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Is Everyone In The Uk Rich

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It seems that people in the UK are absolutely loaded.

How can anyone afford a house over 100k.

My mortgage limit is 100k and if i do take that i will be paying about £750 a month which seems

an awful lot even though everyone says borrowing is so cheap.

So if people are borrowing way over 100k, they must be paying way over £1000 per month

Whch comes to my other point how can BTL be pofittable. Who is going to pay £1000 a month

rent.

Certainly not immigrants, even though the Polish downstairs are living 10 to a flat.

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It seems that people in the UK are absolutely loaded.

How can anyone afford a house over 100k.

My mortgage limit is 100k and if i do take that i will be paying about £750 a month which seems

an awful lot even though everyone says borrowing is so cheap.

So if people are borrowing way over 100k, they must be paying way over £1000 per month

Whch comes to my other point how can BTL be pofittable. Who is going to pay £1000 a month

rent.

Put bluntly, they earn more. Or take bigger risk.

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It seems that people in the UK are absolutely loaded.

How can anyone afford a house over 100k.

My mortgage limit is 100k and if i do take that i will be paying about £750 a month which seems

an awful lot even though everyone says borrowing is so cheap.

So if people are borrowing way over 100k, they must be paying way over £1000 per month

Whch comes to my other point how can BTL be pofittable. Who is going to pay £1000 a month

rent.

Certainly not immigrants, even though the Polish downstairs are living 10 to a flat.

Who has quoted you £750?

Nationwide 110K property with 100K mortgage

3YR FIXED Yr 1-3 £595 p/m, Yr 4+ £633 p/m.

I wouldn't dream of buying a place without a decent deposit.

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One of the "Place in the Sun" programmes featured a couple who wanted to emigrate to Fiji.

Amanda's commentary included something like "The people of Fiji are relatively poor".

Looking at the lush vegetation, freely available fruit and vegetables, gorgeous sea and beaches, and the people who didn't seem entirely unhappy with their lot, I remember thinking "it depends on your definition of the word poor".

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Who is going to pay £1000 a month rent.

I do. As do many of my friends.

I don't think it's that unusual (round these parts).

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I do. As do many of my friends.

I don't think it's that unusual (round these parts).

So you agree? Every one seems loaded

A £1000 a month on rent, say £300 on bills (probably more)

Gross earnings of over £40k to have a basic lifestyle.

This is a massive salary compared to many and if you think it quite normal then you believe houses are not over valued as what was saying.

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One of the "Place in the Sun" programmes featured a couple who wanted to emigrate to Fiji.

Amanda's commentary included something like "The people of Fiji are relatively poor".

Looking at the lush vegetation, freely available fruit and vegetables, gorgeous sea and beaches, and the people who didn't seem entirely unhappy with their lot, I remember thinking "it depends on your definition of the word poor".

Yes

What is the definition of "rich" or financial security. (it seems they are richer and more financially secure as less outgoings)

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Guest Baffled_by_it_all

The definition of rich I use is how long I could live with my current standard of living without working. Currently standing at about 18 months.

How many people with a paper fortune could say the same. They're all two mortgage payments away from catastrophe.

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One of the "Place in the Sun" programmes featured a couple who wanted to emigrate to Fiji.

Amanda's commentary included something like "The people of Fiji are relatively poor".

Looking at the lush vegetation, freely available fruit and vegetables, gorgeous sea and beaches, and the people who didn't seem entirely unhappy with their lot, I remember thinking "it depends on your definition of the word poor".

Sorry to go OT, but a good friend of mine emigrated to Fiji a couple of years ago. Spent approx 6 weeks there last winter for his wedding. Fiji has been relatively poor recently because its main export is sugar. The commodities boom will make the fijians wealthier.

The country is amazing - The people there may be realtively poor, but they all have great big (mostly genuine) smiles nearly all the time. The number of times you are greeted with a friendly 'Bula' (hello in fijian) is lovely. 'Kava' is a kind of drug that is an important part of Fijian society and is taken ceremonial style round a big kava bowl. It's a bit like muddy water and a sedative that first numbs your mouth then makes you feel a very mild kind of stoned. Not sure how much this has to do with everyone's permanent smile!

Just a few generations ago, Fijians were violent cannibals. One chieften kept the skull of every person he ate. When he died, they counted the skulls - There were over 800! This kind of cannibalism was widespread until the missionaries converted the Fijians to christianity. Nowadays the fijians are kind of catholic - Even the men won't go swimming bare chested! The only problem in Fiji is the division between native fijians & indians. The Fijans are very realxed (kava?) and the indians are industrious (corner shops). In election times in Fiji (now) there are often coups as the two factions struggle for power.

When you go through the fijian countryside and stumble across a village, it is astonishing how beautifully kept the schools are, the central part of many villages. Despite often living in what we would regard as huts, the children are immaculately dressed in smart school uniforms. Fijians fully understand the importance of education. Fiji is proof that material wealth isn't everything - They are poorer yet many, many times happier than your average UK citizen. Leaving Fiji to come back to the UK was one of the saddest days of my life.

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So you agree? Every one seems loaded

A £1000 a month on rent, say £300 on bills (probably more)

Gross earnings of over £40k to have a basic lifestyle.

This is a massive salary compared to many and if you think it quite normal then you believe houses are not over valued as what was saying.

I think it's not unusual ("round these parts"), not that it's normal.

The IO on a 5% mortgage on my flat is still more than I pay in rent (gross yield 4.6%).

So I agree: BTL doesn't make sense to get into at the moment.

My point to the OP is that this holds true even for flats that rent for £1000+.

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Who has quoted you £750?

Nationwide 110K property with 100K mortgage

3YR FIXED Yr 1-3 £595 p/m, Yr 4+ £633 p/m.

I wouldn't dream of buying a place without a decent deposit.

WRONG WRONG WRONG!!! If we do get a house price crash, and the bargain window opens, the LAST thing you want to do is sit there saving your pennies for a couple of years to scrape your 'decent deposit' together.

What you do is grab the biggest mortgage you possibly can, and get in there!

The bulls on here are wrong about many things, but the one thing they're dead right about is that some people here are so risk averse that they'll probably never win in the property game.

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I do. As do many of my friends.

I don't think it's that unusual (round these parts).

You pay over £1000 a month? Is that the total price for a flat/house which you share with another person?

Not many people pay over £1000 per month even in London.

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I is rich

You is rich

We is rich

:D

Conjugate the verb "rich"

A typical BTL muppet response:

We buy property and are rich

We all bought property and are the richest

We are still buying property and grow richer

A typical HPC poster response:

We are rich after buying an inflation-beating, non interest rate sensitive asset

We grow richer by buying an inflation-beating, non interest rate sensitive asset

We are the richest after buying an inflation-beating, non interest rate sensitive asset

:D

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Conjugate the verb "rich"

A typical BTL muppet response:

We buy property and are rich

We all bought property and are the richest

We are still buying property and grow richer

A typical HPC poster response:

We are rich after buying an inflation-beating, non interest rate sensitive asset

We grow richer by buying an inflation-beating, non interest rate sensitive asset

We are the richest after buying an inflation-beating, non interest rate sensitive asset

:D

'rich' ain't a verb, it's an adjective.

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People paying 2,500 pcm in rent doesnt make them rich, its all relative.

Read between the lines, after the cost of living, and a little fun, how much do you have left.

You would most likely find most French Peasants have more left than their UK counterparts, and they have those funny pink things that come out of women, they call them babies.

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Not many people pay over £1000 per month even in London.

Average rent for 1 bed flats (findaproperty.com):

NW1: £1210

SW1: £1782

W1: £1777

WC2: £1635

SE1: £1311

E14: £1262

NW3: £1240

NW8: £1299

W2: £1445

SW3: £1867

SW5: £1521 (and a bunch of other K&C postcodes)

That's not an exhaustive list as I got bored half way. :)

But I think there are quite a few flats in that lot. I don't live in any of those postcodes, but somebody must!

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Put bluntly, they earn more. Or take bigger risk.

But if you earn £25,000 only 15% of the UK earn more then you... :) average wages...

And if you live in an area like devon.. well I won't continue..

Its all very simple..

and again the great unwashed will not see it comming..

"The IMF, Mervin King.. That chap from the Amex with the nobel prize say the market is nadgered.. I was worried until that nice man at the halifax said that it would be a splendid idea for me to borrow a great deal of money from him... "

MORRON..

But what part the BBC? they will never report any bearish comment.. ever..

When the IMF made their announcements.. no report, vi spin.. sipps was the same.

If you trusted the BBC.. well..

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that some people here are so risk averse that they'll probably never win in the property game.

What game is that then? I thought housing was about providing a basic necessity for life. There's no "game" about it. Do you think that people starving to death in Africa are "losing the food game"? Get a grip.

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It seems that people in the UK are absolutely loaded.

How can anyone afford a house over 100k.

My mortgage limit is 100k and if i do take that i will be paying about £750 a month which seems

an awful lot even though everyone says borrowing is so cheap.

So if people are borrowing way over 100k, they must be paying way over £1000 per month

You're assuming people aren't being handed huge deposits by their relatives.

They definitely all are round here.

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WRONG WRONG WRONG!!! If we do get a house price crash, and the bargain window opens, the LAST thing you want to do is sit there saving your pennies for a couple of years to scrape your 'decent deposit' together.

What you do is grab the biggest mortgage you possibly can, and get in there!

The bulls on here are wrong about many things, but the one thing they're dead right about is that some people here are so risk averse that they'll probably never win in the property game.

You're damn right I'm risk-averse. Anyone with half a brain should be wary of potential risks and protect themselves in whatever way the can.

Obviously if house prices dropped by 90% tomorrow I'd buy a couple of mansion blocks in West London, but that ain't gonna happen.

And if I had a time machine I'd go back to 1999 and do the same - isn't hindsight wonderful.

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  • 301 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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