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- เผยแพร่เมื่อ 7 เม.ย. 2024
- How much does it cost to buy a house in London? Workers in London give their thoughts on how much they think people have to earn to afford a house in the City.
#london #londoners #londonlife #mortgage #mortgages #ukmortgage #ukmortgages #ukmortgageadvice #mortgagetips #mortgageprices #spending #spendingmoney #spendingmoneyidonthave #dailyspending #budget #budgeting #streetinterview #streetinterviews
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To have 5k per month after tax you need to be earning £90k
Yep 👍🏼. Because uk tax system is a con and an earnings cap
And utilities, food, savings for the future, some fun money so you don't insane, any kids will add lots of expenses, money to maintain the place/car/you. Probably at least 1.5 to 2x that in reality
Only if you don't have Student Finance honestly
Not bad at all, no reason more people can’t continue to increase their salaries and earn more
In Italy to earn 5k per month u need more then 120k per year 😂
This isn't a hard question. Let's go with the £400k flat / £40k deposit scenario. You then need to borrow £360k, which banks will lend you if you earn £80k.
Yeah then you're living paycheck to paycheck for the next 30 years and if anything unexpected happens you're bankrupt, congrats.
Zero ... just be a Muslim asylum seeker get for free.
Sound mate everyone just had that knowledge to hand as they were randomly asked as they went about their day. Not hard to work out 👍👍
@@N.F.F.C All you need to know is that banks lend 4.5x your salary, the rest is just maths.
@@sb_dunk I own a property cheers. My comment was to your "this isn't a hard question" which didn't acknowledge the context of the video
Honestly everyone should be able have even small flat
No one should live on the streets but it will happen ,I work sometimes 7 days a week 10 hours overtime and I pay more then half of my monthly wages on rent ,tax ,electricity,water,tv ,phone ,
Food and travel to work and I don't live in Central London
Honestly government should help everyone who is honest and decent and hard working should be able have even small flat ,I dont talk about big house
We working all life and I see how much tax me when I do work more hours so i contribute to the country but for bank I don't earn enough for getting mortgage
Guys. Nobody seems to understand how mortgages work. You can borrow a max of 4.5x your salary in most cases. Any other debt you have gets knocked off that number. To buy a £500k house is not about the monthly payment or the deposit, you would have to have a £50k deposit, and earning a minimum of £100k to borrow the max of £450k
If you’re earning £35k (national average) you only get to borrow £157.5k so anything else would need to be made up with the deposit.
You're not accounting for age. If you're an older person buying their first property and first mortgage your mortgage term is going to be a lot shorter than a 25/30 yr old. Therefore your monthly payments are going to be a lot higher and if you can't afford those monthly payments you won't get the mortgage. Term length is also a big factor.
@@moorenicola6264 I don't believe banks can discriminate on age. In other words, even if you are 85, you should be able to take out a 30-year mortgage. When that person dies, and the property is sold by the estate, the note becomes due. The bank does not care one way or the other.
A bank giving you 90% LTV on a 400k property bringing in 60k a year? Yea right on your bike. Banks couldnt even legally offer that income multiplier.
They PUSH for it! ... or they did. My friend was making 80k and bought at 170k house (smart), and they told him he could go 400-450 and that lots of people with his income do..
I'm married to a mortgage broker - peoples biggest fail is having credit cards and car loans. Without these, an average salary will achieve enough to get yourself 'on-the-ladder'. Even with (some) debts it's still possible, so long as your broker will actually do the brokering part of their job..
True. People don't seem to be able or willing to sacrifice to gain a property. I did and have 3 now. All about saving, work hard and spend less until you gain the 1st house. Easier then..
I don't think you understand how expensive and scarce housing is in London. Most of these people do not have a car and credit cards are not allowed to be as predatory in the UK as in the states.
😊@@Prodrive1
The worst part is that you cant leave. All the jobs are here.
Utter nonsense
Hello from the North. No, you're wrong. Do you think everyone outside of London is unemployed??
@@stephenhollingsworth2530 don't forget London types live in a London bubble.. They have to live this way to justify the ridiculous act of moving to London to chase their dreams.. Forgetting that everyone else is doing the exact same thing. Eventually they realize it's not what you know, it's who you know. But by that time their tied into extortionate rental contracts, havnt got a drivers license because it's pointless in London, and are used to earning slightly higher than average.. They won't take a minor pay cut outside of London because they feel cheated but they fail to realize the cost of living outside London balances that out. Then eventually they just get stabbed.
🤣🤣🤣 north is full of opportunities, more so than London. You clearly have no clue of what goes on outside of that city
I work remotely and live in the North, it's a shit hole but it's easy to survive
My 23 year old nephew has just bought a house in London. He earns about £50k a year working with me as a builder and his girlfriend earned £38k as a hairdresser. It's not central obviously but it's still in London.
That's the only way combined by themselves no chance
Those hairdressers in London are make more than here in Australia it's Avery low paid trade over here
How much did mummy and daddys or grandma inheritance help lol
You seem proud for some reason 😂 London is a cesspit
How ?
I hope they mean £5k after tax and student loans 😂
in UK student loans arent a thing, they're like 50£ a month and most people never pay it off unless they have salaries over 100k
@@Raresstanciu1it depends on how much you earn. I have both bachelors and masters student loans and I pay over £300 a month. And whenever I get a bonus they get a bigger slice...
London is a mess💀
The best city in the world!
The whole country is a mess
If you live there you can always move…
@@ExsTheBluesthe entire UK is a shithole. London is just that much worse.
I bet being in London is your whole personality @@ExsTheBlues
Sounds like they don't make much. Or is it because their taxes are so high they can't afford it? They're saying 4-6 k a month. There are a lot of Americans that make that. A lot that don't too but a lot that do and more.
80k a minimum is the reality . That doesn't even factor in having to save up for a deposit for couple of years.
You need to remember that most people buying a property are in a couple so have a joint salary
I wonder what that sculpture was? My guess is the inside of an ear
You need to distinguish the difference between a flat and a house.
Yeah 400k to live above a chippy in a shed size squat
Home would have been a better question considering flats are far more common and vary from being the cheapest properties to being some of the most expensive, far exceeding that of many houses
People seem to think owning a house costs more, per month, than renting...
If your doing it yourself with no help from family and friends it’s hard to save for the deposit, as it all goes to rent
That's a really great Tracksuit
Are they talking about the figures after taxes?
Lol. What an absolute joke of a situation.
Then you factor in the commute in (time and cost).
Is it worth moving out of London?
This is the mess where everyone is obsessed with working in London...
The home counties have a daily brain drain into the city, property is cheaper, trains cost a bomb. You can't win. If you are young and single what do the home counties even have to offer you? In a way I know life may be better in somewhere like Manchester - but I have all my friends and family in London and Essex. It's a lot to walk away from.
The crazy thing is if you can pay £3000 a month for rent the mortgage on the same place would be less than that, but saving the deposit isn’t easy and the bank may not even give you a mortgage that big, which is crazy, the gap between owning and renting your home is just getting larger and larger. Just did a quick calculation and £3000 a month would let you borrow roughly £550k but again to borrow that much you need a chunk of a deposit, which you aren’t going to save if you a renting, such as broken system!
And this doesn’t factor in maintenance costs on the mortgages house.
you aren't borrowing 550k on 3k per month, try half that
@@tommyg6573 they mean 3k on rent alone, so probably taking home around 5-6k
You will own nothing and be happy 😊
That's why you should have shared housing to save up.
The biggest joke of London is that most of the flats are shared ownership so you’ll pay the mortgage plus a rent to the previous owner for life what is absolutely ridiculous 😂😂😂😂 and people are buying houses anyway
You can't sign unfavorable contract and then complain that is not favourable for you. People are stupid
A Wendy/playhouse cost like £55 at Argos. FFS stop complaining.
I couldn’t afford to live there when I was buying a house in the 80s so I didn’t
A professional footballer on £350,000 a week has no problem, but those working in the emergency services struggle. Why is kicking a ball around seen as so much more lucrative and important?
Because the masses like watching that footballer kick a ball around just like they like watching actors play dress up and pretending to be someone else.
its not, but it brings in money and thus has more money to pay out to its part takers.
conversely an nhs employee actually adds nothing, financially, to the uk, they only take. yes they pay tax but they are paid from tax so the tax they pay is a tiny fraction of the tax they consume. arsenal earns billions and only has to pay 11, or whatever a squad ,is those big multi million salaries. nurses, drs, firefighters, etc etc can only be paid what the taxpayer can afford. of course you could privatise the nhs and run for profit healthcare and watch nurses salaries go up, the tax burden relieved and probably healthcare results skyrocket since salaries would be paid from profitable individual companies each only needing to pay its own employees, as per continental europe but the nhs religion is what it is
Would be much uf government stopped foreigners buying up investments and brits buying 2nd and 3rd homes
Why anyone would want to live in that overpriced shit hole is beyond me😂
5k month
To be honest if you’re on your own, over £100,000. That might not even be enough if you have a student loan.
Цей тиждень працюю на Канарі Ворф, потім Брістоль. Якось так. Життя. 😊
But hold on a minute, Sadiq Khan's mates are moving into London and building Mosques...
300k
About £150,000 a year , after tax
If your goal is to buy a house/flat in London then it’s doable. You have to upskill yourself and get higher salaries. Stop spending on drinking and eating out, holidays and designer clothes. Use all the tax incentives the government give you like a LISA. Then it’s very feasible.
There will be a lot of people that will say “but wheres the fun in that?” To which I will say…enjoy your life however you want but don’t complain when you are faced with the consequences 🤷🏽♂️
Is a bit silly to be asking high salary on mortgages when people on 40k salary pay rent +£2000 a month and that without bills…I am on a good salary myself but I will never want to own a house in uk,be better investing in some flats in Europe and have a place myself out there..If it weren’t for the money I wouldn’t have lived in London 😂😂
Canary Wharf? They should be earning a fair bit.
I don't get how there is so much inmigration if homes' prices are so high.
Where is the trick?
Wow that's cheap. That's like buying a house in the poorest, cheapest areas in California 😮
Very expensive
This is so poor questioning.
Firstly people can afford to buy in LONDON. what's wrong with a 2 bed house wrong side of Streatham? Or 3 bed flat in the wrong post code of Croydon? Or a 2 bed massionnet in the bad side of Enfield? It's still LONDON. But people have this notion of its out of their reach. It isn't. People are just snobbish.
If you're living paycheck to paycheck to afford a cheap flat then it actually is out of reach and you're just living beyond your means.
That is the reality for most people who even do buy.
"People are just snobbish"
I think it's more a case that people don't want to get stabbed on their way home from work
Revolution when? 😅
Try southern California
Try a “nice” house anyway in Australia you’ll be paying the same. I’m living in a town of maybe 60k an the house I’m renting is valued at just shy of 1m. I generally can’t see the value in it. Like if I spent 1m an got this I would be appalled
5 times your salary.
Why not just live and work in Slough?
😂cause is shithole
Ha,Ha,Ha,Ha,Ha, funny
my house is 1.3m with 6k mortgage💀💀💀💀💀💀👹👹👹👹👹👻👻👻👻👻
Get up north
It’s all a scam the whole system
Plenty of properties £300k and less all over London. You could do this for around £1,100 - £1,500 mortage. To live comfortable enough, earning around £2,500 - £3,000 a month is enough.
In fucking croydon maybe
@@stivib5937 Have a look and find out for yourself 🤡
With a 10% deposit, you'd still need an income of around £60k to get a mortgage on £270k.
We don't mean where the postcode wars are
@@ryanoak4736 Correct. Which is what my monthly figures were based on. I have £280k mortgage in London earning £66k and it's very doable, but I have a cheap mortgage having locked it in before the rates increased.
Well she obviously doesn’t earn that much as she wearing her dads jeans
Less than I expected
why London is shit whole
Eyebrows 😂
Couldn't pay me to live in smelly Londonistan
So where do you live that is better than London!? I tell you what, where else in the world you can live that is better than London, considering what London can offer!?
@@ExsTheBluesLondon offers very little that Dubai now can’t. The only exception is live sport but that’s more than outweighed by better shopping malls, better transport, cleaner air and trivial amounts of crime in comparison. And there are other cities you can mention.
@@PeacockRhino how old are you!? I mean really!!! Dubai with its amazing democracy, rule of law and entertainment, museums, history and Art, repression and fake island, Botox and high class prostitution! Try again, but I hope this time you do better!
Then dont. We dont want halfwits who call it that name here anyway.
@@ExsTheBluesYou should really get out more,and see more of the uk!
abolish capitalism
Maybe less holidays and people might be able to afford
Go to Sunderland, where you can buy a house for £20,000. Oh hang on, you also want London wages & job options & entertainment & shopping & the best mass transport links, but still want to bitch about house prices🤯
Native English competing for resources with the migrants that they love so dearly.
Ah yes because if there were no migrants then native English people wouldn't compete for resources and would equally distribute everything ☠️
It's called a property ladder for a reason... start small and work your way up. It's not difficult.
There are no cheap starter properties in London
That is the starter
in london 400k is the starter 'small' property.
see the problem, its not difficult...