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- เผยแพร่เมื่อ 12 มี.ค. 2024
- London has remained the most expensive part of the UK to purchase a home, due to the high demand to live in the capital.
Average house prices in London decreased by 4.8 per cent in December, with an average price of £508k at the end of last year.
#london #londonlife #spending #mortgages #houseprices #mortgageprices #ukmortgages #dailyspending #personalfinance #howmuchispendinaday #budgeting #streetinterview #londoners #cityamnews
The guy who said 80k obviously earns a fuck load.
Or the complete opposite 😂
I bought a flat near Camden two years ago on £72k with a 10% deposit. you may need a slightly higher salary now because of interest rates but it’s not out of reach if you save properly.
nah he has loads, you can tell
@@kekkersw You must have got the worst flat in London because to buy a flat in the most rough area of Camdem you're paying 250-300k to buy.
@@FriendlyHomie it was £320k, so that’s a £32k deposit for the mortgage which is very doable on £70k salary
Celery isn't available in every area of London.
I know people eating just lettuce and water to survive in London 👀
Looking for this!
Move out of london
Can you eat water?
@@dc-collectible
Yes.
Data indicates that Australasian people eat their salary, drink their wages, and spend their water.
@@jackward770I agree and that’s my plan but I still have to commute for ages cause all the well paying jobs are in London
In numerical terms I earn 15k more than my dad did at my age. With that salary he bought a 6 bedroom house in the mid 80s for around 60k, sold 25 years later for 700k.
There’s no way I can buy a 700k house on my salary alone.
Did you adjust for inflation?
@@spence2294 I think he did with the way he emphasized "in numerical terms" but I could be wrong.
@spence2294 That was the whole point of his comment, to explain how ridiculous inflation has been and that wages increases do not come close to matching inflation. The median income in the mid-80s was about $24k. To be generous, let's say his dad was a higher than average earner and made $30k a year. The son is making 50% higher than his dad, but the cost of the house went up by over 1000%, to be exact 1067%.
And as bad as it dealing with this reality, it's made even worse when old timers say that the younger generation just isn't working enough, or " I did it, why can't you".
Yh because you consume so much monthly shite, did your dad have Netflix, phones, Internet, Starbucks, fast food, snacks, random amazon orders, amazon prime etc.....
For a house - you can find one bed houses for about 250k - rare, but do exist.
So on that note - about 35-45k.
I was earning over £250k in London and didn't buy (5 years ago) because it would have been too expensive to buy somewhere I actually wanted to live. I was looking at 3 bedroom semi-detached houses in Zone 4 (not central) and 'fixer uppers' were over £1m. So glad I left the UK when I did.
What did you do out of interest?? In a similar position regarding relocating out
250k? Not even investment bankers earn that much.
@@Thalasius 😂A lot of investment bankers (and other professions) earn way more than that at a senior level.
@@ZebroYT I now live between southern Spain and Prague. My quality of life has improved dramatically since leaving the UK. I still go back occasionally on business, but I don't miss it at all.
@Thalasius doctors at the top end can earn over 250k. The headmasters of the Harris academies were on a million a year I recall,complete madness.
What kinda celery
Literally heard celery
Me too! 😂
They get paid in celery over there?! 🤯
@@TheFaro2011 shes a kiwi.. they say fush and chups too..
@Joshuam17587 yea. Its our green over here
Household income would definitely need to be over £100k anywhere in London. Central would obviously need to be much higher.
you can get a house (not a flat) in a cheaper part of London for 200-250k.
to get a mortgage of this size would require an income of about 45k
@@denkanatorno house for that price in London - name an area. A flat out of London for that price.
The general rule is deposit + 4.5x income. Combine your salary with your partner's and suddenly you can get a 400k house on £45k each
Can get a council house for £280 universal credit a month 😂
Yeah exactly
Tonnes, tonnes of celery.
😂😂😂😂
In 1993, I bought a 2 bed flat in New Cross for £66k. I earned £21k
About right equivalent of around £60k now
Wish I could’ve experienced this era
I feel bad that you ended up in New Cross despite having the potential to buy a house in 1993 :( my parents bought in Wandsworth 2003, and my dad was on 21k with my mum as a stay at home mum with 3 children
That was before we got invaded by ungrateful people that were never invited here
@@billy5402lol many of them were invited. And we’re here to stay, get used to it! This country is ours now!
Last dude is literally on the lottery website😂
Salute to reporter/editor, they didn't scratch the last response.
The guy was clueless af
@@Antody He's not clueless in the slightest. They switched the question and he called them out. All done politely and in good humour, just look at the reporter's expression. Compare his answer to the real numpties "af" who all talked about £100-150K-200K as prices for London HOUSES. The young lady who mentioned £50K _to rent,_ i.e. four grand per month, is probably a fair estimate.
F me youre clueless 😂 @@Antody
@@Antodythat is the city am office and they know each other, check the banter between them, what’s wrong with you 😮
I thought he was going to say, "why are you asking about celery?".
In central london you need to be on A salary of £350K basic plus a huge £1million pounds bonus as 25% deposit for a 2 bed mansion flat in Chelsea or Kensington. £100k annual salary might get you an £800K 2 bedroom apartment in Clapham in Zone 2 or or a 3 bed house in Zones 4 or 5 if you’re lucky
The one guy nailed it, it is salary plus deposit. Your mortgage will always be limited as an income multiple. The other guy also nailed it, 200k plus as household is a starting point.
100k salary will get you toffee in London
When i was a teen, £50k was a good single salary home. Now with affordability and interest rates, is £120k in most places. Mortgages on homes under £500k are pishing £1.5k a month. It is WILD
$1,300-$1,500 USD a month means you can barely RENT a 2 bedroom apartment in some of the cheapest parts of America. Getting a home is virtually out of the question.
@@dontcare7086 inflation is artificial. It's real estate investors and rental property management companies inflating the price of everything for their own benefit.
The average US salary is $60k
The average UK salary is $32k
I tell you now the exchange rate isn't double.
The people in power have held down salaries and driven up prices
Its super cheap to buy a council flat or house. People would rather live above their means to put up an image of respectability tho.
@@ExecutionerHopkinsHuh? Average council house in London is 400k+. What u talking about?
@@cman5461 wow. I got mine for 20k. Imagine being a grown man and paying 100x the price for something because its in london. Plus londeners are notnall thefe in the head. Here in the north people actually speak to you and are friendly.
How is no one commenting on how charming the last guy was?
It's funny how the guy is looking at the lotto screen
It's him subtlety answering the question
£300k more like
Household income has to be above £120k for a house in london. Unfortunately graduates single get around £25k -£35k. Higher paid jobs are for seniors due to experience but still under £60k. You will have to get into IT world such as software developer or software engineer where you can make £70k-£80K and more senior software engineer will get you maybe £90k. No where near £120k lol .
Remember tax is higher too the more you earn unless you know some politicians eho can write off your taxes.😅.
I recently found a mid-senior position for 121k. There are positions, but specialization is needed. It's also not enough for a house.
@@youtubeaccount1746 Can you find that TC outside MANGA and HFT anyway?
The legal business and investment jobs are all good areas.
A house was referenced not an apartment. You'd expect to be paying around £800k - 1m for a house in London. Therefore you would need a household income of £200k+.
I would say 180k or so to buy a decent flat in zone 2. We did shared ownership in a crap area in zone 3 and full price our 3 bedroom flat is 620k 🙃🙃🙃🙃🙃 we both have ‘good jobs’ but we could still only afford 25% of a flat
Average means nothing,most are far less than that.
In North West London where i live you could get a house for £450,000
Really depends which part of London you're looking to buy in, and like that one guys said, what deposit you have saved up. In the outskirts (zones 5/6? This based on personal experience) you can get small houses between 400-500k, and ofc it gets more expensive as you move further inwards. So you can do it on a salary of less than 100k, but you need a big deposit.
Where I live in outer London houses are a minimum of £1million. The few that are sold under it have something wrong with them. To buy a flat you need 80k minimum.
I should add the schools are very good hence the premium.
Where are you asking these questions lmao. If you’re in central London you’re gonna get crazy answers. I think a couple with a household income of 80k could buy a flat (£400-500k). Houses are more expensive and so 100k household income is probably the range (600-700k). It’s possible to save up for a deposit and buy eventually on those salaries (having done it).
The guy who said 80k looks like Smeagle 😂😂
To buy a 2bed house (not a flat) itll set you back at least a million. To get a mortgage on that, you need to be earning £160-180k/year.
Lol. I live in London, a 2 bed house won't cost you a million unless you are looking at areas like Chelsea Fulham and the wealthy areas.
£1m for a 2 bed house - no you're wrong, unless it is in the extremely wealthy parts!
Then it means you want it around places like Belgrave Road in Victoria, and areas off Regents Street, etc. These are very central areas where property starting prices are typically in excess of £1.65 million.
General rule of is a 10pc deposit for a million pound property. 180k salary will not be enough unless you have a 250k deposit.
All these people talking about 10% deposit forgot that you'd still need 90% mortgage which most lenders wont provide or will give you awful rates. Ideal LTV is 70% and below meaning 30% deposit. So if you were buying a 700k flat, thats 210k just in deposit required. Plus the maximum mortgage you can get is now only 3.5 times your yearly salary meaning for the remaining 490k, you'd have to be earning 140k a year to even be able to qualify for that mortgage.
everyone wants to buy straight in a good area, maybe it will be a surprise but you can buy with 35k + 25k joint mortgage + 20-30k in saving.. easy, then pay it oof in 10 years and move to better area.
When you get taxed 40% or 45% from £100,000k this isnt alot for london anymore, therefore getting a house is still impossible.
You don't get taxed 40% on your whole salary.
It's starts at 20% from £12,500 to £50,500 then increases to 40% for salary earnings from £50,500 to £125,000.
So if you earned £100,000 you'd get taxed 40% on the earnings over £50,500.
Mate your talking out your arse, you do get taxed like that after you hit your 12 odd k threshold per tax year your charged whatever percentage you fall under in terms of tax bracket depending on how much you earn the figures above are correct but the rest is wrong.
And that's why you don't pay taxes.
@johnsnow6377 it goes up in increments, the 40% bracket only applied to money you earn over £50,500.
It you earn £100k. The first £12,500 (rounding the figures) is tax-free (depending on your tax code). Then you're taxed at 20% for earnings between £12,500 and £50,500 (£7,600) and then your earnings above £55,000 is taxed at 40% (£22,000 if you're on (£100k)
So tax on £100k is approx £29,600.
@@jimtheudbnow add in national insurance which is also tax. Another 5k or so in tax.
The avg price of a detached home in London is £1.3 mil so you’ll basically need to be on 300k ti afford the mortgage
Last guy had me laughing 😂😂
I once knew a millionaire (very covert, you'd never know from the looks of him) who only got places for his family except himself. He said he didn't want to tie his assets down to a crappy place like London. Baring in mind he is born and bred in London.
But houses in crappy London always go up in value.
No one cares... writing sob stories about some random millionaire. 🗣
Celery???? What green she talking about?
The other guy is dreaming of winning the lottery judging by his monitor
Average London house is £700/800,000. Flat 500/600,000. Max mortgage 4.5 x salary... so really you are looking £200,000 for a house. You have to be rich to buy a house! The cleverest stealth tax/vehicle to transport wealth from the poor to the rich....especially the rental.
It’s free, I just arrived on a boat from France 😂
I've just bought a house in Zone 5 North London. My husband and I both make £70k each.
Where do you make 70k?
@@verdensrike9381 probably doing something of dubious moral benefit, like banking or politics. 🤣
@@peterclarke7006 Nope, we both work in the rail industry.
Zone 5 days it all lol
@@peterclarke7006 Train drivers baby
If you want a £800,000 house you need x4 your salary so £200,000 along with a deposit. I moved from London to Sussex due to cost of houses
I live in Yorkshire and I've seen so many londoners move up here because of housing prices. But these londoners ruin everything for everyone haha
Ok a mortgage loan is usually three and half times your salary so say you have 50 grand deposit a salary of one hundred grand a year will get you a four hundred thousand pounds home.which in central London won't be much.
the guy who said 90k is right, it depends on how much you have for the deposit. if you saved up and have high deposit, yeah you can afford a house in 35-45k salary, but you gotta save up alot
wtf is everyone here saying lol. You need to earn waaaaay more than 100k to buy a house in London lol. Unless you plan on living in Dagenham or Edmonton 😂😅. Definitely need to be clearing more than 200k and even then, you’d have to be frugal and save far more than the minimum deposit requirement for the mortgage. You won’t even get lending access - say you’re spending 1m. On 100k a year you’d need a heavily reduced LVR
I mean, Edmonton is in London, so wouldn't that mean 100k qualifies you to buy a house in London? They didn't ask for how much a good central house would cost, just how much you'd need to buy A house
@@Nazgy nobody would move in to Edmonton. It’s literally a ghetto.
nothing wrong with those places, people are literally moving up north and commuting because they think they cant buy a house in London and it just isn't true.
@@naitranaitra8196 when you say moving up north you mean Bishop Stortford 😂😂
@@MattTheGunner yeah sorry, not actual up north like Bolton more like Milton Keynes/Northampton.
Myself and my family with finances altogether are multi millionaires and i can tell you for a fact london is one of the last places youd want to BUY a house to live in with regards to size and value for money of course if money is no object and you enjoy the hustle and bustle then go for it but an educated estimate would be to generally stay far away unless your trying to make money from london property/land but even in that regard it seems for lack of better words “scummy” to charge people extortionate prices for houses/rent wgen you know fully well the property is not worth that and the tenant or buyer could be getting a wayyy better deal else but again do what thou wilt i guess
2 million a month cash bruv 😂
All dirty money too baby, from powder and smack.
For non Londoners The people that go here are millionaires/ billionaires and adjacent. That ain’t your local pub x
Most people are doing it with their partners, pushing the total salary to close to 100, and then they struggle. So you need well over 100k to buy a house in london and very very big deposit.
House prices in London are crazy
14,000% increase in the last 45 years in certain areas
Ask me how i know 🤣
I paid 16% over the asking last time and the value has at least tripled
YO! at least give us the resolution! What kind of salary do you need to have to buy in London? with a 10% deposit
I recently did some training in one of fancy offices right next to that pub. The workers round there seemed absolutely loaded. The whole workforce seemed to be outside drinking coffee in a little coffee shop, chatting absolute shite about investment at 10/11am. 😂
Leadenhall Market is City of London city centre.
In the uk you are not allowed to to buy a home if you’re over 65 years old
🎉
How about don't buy a house in London 😂
On between 100-150k. It’s not enough. Salary isn’t that important. It’s wealth. You will need 20% deposits. So realistically you need six figures in savings to get a half decent place in London (£425-£475k)
I moved out,because without a partner on good money too, it’s super tough. I’m talking zone 2
Most of those properties are empty - accumulating value!
You thought wrong Mr!! She said clearly, what sort of salary to buy a house in London! Moreon!!
Zone 3, west side of the city, towards Heathrow - You're looking at £800K for a house. I recently spoke to a mortgage broker, asked if buying with my brother and sister wa possible and how much we would get. Combined we earn £80K/year. We could get around £300K mortgage.
The question had to be - why has they been an astronomical increase in the salary to house price in London over the last 30 years.
Thanks for saring what it was in the video
100K 😂😂😂 salary in London. It’s nothing 😅😅😅after tax .. 60k 12 mouths =£ 5000. ,
I’m private chauffeur. And weekly 2,5 K not enough 😂😂
Poor new generation..
The guy who said 200-300k I reckon is closest, that’s a multiple of x3.5-4.5 & that would net someone what £700k-£1.35m
If you have no deposit and are renting before buying then upwards of 200k household income. First of all you can only mortgage ×4 your salary and 800k wont get you very far in central London.
I had a 50sq metre 1 bed flat in chiswick, 15 years ago, and that cost over 200k, now i have a freaking mansion in W.A, 1 km off the beach....
We got a house a year ago in zone 4 ..combined income back then was 145k ..but trust me that alone is not what counts
Definitely asked the right question
I’m in Manchester and there’s so many people from London moving here it’s crazy 🤯 o and there all English 👍🏻
You need not a salary but a Celler full with money.
In 2024 in London you looking north for at least £1mil so banks generally give mortgages of 5.5x your income so you looking at a minimum of at least 250k to 300k and thats just to get a foot in the door realistically you need anywhere north of £400,000 a year
Everything you said is complete nonsense.
First of all, you don't need £1m to buy a house in London.
Secondly, banks will generally give you up to 4.5x maximum. Some situations you can get up to 5.5x, but these are not common.
Thirdly, if you're making £250k+ then you can already get a mortgage of comfortably above £1m, and are likely to have a significant deposit.
You can buy a house in London for £500k easily. You can buy nice flats for £300-500k. Still ridiculously expensive, but absolutely nothing near £1m.
@tensemurm5924 central London average price is 1.2mil so wtf you on about
@@cwilson1768 London and Central London are two very different things. That's like looking at Mayfair and basing London house prices on those.
@@tensemurm5924 finally someone who knows what they're talking about lol
My grandparents bought their house for £14K, it’s now “worth” £350K. They don’t even live in London.
Well over 100K-- think of how much a high salary loses in taxes once it hit a certain bracket though. Yeah, well over 100k unless you're buying a small 1 bed/studio flat in a far from salubrious area.
And the average graduate income is what? ££25k…post grad can jump to £45. Of course exceptions to areas, experience etc. but when you go into debt trying to just survive and get an education…let’s be realistic.
Why ask about houses? They're so space inefficient for a dense city like london. Much more resonable to ask how much buying a flat is.
The answer to that question would be minimum £300k
Well depends, in central area or the suburbs
What are they talking about? Per month or year?
That’s so affordable compared to LA county. It’s 300k minimum for a condo in the hood.
When help to buy was active you could get away with 50k tbh. Now i think 80k is probably the minimum, unless you're swimming in cash
Most people have no idea what is required to buy a house in London
£150k minimum for anywhere within zone 3.
You can borrow 4.5x income or somewhere there about. You ain't buying an actual house for less than 500k.
Celery. Probably 100m stalks of celery.
Should ask the same question in New Zealand try winning lotto
Buy in Italy, Germany, France most European countries and south east Asia. 👍👍
Upwards of 100 if you want a decent house in central? The delusion 😂😂 myself and friends earn upwards of 200 and can’t afford a house in central despite also being great at financial management. Why? Because we refuse to be in debt (yes mortgage is still debt) up the chin, that’s no life.
So, to live in a wealthy, expensive area you need to earn a lot. Meanwhile, water is wet.
Cali is so cheap as well, not too far off really! almost half a million to a 800k to buy a house over here lads!!
Love this
The black guy in the end is super cute 🥰
100k won’t buy you a house! If you get 100-150k a year and you have to pay rent which is at least 2k a month plus expenses 3.5k a month you can only save like 500 a month. You can’t buy a house by saving only 500 a month! A flat in London is around 1M. 500 a month x 12 months is only 6k a year savings. If you save 6k a year how many years do you have to work for to be able to afford a house for 1M?????
I work a london job remotely with 50k salary. I save 20k a year.
What celery?
Celery ? I’m good with carrots 🥕
I usually have my selerey with hummus
Such a broad question, London’s a big place. Name a neighbourhood and then ask. Silliness.
I would say a million for the area we live in
Born and raised Londoner here, i own a flat and only on just shy of 40k
Last guy JUST ANSWER THE SIMPLE QUESTION!!.🥴
Minimum £150k-200k after tax
£100K is about right. For a ‘cheap’ house of around £450K lenders will stipulate that you’re on £100K
I’d say six figures is about right. Unfortunate as it is… everyone I know that has managed it, is earning over six figures. And that’s for something in the range of £450-700k…
they are ignoring that as much as they earn the taxes are increasing, so at some point will be pointless lol
Don't vote Labour at the General Election then.
Theres houses for sale in my town for less than $10k.
One wants only $4k.
They arent pretty, but they are certainly liveable.
Why do they ask this question knowing full well it really depends on which part of London you buy in
There's that or England and I think if if you're a council tenant it's easier to buy with the different schemes that LA have. There's schemes for non council first time buyers too.
250-300K easily!
It’s around £8-10 for a pint and that’s a shit bran in central place has gone mad
Not even close, to live in the centre of London you'd need to spend 2.5 million plus. You can live in Greater London for a lot less but i earn a lot more than 100k and I could never afford to live in Central London.
Totally depends on how much the house is and how much deposit you have. The girl said she knew people renting on 50k, therefore you could own that house for 50k a year.
By that logic, you can buy a house with £0 income per year if you just happen to have a 'deposit' of £400k.
The point is that, on £50k, you're not going to realistically be able to save for a deposit big enough to buy a house, with the mortgage you're eligible for.
@@tensemurm5924 well yes, you can buy a house if you have no income but have the cash in the bank....
'How much do you need to earn to buy a house in london' was the question. So 50k is correct. This video is not about saving up for a deposit
@@John...44... ANY number is correct if you're ignoring the ability to save for a deposit...
@@tensemurm5924 good point.....
What kind of celery?
The green kind!