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jethrotull

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About jethrotull

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    HPC Poster

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    London
  1. I assume you want less than 45 minutes commute door to door, and ideally 20-30 minutes. If you work in the City, then presumably you also want somewhere you could get to Canary Wharf from, if you switched employers, or your employers relocated. And if you work in the City, you won't have time for major renovation. And you'll live in a mixed area, with a few people like you. Children mean you'll need outside space (push chairs, buggies, prams, storage, etc.), so you'll want something semi-detached or detached, not an apartment. Secondary school is too far off, but you'll need nursery and primaries. That means you need to be on local metro service to Cannon St or London Bridge. Or the Northern line or Central. or DLR. Given the above you'll get small family houses on the eastern end of the Central line (zones 4-6), or the train lines from Cannon St (zones 2-3), Lewisham, Greenwich, Blackheath. 3 bed 60's house in 'good' area: http://www.rightmove.co.uk/property-for-sale/property-43883690.html, 20 mins on DLR to work 4 maisonette bed in a family conservation area: http://www.rightmove.co.uk/property-for-sale/property-44267141.html 3 bed in a quiet family area with good schools, near the station: http://www.rightmove.co.uk/property-for-sale/property-38833823.html
  2. Watch out for 'floating' hearths. This is where the breast is removed, but the first and second floor hearths are left unsupported. They can collapse into the room below. Check not just the breast was removed, but also the entire hearth.
  3. Unless there a humungous crash, places like Belgravia and Kensington, which were affordable 20-22 years ago on a typical professional salary, will never come back into range. The post WW2 period was a temporary aberration, and won't happen again without such a similar big shock. There is lots of new money from E Europe, Asia, S America, and Africa that can now out-compete the English in the best parts of the South-East. Same story in Hong Kong Mid-Levels and Manhattan's mid-town. They are never coming back in house price range without a war. On the other hand, some places have fallen off their perch, but remain in absolute terms hugely expensive. For example Warlingham (all of South Croydon Borough), is not the premium location it was 25 years ago. Still nice and pricey, but no longer top of the league. When there is a HPC it may happen more in China, Brazil, and India, not England. As long as we remain internationally attractive we'll be priced out. Another bout of blitz, Nazis invasion threat, and mass loss of life is what it would take to bring prices down to post WW2 levels. Or, the government could agreed to let us build some houses - far preferable. Notice that in Manhattan the Mayor's party is just rezoning to build higher in some areas, which helps a little, but help developers more.
  4. My personal experience is that water North of the river tastes a bit second hand and flat. South of the river and further east it tastes better, but is hard.
  5. I paid my IO only mortgage off. I paid nothing off for years, and then made a few years of big payments until it was gone. I really appreciate the flexibility of an IO.
  6. If you get paid quaterly or annually, rather than monthly, then interest only works out more sensible. I just paid the capital off each quarter I was paid. If you're self employed or have unpredictable income it makes more sense - you pay it off when you have it. The problem is people who don't - but you cannot protect numpties from themselves.
  7. People who have moved away to find work would disagree. I came from the South-West, including living in Kingsbridge in the South Hams. I had to go to London to find well paid work. My parents and family lived in Kingsbridge, but people still resented me having a home I lived in only occasionally. Really my second home was in London, but that isn't how people see it. Even people with week day flats in Bristol were deemed to have second homes. Retired people who move in from outside are deemed to be more 'worthy'/'local' than people who have lived here for generations.
  8. Nurse's pay tops out at over £100k with London allowance. Why work 70 hours a week and commute for another 20 hours, when per hour you'd be better off being a nurse. You'd feel a lot better about yourself. And you'd get a pension, employment protection, see the family, and meet interesting people. Once you factor in the notoriously short career span, mediocre wages for most bank employees, monumental hours, higher tax rates for high earning, cost of living, travel in London, then it doesn't look much better than anything else. Which is what you'd expect - otherwise more people would do it. Of course, for the 1%, it is a whole whirlwind of riches, but for the rest it is poverty of time and a pretty ordinary standard of living. Banks used to be incredibly Marxist organisations, where the profits were distributed to the staff. Now their bonuses are often doughnuts (zero), and the profits go to shareholders. Public condemnation of bankers is just an excuse for the 1% at the top of the bank to keep the money. Green eyed jealousy from the public just shut down another way for the ordinary man to succeed in life. The elites use the public's jealousy to lock us out of the elites. The banks like the reputation of the million pound bonuses, because it keeps suckering in a new generation of staff to work on the cheap for a bonus that less than 1% will ever get. The reality is bank pay per hour is pretty average.
  9. Interest only mortgages are better for most people. I took an interest only mortgage when I way young and didn't have much money. After about 3 years I started paying off the capital. As my earnings varied month-to-month, it meant I could pay it off when I wanted to. After 9 years I had paid it all off. This flexibility was worth a lot to me. If I'd had a fixed repayment mortgage, and couldn't contol the schedule, then I'd have a needed bigger cushion, and run with a bigger mortgage. The reason the banks are so keen on ending interest only mortgage is because it costs them more to finance. The lumpy pay-offs of capital aren't financially attractive because they're unpredictable. And people pay off more in a boom and less in a recession, making them the opposite of when banks want the money back. IO mortgages are better for consumers, at the expense of the banks.
  10. What would you have them do? Lie? Fudge? Massage it like LIBOR?
  11. My rent has gone up dramatically since 2007, and my mortgage went down (two houses - one at work and one at the family). You are no better off not being able to afford the rent than you are not being bale to afford the mortgage. You're snookered in both cases.
  12. 4 years later and prices didn't drop. Do you accept you were mistaken? Or is there an explanation of why selling was a good idea?
  13. I thought this happened to me. The landlord's staff came round round to fix some things outside, and when I came home things had been moved inside. It turned out a week later that my parents had let themselves in to use the lav. They'd seen where the spare key was hidden, and used it. I apologised profusely to the landlord.
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