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X gold = Y oil

How much for an hour, by class... in £sterling

Not sure of the original question, but:

1Oz Kruggerand Bullion Coin (1 Troy Oz = 32.15g) = £895 (today's paid price)

1 litre of petrol = £1.33 (UK's average price today)

1.33 into 895 = 672

32.15g/672 = 0.047842 grams of gold for a litre of petrol.

So, keep this thread bookmarked and remind me to revisit the purchasing power of gold vs. petrol in a few months time to see where we're going.

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I think the OP wants to know how many hours you would work on perhaps minimum or average wage to buy a house, and also how much gold or petrol an hour's wage buys.

I think from the posts so far we can see, It's very little :P

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From memory it takes around 16 years of minimum wage labour to buy an average house.

That seems right at 5.93 an hour for around 150 hours/month.

I reckon that would drop to about 8 years for an average wage earner.

Now that is assuming that ALL earnings are put towards the house. Of course one needs food, warmth, shelter in the meantime.

Practically the average earner would need around 16 years of "existence" living to buy the house.

So how much less would it be for them to just build the house ?

Not a lot.

Remove planning constrictions and free up available plots, and now how much less would it be ?

I guess most of us are having 10 years pay put towards the land/planning ponzi scheme :(

Edited by ScrewsNutsandBolts

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Now that is assuming that ALL earnings are put towards the house. Of course one needs food, warmth, shelter in the meantime.

Practically the average earner would need around 16 years of "existence" living to buy the house.

Then you have the interest on the mortgage, which overall costs as much as the house. Many people take out 25-30 year mortgages, and a lot of their salary is paid on mortgage interest, and the capital itself being paid off.

You have to wonder, considering how advanced and 'rich' our society is. How fair is it to have to pay half your earnings over 30 years just to have a place to sleep at night, cook some food and relax in when you are not at work.

It's all a con. Especially if you are on minimum wage you are practically a slave, not to mention you'd need to be a couple on minimum wage to even afford a mortgage in the first place.

Where I used to live in the South West of England even renting a bedroom in someone's house they will charge you 400 pounds/ month, more expensive than renting an apartment in the north of England- can be 300/ month. Yet minimum wage is the same in the north as it is in the south. The only way you could live happily on minimum wage in SWE would be to stay with your parents on well under market rate for rent.

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Then you have the interest on the mortgage, which overall costs as much as the house. Many people take out 25-30 year mortgages, and a lot of their salary is paid on mortgage interest, and the capital itself being paid off.

You have to wonder, considering how advanced and 'rich' our society is. How fair is it to have to pay half your earnings over 30 years just to have a place to sleep at night, cook some food and relax in when you are not at work.

It's all a con. Especially if you are on minimum wage you are practically a slave, not to mention you'd need to be a couple on minimum wage to even afford a mortgage in the first place.

Where I used to live in the South West of England even renting a bedroom in someone's house they will charge you 400 pounds/ month, more expensive than renting an apartment in the north of England- can be 300/ month. Yet minimum wage is the same in the north as it is in the south. The only way you could live happily on minimum wage in SWE would be to stay with your parents on well under market rate for rent.

OK, ignoring subsidised housing association properties - which is the way most people around here live on minimum wage- then you need luck or lateral thinking.

Eg. Have a business in your spare time

go and work offshore for a while

find a job with accommodation provided

find a better job

sell something of value to buy/ rent the house you want

develop/ divide & conquer/ then sell & buy

get some professional qualifications and set up

win the lottery or inherit some money

live for a while somewhere else & get lucky with HPI there, then move at the right time

find a rich wife/ husband

spend your working life elsewhere then move on retirement

etc etc etc

The list goes on, but if you want to live in a desirable area where there is not much industry, you may have to think outside the box a little rather than funding it from earned income alone (it sounds like you found this out?) It's not a con though, it's the market behaving like a market.

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OK, ignoring subsidised housing association properties - which is the way most people around here live on minimum wage- then you need luck or lateral thinking.

Eg. Have a business in your spare time

go and work offshore for a while

find a job with accommodation provided

find a better job

sell something of value to buy/ rent the house you want

develop/ divide & conquer/ then sell & buy

get some professional qualifications and set up

win the lottery or inherit some money

live for a while somewhere else & get lucky with HPI there, then move at the right time

find a rich wife/ husband

spend your working life elsewhere then move on retirement

etc etc etc

The list goes on, but if you want to live in a desirable area where there is not much industry, you may have to think outside the box a little rather than funding it from earned income alone (it sounds like you found this out?) It's not a con though, it's the market behaving like a market.

+1

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I think the OP wants to know how many hours you would work on perhaps minimum or average wage to buy a house, and also how much gold or petrol an hour's wage buys.

I think from the posts so far we can see, It's very little :P

That it is, but by building myself in the long term I can make considerable savings in Labour.

I suppose I should get into building housing, as elsewhere my labour is undervalued.

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The list goes on, but if you want to live in a desirable area where there is not much industry, you may have to think outside the box a little rather than funding it from earned income alone (it sounds like you found this out?) It's not a con though, it's the market behaving like a market.

But it is a rigged market

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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