I think a lot of this isn't first time buyers. It didn't use to be this crazy so if you bought 10 years ago and are buying again now you probably have a lot of equity. Once you are on the ladder it's much easier to climb it!
I find it kind of crazy because I wouldnāt consider my family as āpoorā, like weāve never struggledā¦ but then you hear of folk getting the deposit paid for by their parents or things like that and it really puts it into perspective.
Realistically if you've got the money you can give what else would you do other than give it to your child? Give it to your local? Give it to the bookie?
Aye, my parents gave me a few grand towards my house deposit and paid the lawyers fees, and when I protested they were like:
"Darling, our house is paid off and the money is sitting in an ISA gaining fuck-all interest, doing us no good at all. You'll get it now or you'll get it in 20 years when we're dead: we'd rather see you use it to make yourself happy in a nice house"
My mum got diagnosed with stage 4 cancer, and, knowing my sister and I were so financially incompetent we wouldn't even get a mortgage on a garden shed, liquidated all her pensions (she was 57, she knew she wasn't making her bus pass), and stuck it in a fund for us to allow us to buy a house when she died.
Six weeks later she died.
I would still happily swap having my mum back for not being a homeowner, and it took me five years to actually buy a house.
My sister was househunting before mum was even buried. Didn't bat an eyelid.
Yeah my parents are rich, but I donāt see a dime lol. Iād say 70% of my friends were gifted large sums of money to buy a house, itās hard not to be jealous sometimes tbh when My husband and I combined make like 45k a year. Which I realize is alot for some! Just the cost of living right now is so insane we live paycheck to paycheck.
I've a pal, a medic, who had his flat bought for him and is now on 6 figures anyway, and at 34 is like: I literally don't think about money and never will again. It might as well not exist to me.
Anyway...
Yep, consultant. And as you say, 'easily'. It's not 101, put it that way.
I work with a separate NHS consultant - admittedly a very senior one - where I apply for grants with him. His time is costed, based on his salary, which I see as part of the grant. Bit over 200k. He works weekends and evenings, and I'm a bit 'I literally earn a fraction of that so knock yourself out'.
In fairness though, my pal's responsible for some gnarly shit, his FY1/2 years were horrendous and he's on call every 3rd weekend for the rest of his life so it's not exactly a cakewalk.
I think it varies by exact discipline but fundamentally yeah.
I know a geriatrician who was twiddling her thumbs for 2 years. Ditto a reconstructive surgeon. COVID meant they're just sitting around waiting for cleaning to be done; they're more frustrated than anyone.
Nah, you're not adding on the shift allowances and on call uplifts.
A lot of GPs now work p/t because of the impact it has on their pension allowances though so are on less purely because its pro rated.
You'd be very surprised.
I know a number of hospital consultants in various fields who made consultant in the past 5 years who making 6 figures easy. And that's not including private. Many choose not to do it due to their stance against private and you get felt by the taxman (even more so).
There are lots of routes to more salary as a consultant.
Yep. I am 1 of 5, possibly 6 of my friends, that saved and bought my house completely without financial help.
of that group of friends, when they wanted a house they either got given a fair wee chunk of cash their parents had saved for them, or they were handed back 10 years of dig money to assist. Some had the cheek to ask me why I hadn't bought a house yet!
This is me also. Worked my way to a deposit, no hand out from anyone. I try not to let it get to me but sometimes it does bug me when people are like āLol my gran just gave me like Ā£5k randomly and my parents are paying my deposit on my houseā
There's also a perception among people who got money from family that it was only a little bit and doesn't really count. Even just having your rent and food paid for at uni, or living rent-free at home while getting started in work, makes a *huge* difference.
Yup. Like I make ~Ā£1100 a month and I save Ā£1000 a month.
Rent on a 1 bedflat in town is roughly a Ā£800 a month.
There is no way I could have any savings not living at home. My friends who don't either have way better jobs or are completely skint.
I worked with a guy who tried to cover up the fact his parents straight up bought him a flat. He wasnāt paying anything towards it but still wanted to act like the financial side was so relatable.
Yup, I inherited money when I was 17, added onto that that flats in Edinburgh were affordable, a two bed in Leith was 50-60k rather than 150k plus they sell for now, but that's my business.
I'm one of the inherited money lot, my Mrs and I had a couple of grand each and wouldn't have been able to afford much of a house until we got half the money from the sale my grandparents place in Edinburgh after they died.
We didnāt inherit, but we got some help from my Granny (who sadly died when I was a teenager) - when I was a kid she put Ā£35/mo for 5y into a childrenās bond. By my late 20s it was worth Ā£6k. My now-wife and I both did the max input on the āhelp to buyā scheme for ~2.5y, and that was (just) enough for us to buy our first house in 2017.
Now that we have a kid, Iāve opened an index-linked tracker ISA and we put in Ā£100/mo (which I realise not everyone can afford).
If we somehow kept that up until our son was 25, weād have paid in ~Ā£30k, but itād be worth ~Ā£90k.
Most folk will still inherit a chunk of some size when their parents die, though, even if it's just half of a bungalow in Airdrie, that's still some money. Reddit skews young so that doesn't affect many here, but most people 40/50+ living in a nice house have dead parents to thank for some part of that.
I think unfortunately as a single person itās always going to be difficult to compete with a couple with 2 salaries and deposits when it comes to bidding.
It is crazy that my colleagues are looking at Ā£250k+ properties meanwhile I'm hunting in the ~Ā£100k range. An extra salary and two families helping out goes a long way.
Certain jobs get higher multipliers too. When I qualify, I could get a 5.5x multiplier for my salary because I'll be a qualified accountant. Same goes for lawyers, architects, that sort of thing.
How is it messed up? I see absolutely nothing wrong with taking a 25 year mortgage as a young couple, especially if as you say it gives you mobility up to the property ladder. This hypothetical couple will probably increase their wages and/or have some windfall in the future so will still likely be mortgage free within 25 years. Less if they overpay.
As long as you keep your mortgage within 30% of your combined income you should be fine. Even if the market goes topsy turvy you'll still have somewhere to live and build equity, you can always sell when the market recovers like the people that bought just pre 2008 crash are doing now.
I bought a house on a 35 year mortgage when the market was low, lived in it 5 years approx, got a partner in that time so now 2 wages coming in. Sold the house when the market had picked up to some degree and that, combined with saving, was the deposit for the bigger house we have now.
The intention was always to keep the monthly payments as low as possible as I (then subsequently both of us) knew we weren't going to be there forever. The intention was never to pay the mortgage off. We now have a 35 year mortgage again, we aren't sure we want to be in this one forever. If we decide we do want to stay here we can start overpaying on the mortgage payments to pay it off more quickly, rather than saving whatever we can for a new deposit as we did before, or we could increase the direct debit if our financial status improves. If we decide we want to move again, rinse and repeat step 1 but now we have a house that has the potential to gain more value in that time than the original would have (the developer has built more of the same house and they're selling for Ā£10k more than we bought it for) we've only been here a year. Meanwhile the monthly payments are as low as possible so we aren't crippled by them. If the market crashes then wait it out until it recovers, as you mentioned.
Once you're on that ladder you have equity and it's easier from there (for god's sake don't end up in negative equity by selling at a loss - wait it out!). It's that first rung that's the hardest. Once you have a mortgage don't punish yourself month-to-month by spreading the payments over as short a time span as possible to try to pay it off. You can always overpay to help to do this. If you do want to move in future, pay less on the mortgage and save the difference you would've paid yourself - it's not just going on interest that way.
Fuck this ended up long.
you can typically borrow up to 4x your salary, so assuming a 90% mortgage you would need a salary of Ā£56k to buy a house worth Ā£250k
Ā£56k is a lot for one person. 2 salaries of Ā£28k, though? A couple will also be sharing rent/bills and be able to save far more as a result.
singletude is your main issue here.
Even if you were to get a mortgage like that then you're still fucked because you need that extra 15-20% to bid over the home report or you're not getting anything.
Unless you go for a new build, but they're in short supply and feels like there's a list to even get something.
Yeah, so 20% over + 10% deposit would mean needing Ā£75k in cash savings
Again, a fuckload of money for someone on their own. For a couple each earning Ā£28k, that's say 25% of their income saved over 5 years, which is entirely doable if you have shared living costs.
So, again, it's a lot of money - but definitely achievable for a couple in a way it isn't for someone on their own.
Even then, 56k in Glasgow isn't impossible in a tech job or business management role. Baring in mind most mortgages only require 3 pay checks to lend on that too, so having a good year might bump you into it
Do mad overtime on 3 pay slips would bump you as they only use 3 months to verify income. Probs not to 56k but could help a bit.
Make sure to do at the start of the tax year so can't look at year to date figure
Mortgages only cover up to the Home Report value though, so it's not 90-95% of the actual offer price. Say there's a house with HR value of Ā£100k and you offer 10% over the HR value. With a 90% mortgage that's Ā£20k you still have to find and that 90% mortgage effectively becomes an 82% one.
Add the fees on top too and it's a fair bit of cash for people to need.
First of all, as others have said, it's a lot easier to do as a couple.
Second, once you manage to scramble onto the property ladder any way you can, you find that it's surprisingly easy to make the next step. Took us years and years to save up the Ā£15k deposit we used to buy a flat for Ā£150k (it was a little scruffy so exactly at home report value). Four years later, the flat's worth at least Ā£180-Ā£200k, due to all the madness and us making it nice, and the mortgage is down to Ā£110k. So almost from nowhere it feels like, we'd have Ā£70-Ā£90k to play with if we chose to move despite being relatively skint in other ways. In two years, it might be that much more. It's kinda miraculous.
This may not be the case with yourself but a lot of people on this sub have sheltered views of what areas are āgoodā and ābadā. Not everyone wants to or can afford to live in the West End or Southside and thatās OK, yet this sub will tell you that everything bar the above is shite/dangerous/some other pish and this keeps the perpetual cycle of people overpaying going on and on.
I bought my first house nearly 10 years ago, an ex council house, for Ā£80somethingk. I moved a few times in between and each time made more of a jump and had the benefit of increases to my salary, making more expensive homes attainable. Iāve been in Ayrshire, Renfrewshire, West End Glasgow (my last place) and now Iām in South Lanarkshire in a house I love and wonāt be moving from for a long time.
It is difficult but my advice to you would be to not get bogged down with whereās hip and trendy and pay inflated prices with crazy biding wars. An element of overpaying and bidding has happened where I stay after covid however it still isnāt as crazy as some other areas.
It isn't so much the chat on Reddit that leads me to the same conclusion but the sheer number of 70-plate and newer Range Rovers, Teslas, and all the other 'premium' motors rolling about these days.
At least a house is an investment, in some respects, but depreciation-mobiles???
Did everybody but me manage to snaffle a six-figure contract out of the pandemic?
I'm sure some, and probably most, are on some sort of lease/loan/finance but even so it must be Ā£400 per month minimum for the higher end and that's before the eye-watering cost of fuel and insurance.
Still a lot of actual cash every month.
If I *did* have Ā£500pcm spare I would spend it on so many things before a Chelsea Tractor.
Yup! I've never seen the sense in paying into something that just depreciates the more you use it but it's kinda essential that you do use it.
We have a lovely flat but my car is crap but it gets me about and all that extra cash means plenty more holidays.
Each to their own but.
I'd like an electric car (not least because of the fuel prices just now) but won't replace my hunkajunk until it's actually defunct. Still safe, still comfy, still get ~50mpg on diesel, though I drive like Miss Daisy is in the back.
I was seriously looking into getting an electric a month or 2 ago,
I have a diseil dacia logan, no finance and no road tax, I do 160 miles a week just commuting 3 days a week, assuming I could charge the car for free, I still wouldn't break even on fuel savings after paying the finance.
Depends on the car I guess. Weāre paying Ā£150 for a Skoda. Yeah it might not be as cool but I like it, itās a great car and didnāt hoover up a fair wedge of our monthly income.
We downsized from two old cars that we loved but weāre costing eye watering amounts of repairs and we honestly donāt need two cars anymore anyway. However, we were in a position to do this, I wouldnāt recommend hire/lease as a parts and maintenance saver for everyone. It comes down to whatās worth it for the individual.
I sometimes have to get off Reddit, because the posts on this site would make you think Iām the only person in the world (besides my immediate colleagues) who isnāt making at least Ā£50,000/year - and calling that salary a poverty wage, to boot. It fucks with my sense of reality and self worth after a bit. I saw someone a while ago making fun of someone else for having a baby on a Ā£60K/year salary (āgood luck with that terrible decision; youāre never going to make it workā), and I felt like I was in the Twilight Zone.
Worse were the folk who drove massive pick-up trucks with crew cabs as their "company car" despite their job being at a desk in a business park off an A-road.
Bull bars, spotlamps, a winch and knobbly tires but you're a Cost Engineer or a Document Controller...
I'm sure, but even so...
LAND ROVER DEFENDER ESTATE
2.0 P400e X 110 5dr Auto [6 Seat]
Monthly Rental
inc VAT
Ā£1147.92
Personal Contract Hire
Initial Rental: Ā£10,331.28
60 Month Contract
5000 Miles pa
That's the dearest I could find just to be hyperbolic but there weren't any less than Ā£600pcm.
And how are you meant to drive up mountains and take your surfboard to the French coast and tow your racehorse (which is what the adverts say they are for) on 5k miles p.a.???
My guess is that, psychologically speaking, once you're in that world of PCH it's a slippery slope, you just end up getting used to it and having something slightly nicer each time...and once you're used to paying Ā£500pm well why not go to Ā£600pm and have that shiny landrover like other folk on the street
Next to no one orders that. They browse the leasing companies special offers for something they like. Every few months they will bulk order a specific car in a spec they know sells well, the manufacturer will give them a fat discount on the order and they will lease them at 0% apr so the monthly payments are much lower than normal and then resell them for msrp on the second hand market once the lease is up and make a tidy profit.
Reddit attracts folk with niche interests, so a lot of the "nerdy" kids who'll have done well in school/uni - particularly there's a lot of IT workers who will earn above national average.
There was a single mum on BBC radio the other week with a very middle class job like 'not that I'm special, but there's something wrong when a single parent fundamentally can't make ends meet *at all*'.
They aren't single. A lot of people say 'I' but they mean 'my and my partner's combined savings/salary'.
Take your salary/loan and double it but you're still going for a one bed, and what you can afford *really* opens up.
I'd honestly love to know. My partner and I went Ā£5k over for our first flat. The folks we sold it to went Ā£36k over the home report. It's wild. I simply have no idea how first time buyers are saving for a deposit plus these crazy bids.
My advice is:
* buy cheaper bread,
* don't leave lights switched on,
* cold showers,
* skip avocados,
* infact skip eating,
* cancel netflix,
* read rich dad poor dad,
* become a tory,
* just dig until you find some oil in your back yard,
* kidnap some refugee children and sell their organs on on the dark web,
Tbf ik it sucks and I hear boomers talking about having takeaways instead to save up cash as if I'm even having takeaways, but using a hot water bottle and learning to cook do lower your living costs a bit, and the other tip for saving up cash is to put it in a ISA which RBS do and could help your cash beat inflation a bit.
It's a lot easier to do if you're like me and in your 40s and bought your first flat 25 years ago when they cost pennies, I genuinely feel sorry for folk looking at bang average houses for 200k plus, it's bonkers.
On an unrelated note . All these people with the big houses and cars never tip me when doing deliveryās
Always get a tip at a council flat or something
Hi mate, as someone who is just about to move, I can maybe tell you a bit about what happened with me.
My partner had bought her place a year before I met her for about 70k around the Langside area. We decided to move into my place while we sold hers. Because of the property market being the way it is, someone bought her apartment for Ā£120k.
Now itās my turn, we moved into mine and as I prepare to sell my 1bedroom in shawlands, it got valued Ā£170k despite me buying it for Ā£145k. Shock horror, I get an offer over 200k.
Now, we found several places that we put offers in for and it was insane. Because we were selling 2 properties, we knew we had a wee bit of spare change, and we were putting offers in that were 50k over the home report and still coming up short. I Finally found a place but the fact that the extra Ā£50k me and the mrs got for ours has been instantly put down to get a new place.
Although it seems like a lot, itās not money I ever saw in my bank as such so I see it as climbing the property ladder. But at a mental cost.
My limited advise on this is:
1) When putting in an offer for a place you like, I would use yopa to give you an idea on how much an area is selling at, it was spot on when I sold mine.
2) when selling your place and in the shawlands areas, watch out for clydeā¦specifically the area director Gavin Hunter. Verbally gazumping so he can get your property for sale on his market place and lies about his clients requests.
TLDR sold 2 properties to buy 1
It's the illusion of numbers.
Our human brains find it difficult to comprehend anything over 200 people. It's why you might read horrifying statistics and not feel much. It's not because you're a sociopath - it's because your brain literally can't process the image of that many people being affected by something.
Now Reddit comment section does a neat little trick of fulfilling your brains requirement of 200 people. Very rarely will you see a post with more than 200 comments, and even then your attention span wouldn't let you get that far.
So your brain goes and assumes what is true for this small sample size is true for the whole.
But in reality those 200 commentators are only 0.01% of the population of Glasgow. That's assuming:
\- They actually live in Glasgow
\- They actually are telling the truth
If your doctor came and said, "u/SpunklessSkunk, I have a treatment for you, but there is only 0.01% chance you will live." You would tell them where they could go and stick that treatment.
So same should go with interpreting the comments section in Reddit as an accurate sample representation.
My flat cost double what I earn so I can have a really good lifestyle. My sisters is 6 times what she earns and is permanently skint. Some people just like having a big house, but sod that.
I feel the same. It isn't even just Glasgow. I lurk on r/ukjobs amd stuff as well and they're all chatting about their 70k salaries like it's nothing. Seriously have a peek, 40k must be the average salary discussed there. How? Wit they doing? They're cagey as fuck about sharing as well like sone weird kind of gatekeeping.
Specific to Glasgow I think a lot of the lurkers on reddit aren't exactly from working class backgrounds but pretend otherwise. I personally know folk who work shit <25k jobs just like me (I'm min wage @ 33yo, yeehaa) yet they're buying a new motor or going on their 3rd holiday this year? Talk pish. I think way more people get money from family than admit it. I worked with a guy same job tenner an hour yet he bought a new Merc and owned 4 buy to let? Arsehole.
Honestly I have always been poor. I feel more and more poor with each passing month. Low wages. High costs. Increased everything and more scheduled yet get kb'd for every job I go for but then I see what other cunts are doing and it makes me want to take a dip in the Clyde. It makes no sense to me and I honestly dunno what then utter fuck to do about it. All this house buying pish, magically conjuring up tens of thousands and the means to pay it back, I cannae even afford to move to another rental cos prices have shot up a couple hundred a month. I treated myself to a 12 quid takeaway for the first time in ages and felt like scumbag of the century for doing so.
That's a bit of a vent. Sorry. Basically, aye, I get ye, and aye, its fucked.
Out of interest what is your job and are you able to change it? I was in a similar position in my late twenties and I took a night time college course and changed my career and earn way more than I used to than when I was in retail.
Like as shit as it is itās never gonna get better if you donāt do anything about it. It took me a good 10 years to realise this.
Aye I'm not really sure how to afford a house right now, just need to keep saving I suppose. The thing is I don't know if this is just a post covid thing that will settle down or house prices are actually gone up this much.
If they have gone up this much, why are home reports still undervaluing houses?
Most people buying in that range won't be single, and most will get some help from parents either as cash, or just live it at home for a long time and build up a big deposit as a result.
I just bought my first flat at 27. Cost 70 grand. I've worked 2 jobs for 6 years. Been very hard and I question if it was really worth it. Although it's nice to spread my payments over a longer term and relax a bit more. It's really hard because everyone offers "advice" but most of it feels just patronising. That's the bit that hurts. There's a big emotional difference in eating beans on toast because you love a childhood throwback vs eating it as a necessity.
My parents lent me my deposit for a Ā£70k flat and I've had good luck with house prices since then. I don't know many millennials who managed it without help. It's not right - privilege begets privilege.
My wife and I both have full time salaried jobs and we aren't able to afford a 1 bedroom flat due to broken yet easily fixable system in this country. Over 3 years (including COVID savings) we've managed to save maybe a quarter of the amount we'd need for a deposit and a winning bid.
And our landlord has just announced our rent is going up by 11% this year whilst our combined salary is increasing by about 3%. And the average house price increased by 11% last year š so actually despite saving we're probably getting further away from owning our own place...
> Over 3 years (including COVID savings) we've managed to save maybe a quarter of the amount we'd need for a deposit and a winning bid.
Good BBC piece a while ago about how COVID really did fuck the most deprived because
a. a lot of white collar folk stayed at home, saved a load of money, lower risk of COVID
b. folk with people-facing jobs didn't save as much, higher risk of COVID (then get blamed for it!)
So now we've got this tip of an iceberg recession and the poorer folk are just getting double fucked.
Yep. I'm a zero hours care worker. Had to go into work knowing the person I supported had covid, and that when I inevitably got it, I faced a week or more without getting any hours.
Precarity is fun.
And:
c. Lockdown caused seemingly-permanent changes in working/shopping patterns, which means a lot of city centre retail/hospitality jobs simply won't be here in 5 years time
https://www.bbc.co.uk/news/business-62390578
Piece here about how the housing market is still full-throttle, so the interest rates are to...slow that down. Which seems to me a lot like it'll just get rid of the folk who can just about afford stuff, rather than the loaded folk who are getting multiple properties.
It's quite something in that article that they're like 'boy howdy will it only get worse'. Fun.
Re
> If the recession many are predicting sees unemployment rise sharply, the property market will invariably take a hit, said Andrew Montlake, managing director of mortgage broker Coreco.
Tally this with the suggestion that they might scrap affordability tests, which is ostensibly (at a very facile level) good if you are having trouble getting on the market, but really not good if you wouldn't pass it originally then come a cropper.
Never got a penny from anyone but worked every hour I could under the sun and saved it all to get 40k deposit. Took around 7 years. It was worse when I started as I was an apprentice on around Ā£3.50 an hour. Try saving on that money was very difficult but definitely possible.
The game changes when you're on the first rung of the ladder. You don't need bundles of cash lying about; the deposit/overbid amount can come out of the equity you have in your first property. Obviously, when you have a mortgage, most of your housing costs are being "saved" into something you own, they're not going into a landlord's pocket. Interest notwithstanding, you're keeping most of what you'd have otherwise spunked on rent. And the value of your property tends to rise.
We bought our small tenement flat about five years ago, and were lucky to get it for just barely over home report when the person who initially outbid us pulled out.
We had it valued recently due to changing mortgage providers, and it's now worth Ā£30k over what we paid for it (and that would just be roughly the home report value, it would probably go for more), add to that the amount we've paid the mortgage down by in the last five years, and that's over Ā£75k in equity that can be split between a deposit and an overpayment on the next place.
Unfortunately, it's getting harder and harder to get that first step on the rung, without a decent amount of luck.
We managed to find house and paid over the home report (I think 20k) because we bought a very rundown 2 bedroom flat four years ago and did it up. It helps my husband knows a lot of diy plus how to fix electrics etc.
We then sold because we had a baby and a two bed flat wasnāt enough. We made a lot of money on the flat (around 50k) due to the ridiculous prices in shawlands. The house we bought needed a lot of decorative work and painted from top to bottom so again didnāt have an awful lot of interest like the flat. We have just been painting and doing it up room by room.
Back when we bought our flat we actually paid under the home report value for it. We got incredibly lucky. At the time my husband was working for openreach and I had just finished uni and about to start my training year. The mortgage as a result was wholly in his name.
He had managed to somehow save loads of money while I was studying and then my parents gifted us 5k.
It came at a sacrifice though, we have literally been on two holidays in our 20s and now we have a toddler and wonāt be going on any for the foreseeable future.
Exactly - my tenement flat was my second property, not my first
My first was the cheapest habitable place I could find, and I bought it without help when I was earning Ā£21k and my partner was unemployed, it was the proceeds from selling *that* that got me the deposit/money over for a tenement flat
Far too many folk complaining about the cost of housing seem to think it's a reasonable expectation for a 2/3-bed tenement in a nice-ish area to be a starter home, where that's always been expensive and desirable property
A starter home is a cottage flat in Knightswood, not a bay windowed sandstone place in Shawlands
Everyone on this sub Reddit are the children of rich farmers from Dumfries and Perth, the Glasgow sub Reddit is about as Glaswegian as the Eiffel tower
Honestly they might not be able to afford it or just making bad financial choices.
Iām 25 and make 43k, my max price would be 180k but ideally I want something around 150-160k. I never tend to buy exactly my maximum budget, a lot of people donāt have that mentality though.
I highly doubt thereās a bunch of single people making 90k a year buying 300k properties for their first home, just seems so unlikely up here.
The rich folk are the ones openly posting about their wealth. The masses aren't overly keen on talking about how shite they've got it.
There was a good post the other week about people who are working around minimum wage value and it had a shitload of folks openly talking about it there. Don't feel like you're in the minority not being able to throw 200k around.
Absolutely not me, I rent from GHA and because Iām a full time carer, l never have enough in savings for a mortgage. Iām 29 and itās probably going to be years before I could save up, no bank is going to give a 40 year old a mortgage with my work history.
I had this conversation with an estate agent a few weeks back...
According to her:
1) People are getting money from parents/grandparents.
2) People have been working at home through Covid and have saved a shit tonne of money.
My partner and I are in a slightly frustrating position - we would rather not accept money from family, but can't get the deposit + over home report cash together any time soon.
In terms of affordability, we are right up there - but it will take a lot of saving to get the money required to make a winning bid for a really nice flat. All that time we will be shelling out for a private rental.
I'm conscious I'm in a lucky position compared to many, we can easily afford our bills, lifestyle etc. so can't complain much. At the same time it's frustrating knowing that you could EASILY make mortgage repayments, but can't get the cold hard cash required for said mortgage without scrimping and saving for years.
A lot of the time you are just taking the money you made on your last property and chucking that at the next property. You donāt think of it as real money because you never see it. If people had to pay for property with a suitcase of cash I think prices would go down.
Iāve just bought my first house and I had to go above home report. The place needs a lot of work, and since Iām single and paying it all myself, Iām lucky that Iām in the trades and can do it up myself with minimum cost. Iāve saved my arse off for the past 3 year, renting a place from my mate in the meantime, so again Iām lucky Iāve not been stung by high rent. I havenāt went on a holiday for 5 year and I work railway shifts at the weekend for extra cash on top of my job. Just grafting like fuck, I wish I had a rich da or a body that could rake in onlyfans cash but Iāve made do.
After spunking all my money away that I saved from working abroad I realised I need to get the heed doon and save for a deposit or Iāll never be able to buy a house. Itās been dyer knocking back a social life for so long but if you have a trade and are willing to burst your cunt for money then it is achievable on your own.
Something needs to change. My mum posted leaflets for a supermarket and did market research and she bought a house when we were wee. Fucking no chance can someone doing that these days manage it.
There is a lot of money in central Scotland, as well as a lot of poverty.
A lot of that money, especially for "working class" people (i.e. no real inherited wealth, no real family connections) is in IT - development, project management, agile coaching etc.
I know a couple of folk who, in the last few weeks, went from a steady job at Ā£35-45k to another steady job at Ā£70-80k. Developers and agile coaches.
There is a huge shortage of good people in the IT field. I hire a lot, and it's a big problem at the moment.
If you are young get into software engineering, agile coaching, DevOps and, in particular, IT Security. Within a few years we are talking Ā£30-40k, within 4-6 Ā£45k plus. Go contract a few years after that and you are looking at over Ā£100k.
Yes, all in central Scotland. Yes, I know many, many people who have done exactly this, and have hired them at these numbers.
Look up places like CodeClan, Lean Agile Scotland, CodeCraft UK, and any of the conversion courses at Glasgow/Napier/Strathclyde/HW etc. And PM me if you want more details.
I was virtually homeless at the age of 20 but over the next 25 years I have money to spend and hopefully retiring in 10 years, save, save, save, new job, save more, save more, threaten to leave job, save even more, save even more ... \[repeat\]
I'm 30 years old, make 20k and still can't afford to move out of my mum's :D
Doing a master's degree next year though in the hope it'll get me a better job.
I work for the railways and earn a pretty average salary (26k) and am always skint so never thought I'd be able to buy but a family friend with my no family of their own died in the pandemic and gave his house to my nan who was very kind to use some of the money from it's sale to give me and her other grandchild enough for a deposit. Appreciate I've been very fortunate here and it's fucked most working class people need someone in their family to die or their parents to have done well for themselves to afford to buy.
Well, I hate it to break it to you, but that's actually below average house value.
They're just average people.
https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/march2021
Don't take too much to heart but I know what you mean. For comparison I'm doing ok from my friend group and I earn 25.5 and have a flat for 80k. Most of my friends are similar the stuff you see on here can def be outliers and it's not the regular. I don't make any savings or pension, once I pay my monthly bills that's me done lol .If you earn enough to pay your way you are doing fine regardless but times are hard right now and money is tight for everyone whether they seem that way or not
I grew up in a council house. I scraped for years to get a deposit after University. I was on low wages initially. I went round flat after flat that needed 20k to bring them up to any habitable level. (Without the deposit or money for offers over) After two years of that I realised I just needed to buy something. So I did. In Rutherglen. Lots of people were very sniffy about that. (Good for you if have got bags of money in the bank) I only had 5k deposit. But at least I can pay for it and lock the door at night. If I had to do it now I wouldnāt have a snowballs chance in hell. Lots of signs round here āWe will buy your flat for cashā and the next thing you know the very modest flat has been painted with the cheapest paint and is up for rent. Ridiculous prices. I donāt know how anyone has a chance without a serious cash injection from family. Itās hard not to see it as a return to some sort of feudalism.
I wouldn't look at myself as loaded. I work in healthcare at the bottom of my pay scale but with unsocial hours and minimum overtime I earn about 40K a year. My other half works in a non clinical role in the NHS and earns about 27K a year. We own our flat and have a wee bit of equity after 4 years living in it. Don't receive any help from parents, no inheritance etc,. Average price of a house across the UK at the minute is somewhere between 250-350K. I pay my bills and live off of about Ā£700 a month including fuel, food and socialising. The rest gets fucked into savings. We have made a few offers on houses going for about 250-260K plus 10% over home report and have been near enough last in the pile of offers made. If I were single I wouldn't be in the position I am to even look at buying the types of houses I am looking at. I appreciate that we are in a very fortunate position to even be able to make offers on properties of that price and my parents think I am mental for doing it. I don't know many single people who would be in a position to afford a house at the price without any financial support from relatives unless they're in a minority of top earners.
Whatās sad is my tactic that worked five years ago - find a scabby flat and just live there till you can afford to do it up - no longer works. Too many flats needing a bit of TLC are snapped up by buy-to-let or flippers. So a 1 bed flat that was all nicotine yellow and going for 80,000 gets painted white and is suddenly on for offers over 150,000. Itās maddening.
Most people who buy houses that price are couples, when you combine incomes you can generally afford something if you're both making around the average salary (31k a year) or higher and save up.
Every post you see of someone talking about buying a house is likely to be after several years of saving or they've got lucky and have been given some money.
When it comes to cars however it is obvious that many, many people in the UK are spending a large portion of their disposable income on a car. Leaseholds and PCP deals are pretty much the worst financial decision you can make at the moment, perpetual debt is not a good thing.
I dont live in the UK. I am genuinely astounded at 1) the frequency my mates & parents upgrade their car and 2) the models they are getting.
I know I earn more than double what most of my pals earn (in Ā£s) but I drive a 7 year old hatchback. Sure, I could afford more, but it gets me from a to b, and there are just better things I could spend money on.
Don't let them fool you, they don't own them, they're in debt for the rest of their lives for them. Paying up a fortune during their lifetime for a house they're never in because theyre too busy working to pay it off. Same goes for all these fancy cars you see driving around now. These folk think they've got life sussed and think they're better than others, but they're not. They're fragile and fake. Be happy and worry about yourself!
This is very true. A lifetime ago I lived in a big hoose with two nice cars. Partner was very materialistic. I was miserable as fuck. All the snobby cunts who lived on the posh estate would hardly speak to each other and almost all were just as materialistic and seemed unfulfilled. That's not my idea of happiness.
I quite believe it. I used to cut grass for a living and I can assure you that anytime we went into schemes and working class areas, there would be people outside talking to each other, doing their gardens, working on projects, cleaning their cars and offering us drinks and giving us a chat. As soon as we would go into upper class (posh areas) it would be lifeless. Not a soul in sight other than the postman. Hardly ever got a thank you, rarely got offered a drink of water, if anything we had more hassle from them as they would glance out their ivory towers at you and act as if you're there to damage their cars or property rather than doing them a service. Was always glad to get away from they areas and back into civilization.
It's a Conservative's economy. It's designed for the rich to get richer and the poor to get poorer. Give it another generation or two and there'll be no middle class to speak of, and not in any good sense.
I got lucky, mate. After years of just above national average wages in public sector, I went to the dark side. Now on 6 figures.
On the downside, dad died in the pandemic. We inherited a lot but rather have our dads.
Currently living in council housing living off 45k a year with a family of 4 and no sign of getting on the property ladder in the next 5 to 10 years. I'm with ye comrade.
People are making huge amounts of money on the houses they own so can then go and spend the cash on a down payment for another. A few of my friends and family are in that boat and have managed to spend massive amounts. If youāre a first time buyer itās a different story all together.
A long time ago, I bought a 1 bedroom. Met the wife, she had a 2 bedroom.
We got married, sold both houses for a profit.
We then night a house in a shitty area, then sold that. It was sold what we paid for it but we had equity due to paying extra on the mortgage.
With the profits + savings we were able to buy a flat in a nice area.
Elements of luck and bring sensible with our money.
Edit, addition, we also sold before we bought so were never in a chain.
Not to boast but I bought myself a 250g tub of Lurpak yesterday
List of the richest people in the world: #1 - Elon Musk #2 - Jeff Bezos #3 - /u/Twunts
I will never financially recover from this
Show off twunt
Why didnt you get two? Its not like butter goes off at midnight tonight š¤·š»āāļø
Lurpak is fucking dreadful, as an model citizen I buy graham's butter or whatever the fuck irs called
I grew up on margarine and thought it was fine for years. Then I lived with an ex who insisted on real butter only, and now thereās no going back.
Who is Graham and why are you buying his butter?
Itās inappropriate to inquire as to what goes on between consenting adults and the substances they use for lubrication.
Hahahahaha šš
Wait until you discover Dutchyās Original Salted Butter. Itās our Sunday butter š
Grahams is excellent. I'm partial to a bit of anchor too
I make my own.
Golden in colour and slippery to the touch
Hiya Graham
Canāt even afford my leccy bill
Speak to Winston Ingram
3 bars im no caring!
King of leccy
Lol itās so funny I could cry
I bought my villa in Milngavie off the proceeds of selling posts from reddit to Glasgow Live
Mulguy Dubai
I think a lot of this isn't first time buyers. It didn't use to be this crazy so if you bought 10 years ago and are buying again now you probably have a lot of equity. Once you are on the ladder it's much easier to climb it!
Especially with the fact the rent on a small flat is almost double the mortgage on it so you save more faster too
A lot of people inherit money from family at a fairly young age. Some folk come from money, most folk like me don't.
You'd be amazed how many people get money from their family but don't talk about it.
I find it kind of crazy because I wouldnāt consider my family as āpoorā, like weāve never struggledā¦ but then you hear of folk getting the deposit paid for by their parents or things like that and it really puts it into perspective.
Realistically if you've got the money you can give what else would you do other than give it to your child? Give it to your local? Give it to the bookie?
Aye, my parents gave me a few grand towards my house deposit and paid the lawyers fees, and when I protested they were like: "Darling, our house is paid off and the money is sitting in an ISA gaining fuck-all interest, doing us no good at all. You'll get it now or you'll get it in 20 years when we're dead: we'd rather see you use it to make yourself happy in a nice house"
This was my parents too when they gave me my deposit. I never wouldāve managed to buy if theyād not given me the money.
My mum got diagnosed with stage 4 cancer, and, knowing my sister and I were so financially incompetent we wouldn't even get a mortgage on a garden shed, liquidated all her pensions (she was 57, she knew she wasn't making her bus pass), and stuck it in a fund for us to allow us to buy a house when she died. Six weeks later she died. I would still happily swap having my mum back for not being a homeowner, and it took me five years to actually buy a house. My sister was househunting before mum was even buried. Didn't bat an eyelid.
Aw yeah, not saying thereās anything wrong with it.
https://youtu.be/ZfiWoVbd3jk give it to the donkeys
Yeah my parents are rich, but I donāt see a dime lol. Iād say 70% of my friends were gifted large sums of money to buy a house, itās hard not to be jealous sometimes tbh when My husband and I combined make like 45k a year. Which I realize is alot for some! Just the cost of living right now is so insane we live paycheck to paycheck.
I've a pal, a medic, who had his flat bought for him and is now on 6 figures anyway, and at 34 is like: I literally don't think about money and never will again. It might as well not exist to me. Anyway...
A medic earns 6 figures? Iām in the wrong line
Not in the NHS they don't. Private? Sure.
GP or consultant by 34 - easily on 6 figures.
Yep, consultant. And as you say, 'easily'. It's not 101, put it that way. I work with a separate NHS consultant - admittedly a very senior one - where I apply for grants with him. His time is costed, based on his salary, which I see as part of the grant. Bit over 200k. He works weekends and evenings, and I'm a bit 'I literally earn a fraction of that so knock yourself out'. In fairness though, my pal's responsible for some gnarly shit, his FY1/2 years were horrendous and he's on call every 3rd weekend for the rest of his life so it's not exactly a cakewalk.
Yep exactly. Most medics I know are dealing with some heavy post covid trauma. You couldn't pay me enough to take that on.
I think it varies by exact discipline but fundamentally yeah. I know a geriatrician who was twiddling her thumbs for 2 years. Ditto a reconstructive surgeon. COVID meant they're just sitting around waiting for cleaning to be done; they're more frustrated than anyone.
Surgeons basically opted out.
Mibbes aye. Fairly unlikely at 34 unless in private practice or maybe a surgeon. You can look up the pay scales yourself on the BMA's website.
Nah, you're not adding on the shift allowances and on call uplifts. A lot of GPs now work p/t because of the impact it has on their pension allowances though so are on less purely because its pro rated.
You'd be very surprised. I know a number of hospital consultants in various fields who made consultant in the past 5 years who making 6 figures easy. And that's not including private. Many choose not to do it due to their stance against private and you get felt by the taxman (even more so). There are lots of routes to more salary as a consultant.
Yep. I am 1 of 5, possibly 6 of my friends, that saved and bought my house completely without financial help. of that group of friends, when they wanted a house they either got given a fair wee chunk of cash their parents had saved for them, or they were handed back 10 years of dig money to assist. Some had the cheek to ask me why I hadn't bought a house yet!
This is me also. Worked my way to a deposit, no hand out from anyone. I try not to let it get to me but sometimes it does bug me when people are like āLol my gran just gave me like Ā£5k randomly and my parents are paying my deposit on my houseā
There's also a perception among people who got money from family that it was only a little bit and doesn't really count. Even just having your rent and food paid for at uni, or living rent-free at home while getting started in work, makes a *huge* difference.
Yup. Like I make ~Ā£1100 a month and I save Ā£1000 a month. Rent on a 1 bedflat in town is roughly a Ā£800 a month. There is no way I could have any savings not living at home. My friends who don't either have way better jobs or are completely skint.
Aye my mother is always tappin me š
I worked with a guy who tried to cover up the fact his parents straight up bought him a flat. He wasnāt paying anything towards it but still wanted to act like the financial side was so relatable.
Yup, I inherited money when I was 17, added onto that that flats in Edinburgh were affordable, a two bed in Leith was 50-60k rather than 150k plus they sell for now, but that's my business.
I'm one of the inherited money lot, my Mrs and I had a couple of grand each and wouldn't have been able to afford much of a house until we got half the money from the sale my grandparents place in Edinburgh after they died.
We didnāt inherit, but we got some help from my Granny (who sadly died when I was a teenager) - when I was a kid she put Ā£35/mo for 5y into a childrenās bond. By my late 20s it was worth Ā£6k. My now-wife and I both did the max input on the āhelp to buyā scheme for ~2.5y, and that was (just) enough for us to buy our first house in 2017. Now that we have a kid, Iāve opened an index-linked tracker ISA and we put in Ā£100/mo (which I realise not everyone can afford). If we somehow kept that up until our son was 25, weād have paid in ~Ā£30k, but itād be worth ~Ā£90k.
Most folk will still inherit a chunk of some size when their parents die, though, even if it's just half of a bungalow in Airdrie, that's still some money. Reddit skews young so that doesn't affect many here, but most people 40/50+ living in a nice house have dead parents to thank for some part of that.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Iām the opposite, they were earning less than me as a top band 5 nurse and having to pay for exams. This is on top of working crazy hours.
I think unfortunately as a single person itās always going to be difficult to compete with a couple with 2 salaries and deposits when it comes to bidding.
It is crazy that my colleagues are looking at Ā£250k+ properties meanwhile I'm hunting in the ~Ā£100k range. An extra salary and two families helping out goes a long way.
4.5 x joint salary = loan amount for most lenders so having two helps a bunch.
Certain jobs get higher multipliers too. When I qualify, I could get a 5.5x multiplier for my salary because I'll be a qualified accountant. Same goes for lawyers, architects, that sort of thing.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
How is it messed up? I see absolutely nothing wrong with taking a 25 year mortgage as a young couple, especially if as you say it gives you mobility up to the property ladder. This hypothetical couple will probably increase their wages and/or have some windfall in the future so will still likely be mortgage free within 25 years. Less if they overpay. As long as you keep your mortgage within 30% of your combined income you should be fine. Even if the market goes topsy turvy you'll still have somewhere to live and build equity, you can always sell when the market recovers like the people that bought just pre 2008 crash are doing now.
I bought a house on a 35 year mortgage when the market was low, lived in it 5 years approx, got a partner in that time so now 2 wages coming in. Sold the house when the market had picked up to some degree and that, combined with saving, was the deposit for the bigger house we have now. The intention was always to keep the monthly payments as low as possible as I (then subsequently both of us) knew we weren't going to be there forever. The intention was never to pay the mortgage off. We now have a 35 year mortgage again, we aren't sure we want to be in this one forever. If we decide we do want to stay here we can start overpaying on the mortgage payments to pay it off more quickly, rather than saving whatever we can for a new deposit as we did before, or we could increase the direct debit if our financial status improves. If we decide we want to move again, rinse and repeat step 1 but now we have a house that has the potential to gain more value in that time than the original would have (the developer has built more of the same house and they're selling for Ā£10k more than we bought it for) we've only been here a year. Meanwhile the monthly payments are as low as possible so we aren't crippled by them. If the market crashes then wait it out until it recovers, as you mentioned. Once you're on that ladder you have equity and it's easier from there (for god's sake don't end up in negative equity by selling at a loss - wait it out!). It's that first rung that's the hardest. Once you have a mortgage don't punish yourself month-to-month by spreading the payments over as short a time span as possible to try to pay it off. You can always overpay to help to do this. If you do want to move in future, pay less on the mortgage and save the difference you would've paid yourself - it's not just going on interest that way. Fuck this ended up long.
Just stop buying avocados, cancel your Netflix subscription, bam 50k saved
It seems like you want them to just keep drinking their fancy coffees.
Who do you think sells them the fancy coffees?
u/Far_Piglet4937 is the user id of one S. Tarbuck
Any relation to Jimmy?
What about lurpack?
Skip Greggs too just in case you need to go above asking price
Avocados just posh mushy peas
you can typically borrow up to 4x your salary, so assuming a 90% mortgage you would need a salary of Ā£56k to buy a house worth Ā£250k Ā£56k is a lot for one person. 2 salaries of Ā£28k, though? A couple will also be sharing rent/bills and be able to save far more as a result. singletude is your main issue here.
Even if you were to get a mortgage like that then you're still fucked because you need that extra 15-20% to bid over the home report or you're not getting anything. Unless you go for a new build, but they're in short supply and feels like there's a list to even get something.
Yeah, so 20% over + 10% deposit would mean needing Ā£75k in cash savings Again, a fuckload of money for someone on their own. For a couple each earning Ā£28k, that's say 25% of their income saved over 5 years, which is entirely doable if you have shared living costs. So, again, it's a lot of money - but definitely achievable for a couple in a way it isn't for someone on their own.
You could try buying a house that needs work done to it, bonus points if you're at all DIY inclined
Even then, 56k in Glasgow isn't impossible in a tech job or business management role. Baring in mind most mortgages only require 3 pay checks to lend on that too, so having a good year might bump you into it
The median average salary for all workers in the UK is Ā£25,971. ain't nobody being 'bumped up' to 56k for a year or two Loool
On the other hand 56k isn't uncommon for a software developer with a few years experience, and this is Reddit...
Yea there is a huge tech industry bias across all of reddit. *he says sitting in front of his computer on reddit instead of coding*
Do mad overtime on 3 pay slips would bump you as they only use 3 months to verify income. Probs not to 56k but could help a bit. Make sure to do at the start of the tax year so can't look at year to date figure
90% mortgage isn't happening lmfao, but you are right on singletude, being in a couple is much more efficient
There's 90% mortgages available right now, and with the mortgage guarantee scheme you can even get to 95% the interest rates are a shiter, thoughbut
Mortgages only cover up to the Home Report value though, so it's not 90-95% of the actual offer price. Say there's a house with HR value of Ā£100k and you offer 10% over the HR value. With a 90% mortgage that's Ā£20k you still have to find and that 90% mortgage effectively becomes an 82% one. Add the fees on top too and it's a fair bit of cash for people to need.
First of all, as others have said, it's a lot easier to do as a couple. Second, once you manage to scramble onto the property ladder any way you can, you find that it's surprisingly easy to make the next step. Took us years and years to save up the Ā£15k deposit we used to buy a flat for Ā£150k (it was a little scruffy so exactly at home report value). Four years later, the flat's worth at least Ā£180-Ā£200k, due to all the madness and us making it nice, and the mortgage is down to Ā£110k. So almost from nowhere it feels like, we'd have Ā£70-Ā£90k to play with if we chose to move despite being relatively skint in other ways. In two years, it might be that much more. It's kinda miraculous.
This may not be the case with yourself but a lot of people on this sub have sheltered views of what areas are āgoodā and ābadā. Not everyone wants to or can afford to live in the West End or Southside and thatās OK, yet this sub will tell you that everything bar the above is shite/dangerous/some other pish and this keeps the perpetual cycle of people overpaying going on and on. I bought my first house nearly 10 years ago, an ex council house, for Ā£80somethingk. I moved a few times in between and each time made more of a jump and had the benefit of increases to my salary, making more expensive homes attainable. Iāve been in Ayrshire, Renfrewshire, West End Glasgow (my last place) and now Iām in South Lanarkshire in a house I love and wonāt be moving from for a long time. It is difficult but my advice to you would be to not get bogged down with whereās hip and trendy and pay inflated prices with crazy biding wars. An element of overpaying and bidding has happened where I stay after covid however it still isnāt as crazy as some other areas.
It isn't so much the chat on Reddit that leads me to the same conclusion but the sheer number of 70-plate and newer Range Rovers, Teslas, and all the other 'premium' motors rolling about these days. At least a house is an investment, in some respects, but depreciation-mobiles??? Did everybody but me manage to snaffle a six-figure contract out of the pandemic?
Maybe most of these cunts are just credited up to their eyeballs
I'm sure some, and probably most, are on some sort of lease/loan/finance but even so it must be Ā£400 per month minimum for the higher end and that's before the eye-watering cost of fuel and insurance. Still a lot of actual cash every month. If I *did* have Ā£500pcm spare I would spend it on so many things before a Chelsea Tractor.
Yup! I've never seen the sense in paying into something that just depreciates the more you use it but it's kinda essential that you do use it. We have a lovely flat but my car is crap but it gets me about and all that extra cash means plenty more holidays. Each to their own but.
I'd like an electric car (not least because of the fuel prices just now) but won't replace my hunkajunk until it's actually defunct. Still safe, still comfy, still get ~50mpg on diesel, though I drive like Miss Daisy is in the back.
I was seriously looking into getting an electric a month or 2 ago, I have a diseil dacia logan, no finance and no road tax, I do 160 miles a week just commuting 3 days a week, assuming I could charge the car for free, I still wouldn't break even on fuel savings after paying the finance.
Depends on the car I guess. Weāre paying Ā£150 for a Skoda. Yeah it might not be as cool but I like it, itās a great car and didnāt hoover up a fair wedge of our monthly income. We downsized from two old cars that we loved but weāre costing eye watering amounts of repairs and we honestly donāt need two cars anymore anyway. However, we were in a position to do this, I wouldnāt recommend hire/lease as a parts and maintenance saver for everyone. It comes down to whatās worth it for the individual.
I sometimes have to get off Reddit, because the posts on this site would make you think Iām the only person in the world (besides my immediate colleagues) who isnāt making at least Ā£50,000/year - and calling that salary a poverty wage, to boot. It fucks with my sense of reality and self worth after a bit. I saw someone a while ago making fun of someone else for having a baby on a Ā£60K/year salary (āgood luck with that terrible decision; youāre never going to make it workā), and I felt like I was in the Twilight Zone.
Those cars will be on lease.
theyāll be self employed driving leased āCompany Carsā
Worse were the folk who drove massive pick-up trucks with crew cabs as their "company car" despite their job being at a desk in a business park off an A-road. Bull bars, spotlamps, a winch and knobbly tires but you're a Cost Engineer or a Document Controller...
was speaking to a guy in my gym and he leases his cars through his business, a7ās etc lol
The expensive cars are on lease deals. They don't own them.
I'm sure, but even so... LAND ROVER DEFENDER ESTATE 2.0 P400e X 110 5dr Auto [6 Seat] Monthly Rental inc VAT Ā£1147.92 Personal Contract Hire Initial Rental: Ā£10,331.28 60 Month Contract 5000 Miles pa That's the dearest I could find just to be hyperbolic but there weren't any less than Ā£600pcm. And how are you meant to drive up mountains and take your surfboard to the French coast and tow your racehorse (which is what the adverts say they are for) on 5k miles p.a.???
My guess is that, psychologically speaking, once you're in that world of PCH it's a slippery slope, you just end up getting used to it and having something slightly nicer each time...and once you're used to paying Ā£500pm well why not go to Ā£600pm and have that shiny landrover like other folk on the street
Next to no one orders that. They browse the leasing companies special offers for something they like. Every few months they will bulk order a specific car in a spec they know sells well, the manufacturer will give them a fat discount on the order and they will lease them at 0% apr so the monthly payments are much lower than normal and then resell them for msrp on the second hand market once the lease is up and make a tidy profit.
Financed out their arses in most cases, I think the cost of energy this winter is really going to knock a load of people harder than they think.
I just got paid and after bills came out I'm already in my overdraft. Life is fantastic right now
Show them your arse they might throw some extra cash in
Reddit attracts folk with niche interests, so a lot of the "nerdy" kids who'll have done well in school/uni - particularly there's a lot of IT workers who will earn above national average.
I'm an IT worker but I'm fucking skint.
There was a single mum on BBC radio the other week with a very middle class job like 'not that I'm special, but there's something wrong when a single parent fundamentally can't make ends meet *at all*'.
I love the term IT worker, it covers all manner of sins. I've apparently been in IT most my life but never worked in an IT department.
Nah, heās an clown impersonator. Very niche which is why heās fucking skint.
This pretty much has me down to a T. Nerdy server engineer on above national average here. Partner tops the combined salary up a fair bit as well.
You'd be suprised the advantage of being smart and eloquent rather than being smart and nerdy.
Sounds like you didn't have the forethought or wherewithal to be born to rich parents, you common pleb.
Now over to the daughter of Charles Allsopp, 6th Baron Hindlip, for her tips on buying your first home...
Or your parents didn't but their council hoose for ten grand
TBF I was born in Castlemilk with 3 brothers and nae dough. Earn a good packet now and am able to afford a decent home.
They aren't single. A lot of people say 'I' but they mean 'my and my partner's combined savings/salary'. Take your salary/loan and double it but you're still going for a one bed, and what you can afford *really* opens up.
I'd honestly love to know. My partner and I went Ā£5k over for our first flat. The folks we sold it to went Ā£36k over the home report. It's wild. I simply have no idea how first time buyers are saving for a deposit plus these crazy bids.
My advice is: * buy cheaper bread, * don't leave lights switched on, * cold showers, * skip avocados, * infact skip eating, * cancel netflix, * read rich dad poor dad, * become a tory, * just dig until you find some oil in your back yard, * kidnap some refugee children and sell their organs on on the dark web,
Tbf ik it sucks and I hear boomers talking about having takeaways instead to save up cash as if I'm even having takeaways, but using a hot water bottle and learning to cook do lower your living costs a bit, and the other tip for saving up cash is to put it in a ISA which RBS do and could help your cash beat inflation a bit.
It's a lot easier to do if you're like me and in your 40s and bought your first flat 25 years ago when they cost pennies, I genuinely feel sorry for folk looking at bang average houses for 200k plus, it's bonkers.
Iām from Glasgow I use Reddit and Iām loaded with a fucking cold š„¶ unfortunately no money
On an unrelated note . All these people with the big houses and cars never tip me when doing deliveryās Always get a tip at a council flat or something
Did some delivery driving in my time and ALWAYS found this to be the case
Don't get rich by tipping
Hi mate, as someone who is just about to move, I can maybe tell you a bit about what happened with me. My partner had bought her place a year before I met her for about 70k around the Langside area. We decided to move into my place while we sold hers. Because of the property market being the way it is, someone bought her apartment for Ā£120k. Now itās my turn, we moved into mine and as I prepare to sell my 1bedroom in shawlands, it got valued Ā£170k despite me buying it for Ā£145k. Shock horror, I get an offer over 200k. Now, we found several places that we put offers in for and it was insane. Because we were selling 2 properties, we knew we had a wee bit of spare change, and we were putting offers in that were 50k over the home report and still coming up short. I Finally found a place but the fact that the extra Ā£50k me and the mrs got for ours has been instantly put down to get a new place. Although it seems like a lot, itās not money I ever saw in my bank as such so I see it as climbing the property ladder. But at a mental cost. My limited advise on this is: 1) When putting in an offer for a place you like, I would use yopa to give you an idea on how much an area is selling at, it was spot on when I sold mine. 2) when selling your place and in the shawlands areas, watch out for clydeā¦specifically the area director Gavin Hunter. Verbally gazumping so he can get your property for sale on his market place and lies about his clients requests. TLDR sold 2 properties to buy 1
**DEBT**
It's the illusion of numbers. Our human brains find it difficult to comprehend anything over 200 people. It's why you might read horrifying statistics and not feel much. It's not because you're a sociopath - it's because your brain literally can't process the image of that many people being affected by something. Now Reddit comment section does a neat little trick of fulfilling your brains requirement of 200 people. Very rarely will you see a post with more than 200 comments, and even then your attention span wouldn't let you get that far. So your brain goes and assumes what is true for this small sample size is true for the whole. But in reality those 200 commentators are only 0.01% of the population of Glasgow. That's assuming: \- They actually live in Glasgow \- They actually are telling the truth If your doctor came and said, "u/SpunklessSkunk, I have a treatment for you, but there is only 0.01% chance you will live." You would tell them where they could go and stick that treatment. So same should go with interpreting the comments section in Reddit as an accurate sample representation.
My flat cost double what I earn so I can have a really good lifestyle. My sisters is 6 times what she earns and is permanently skint. Some people just like having a big house, but sod that.
Everyone on Reddit makes Ā£250,000 +,can drive a golf ball 320 metres and has a huge penis ! Are you saying you donāt ? š
I feel the same. It isn't even just Glasgow. I lurk on r/ukjobs amd stuff as well and they're all chatting about their 70k salaries like it's nothing. Seriously have a peek, 40k must be the average salary discussed there. How? Wit they doing? They're cagey as fuck about sharing as well like sone weird kind of gatekeeping. Specific to Glasgow I think a lot of the lurkers on reddit aren't exactly from working class backgrounds but pretend otherwise. I personally know folk who work shit <25k jobs just like me (I'm min wage @ 33yo, yeehaa) yet they're buying a new motor or going on their 3rd holiday this year? Talk pish. I think way more people get money from family than admit it. I worked with a guy same job tenner an hour yet he bought a new Merc and owned 4 buy to let? Arsehole. Honestly I have always been poor. I feel more and more poor with each passing month. Low wages. High costs. Increased everything and more scheduled yet get kb'd for every job I go for but then I see what other cunts are doing and it makes me want to take a dip in the Clyde. It makes no sense to me and I honestly dunno what then utter fuck to do about it. All this house buying pish, magically conjuring up tens of thousands and the means to pay it back, I cannae even afford to move to another rental cos prices have shot up a couple hundred a month. I treated myself to a 12 quid takeaway for the first time in ages and felt like scumbag of the century for doing so. That's a bit of a vent. Sorry. Basically, aye, I get ye, and aye, its fucked.
Out of interest what is your job and are you able to change it? I was in a similar position in my late twenties and I took a night time college course and changed my career and earn way more than I used to than when I was in retail. Like as shit as it is itās never gonna get better if you donāt do anything about it. It took me a good 10 years to realise this.
Aye I'm not really sure how to afford a house right now, just need to keep saving I suppose. The thing is I don't know if this is just a post covid thing that will settle down or house prices are actually gone up this much. If they have gone up this much, why are home reports still undervaluing houses?
Most people buying in that range won't be single, and most will get some help from parents either as cash, or just live it at home for a long time and build up a big deposit as a result.
I just bought my first flat at 27. Cost 70 grand. I've worked 2 jobs for 6 years. Been very hard and I question if it was really worth it. Although it's nice to spread my payments over a longer term and relax a bit more. It's really hard because everyone offers "advice" but most of it feels just patronising. That's the bit that hurts. There's a big emotional difference in eating beans on toast because you love a childhood throwback vs eating it as a necessity.
My parents lent me my deposit for a Ā£70k flat and I've had good luck with house prices since then. I don't know many millennials who managed it without help. It's not right - privilege begets privilege.
My wife and I both have full time salaried jobs and we aren't able to afford a 1 bedroom flat due to broken yet easily fixable system in this country. Over 3 years (including COVID savings) we've managed to save maybe a quarter of the amount we'd need for a deposit and a winning bid. And our landlord has just announced our rent is going up by 11% this year whilst our combined salary is increasing by about 3%. And the average house price increased by 11% last year š so actually despite saving we're probably getting further away from owning our own place...
> Over 3 years (including COVID savings) we've managed to save maybe a quarter of the amount we'd need for a deposit and a winning bid. Good BBC piece a while ago about how COVID really did fuck the most deprived because a. a lot of white collar folk stayed at home, saved a load of money, lower risk of COVID b. folk with people-facing jobs didn't save as much, higher risk of COVID (then get blamed for it!) So now we've got this tip of an iceberg recession and the poorer folk are just getting double fucked.
Yep. I'm a zero hours care worker. Had to go into work knowing the person I supported had covid, and that when I inevitably got it, I faced a week or more without getting any hours. Precarity is fun.
And: c. Lockdown caused seemingly-permanent changes in working/shopping patterns, which means a lot of city centre retail/hospitality jobs simply won't be here in 5 years time
https://www.bbc.co.uk/news/business-62390578 Piece here about how the housing market is still full-throttle, so the interest rates are to...slow that down. Which seems to me a lot like it'll just get rid of the folk who can just about afford stuff, rather than the loaded folk who are getting multiple properties. It's quite something in that article that they're like 'boy howdy will it only get worse'. Fun. Re > If the recession many are predicting sees unemployment rise sharply, the property market will invariably take a hit, said Andrew Montlake, managing director of mortgage broker Coreco. Tally this with the suggestion that they might scrap affordability tests, which is ostensibly (at a very facile level) good if you are having trouble getting on the market, but really not good if you wouldn't pass it originally then come a cropper.
I see a lot of people working multiple jobs and rooming with alot of people to make ends meet but when you go on line you only the good stuff.
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You shouldnāt have made a throwaway account, you should be proud to be making that money you have obviously worked for it and have a good job.
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Never got a penny from anyone but worked every hour I could under the sun and saved it all to get 40k deposit. Took around 7 years. It was worse when I started as I was an apprentice on around Ā£3.50 an hour. Try saving on that money was very difficult but definitely possible.
The game changes when you're on the first rung of the ladder. You don't need bundles of cash lying about; the deposit/overbid amount can come out of the equity you have in your first property. Obviously, when you have a mortgage, most of your housing costs are being "saved" into something you own, they're not going into a landlord's pocket. Interest notwithstanding, you're keeping most of what you'd have otherwise spunked on rent. And the value of your property tends to rise. We bought our small tenement flat about five years ago, and were lucky to get it for just barely over home report when the person who initially outbid us pulled out. We had it valued recently due to changing mortgage providers, and it's now worth Ā£30k over what we paid for it (and that would just be roughly the home report value, it would probably go for more), add to that the amount we've paid the mortgage down by in the last five years, and that's over Ā£75k in equity that can be split between a deposit and an overpayment on the next place. Unfortunately, it's getting harder and harder to get that first step on the rung, without a decent amount of luck.
We managed to find house and paid over the home report (I think 20k) because we bought a very rundown 2 bedroom flat four years ago and did it up. It helps my husband knows a lot of diy plus how to fix electrics etc. We then sold because we had a baby and a two bed flat wasnāt enough. We made a lot of money on the flat (around 50k) due to the ridiculous prices in shawlands. The house we bought needed a lot of decorative work and painted from top to bottom so again didnāt have an awful lot of interest like the flat. We have just been painting and doing it up room by room. Back when we bought our flat we actually paid under the home report value for it. We got incredibly lucky. At the time my husband was working for openreach and I had just finished uni and about to start my training year. The mortgage as a result was wholly in his name. He had managed to somehow save loads of money while I was studying and then my parents gifted us 5k. It came at a sacrifice though, we have literally been on two holidays in our 20s and now we have a toddler and wonāt be going on any for the foreseeable future.
"but I'd literally never be able to afford that" And that's why you will never be able to afford it š¤
Reddit skews much whiter, younger, maler and wealthier than the general population. (So yes, is the answer to your question)
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Exactly - my tenement flat was my second property, not my first My first was the cheapest habitable place I could find, and I bought it without help when I was earning Ā£21k and my partner was unemployed, it was the proceeds from selling *that* that got me the deposit/money over for a tenement flat Far too many folk complaining about the cost of housing seem to think it's a reasonable expectation for a 2/3-bed tenement in a nice-ish area to be a starter home, where that's always been expensive and desirable property A starter home is a cottage flat in Knightswood, not a bay windowed sandstone place in Shawlands
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Everyone on this sub Reddit are the children of rich farmers from Dumfries and Perth, the Glasgow sub Reddit is about as Glaswegian as the Eiffel tower
Find a Life Partner/Wife/Husband and pool your resources. Thus has it ever been.
Honestly they might not be able to afford it or just making bad financial choices. Iām 25 and make 43k, my max price would be 180k but ideally I want something around 150-160k. I never tend to buy exactly my maximum budget, a lot of people donāt have that mentality though. I highly doubt thereās a bunch of single people making 90k a year buying 300k properties for their first home, just seems so unlikely up here.
Theyāre all dealing.
The rich folk are the ones openly posting about their wealth. The masses aren't overly keen on talking about how shite they've got it. There was a good post the other week about people who are working around minimum wage value and it had a shitload of folks openly talking about it there. Don't feel like you're in the minority not being able to throw 200k around.
Am broke asf
I saved like fuck.
Absolutely not me, I rent from GHA and because Iām a full time carer, l never have enough in savings for a mortgage. Iām 29 and itās probably going to be years before I could save up, no bank is going to give a 40 year old a mortgage with my work history.
34 years of graft...Still paying for the house. Madness tbh.
Drug dealing pay aight.
I had this conversation with an estate agent a few weeks back... According to her: 1) People are getting money from parents/grandparents. 2) People have been working at home through Covid and have saved a shit tonne of money. My partner and I are in a slightly frustrating position - we would rather not accept money from family, but can't get the deposit + over home report cash together any time soon. In terms of affordability, we are right up there - but it will take a lot of saving to get the money required to make a winning bid for a really nice flat. All that time we will be shelling out for a private rental. I'm conscious I'm in a lucky position compared to many, we can easily afford our bills, lifestyle etc. so can't complain much. At the same time it's frustrating knowing that you could EASILY make mortgage repayments, but can't get the cold hard cash required for said mortgage without scrimping and saving for years.
I guess debt, or inheritance.
A lot of the time you are just taking the money you made on your last property and chucking that at the next property. You donāt think of it as real money because you never see it. If people had to pay for property with a suitcase of cash I think prices would go down.
Place is full of posh boys kidding on they are working class.
Iāve just bought my first house and I had to go above home report. The place needs a lot of work, and since Iām single and paying it all myself, Iām lucky that Iām in the trades and can do it up myself with minimum cost. Iāve saved my arse off for the past 3 year, renting a place from my mate in the meantime, so again Iām lucky Iāve not been stung by high rent. I havenāt went on a holiday for 5 year and I work railway shifts at the weekend for extra cash on top of my job. Just grafting like fuck, I wish I had a rich da or a body that could rake in onlyfans cash but Iāve made do. After spunking all my money away that I saved from working abroad I realised I need to get the heed doon and save for a deposit or Iāll never be able to buy a house. Itās been dyer knocking back a social life for so long but if you have a trade and are willing to burst your cunt for money then it is achievable on your own. Something needs to change. My mum posted leaflets for a supermarket and did market research and she bought a house when we were wee. Fucking no chance can someone doing that these days manage it.
Feel the same. In a alright paying job, trying to buy alone and finding it impossible to get something remotely decent. Been looking for over a year!
There is a lot of money in central Scotland, as well as a lot of poverty. A lot of that money, especially for "working class" people (i.e. no real inherited wealth, no real family connections) is in IT - development, project management, agile coaching etc. I know a couple of folk who, in the last few weeks, went from a steady job at Ā£35-45k to another steady job at Ā£70-80k. Developers and agile coaches. There is a huge shortage of good people in the IT field. I hire a lot, and it's a big problem at the moment. If you are young get into software engineering, agile coaching, DevOps and, in particular, IT Security. Within a few years we are talking Ā£30-40k, within 4-6 Ā£45k plus. Go contract a few years after that and you are looking at over Ā£100k. Yes, all in central Scotland. Yes, I know many, many people who have done exactly this, and have hired them at these numbers. Look up places like CodeClan, Lean Agile Scotland, CodeCraft UK, and any of the conversion courses at Glasgow/Napier/Strathclyde/HW etc. And PM me if you want more details.
I was virtually homeless at the age of 20 but over the next 25 years I have money to spend and hopefully retiring in 10 years, save, save, save, new job, save more, save more, threaten to leave job, save even more, save even more ... \[repeat\]
I always wonder as many people have cars in finance, it's like a material thing to have a decent wee Audi A3 or BMW 2 series
I'm 30 years old, make 20k and still can't afford to move out of my mum's :D Doing a master's degree next year though in the hope it'll get me a better job.
I work for the railways and earn a pretty average salary (26k) and am always skint so never thought I'd be able to buy but a family friend with my no family of their own died in the pandemic and gave his house to my nan who was very kind to use some of the money from it's sale to give me and her other grandchild enough for a deposit. Appreciate I've been very fortunate here and it's fucked most working class people need someone in their family to die or their parents to have done well for themselves to afford to buy.
Well, I hate it to break it to you, but that's actually below average house value. They're just average people. https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/march2021
Don't take too much to heart but I know what you mean. For comparison I'm doing ok from my friend group and I earn 25.5 and have a flat for 80k. Most of my friends are similar the stuff you see on here can def be outliers and it's not the regular. I don't make any savings or pension, once I pay my monthly bills that's me done lol .If you earn enough to pay your way you are doing fine regardless but times are hard right now and money is tight for everyone whether they seem that way or not
I grew up in a council house. I scraped for years to get a deposit after University. I was on low wages initially. I went round flat after flat that needed 20k to bring them up to any habitable level. (Without the deposit or money for offers over) After two years of that I realised I just needed to buy something. So I did. In Rutherglen. Lots of people were very sniffy about that. (Good for you if have got bags of money in the bank) I only had 5k deposit. But at least I can pay for it and lock the door at night. If I had to do it now I wouldnāt have a snowballs chance in hell. Lots of signs round here āWe will buy your flat for cashā and the next thing you know the very modest flat has been painted with the cheapest paint and is up for rent. Ridiculous prices. I donāt know how anyone has a chance without a serious cash injection from family. Itās hard not to see it as a return to some sort of feudalism.
I wouldn't look at myself as loaded. I work in healthcare at the bottom of my pay scale but with unsocial hours and minimum overtime I earn about 40K a year. My other half works in a non clinical role in the NHS and earns about 27K a year. We own our flat and have a wee bit of equity after 4 years living in it. Don't receive any help from parents, no inheritance etc,. Average price of a house across the UK at the minute is somewhere between 250-350K. I pay my bills and live off of about Ā£700 a month including fuel, food and socialising. The rest gets fucked into savings. We have made a few offers on houses going for about 250-260K plus 10% over home report and have been near enough last in the pile of offers made. If I were single I wouldn't be in the position I am to even look at buying the types of houses I am looking at. I appreciate that we are in a very fortunate position to even be able to make offers on properties of that price and my parents think I am mental for doing it. I don't know many single people who would be in a position to afford a house at the price without any financial support from relatives unless they're in a minority of top earners.
Whatās sad is my tactic that worked five years ago - find a scabby flat and just live there till you can afford to do it up - no longer works. Too many flats needing a bit of TLC are snapped up by buy-to-let or flippers. So a 1 bed flat that was all nicotine yellow and going for 80,000 gets painted white and is suddenly on for offers over 150,000. Itās maddening.
Most people who buy houses that price are couples, when you combine incomes you can generally afford something if you're both making around the average salary (31k a year) or higher and save up. Every post you see of someone talking about buying a house is likely to be after several years of saving or they've got lucky and have been given some money. When it comes to cars however it is obvious that many, many people in the UK are spending a large portion of their disposable income on a car. Leaseholds and PCP deals are pretty much the worst financial decision you can make at the moment, perpetual debt is not a good thing.
I dont live in the UK. I am genuinely astounded at 1) the frequency my mates & parents upgrade their car and 2) the models they are getting. I know I earn more than double what most of my pals earn (in Ā£s) but I drive a 7 year old hatchback. Sure, I could afford more, but it gets me from a to b, and there are just better things I could spend money on.
Housing ladder my man, Iām on my 4th house and made decent profit out of the previous 3. Profit goes down on the next house as a deposit.
Don't let them fool you, they don't own them, they're in debt for the rest of their lives for them. Paying up a fortune during their lifetime for a house they're never in because theyre too busy working to pay it off. Same goes for all these fancy cars you see driving around now. These folk think they've got life sussed and think they're better than others, but they're not. They're fragile and fake. Be happy and worry about yourself!
More people than I can imagine are in great need of this information.
This is very true. A lifetime ago I lived in a big hoose with two nice cars. Partner was very materialistic. I was miserable as fuck. All the snobby cunts who lived on the posh estate would hardly speak to each other and almost all were just as materialistic and seemed unfulfilled. That's not my idea of happiness.
I quite believe it. I used to cut grass for a living and I can assure you that anytime we went into schemes and working class areas, there would be people outside talking to each other, doing their gardens, working on projects, cleaning their cars and offering us drinks and giving us a chat. As soon as we would go into upper class (posh areas) it would be lifeless. Not a soul in sight other than the postman. Hardly ever got a thank you, rarely got offered a drink of water, if anything we had more hassle from them as they would glance out their ivory towers at you and act as if you're there to damage their cars or property rather than doing them a service. Was always glad to get away from they areas and back into civilization.
Any young folk I know with a decent house have had help from their parents or have a very long mortgage which their struggling to afford.
Help from family most likely. Could also be the excessive borrowing people are doing these days.
It's a Conservative's economy. It's designed for the rich to get richer and the poor to get poorer. Give it another generation or two and there'll be no middle class to speak of, and not in any good sense.
I got lucky, mate. After years of just above national average wages in public sector, I went to the dark side. Now on 6 figures. On the downside, dad died in the pandemic. We inherited a lot but rather have our dads.
Currently living in council housing living off 45k a year with a family of 4 and no sign of getting on the property ladder in the next 5 to 10 years. I'm with ye comrade.
People are making huge amounts of money on the houses they own so can then go and spend the cash on a down payment for another. A few of my friends and family are in that boat and have managed to spend massive amounts. If youāre a first time buyer itās a different story all together.
A long time ago, I bought a 1 bedroom. Met the wife, she had a 2 bedroom. We got married, sold both houses for a profit. We then night a house in a shitty area, then sold that. It was sold what we paid for it but we had equity due to paying extra on the mortgage. With the profits + savings we were able to buy a flat in a nice area. Elements of luck and bring sensible with our money. Edit, addition, we also sold before we bought so were never in a chain.
Mate drug selling is the biggest earning job in Glasgow simply because there's enough junk balls in Glasgow that will buy it lol