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SarahBell

First Time Buyers Rent Spend Totals -

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http://www.ft.com/cms/s/0/0cd2b756-d0ce-11e5-831d-09f7778e7377.html

First-time buyers in London spend £70k on rent

News results from google
First-time buyers in London spend £70k on rent

Financial Times-4 hours ago
The average first-time buyer in London will have spent nearly £70,000 on rent before they can afford to buy a home, according to new research ...
First-time buyers' '£50000 rent bill'
BBC News-9 hours ago
First-time buyers in England will spend £64K on rent before stepping ...
Daily Mail-2 hours ago
London's first-time buyers 'spend more on rent than cost of deposit ...
Evening Standard-2 hours ago
First-time buyers spend 50000 on rent before they can get on the ...
The Sun-59 minutes ago

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Yes, I worked it out a while ago and I'd spent about 70k after 5 years renting a flat in Scotland + 5 years in an HMO in London. That's 70k paying for my landlord's house and pension, rather than my own. Landlordism really is disgusting.

Still trapped - impossible to buy near my job.

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Such a VI piece of propoganda.

I've a close family member currently working down in London. Was supposed to last 18mnths, so she rented. 1 bed in Balham.

That's 4yrs she's had the same place. LL hasn't increased once. still same rent. She pays £1100, incl hot water/heating.

Similar to the ones listed here:

http://www.rightmove.co.uk/property-to-rent/find.html?searchType=RENT&locationIdentifier=POSTCODE%5E1705446&insId=2&radius=0.0&minPrice=&maxPrice=&minBedrooms=1&maxBedrooms=1&displayPropertyType=&maxDaysSinceAdded=&sortByPriceDescending=&_includeLetAgreed=on&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&letType=&letFurnishType=&houseFlatShare=false

That's £13200 / yr.

The LL has to pay mortgage and quite high leasehold fees etc for the place (there's a large reception desk, concierges, etc)

Equivalent to buy would be around £400K (!!!!) . This has increased by about 20-25% since she moved in , in 2012.

http://www.rightmove.co.uk/property-for-sale/property-37656960.html

So, even if she WANTED to buy, with a 10% deposit the equivalent monthly repayment for a 25yr mortgage @ 4% would be around £1850 / mo.

The BBC story shouldn't be about how FTB renters will have spent X amount on rent before they finally buy. It should be screaming that there's no way on earth they can make the jump to house-owner. Or flat owner.

PS. The LL has owned her flat for > 10 years. Bought as a place for their son while he was at Uni. I can see how it stacks up for this LL, but anyone buying in the last 4 years ??????

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Yes, I worked it out a while ago and I'd spent about 70k after 5 years renting a flat in Scotland + 5 years in an HMO in London. That's 70k paying for my landlord's house and pension, rather than my own. Landlordism really is disgusting.

Still trapped - impossible to buy near my job.

I do not understand this attitude.

1) You're paying for somewhere to live. Unless you're on means-tested benefits everyone including your landlord has to do that, even if only through opportunity costs.

2) On the basis that an HPC is looming it makes sense to rent.

3) If you do the maths it's cheaper to rent than to buy.

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£50,000

Let that sink in for a while.

So basically a first time buyer has to pay in rent the same amount which would have paid for a decent house north of Watford outright in 2000-01.

Wow

Edited by PopGun

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£100k in last 3 years for me. But then I am living in a terraced house in zone 2 (almost zone 3). The house 2 doors down sold last year for £1.3m so i've no idea if i'm winning or losing any more.

........losing big time in my estimations......get a life. ;)

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