debtfree Posted July 21, 2006 Share Posted July 21, 2006 The following is an extract from todays 'The Metro' - London issue. FIRST-TIME house buyers ned to cut out takeaways, nights out and other luxuries if they are to meet their savings targets for a deposit, a bank has warned. The average person currently saves £270 a month. But they would need to put aside £500 a month to save the deposit of £11,710 they typically hope to achieve over two years, the Alliance & Leicester said. 'This is a clear mismatch', an A&L spokesman said. what utter and complete tosh. You'd have to give up cooking anyway, as you can't buy a place that comes with a dining room !! The kitchen would be in the lounge along with the boiler and half your belongings. Quote Link to comment Share on other sites More sharing options...
Mags Posted July 21, 2006 Share Posted July 21, 2006 What would a deposit of £11K get you? Must give up eating, must not go out, must save, must save, must save. All this time I thought house prices were over-valued. But really, we're just not saving enough. I don't know where they get that figure of £270 a month from. A lot of poeple I know can't save anything at all. Quote Link to comment Share on other sites More sharing options...
Leonard Hatred Posted July 21, 2006 Share Posted July 21, 2006 Don't forget to cut out Council Tax. And heating Quote Link to comment Share on other sites More sharing options...
DabHand Posted July 21, 2006 Share Posted July 21, 2006 Why on earth live in london if you arent going to go out ffs. Quote Link to comment Share on other sites More sharing options...
debtfree Posted July 21, 2006 Author Share Posted July 21, 2006 I wonder if we'll see a protest from the London Curry Association Board complaining that the A&L have caused a drop in profits for 60% of Indian outlets. Headline would read 'Curry in Chaos' Quote Link to comment Share on other sites More sharing options...
Neil D Possitt Posted July 21, 2006 Share Posted July 21, 2006 (edited) I wonder if we'll see a protest from the London Curry Association Board complaining that the A&L have caused a drop in profits for 60% of Indian outlets. Headline would read 'Curry in Chaos' They'll obviously retaliate with an article in their trade mag explaining how much more curries people could eat if they didn't have to pay stupid prices for houses! Edited July 21, 2006 by Neil D Possitt Quote Link to comment Share on other sites More sharing options...
bearwithaconscience Posted July 21, 2006 Share Posted July 21, 2006 Average salary = 28k Average house = 200k. Take the income multiple of even 4.5 (high by historic standards but maybe with interest rates low, this could be realistic). This means you would need a deposit of 74k to purchase the house. This means you would have to save 1000 per month for 6 years. What a joke. Why not spend that 1000 per month on something more exciting, like going on a cruise every 3 months, or spend 30 pounds every single day just treating yourself. In 6 years time, will you still need the 74k deposit for that house???? Quote Link to comment Share on other sites More sharing options...
hedi Posted July 21, 2006 Share Posted July 21, 2006 the average person saves £270 a month. where the hell did that come from. as the average person has credit card debt of several thousand pounds, its a mystry. i really do think they make these figures up. Quote Link to comment Share on other sites More sharing options...
Fancypants Posted July 21, 2006 Share Posted July 21, 2006 I don't even like curry that much! Where am I going wrong? Please, will some reliable and trustworthy organisation commission a study to help me onto the property ladder? (sound of first rung creaking and splintering as I gingerly try and place my foot on it) Quote Link to comment Share on other sites More sharing options...
OzzMosiz Posted July 21, 2006 Share Posted July 21, 2006 (edited) the average person saves £270 a month. where the hell did that come from. as the average person has credit card debt of several thousand pounds, its a mystry. i really do think they make these figures up. Joke isn't it. Mind you I'm saving (or trying to save) 4 digit sums per month (and no pence involved ) Edited July 21, 2006 by OzzMosiz Quote Link to comment Share on other sites More sharing options...
MarkG Posted July 21, 2006 Share Posted July 21, 2006 where the hell did that come from. as the average person has credit card debt of several thousand pounds, its a mystry. Some of us save four-figure sums every month, which compensates for those who save nothing. Quote Link to comment Share on other sites More sharing options...
Jason Posted July 21, 2006 Share Posted July 21, 2006 The A&L reports are a joke. Anyway, here's the link: http://www.aboutproperty.co.uk/news/buying...#036;445395.htm Quote Link to comment Share on other sites More sharing options...
smiley Posted July 21, 2006 Share Posted July 21, 2006 This angers me. It gives the impression that young folk can't buy houses because they're reckless with money - not like the frugal, respectable older types. If only they'd spend less money on curries (and cut their hair, and stop listening to that awful modern 'beat' music...) Fact it, it's much harder now. The younger generation (20-35) may well be MORE responsible than their elders. Young people have never had it so bad! Quote Link to comment Share on other sites More sharing options...
Fancypants Posted July 21, 2006 Share Posted July 21, 2006 This angers me. It gives the impression that young folk can't buy houses because they're reckless with money - not like the frugal, respectable older types. If only they'd spend less money on curries (and cut their hair, and stop listening to that awful modern 'beat' music...) Fact it, it's much harder now. The younger generation (20-35) may well be MORE responsible than their elders. Young people have never had it so bad! no, it's because we're cowards and wedded to outdated notions that debt must be repaid. Quote Link to comment Share on other sites More sharing options...
enworb Posted July 21, 2006 Share Posted July 21, 2006 Average salary = 28k Average house = 200k. Take the income multiple of even 4.5 (high by historic standards but maybe with interest rates low, this could be realistic). True but a couple earning £56k could afford an average house. Must be couples who are preventing the crash Quote Link to comment Share on other sites More sharing options...
MongerOfDoom Posted July 21, 2006 Share Posted July 21, 2006 the average person saves £270 a month. where the hell did that come from. as the average person has credit card debt of several thousand pounds, its a mystry. i really do think they make these figures up. I see, "they" make the numbers up but you have solid evidence to the contrary Anyway, have a look e.g. at http://www.nsandi.com/pdf/savings_survey_winter06.pdf Quote Link to comment Share on other sites More sharing options...
MarkG Posted July 21, 2006 Share Posted July 21, 2006 a couple earning £56k could afford an average house. Until one loses their job or they split up or they decide they want kids or... Quote Link to comment Share on other sites More sharing options...
All the gear.. Posted July 21, 2006 Share Posted July 21, 2006 I read this article this morning and i thought it was very patronising. If you're saving for a deposit, fair enough you're gonna cut back on luxuries, but IMO the article implied that FTBs sit around munching on curries when they should be saving. Incredible arrogance! Amazes me how one dimensional their thinking is... 'FTBs well below historical levels = cut takeaways out'. Nothing to do with bloated house prices and rampant credit. It's been said many time before on here, but what do you expect from a free rag? Quote Link to comment Share on other sites More sharing options...
bearwithaconscience Posted July 21, 2006 Share Posted July 21, 2006 I see, "they" make the numbers up but you have solid evidence to the contrary Anyway, have a look e.g. at http://www.nsandi.com/pdf/savings_survey_winter06.pdf This survey was one of my favourite ever posts. Thank you Basically the average saving per person is less than 200 pcm, even in London. So at that rate it is going to take the average person (let alone FTB) about 30 years to save the deposit on the average house. Even a couple working full time with no children (therefore no childcare costs) would need a deposit of 32000(you can usually still only get 3x earnings on joint income). At 200 per month that would take them a mere 13 years. Or 6 years if they both save 200pcm. And that assumes that every penny of their savings is sunk into their eventual house. No holidays, no car, no rainy day money, no boiler/car breakdowns and certainly no curries! Quote Link to comment Share on other sites More sharing options...
Qetesuesi Posted July 21, 2006 Share Posted July 21, 2006 Some of us save four-figure sums every month, which compensates for those who save nothing. Can't be many of you. What's your rough take-home income and total expenses (and how much for rent if it's rent)? Quote Link to comment Share on other sites More sharing options...
lulu Posted July 21, 2006 Share Posted July 21, 2006 The following is an extract from todays 'The Metro' - London issue. FIRST-TIME house buyers ned to cut out takeaways, nights out and other luxuries if they are to meet their savings targets for a deposit, a bank has warned. The average person currently saves £270 a month. But they would need to put aside £500 a month to save the deposit of £11,710 they typically hope to achieve over two years, the Alliance & Leicester said. 'This is a clear mismatch', an A&L spokesman said. what utter and complete tosh. You'd have to give up cooking anyway, as you can't buy a place that comes with a dining room !! The kitchen would be in the lounge along with the boiler and half your belongings. Well I always knew I was doing something wrong! Those 2/3 takeaway curries I have each year are the main reason I cannot afford a flat - god what a wally I am! - sh*t looking back, I got fish and chips the other week - this frivolous waste of money has to stop. No wonder I can't afford anything - the fact that property prices have more than doubled over the past few years is irrelevant really isnt :angry: Quote Link to comment Share on other sites More sharing options...
adrianj Posted July 21, 2006 Share Posted July 21, 2006 90% population are a bunch of muppets. Life is for living not for making other people rich, buying a house for the first time now is utter stupidity (unless you have received a major windfall / inheritance), in fact this also applies if you are looking to upgrade but are already financially tight. Working just to put a roof over ones head utter madness, we are only here once enjoy it, you cannot take it with you when you go. I was under the impression long gone were the days where you had to work to live? Coming out with a stupid comment "cut back on going out etc" just to buy a poxy h is all well & good, but what effect will this have on other parts of the economy?? These so called professionals have not got the sense that they were born with. Rant over Quote Link to comment Share on other sites More sharing options...
OzzMosiz Posted July 21, 2006 Share Posted July 21, 2006 Can't be many of you. What's your rough take-home income and total expenses (and how much for rent if it's rent)? I'm one! And don't be so nosey you cheeky so and so! Coming out with a stupid comment "cut back on going out etc" just to buy a poxy h is all well & good, but what effect will this have on other parts of the economy?? These so called professionals have not got the sense that they were born with. Rant over Thats a good angle to counter this bullsh**!! Quote Link to comment Share on other sites More sharing options...
faloos Posted July 21, 2006 Share Posted July 21, 2006 Well I always knew I was doing something wrong! Those 2/3 takeaway curries I have each year are the main reason I cannot afford a flat - god what a wally I am! - sh*t looking back, I got fish and chips the other week - this frivolous waste of money has to stop. No wonder I can't afford anything - the fact that property prices have more than doubled over the past few years is irrelevant really isnt :angry: This is these eff*** banks at it again , now blaming everyone else instead of themselves !! They better run for cover as people will be after them when it all goes to hell !! Quote Link to comment Share on other sites More sharing options...
Qetesuesi Posted July 21, 2006 Share Posted July 21, 2006 I'm one! And don't be so nosey you cheeky so and so! I'm one too, so don't be so shirty about it. You've got to admit there aren't that many of us. Quote Link to comment Share on other sites More sharing options...
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