18 yr old on Question Time last night asks how he will ever be able to afford a home in London any suggestions?

[Trampa501]

5 minutes ago, debtlessmanc said:

I watched this program on catch up. Two questions, one about pay rises and one on house availability.

3 panellists MPS who have had an inflation busting pay rise and whose mortgages are paid by us (as a perk). Clearly a perk that pays more the higher house prices are.

These people are not going to do anything about either issue. Look at the MPs who were caught claiming for non existent mortgages.

MPs should have the same pension provision as the average person and be provided with govt owned rental flats in London at local rates.

I know we've asked this question before, but is there really any good reason why the MPs, civil servants etc should be based in the high cost capital? If they were based in Bristol/Newcastle or Carlisle, maybe they'd get around to improving infrastructure in the parts of the country that aren't London? Even better, move them to Wales (which is supposed to be an integral part of the UK). 

[winkie]

1 minute ago, Trampa501 said:

I know we've asked this question before, but is there really any good reason why the MPs, civil servants etc should be based in the high cost capital? If they were based in Bristol/Newcastle or Carlisle, maybe they'd get around to improving infrastructure in the parts of the country that aren't London? Even better, move them to Wales (which is supposed to be an integral part of the UK). 

They don't have to think to much about what they cannot see...or choose to ignore it, or even don't have the power to do anything about it......spread the love out to all corners of the nation......all roads and train lines do not lead to London.

 

[lie to bet]

On 28/04/2023 at 13:33, cnick said:

So who gets to print  'money' ?....... would housing be truly affordable today, if money supply was fixed(?) to say 1971 levels?

He then be possibly able to afford a house, but highly unlikely to get a mortgage without the right connections.

[lie to bet]

Also, women were unable to get mortgages without a man to oversee their payments untill mid to late seventies.

Oh the good old days. If you were a public school educated white male.

[debtlessmanc]

 

23 minutes ago, Trampa501 said:

I know we've asked this question before, but is there really any good reason why the MPs, civil servants etc should be based in the high cost capital? If they were based in Bristol/Newcastle or Carlisle, maybe they'd get around to improving infrastructure in the parts of the country that aren't London? Even better, move them to Wales (which is supposed to be an integral part of the UK). 

https://youtu.be/Y9oKo-QvBpo

 

[bartelbe]

1 hour ago, Several said:

The population still growing rapidly.

The Bank of Boomer will get recycled back into property. 

Depends on immigration levels, the UK fertility rates is below the replacement level.

[regprentice]

On 29/04/2023 at 15:41, longgone said:

£1.75 in 1996 ??

My uncle used to pay me £3 in 1994 15 hrs a week cash in hand. 

1997 was on 15k after leaving a job paying 11k in 1996. 2000 to 2007 i trippled that 15k. Went to chite after that 🤣

Before the minimum wage that was the way things used to be. Wanting to get a 2nd job with no experience and living in a semi rural area i'd no choice but to take what was on offer. 

Even after the minimum wage came in ...When i was at university in 2000 I worked in the student union bar. The university had a policy that no-one in a "student job" was allowed to earn enough in a week to exceed their personal tax free allowance. This was to keep their payroll costs low (no tax to calculate) and so there was enough work to go around all student who wanted it, so we were capped at earning £73 a week iirc. This was in London. 

[spyguy]

On 30/04/2023 at 10:04, lie to bet said:

Also, women were unable to get mortgages without a man to oversee their payments untill mid to late seventies.

Oh the good old days. If you were a public school educated white male.

Having to deal with the fallotu from my sisters' financial fkwittery thats a view I entirely support ...

 

[user not found]

On 28/04/2023 at 10:32, henry the king said:

None of this works.

The only solution which works is higher interest rates and lower house prices.

Any tinkering for the government like suggested will just lead to higher house prices like HTB, or won't be workable.

Higher interest rates also solves the issue of productivity as it stops bad companies from being able to hold onto good workers because they don't have to innovate to survive due to being able to fund themselves so cheaply.

 

Until we get higher intertest rates that are here to stay (and everyone knows it) then nothing will change and things will get worse and worse and worse.

I would also ban sale of BTL mortgages to private individuals.

[henry the king]

5 minutes ago, TBC said:

I would also ban sale of BTL mortgages to private individuals.

I'd rather they went after second homes (with a fee for holding a second home) and foreign buyers (with maybe 25% stamp duty or something) first. BTL is already dying. 

But that will never happen because Foxtons or Persimmon will lobby the politicians to avoid it.

We are run by greed and it will never ever change short of some sort of financial crisis that kicks out all major parties and ushers in a new system.

Edited May 2, 2023 by henry the king

[winkie]

On 30/04/2023 at 10:04, lie to bet said:

Also, women were unable to get mortgages without a man to oversee their payments untill mid to late seventies.

Oh the good old days. If you were a public school educated white male.

Since women are half the population, up until recently their father owned them and when got married their husband owned them and supported them financially...one wage bought one property or rented one property.....now not only got incomes from both sexes also got the incomes from the rest of the world, then you have got borrowing equity from one property highly tax efficiently to buy another and another and so on.....cheap easy money to bump up asset house prices including help to buy/sell, shared ownership.....so HIP has been driven by so many factors coming together quickly all at once in a relatively short period of time.... start removing the props, tax incentives removed, regulate, higher cost of borrowing, more difficult to borrow money.....down to fewer regular income stable jobs, more contract work, part-time work....to retirement earlier short window of opportunity.

The population in certain countries will only increase because people move when global peace and security is so unstable and the climate in some places is driving people to new more temperate places to live...all people now have knowledge at their fingertips, they can educate themselves more easily to what is going on everywhere.

 

 

 

[iamnumerate]

On 30/04/2023 at 09:49, Trampa501 said:

I know we've asked this question before, but is there really any good reason why the MPs, civil servants etc should be based in the high cost capital? If they were based in Bristol/Newcastle or Carlisle, maybe they'd get around to improving infrastructure in the parts of the country that aren't London? Even better, move them to Wales (which is supposed to be an integral part of the UK). 

A good idea although moving to Bristol would not be a great idea - it is very high cost.

The same of course could be said for single parents who are on benefits why do they get to live where they want but many young people have to move out of London.

[longgone]

On 02/05/2023 at 08:36, regprentice said:

Before the minimum wage that was the way things used to be. Wanting to get a 2nd job with no experience and living in a semi rural area i'd no choice but to take what was on offer. 

Even after the minimum wage came in ...When i was at university in 2000 I worked in the student union bar. The university had a policy that no-one in a "student job" was allowed to earn enough in a week to exceed their personal tax free allowance. This was to keep their payroll costs low (no tax to calculate) and so there was enough work to go around all student who wanted it, so we were capped at earning £73 a week iirc. This was in London. 

By year 2000 i was on my 5th job at age 22 just kept moving for more money. I did go from similar to you though £80 a week on a technical apprenticeship or cheap labour as i call it looking back from 1995 to 1996. 

Did me well at the time though having a big name on my cv, always could fluff it up a bit. 

[Wampus Cat]

On 4/30/2023 at 9:49 AM, Trampa501 said:

I know we've asked this question before, but is there really any good reason why the MPs, civil servants etc should be based in the high cost capital? If they were based in Bristol/Newcastle or Carlisle, maybe they'd get around to improving infrastructure in the parts of the country that aren't London? Even better, move them to Wales (which is supposed to be an integral part of the UK). 

When they moved bits of the BBC to Manchester there was practically a civil war with senior people fighting tooth and nail to stay in London.

[SickOfWaiting]

52 minutes ago, Wampus Cat said:

When they moved bits of the BBC to Manchester there was practically a civil war with senior people fighting tooth and nail to stay in London.

Thats because Manchester/Salford is a s.hole.

Us plebs footed the bill for them to fly there.

https://www.theguardian.com/media/2013/dec/05/bbc-spending-flights-trains-salford

[Wampus Cat]

4 hours ago, SickOfWaiting said:

Thats because Manchester/Salford is a s.hole.

Us plebs footed the bill for them to fly there.

https://www.theguardian.com/media/2013/dec/05/bbc-spending-flights-trains-salford

I read the article and I now hate the BBC even more.

I thought I had reached maximum hatred, but then I discovered there was a bit further I could go,

[Stewy]

9 hours ago, SickOfWaiting said:

Thats because Manchester/Salford is a s.hole.

Us plebs footed the bill for them to fly there.

https://www.theguardian.com/media/2013/dec/05/bbc-spending-flights-trains-salford

I wouldn't want to move back (lived there growing up and subsequently 2012-6) but there are some great satellite towns, like most big cities have. 

Salford Quays isn't really the easiest place to get to though. The Metrolink is dire. 

[Bob8]

5 hours ago, Wampus Cat said:

I read the article and I now hate the BBC even more.

I thought I had reached maximum hatred, but then I discovered there was a bit further I could go,

You might be too sensitive for the world.

[cnick]

On 02/05/2023 at 09:22, henry the king said:

I'd rather they went after second homes (with a fee for holding a second home) and foreign buyers (with maybe 25% stamp duty or something) first. BTL is already dying. 

But that will never happen because Foxtons or Persimmon will lobby the politicians to avoid it.

We are run by greed and it will never ever change short of some sort of financial crisis that kicks out all major parties and ushers in a new system.

Will the (a) new system permit some people to create money from nothing?  

[24gray24]

10% interest rates and a house price re adjustment (to equalise monthly payments) would get him a house if coupled with higher tax rates on landlords plus better protection for tenants. 

[SickOfWaiting]

16 hours ago, Wampus Cat said:

I read the article and I now hate the BBC even more.

I thought I had reached maximum hatred, but then I discovered there was a bit further I could go,

I wont bother telling you the licence is going to start going up by the same level as inflation then!

https://www.nationalworld.com/culture/television/tv-licence-fee-going-up-cost-bbc-services-uk-planned-rise-4069012

[kzb]

Wonder if that Skipton CEO watched this Question Time ?

[morty]

The landlord is like the middle person between the bank and the renter.  Why not make it unprofitable to be the middle person?

[Wampus Cat]

On 5/10/2023 at 5:34 PM, SickOfWaiting said:

I wont bother telling you the licence is going to start going up by the same level as inflation then!

https://www.nationalworld.com/culture/television/tv-licence-fee-going-up-cost-bbc-services-uk-planned-rise-4069012

I am long past the point of 'paying the loicence' 

[Unmoderated]

On 29/04/2023 at 15:36, anonguest said:

IF we had allowed nature (Covid) to take its course, and not de facto bankrupted the nation vainly trying to stop the proverbial tide coming in, then we would arguably be there already - awash with probate sales.  😉 

 

Yup.

I've posted elsewhere a little soapbox rant that the worst thing about this is those who were protected at enormous cost to the nation (taxpayers) are totally shielded from paying the cost. The irony is that if we had let it rip we'd have lost a little of the deadweight around the neck of the nation. It wouldn't have been pretty (cue the shouts of 'Tories killed my granny etc') but the savings in NHS, pensions and all the other benefits, not to mention the freeing up of housing would have ushered in a period of prosperity. We'd still have some inflation since that's imported but we'd likely have a far stronger pound since we'd not have debased Sterling by half a trillion quid which would have helped with that AND those who actually pay to keep the country running (net contributors) wouldn't be getting increasingly screwed over. 

Sorry - another rant. 

Summary - I agree with you for lots of reasons.