How much do you need to earn to live in London?
Discussion
okgo said:
That was actually in Kingston Upon Thames, at this lovely place : http://www.zoopla.co.uk/for-sale/details/33274665?...
They filmed in my childhood next door neighbours house!We used to think it was so good that they filmed tv round our way; then realised they did it because it was a cliché s
thole 
okgo said:
Apart from property, do we think costs of London are vastly different to Manchester? I went recently and was surprised that the prices were very similar (food/drink)...
There will always be parts of the regions that are 'expensive'. I went to a greasy spoon in Brent Cross for lunch for 2 people, and had change from 6 quid, and then had bought 2 Burgers (with chips) and 2 pints in a Pub in Mill Hill, and didn't have change from £30.
I can show you places in Liverpool which would compete with both these places to have a higher price.
paranoid airbag said:
vinnie83 said:
See, if someone had said "buying somewhere in central London for £500k barely gets you something nice" then I would agree!
But 90% of people from London that I meet don't.
You can easily get a nice place for £500k otherwise. Me and the Mrs are looking at flats for £8-900k in Woodside Park, Totteridge and the surrounding areas. For this we're expecting (realistically) a bloody impressive 2.5 - 3 bed flat with en suite in at least one of the rooms, 1-2 parking spaces, and good space.
Tbh, a 2.5 - 3 bed flat really doesn't sound nice to me for £900k.But 90% of people from London that I meet don't.
You can easily get a nice place for £500k otherwise. Me and the Mrs are looking at flats for £8-900k in Woodside Park, Totteridge and the surrounding areas. For this we're expecting (realistically) a bloody impressive 2.5 - 3 bed flat with en suite in at least one of the rooms, 1-2 parking spaces, and good space.
Where do the kids play?
Where do you grow stuff?
Where do you put oily things?
It's less than two minutes from the tube, whilst not being near the tracks, has two parking spaces, so it's perfect for us for the next 5 yrs whilst I'm studying and we won't outgrow it for a few years even when we have a kid.
In response to another post, yes you can get a 2 bed in wood side for 350 - the flat next door just went for 350k but it's a small 2 bed - perfect for me but no good for when the mrs moves in (spare room is my office so no storage).
The flat we are holding out for (pending a planning application) is estimated at 700k for the 2.5 bed but if this falls through we will look for a 3 bed which will be more like 800k+ or thereabouts - this will be a very impressive apartment otherwise, as you say, it's mad for a 'normal' and 'nice' flat.
ETA The reason I want a flat, is that for near a million quid, I want to come home, look around me and think this is impressive - these apartments are bloody impressive.
Houses for £1mil in this area are just... Meh. My 4 bed in Leicester worth £260k meh. For what is an incredible amount of money, I want something that feels prestigious if that's the correct word. The money will be moved to an impressive house after I graduate and start earning as much as the mrs.
Edited by vinnie83 on Thursday 21st August 01:11
lukefreeman said:
What's Nandos like in LDN, expensive or same price as rest of UK?
I could eat there everynight if I had to.
Really? I went to a Nando's for the first time a couple weeks back. Cost a lot for what's bordering on self-service, with incredibly small portions. Don't think I'll go back.I could eat there everynight if I had to.
Pebbles167 said:
Several people I know live on around £25k.
They rent a nice house/flat and have reasonable motors.
How can you possibly live somewhere nice in London and run a reasonable car on 25 grand ? I just don't think its possible. I don't even think rent & car running costs could be paid out of £25k in your hand - never mind tax, NI, food, council tax, and any other costs....They rent a nice house/flat and have reasonable motors.
I think I might actually prefer killing myself to living in London on 25 grand.
KFC said:
How can you possibly live somewhere nice in London and run a reasonable car on 25 grand ? I just don't think its possible. I don't even think rent & car running costs could be paid out of £25k in your hand - never mind tax, NI, food, council tax, and any other costs....
I think I might actually prefer killing myself to living in London on 25 grand.
Yeah, that would be difficult...I think I might actually prefer killing myself to living in London on 25 grand.
When I first came here I was on 25k and rented a decent place. Even without a car I absolutely burned through savings for the first year, it was horrendous. And I wasn't even paying for travel.
iphonedyou said:
KFC said:
How can you possibly live somewhere nice in London and run a reasonable car on 25 grand ? I just don't think its possible. I don't even think rent & car running costs could be paid out of £25k in your hand - never mind tax, NI, food, council tax, and any other costs....
I think I might actually prefer killing myself to living in London on 25 grand.
Yeah, that would be difficult...I think I might actually prefer killing myself to living in London on 25 grand.
When I first came here I was on 25k and rented a decent place. Even without a car I absolutely burned through savings for the first year, it was horrendous. And I wasn't even paying for travel.
iphonedyou said:
KFC said:
How can you possibly live somewhere nice in London and run a reasonable car on 25 grand ? I just don't think its possible. I don't even think rent & car running costs could be paid out of £25k in your hand - never mind tax, NI, food, council tax, and any other costs....
I think I might actually prefer killing myself to living in London on 25 grand.
Yeah, that would be difficult...I think I might actually prefer killing myself to living in London on 25 grand.
When I first came here I was on 25k and rented a decent place. Even without a car I absolutely burned through savings for the first year, it was horrendous. And I wasn't even paying for travel.
Lets assume shared accommodation in Zone 2, so these costs are for one persons share - £750pcm rental, £55 council tax, £805. Tube £120pcm, £925. Rainy day fund £200pcm, £1125. Food £200pcm, £1325. So that leaves you with £375 to tax, insure and run a car. All with no entertainment budget? f
k that unless, like iphonedyou, you are just starting out, have some cash behind you and know that your salary will increase rapidly. Edit - these figures don't even include Student Loan deductions which must be around £70pcm? So potentially only £305 left to play with?
Edited by BrabusMog on Thursday 21st August 10:15
BrabusMog said:
iphonedyou said:
KFC said:
How can you possibly live somewhere nice in London and run a reasonable car on 25 grand ? I just don't think its possible. I don't even think rent & car running costs could be paid out of £25k in your hand - never mind tax, NI, food, council tax, and any other costs....
I think I might actually prefer killing myself to living in London on 25 grand.
Yeah, that would be difficult...I think I might actually prefer killing myself to living in London on 25 grand.
When I first came here I was on 25k and rented a decent place. Even without a car I absolutely burned through savings for the first year, it was horrendous. And I wasn't even paying for travel.
Lets assume shared accommodation in Zone 2, so these costs are for one persons share - £750pcm rental, £55 council tax, £805. Tube £120pcm, £925. Rainy day fund £200pcm, £1125. Food £200pcm, £1325. So that leaves you with £375 to tax, insure and run a car. All with no entertainment budget? f
k that unless, like iphonedyou, you are just starting out, have some cash behind you and know that your salary will increase rapidly. Edit - these figures don't even include Student Loan deductions which must be around £70pcm? So potentially only £305 left to play with?
Edited by BrabusMog on Thursday 21st August 10:15
You can say thats the difference between those that take the plunge and risk it all with the ambition to get a high paid job, and those that sit on the sidelines thinking we are mad for doing so in the first few years, then it pays off. At that point you get thought of as the person who got it handed to them easily, when in fact it could have all blown up and you could be the one sitting on the sidelines again.
Du1point8 said:
BrabusMog said:
iphonedyou said:
KFC said:
How can you possibly live somewhere nice in London and run a reasonable car on 25 grand ? I just don't think its possible. I don't even think rent & car running costs could be paid out of £25k in your hand - never mind tax, NI, food, council tax, and any other costs....
I think I might actually prefer killing myself to living in London on 25 grand.
Yeah, that would be difficult...I think I might actually prefer killing myself to living in London on 25 grand.
When I first came here I was on 25k and rented a decent place. Even without a car I absolutely burned through savings for the first year, it was horrendous. And I wasn't even paying for travel.
Lets assume shared accommodation in Zone 2, so these costs are for one persons share - £750pcm rental, £55 council tax, £805. Tube £120pcm, £925. Rainy day fund £200pcm, £1125. Food £200pcm, £1325. So that leaves you with £375 to tax, insure and run a car. All with no entertainment budget? f
k that unless, like iphonedyou, you are just starting out, have some cash behind you and know that your salary will increase rapidly. Edit - these figures don't even include Student Loan deductions which must be around £70pcm? So potentially only £305 left to play with?
Edited by BrabusMog on Thursday 21st August 10:15
You can say thats the difference between those that take the plunge and risk it all with the ambition to get a high paid job, and those that sit on the sidelines thinking we are mad for doing so in the first few years, then it pays off. At that point you get thought of as the person who got it handed to them easily, when in fact it could have all blown up and you could be the one sitting on the sidelines again.
You make a good point, certain industries will only pay out the best salaries in London, so if you want to reach your highest earning potential you're best off taking a risk and getting in at the bottom in the best place.
iphonedyou said:
I went to a Nando's for the first time a couple weeks back. Cost a lot for what's bordering on self-service, with incredibly small portions. Don't think I'll go back.
Nandos - i've always found it incredibly bad value, but it suits some people. I'd rather go to Waitrose and buy a hot roasted chicken etc. Or one of the numerous buffet places around Leicester Square.Back on topic - why run a car if you live in London and only earn £25k? I've noticed quite a few of my single female friends moving back with their parents and they earn a bit more than this .. rental increases combined with the inability to walk past shoe shops(?)
Edited by fido on Thursday 21st August 10:37
BrabusMog said:
How much do you take home on £25k? £1700 pcm?
Lets assume shared accommodation in Zone 2, so these costs are for one persons share - £750pcm rental, £55 council tax, £805. Tube £120pcm, £925. Rainy day fund £200pcm, £1125. Food £200pcm, £1325. So that leaves you with £375 to tax, insure and run a car. All with no entertainment budget? fk that unless, like iphonedyou, you are just starting out, have some cash behind you and know that your salary will increase rapidly.
Edit - these figures don't even include Student Loan deductions which must be around £70pcm? So potentially only £305 left to play with?
Well you don't have a £200 a month rainy-day fund, simple as that! Can also spend less than £750 on rent and bills if you really want to, more like £600 but it still doesn't leave enough to run a decent motor if you're in your 20s. Insuring a car in London is a lot of money. Lets assume shared accommodation in Zone 2, so these costs are for one persons share - £750pcm rental, £55 council tax, £805. Tube £120pcm, £925. Rainy day fund £200pcm, £1125. Food £200pcm, £1325. So that leaves you with £375 to tax, insure and run a car. All with no entertainment budget? f
k that unless, like iphonedyou, you are just starting out, have some cash behind you and know that your salary will increase rapidly. Edit - these figures don't even include Student Loan deductions which must be around £70pcm? So potentially only £305 left to play with?
Edited by BrabusMog on Thursday 21st August 10:15
BrabusMog said:
I did! Saying that, my rent was a lot less than it is nowadays.
I would have thought for most people in that situation the best 'rainy day' fund you could hope for would be an unused credit card with a suitable limit, or a credit profile that was acceptable to Wonga.... far from ideal but if you're on a decent career path and you know its a temporary situation for a couple of years then its workable.KFC said:
BrabusMog said:
I did! Saying that, my rent was a lot less than it is nowadays.
I would have thought for most people in that situation the best 'rainy day' fund you could hope for would be an unused credit card with a suitable limit, or a credit profile that was acceptable to Wonga.... far from ideal but if you're on a decent career path and you know its a temporary situation for a couple of years then its workable.ked over by 2 rents, it worked out fine for me in the end, but was a very up and down in the first 2 years.Gassing Station | The Lounge | Top of Page | What's New | My Stuff