SarahBell Posted February 12, 2016 Share Posted February 12, 2016 http://www.ft.com/cms/s/0/0cd2b756-d0ce-11e5-831d-09f7778e7377.html First-time buyers in London spend £70k on rentNews results from googleFirst-time buyers in London spend £70k on rent Financial Times-4 hours agoThe 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 agoFirst-time buyers in England will spend £64K on rent before stepping ...Daily Mail-2 hours agoLondon's first-time buyers 'spend more on rent than cost of deposit ...Evening Standard-2 hours agoFirst-time buyers spend 50000 on rent before they can get on the ...The Sun-59 minutes ago Quote Link to comment Share on other sites More sharing options...
“Nasty Piece of work” Posted February 12, 2016 Share Posted February 12, 2016 Gosh, all that money on rent, BTL must therefore be a good investment - ignoring that I am a retarded fuqwit. Quote Link to comment Share on other sites More sharing options...
Guest Posted February 12, 2016 Share Posted February 12, 2016 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. Quote Link to comment Share on other sites More sharing options...
Habeas Domus Posted February 12, 2016 Share Posted February 12, 2016 Typical biased BBC article with a cowardly lask of a comments section, they obviously know we would call them out on it given a chance. Quote Link to comment Share on other sites More sharing options...
Agentimmo Posted February 12, 2016 Share Posted February 12, 2016 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 ?????? Quote Link to comment Share on other sites More sharing options...
eric pebble Posted February 12, 2016 Share Posted February 12, 2016 Gosh, all that money on rent, BTL must therefore be a good investment - ignoring that I am a retarded fuqwit. 11/10 Quote Link to comment Share on other sites More sharing options...
non frog Posted February 12, 2016 Share Posted February 12, 2016 Think of all the money they have wasted on food in that time. Eating food is just dead money. Quote Link to comment Share on other sites More sharing options...
65243 Posted February 12, 2016 Share Posted February 12, 2016 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. Quote Link to comment Share on other sites More sharing options...
PopGun Posted February 12, 2016 Share Posted February 12, 2016 (edited) £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 February 12, 2016 by PopGun Quote Link to comment Share on other sites More sharing options...
repetitive bleats Posted February 12, 2016 Share Posted February 12, 2016 £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. Quote Link to comment Share on other sites More sharing options...
winkie Posted February 12, 2016 Share Posted February 12, 2016 £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. Quote Link to comment Share on other sites More sharing options...
repetitive bleats Posted February 12, 2016 Share Posted February 12, 2016 get a life. says the person with 32k+ posts.. Quote Link to comment Share on other sites More sharing options...
winkie Posted February 12, 2016 Share Posted February 12, 2016 says the person with 32k+ posts.. ...my free choice.....your choice to spend £100k in three years on rent that is no way a free choice. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.