RushRoad Posted April 22, 2017 Report Share Posted April 22, 2017 So lets see how bad unaffordability is Here is the data for median full time male wages in each area http://www.neighbourhood.statistics.gov.uk/HTMLDocs/dvc126/ And you can use rightmove or zoopla to find a house within the persons budget. Try to find one of the better homes available within budget. Assume a 4.5 x income mortgage and 20% Deposit. --------------------------------------------------------------------------------------- So I will go first and my area is Birmignham, looking at the wage map for full time median male it shows 2015 wage of £592 pw = £30,784 per year Our person then has a budget of £173,000 (£30,784 wage x 4.5 mortgage and 20% deposit = £173,160) So our median full time employed man in Birmingham can buy a 3 bedroom semi like these http://www.rightmove.co.uk/property-for-sale/property-47839023.html http://www.rightmove.co.uk/property-for-sale/property-57982237.html Seems reasonable to me ----------------------------------------------------------------------------------------- So what can the median full time working male buy in your area? Quote Link to post Share on other sites
RushRoad Posted April 22, 2017 Author Report Share Posted April 22, 2017 Lets try a few more. Stoke on Trent full time male median wage £25,272 giving us a budget of £142,000 http://www.rightmove.co.uk/property-for-sale/property-46594992.html So its a 3 bedroom semi Middlesborough full time male median wage £27,664 giving us a budget of £155,610 http://www.rightmove.co.uk/property-for-sale/property-57774745.html So its a 3 bedroom semi Manchester full time male median wage £29,900 giving us a budget of £168,000 http://www.rightmove.co.uk/property-for-sale/property-65662760.html So its a 3 bedroom detached house Quote Link to post Share on other sites
electrogear Posted April 22, 2017 Report Share Posted April 22, 2017 East Yorkshire. Median Income £24,388 so budget 137K ish. Had to look outside of my search area to find anything at all <140K, and a few miles away there's this 2 bed terrace:- http://www.rightmove.co.uk/property-for-sale/property-46733973.html Or this 3 bed semi:- http://www.rightmove.co.uk/property-for-sale/property-45745815.html which is OK size but I wouldn't want to live there and it's way below average for a 3 bed. You don't get an average house by any stretch within a few miles of Beverley. Problem is, East Yorkshire covers a huge area where the median incomes in different towns and villages will vary vastly. In Hull you get a little bit more for your money. 3 bed semi:- http://www.rightmove.co.uk/property-for-sale/property-65602592.html It's probably still a bit below average. If you increase the budget by about 10-20K you're into average territory and there's a lot of 3 bed stock available there. Quote Link to post Share on other sites
Arpeggio Posted April 22, 2017 Report Share Posted April 22, 2017 (edited) 2 hours ago, RushRoad said: Lets try a few more. Stoke on Trent full time male median wage £25,272 giving us a budget of £142,000 http://www.rightmove.co.uk/property-for-sale/property-46594992.html So its a 3 bedroom semi I'm aware of Stoke on Trent as cheaper. The only problem is that the average semi in my area would be £67,500 with inflation (while in Stoke-on-Trent it would be even less). I make £25 per hour but am devoting a lot of my time to something else that has no ceiling with 700% times more sales than last year from all over the world US, UK, IN, EE, ZA, DE, PH, NL, MX, FI, CA etc. which is great the instructions are only in English. Also it makes me an instant source of money from overseas for any country I might choose to go to. Even after the fall of the pound the prices you give don't compete anywhere near with what I'm seeing overseas, Unfortunately the only use for a house I would have is to live in it. So much like the stock market where I look out for and buy cheap, sell high. I respond to the housing market exactly for what it is / has been made into. If I bought a house at a normal price it would be perfectly OK to me for it's value to rise merely with inflation / wages only because I'm not a c8nt. Edited April 22, 2017 by Arpeggio Quote Link to post Share on other sites
EmmaRoid #FBPE#JC4PM#GTTO Posted April 22, 2017 Report Share Posted April 22, 2017 3 hours ago, RushRoad said: So what can the median full time working male buy in your area? You really need to work on your chat-up lines. Quote Link to post Share on other sites
Venger Posted April 23, 2017 Report Share Posted April 23, 2017 3 hours ago, RushRoad said: So what can the median full time working male buy in your area? 2 hours ago, RushRoad said: Lets try a few more. Manchester full time male median wage £29,900 giving us a budget of £168,000 http://www.rightmove.co.uk/property-for-sale/property-65662760.html So its a 3 bedroom detached house You go spend around £170K for that house in Moston if you want to. Just because it's possible for someone to stretch to buy a house in some areas, doesn't mean it's good value. What is the current value of your nicest/best BTL units? What is approx current market value of all your BTL properties put together? What is approx current value of your own home? Quote Many of us think that the entire market pricing structure is driven by the high priced segment, as all other properties are priced based on compromises versus the ideal (location, size, commuting etc). When the top end crumbles, everything else will follow. Section 24. So many double-down foreverHPI BTLers are biting the financial kerb, and HMRC are lacing up their stomping boots. Quote Link to post Share on other sites
leggers Posted April 23, 2017 Report Share Posted April 23, 2017 Quote What can the median full time male wage buy in your area? Around my area? ****** all. You wouldnt even need to try and make the numbers work, that's how unachievable things are(n't). Quote Link to post Share on other sites
Barnsey Posted April 23, 2017 Report Share Posted April 23, 2017 1 result for my area on Rightmove, 30% of a 2 bed flat with no parking. Partay time, lucky me eh? Quote Link to post Share on other sites
RushRoad Posted April 23, 2017 Author Report Share Posted April 23, 2017 1 hour ago, Venger said: You go spend around £170K for that house in Moston if you want to. Just because it's possible for someone to stretch to buy a house in some areas, doesn't mean it's good value. What is the current value of your nicest/best BTL units? What is approx current market value of all your BTL properties put together? What is approx current value of your own home? Section 24. So many double-down foreverHPI BTLers are biting the financial kerb, and HMRC are lacing up their stomping boots. This isn't a thread about me but a thread to see what the local median full time wage buys in the local area. I suspect the answer is that a median full time male wage buys the median house or even better than the median house in a given area. This will show how good or bad affordability is in various locations Quote Link to post Share on other sites
nome Posted April 23, 2017 Report Share Posted April 23, 2017 OP your first mistake is to believe the fantasy figures in the earnings survey you've linked to (the clue that it's a work of pure fiction/propaganda is in the ''gov.uk'' bit in case you didn't realise) According to that survey the median earnings for males in my area (Isle of Anglesey) is £581 per week... and yet Anglesey is recognised as being an economically deprived area and consistently has amongst the lowest GDP/GVA in the whole of the UK. What few jobs that are here are low paid, unskilled, part time and mostly just seasonal. That figure of £581 would be inaccurate if it was being quoted as the mean average.. the fact that it's been claimed to be the median just gives it no credibility what so ever. Quote Link to post Share on other sites
Sancho Panza Posted April 23, 2017 Report Share Posted April 23, 2017 8 hours ago, RushRoad said: So lets see how bad unaffordability is Here is the data for median full time male wages in each area http://www.neighbourhood.statistics.gov.uk/HTMLDocs/dvc126/ And you can use rightmove or zoopla to find a house within the persons budget. Try to find one of the better homes available within budget. Assume a 4.5 x income mortgage and 20% Deposit. --------------------------------------------------------------------------------------- So I will go first and my area is Birmignham, looking at the wage map for full time median male it shows 2015 wage of £592 pw = £30,784 per year Our person then has a budget of £173,000 (£30,784 wage x 4.5 mortgage and 20% deposit = £173,160) So our median full time employed man in Birmingham can buy a 3 bedroom semi like these http://www.rightmove.co.uk/property-for-sale/property-47839023.html http://www.rightmove.co.uk/property-for-sale/property-57982237.html Seems reasonable to me ----------------------------------------------------------------------------------------- So what can the median full time working male buy in your area? Do women not buy houses? Secondly,you're also choosing a house/salary multiple from the 118ers innit.Let's say 3.5 times single salary. Ave salary in Leicester £21k,average house in LE2+3 £190,000 £75k gets you http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=OUTCODE^1431&maxPrice=80000&includeSSTC=false A choice of 33 one bed flats to raise a family in. For those who haven't been to Leicester.............. Quote Link to post Share on other sites
LittlePig Posted April 23, 2017 Report Share Posted April 23, 2017 9 hours ago, RushRoad said: So lets see how bad unaffordability is Here is the data for median full time male wages in each area http://www.neighbourhood.statistics.gov.uk/HTMLDocs/dvc126/ And you can use rightmove or zoopla to find a house within the persons budget. Try to find one of the better homes available within budget. Assume a 4.5 x income mortgage and 20% Deposit. --------------------------------------------------------------------------------------- So I will go first and my area is Birmignham, looking at the wage map for full time median male it shows 2015 wage of £592 pw = £30,784 per year Our person then has a budget of £173,000 (£30,784 wage x 4.5 mortgage and 20% deposit = £173,160) So our median full time employed man in Birmingham can buy a 3 bedroom semi like these http://www.rightmove.co.uk/property-for-sale/property-47839023.html http://www.rightmove.co.uk/property-for-sale/property-57982237.html Seems reasonable to me ----------------------------------------------------------------------------------------- So what can the median full time working male buy in your area? Cambridge median weekly = £599 which gets you this charming leasehold studio: http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^274&maxPrice=180000&includeSSTC=false&viewType=GRID&dontShow=sharedOwnership%2Cretirement Quote Link to post Share on other sites
BorrowToLeech Posted April 23, 2017 Report Share Posted April 23, 2017 Shared ownership of a one bed flat. Quote Link to post Share on other sites
CunningPlan Posted April 23, 2017 Report Share Posted April 23, 2017 One bedroom retirement property. Which is good because that is how old you will be by the time you can afford to buy. Quote Link to post Share on other sites
jfk Posted April 23, 2017 Report Share Posted April 23, 2017 Mad gainz Quote Link to post Share on other sites
Barnsey Posted April 23, 2017 Report Share Posted April 23, 2017 (edited) Stoke, Boro' and Moston? Why not throw Bishop Auckland and Burnley in whilst you're at it, all the favourites to prove a point on affordable housing. Good luck finding steady work that pays 25-30k in those areas. Problem is, we're both looking at extremes to prove our point. I've just done a London + 20 miles search on Rightmove, which accounts for the most dense, diverse area in the UK, throwing up 81,587 results in total, of which only 1,195 would fall into the criteria for the median "male" salary for my area of 34k. Most of these are studio/1 bedroom flats way out of London in questionable areas. I would do well to earn £34k per year as a first time buyer, but I sure as hell ain't buying a pokey flat, I would like a median property please. As for saving a £36k deposit along with the fees etc, whilst paying £1k+ in rent per month and the extortionate travel costs to your place of work, might take a little while. And you're welcome to using your £29,900 salary to buy a house in Moston, at least the local median shops look nice Edited April 23, 2017 by Barnsey Quote Link to post Share on other sites
spyguy Posted April 23, 2017 Report Share Posted April 23, 2017 So, the male median wage would buy a place where the median male does not work. Quote Link to post Share on other sites
RushRoad Posted April 23, 2017 Author Report Share Posted April 23, 2017 The stats should not be questioned they are from the ONS and we have to tale them as more valid than our own guy feelings. The wage data is the data for the local area Yes women also buy homes but more often its a couple both working so the combined income is higher To the person saying borrowing 4.5x single income is insane no its not banks lend 4.5x today and we are post crash where criteria are far more regulated Simply put if you look at each area you will find some 70% of areas the median male full time wage can buy the median house in the area. 70% of the country has no affordability problems. Perhaps as much as another 20% of the country is fine of you look at affordability as a couple buying the median local property Quote Link to post Share on other sites
CunningPlan Posted April 23, 2017 Report Share Posted April 23, 2017 This is all slightly irrelevant. There are parts of Poland where my kids could afford to buy a house. So long as they had UK wages. Bitch of a commute though. Quote Link to post Share on other sites
honkydonkey Posted April 23, 2017 Report Share Posted April 23, 2017 What happens when rates go up? Quote Link to post Share on other sites
Shamus Posted April 23, 2017 Report Share Posted April 23, 2017 Basingstoke £645pw in 2014. So £33540. £33540x4.5 = £150930. So with 20% deposit around £181000 for a house. So the best I could find closest to the price: http://www.rightmove.co.uk/property-for-sale/property-46901073.html A bit higher: http://www.rightmove.co.uk/property-for-sale/property-47440947.html Quote Link to post Share on other sites
Bland Unsight Posted April 23, 2017 Report Share Posted April 23, 2017 (edited) 13 hours ago, RushRoad said: Lets try a few more. I'm actually quite happy with RushRoad at the momment. If they are intentionally trolling then they are wasting more of their own time than they are of anybody else's. Provided they stick to this business of starting threads rather than crashing worthwhile threads the damage they are doing is not so great that we can't tolerate it. Tolerating it will show any lurking BTLers the extent to which dissent is tolerated on HPC by the moderators. I picked already picked up on the point that choosing Birmingham is cherry picking on a different thread (link). I used DCLG live table 577 to make the point, indicating that the provisional 2013 data was the most up to date. I was wrong. As I've pointed out to RushRoad, before you establish credibility by knowing things and you lose credibility by being ignorant of things you ought to know and by making things up and being caught out in the falsehood. The fact that it falls to me to correct my mistake is a real missed open goal, RushRoad. The data sets for ratios of house prices to both median and lower quartile earnings are now here. The March 2017 release updates the tables to 2016. The tables lose their catchy names, so 577 becomes part of the Housing Affordability Series. Edited April 23, 2017 by Bland Unsight Quote Link to post Share on other sites
Barnsey Posted April 23, 2017 Report Share Posted April 23, 2017 5 minutes ago, Bland Unsight said: I'm actually quite happy with RushRoad at the momment. If they are intentionally trolling then they are wasting more of their own time than they are of anybody else's. Provided they stick to this business of starting threads rather than crashing worthwhile threads the damage they are doing is not so great that we can't tolerate. Tolerating it will show any lurking BTLers the extent to which dissent is tolerated on HPC by the moderators. I picked already picked up on the point that choosing Birmingham is cherry picking on a different thread (link). I used DCLG live table as if the 2013 provisional was the latest figure, using DCLG Live table 577 to make the point. I was wrong to do that. As I've pointed out to RushRoad before you establish credibility by knowing things and you lose credibility by being ignorant of things you ought to know and by making things up and being caught out in the falsehood. The fact that it falls to me to correct my mistake is a real missed open goal, RushRoad. The data sets for ratios of house prices to both median and lower quartile earning are now here. The March 2017 release updates the tables to 2016. The tables lose their catchy names, so 577 becomes part of the Housing Affordability Series. Thanks for the link Bland, says it all really... Quote Link to post Share on other sites
Barnsey Posted April 23, 2017 Report Share Posted April 23, 2017 (edited) 49 minutes ago, RushRoad said: The stats should not be questioned Indeed Edited April 23, 2017 by Barnsey Quote Link to post Share on other sites
Mikhail Liebenstein Posted April 23, 2017 Report Share Posted April 23, 2017 The only property in my area for 4.5 X the average male wage (£160k price) or less is this. http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^432&insId=1&maxPrice=160000&googleAnalyticsChannel=buying But you have to be retired to buy it!!!!! Quote Link to post Share on other sites
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