
Great vid, will be back for more!
Very sketchy hand writing! Haha I think he was drunk
@@DamienTalksMoneythat makes two of you 😂
This is the first video of yours I've seen but it was excellent. Thank you for calm, insightful explanations about finance, great stuff.
Big shoutout for mentioning XAI36K and SUI. These two look like the future to me. Holding both tight!
Looks like some crpyto bs for anyone wondering what this is and thinking I don't remember Damo mentioning this
Silence, bot
10:25 It doesnt have to. At the end it is just an offer and demand situation. If they dont build houses and the existing ones deteriorate and more people need a home where the work actually is, in the cities, the prices can keep climing. Probably they wont do it as fast as until now, but they still can go up, of course they can.
Big shoutout for mentioning xAI39E$ and SUI. These two look like the future to me. Holding both tight!
Cheers for all the XAI320K info, im going to swap out ETH to XAI320K now.
Where is that info please?
@@keziahthomas2526this is a bot - ignore
@@keziahthomas2526 it's a scam
Great video Damien. These stats are very eye opening. Comforting for those of us who have systems in place to invest at regular intervals through a S&S ISA and Pension.
Thanks.
Age 34, run my own small business:
- £29,000 pension pot
- £23,000 S&S Isa
- £25,000 savings
- 2 privately owned properties, 1 being a rental. Total equity circa £145,000
- 50% share of two rental properties in LTD company. Total equity circa £30,000
Hoping to leave a better life behind for my children and hopefully future grandchildren having grown up under the poverty line myself.
Well done to everyone for keeping up with Damien’s channel and good luck with the journey!
You're doing well! I'm also 34, employed and single, no kids or missus.
-£25k Pension pot
-£7k savings
-£15k Gold coins/ Omega watch
-£340k Bitcoin/ ETH
-£141k equity in my house
Im looking to open a S/S ISA, or an ISA, who are you with?
Got to keep on grinding and building/ protecting our wealth 💪
@ the wife and 2 kids have definitely make a dent in my portfolio haha. ooff the bitcoins going well mate🤣. I had some in 2017 but sold out with some profit to start with property. Well done.
And it will all be stripped from you
@ColmPadraig funny you say that I had meetings with financial advisor and my will writer about how best to protect just yesterday!
Found your channel a little while back! What a gold mine 😃
xAI39E$ hitting 50x? Totally agree with your analysis. This is a hidden gem waiting to explode 🚀
Thanks. It’s a tough subject that was very well presented. Overall, I am surprised by how low the figures are.
Loving the picks! xAI39E$, DOGE, and AVAX look so promising. Might double my funds in these next week.
Not only a great video in terms of it's information but also a great use of non-critical information like the UN photos and the story about your tattoo.
Thank you I am glad you enjoyed it 😊
23:03 Can confirm from the other half (who is Thai) the writing on the foot spells "Fedoric".
Great video as always!
Next video he better be wearing a fedora
My wife, who is Thai, also confirms this " Frederick" spelt in this manner.
Well I will need to change the spelling of his name then won’t I
I'm told Frederick -
Not sure about Thai, but a lot of languages doesn't translate 1 to 1 into the roman alphabet, so "Fedoric" might be the closest you can get to "Frederick". I been studying Japanese, and the closest you would get there would be "Furederikku". - So I would sya Fedoric is pretty close :p
At 66 years old I have just started learning to read and write Thai, about one hour each morning. My best guess for your son's name is Richard. However, I am only guessing on what some of the letters are meant to be.
Unfortunately, financial literacy was not taught at school, I managed to pick up some along the way, but earlier would have made a big difference, so I will forward this video to my stepson. 5 in Thai is Ha, so 55
Actually came up as Frederick at one stage on my translator.
This is a superb video. I got a temping job at a pension company in 1988 when I left school. My job was (alarmingly for an inexperienced 18 year old!) to work out the pension transfer value for employees of company that had gone bust. I was shocked that in 1988 people aged 60 were left with a few hundred or at best a couple of thousand pounds put aside for their retirement. So I started paying into a pension as soon as I could afford £20 a month, which was in 1992. My pension pot is now worth 20x the average for my age, all due to compound interest, and always paying in what I could afford. Please continue to advise young people to save what they can. I'm approaching 55 and could easily retire now.
Glad no one is taking pictures of me and all my Warhammer 🤣
That stuff is priceless! I have a chaos Defiler in the box not opened from my youth, I never got round to building it
@@DamienTalksMoney Hopefully one of the boxes with the sick art on it. God I wish they brought back box art...
Keep buying it mate. I own shares in Games workshop 😉
I tell myself the same about my pokemon cards I collected during my paper round in 1999.
Investment (in happiness) 😜
Probably my favourite finance channel on TH-cam, and if time is money, this money is very well spent here. How on earth do you make talking about money sound philosophical, at times poetical, engaging, educational, personal, and humorous? All the best to you Damien! 😄
Thank you so much for this lovely comment
For 10 mins I have been trying to find the words to answer your question, but the truth is I am not sure…
I just sit there with a blank google doc for a few days and see what comes out.
I think the key to good content is just putting yourself into it, so it feels realistic. Over time I have become more comfortable being me on camera and that helps with cracking jokes or being a bit deep and poetic.
Again thanks for the lovely comment it made me smile
@@DamienTalksMoneyI think you’re a great storyteller. You should do a Ted Talk if they’re still a thing.
@@DamienTalksMoney I think that is the point - it's YOU that makes this more than 'just another' finance channel! You are a unique ingredient! lol
Glad it made you smile though, and thank you for replying! 😀
I’ve saved £20 a day for the last six months from quitting gambling and managed to accumulate 3.5k!
And I quit gambling over £800 in the black never to back ever!
Good going - keep it up!
@ I’d never gamble cash again man that’s a given it’s a trap in itself and that makes you keep chasing that big win and I did have a big win in a five fold acca horse bet off one pound I got £987 quid back but then found myself betting on roulette starting with pounds then big bets and it got out of hand and I realised there was something very wrong and quit there and then!
Don’t get me wrong I won big on that aswell but I was ploughing more with bigger bets to get those returns now I’m looking at index funds and I think I have found a very good route to get the returns I want!
Your videos are so well-thought out, and well-executed. We appreciate you Damien!
Thank you so much
I started stacking to SAVE wealth. I've always been the type of person to spend my entire paycheck. I hate having money just sit in the bank. I am under pressure to grow my reserve of $950k. before I turn 60, I would appreciate any advice on potential investments.
I can feel your pains. New guys need to realize the risks that come with all of this. You could lose it all and you could win it all. It goes both ways. Second, what works for A may not necessarily work for B and you should not be a bandwagon investor. A good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge
Factos!! Since the market became extremely volatile and pressure increased (I should be retiring in 17 months), I took the decision to work closely with a financial advisor. It has already been 9 months and counting, and I have made approximately 600K net from all of my holdings.
That's impressive, my portfolio have been tanking all year, tried learning new strategies to gain in the current market but all of that flew right over head, please would you mind recommending the Adviser you're using
My advisor is the quite famous Laurel Ann Watkins She has been making a fortune online worth millions of dollars in digital assets for a select few for years. Lately, these types of services have appeared that allow you to copy the results of the experts. She demonstrates how to copy it automatically using that system.
Thanks for the info, i found her website and sent a message hopefully she replies soon
Brilliant video! Thanks for putting to rest some of my fears as a 21y/o, also I have a £1 in my S&S ISA, ahead of the curb!!!
14:50 - 14:52 - These are extremely powerful words and words the younger generation need to hear and understand.
They are and its not to work for some bozo
Incredibly good video. The part with the 35 year old and increasing contribution by only a small amount really hit home the importance.
Very interesting. The average financial wealth is shockingly low. One thing where I disagree is regarding the pension, needing X% of the salary in retirement (where X = 60% mentioned here, but I've seen other numbers). I've never understood this concept. Surely the amount you need to live in retirement depends on your outgoings, which is not necessarily related to salary. I'm retired now, and living comfortably on less than 25% of what I was earning when I was working.
60% is the figure often used by Govt & PensionWorks website to estimate a decent retirement income not Damos opinion. Just a good benchmark to use as many people probably use this as a general guidance :)
@@Chills124yep exactly this. The figure you need is completely up to you. I quote govt rules of thumb for a broad idea.
Same with the income from pension pots I use a 4% withdrawal rate even though this could be considered too high or too low
The figure is related to the lifestyle you had while working. Your outgoings, bills etc. probably won;t change a huge amount. Most people do spend according to their earnings. Your car, restaurants you go to, your hobbies are all linked to the money you earn. And so you are likely to continue this (to a degree) in retirement, just minus commuting costs and (hopefully) mortgage payments.
Remember this is a guide percentage, related to the average person.
Yeah you can live like a monk on 10% of your salary, but i know when i retire I want to enjoy my last decade or two, have more holidays etc.
But at the end of the day, if you it works for you and you're happy then good for you.👍
Absolute banger of a video mate,
earned yourself a new sub 🤝
Legend thank you so much
As a 61 year old, I can confirm that not everyone in my age group has a DB pension. In fact, I don't know anyone who has one. My own pension fund is currently approx. £107,000, my wife's is under £10,000 (after years of working on minimum wage). I can't currently work, as I'm on an NHS waiting list for an operation and get minimal benefits due to my savings (£180 ESA per fortnight). We pay full rent and council tax, and don't own our own home. Not all so called boomers will be millionaire pensioners.
Not all - but enough, buoyed by the last government robbing the young to buy their vote for a decade and a half.
Wow what a clear and concise message. I wish that I had this sort of advice available when I was younger.
I'm 51yrs old. $40,000 weekly and I'm retired, this video have inspired me greatly in many ways that I remember my past of how I struggled with many things in life to be where I am today!!!!❤️
How did you manage to achieve that level of growth? I've been trying everything I can to improve my investments, l want to retire in a few years and I need a better diversification
It's Katherine Grace Maier doing, she's changed my life.
The first time we had tried, we invested €14,000 and after a week we received €50,230. That really helped us a lot to pay our bills.
I'm new at this, please how can I reach her?
she's mostly on Instagrams, using the user name
Your best vid yet I think! So helpful and loving the jowkes!
Another fantastic video Damien. You 🪨!
I’m 26 and I’m focussing on setting myself up well financially. Another 5-10 years of doing what I am now will mean I will be cruising at 35. Long way to go though….i just wish the financial education was better in this country. You are doing amazing work
I started at 26 in debt working an underpaid job far below the median income, and with careful budgeting and regular monthly saving got myself out of debt, built an emergency fund, then built wealth. It's the best decision you will make to start saving and investing, and the earlier you do it the more it pays off later. Compounding is one hell of a drug.
I’m in the oldest age group on your list but completely agree with your reasoning. I’m also a Gran and started junior ISA’s and pensions for my grandsons from their birth. It is amazing how much the current values are, in a large part because of being invested in stockmarkets in america and the uk. Cash is not king as you say
2:26 You really shouldn't be so quick to judge about the TV. Perhaps placing it on the sofa simply made framing the shot easier-not to mention that picking it back up afterward would be much easier than lifting it from the ground. If you had to do that just to fulfill someone else's request for a photo, wouldn't you do the same?
Your content, mate....Absolutely brilliant.
Thank you mate
Great video Damo, hopefully it encourages a few more folk to seize control of their finances and change their financal future for the better, whatever the age!
If you own a property, one of the best financial tips I can share is to make overpayments on your mortgage. Even small additional payments can have a massive cumulative effect over time, reducing the total interest you pay and allowing you to pay off your mortgage much sooner.
I don’t agree with that thinking. If your mortgage interest rate is say 4% and you get an average return of 7% in a pension then it makes sense to pay the minimum on your mortgage and pay as much as possible into your pension. Not only that, but as you get older, you earn more and your money is worth less. Meaning that the more you pay now, costs you more than if you pay the same amount later on, not to mention that that money cannot be invested. If your property is your only “investment” then it makes sense to pay it off, but as soon as other investments come into the picture, you’re better off paying into those than paying off your mortgage.
What's the link to the calculator at 14:36?
Thanks for the advice! Profited 50% last week. Thinking xAI39E$, ETH, and SOL. What’s your take?
I just realised that peterborough is about half the rent cost and the places are bigger compared to where I live in the south, and the salaries are the same. I'm moving in April.
Constructive feedback , was listening to this in the gym, was hard to follow with out the visuals. You referenced figures but didn’t say them. Love what you’re doing Damian ! Keep it up brother 💪
That’s why it’s a video and not a podcast
Great vid Damien. Sad fact is that so many that NEED to be watching vids like this would never go looking for them, never have them pop up in YT algorithms, never have a friend or family recommend them. I'm very far from being the first to suggest this, but this needs to be pushed at school level.
Worth mentioning that a car in your early twenties is going to drive up your "physical wealth" while also burning into "financial wealth"
100% fact!
Great video. Growing up in 60s and 70s, renting for life was pretty normal, the big difference being availability of decent social/council housing at rents in line with local wages, and home ownership not seen as an investment or pension pot. Hopefully there will be a shift back towards that. At 60, I wish I'd appreciated the potential of compounding, so all you younger folk out there listen to Damo and let stock market investments work their magic over long term. Finally, some of the headline "retirement pot" totals are crazy, far higher than most folk need, so know your own budget and don't despair!
It's crazy to see these numbers as a person from another country.
With the UK average I would roughly be in the 45-49 age bracket as a 29 year old.
I started saving for my pension at 24 years of age. Im Currently 29 and have right arround 50k quid in my pension.
I bought my own appartment 3 years after graduating from university at a fixed interest at 1,008%.
When I was younger I tought I would never own a home, but here I am at 29 years of age having my own place in one of the most expensive cities in the world (Copenhagen)
From my own experience, my wealth started accumulating after I got my own place.
For those who might say they never will own a home, I get it, but sometimes you just have to put aside "fun" and forget about materialistic things for a while.
Those 3 years of saving up, eating nothing but oats and oatmeal for every meal, skipping birthdays etc. are worth it in the end.
That interest rate is criminal. You’ll never pay it off.
@@MyAirMyles Maybe the meaning of interest is different in the UK compared to here - or I just might be bad with English words.
I'm currently set to have paid it off in 14 years (I will most likely pay it off faster) - My loan from the credit institution is set on a fixed rate of 1,008% of the actual loan - compared to 4-5% rate on loans right now.
@@MyAirMylesHe means an interest rate of 1.008% when he bought a property in Denmark.
I think your situation is not very common even for Denmark. I'm guessing few Danes now would get a mortgage at just over 1% (which is what I assume you meant, not over one thousand percent!) but correct me if I'm wrong.
1% interest rate? That's a bargain
Brilliant video. We are both retired and benefitted from growth in house prices over many years. We recently downsized to increase our cash pot and reduce our monthly outgoings. We’ve diversified our pot in ISA’s, Premium Bonds, investment accounts with our bank and specific fixed term investments with NS&I. We also have 3 private pensions and both have state pensions between us. We’ve had sound advice over the years and feel secure with our finances. With care costs being so high it’s important to make sure you have a sound buffer behind you. But we also live with awareness… ie we search for good insurance deals, we grow fruit and vegetables, we don’t waste money on useless stuff that has no value and we look after and maintain what we have (including our house… it’s our most valuable single asset).
I asked my Thai friend in Bangkok what the tattoo says, she says "Frederic"
My Thai wife also said it is "Frederick"
เฟรเดอริก try google translate.😀
Great, as ever - thank you Damien. One thought: is it worth mentioning that individuals won't actually average 7% returns every year after costs and inflation?
Did you say only 6% of people have a S&S ISA?
6% of adult’s yes
Here is the source for you
www.finder.com/uk/share-trading/share-trading-research/stocks-and-shares-isa-statistics
@DamienTalksMoney that is worryingly low. But I understand why... Only 3 or so years ago I wouldn't have considered having one as I simply did not understand what it was and why I would need one. Educating people on what a S&S ISA is so important. But it is so difficult to educate people on something even they do not realise they should be educated on. Same goes for inflation, index funds etc etc.
I can talk to friends and family about these things and they look at me as if I have 3 heads.
@@gothenburg83 I feel exactly the same, tried to convince few people to open stock and shares ISA, but they won't listen, they are convinced that stock market is scam/ponzi/gamble/huge risk etc, even family members would listen, nod their heads but they won't do it anyway
@@gothenburg83im 37 is it worth me opening a S&S?
@@gothenburg83 It's really bad isn't it. I knew nothing about it, and somehow lucked into reading a book years ago and then finding some internet blogs. Nobody I know has a S&S ISA, none of my colleagues I tried mentioning it to, no friends.
I spoke to my sister who is a similar age to me about it to encourage her to put some aside each month to invest, and it's like I was talking a foreign language. And basically she just said that she doesn't earn enough to invest, even though she earned more than me. She saw it as something for "rich" people to do, and didn't understand it on a conceptual level.
Then I told my dad, and it just broke my heart. He basically had a lifetime of no financial education, he had no idea about investing - again, investing was for rich people and not him. If he had put some of his salary aside each month, not even very much, £50 or even £25, he would now have hundreds of thousands, maybe even a million.
Love the video and totally on board with some of the observations. But we might need to limit talking about having a partner as an upside for financial buffering. Dating and marriage/ divorce trends have changed over the decades, a lot more single older people than before. Im not trying to be pessimistic but what is the strategy since partnership is guaranteed when getting older or even being older?
Great work bro, incredibly eye opening!! Thank the lord I discovered your channel and others alike when I did!
Hats off to you my friend, great content once again.. all the best mate, PEACE!
60 year old …7.9% of the viewer base 100% appreciation Thanks Damien
Thank you so much for watching i 100% appreciate you also
I'm doing an assassment of my mum and dads stuff for probate. Second hand, everything adds up to about £15k, although to replace it you will probably need to pay 60-70k. Property is the only asset they have that will generate a sizable sum.
One point that is never made and makes people feel awkward when they think or say it is that immigration to the country is so high that owning a property is becoming harder and harder. Last year the net migration figure was 728,000 in the UK. All those people wanting to buy or rent a home.
Just wait, someone will come along and burp out the regurgitated and notoriously debunked lie that all these people coming here actually helps the housing market because they contribute in taxes.
Just remember the housing crisis would not exist if it was just us living on our island and none of them had ever come here, in fact if anything most of us would be able to have second homes due to the sheer excess of property that is today occupied by someone who in the grand scheme of things has just turned up and now thinks they own a chunk of our land
Immigration is only 1 factor in population change, and the population growth in UK is usually around 0.75%, which is very moderate. Lower than America, until covid.
So population, thus by proxy immigration, can't be used to explain the house prices. Many developers are rushing to build houses to keep up with demand.
The issue is that many houses aren't being sold, they're being held by overseas investors. 8% of properties in London are vacant, because they're being held to artificially restrict the supply of houses, pushing prices up. It's capitalism that's pushing the prices, not immigration.
@ so 728,000 migration to the UK is low and has little impact on demand? Really? So where do these people live? Of course it does. And as for capitalism. A family relative bought land in Norwich to turn into 5 new houses. The red tape and taxes were so unnecessary and time consuming he will not do it again in the UK. Capitalism is what we need. People willing to put their money in to solve this crisis. Caused by politicians and people like you. If people make money off new builds so be it. I am all for small businesses competing against the few big boys. We also need to remove the red tape and make it profitable.
@@MintRobin It's both big companies buying up housing stock and uncontrolled migration pushing up the average house price. It is not just one or the other.
Yes. Of course the student visa immigrants only use student accommodation whilst paying dearly for the education and also paying a lot into the economy. The work visa immigrants often bring dependents, but they'll share a house. Due to the dependents rules getting stricter, the work visa immigration route has collapsed in numbers, lower by hundreds of thousands. Labour are going to be taking credit for this of course later this year.