How much do you need to earn to live in London?

How much do you need to earn to live in London?

Author
Discussion

Studio117

4,250 posts

191 months

Friday 22nd August 2014
quotequote all
Agreed

vinnie83

3,367 posts

193 months

Friday 22nd August 2014
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swerni said:
My suggestion is someone close this thread.
it's run it's course and is now heading the wrong way rapidly
I was interested to hear your response to my post above Swerni.

And yours studio117.

All very well criticising someone, but when they respond with a polite response to your insults, let's not respond to the points made but close the thread, right?

People are so quick to judge/criticise on here!

Edited by vinnie83 on Friday 22 August 12:51

vinnie83

3,367 posts

193 months

Friday 22nd August 2014
quotequote all
swerni said:
vinnie83 said:
swerni said:
My suggestion is someone close this thread.
it's run it's course and is now heading the wrong way rapidly
I was interested to hear your response to my post above Swerni.
I thought it was a reasonable answer, it was just odd choice of words to use.
If you're going to spend that kind of money, you want it to be special.
Maybe a better choice of words could have been chosen, I can see how the word impressive may lead to someone thinking I want to impress others. Not the case.


z4RRSchris99

11,278 posts

179 months

Friday 22nd August 2014
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When i first came here i was on £250pw net, my rent was 160 in fulham but life was doable, made sacrifices, tired to earn money elsewhere etc. not much fun but doable.

now thankfully on considerably more, but still under £100k and much more fun.

decadent

2,172 posts

175 months

Friday 22nd August 2014
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To live a comfortable life in London comes down to two things in my opinion and that is how and when you are financing your house and whether you're single or a family.

Most day to day costs such as petrol, gas, electric, food, resturants, clothes are on par with anywhere else in the country. In fact petrol/travel is probably less as you don't need to travel the mileage to commute if you're not lucky enough to live a stones throw from work.

I can only really focus on families as I don't know any singles. Families are unlikely to share a room in a house so they'd need to buy or rent an average house. Many people I know of my generation (early 30s) have had significant help in obtaining a property. Some of my friends have pretty medicore jobs earning £25kish and they are able to afford the outer suburb 3 bed semi (£500-700k) and live perfectly happy lives. Their mortgages are sub 100k so life really isn't an issue for them.

Unfortunetly my wife and I have not had such hand outs and I think you really need to be bringing in at least £120k and the associated job stress to service a mortgage on an average suburb, average £500-700k house with a 25% deposit and associated childcare costs.

For people such as my wife and I it makes sense to sell up, take our equity away from london, find jobs at market rate for our professions and live the good life with mininal housing cost.

Who wants the stress of a £400-600k mortgage under PAYE employment anyway. What's the alternative if you haven't had a hand out and were starting for scratch today? Traditional 2.5 x £120k = £300k mortgage. Plus say £70K saved up. £370k buys what sort of family home?? Certainly nothing you'd want, especially if you've both worked hard to earn £60k each.


iphonedyou

9,250 posts

157 months

Friday 22nd August 2014
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vinnie83 said:
And sorry, look at how much money I have? When did I say that? Anyone can look at someone's garage on here and see what they drive, and saying I earn UNDER £50k is bragging now? Really?
vinnie83 said:
And as for the comment about my wanting an impressive house saying it all - what is wrong with that? If I'm going to spend £1.5 million+ on a house I damn well expect it to be impressive!

vinnie83

3,367 posts

193 months

Friday 22nd August 2014
quotequote all
iphonedyou said:
vinnie83 said:
And sorry, look at how much money I have? When did I say that? Anyone can look at someone's garage on here and see what they drive, and saying I earn UNDER £50k is bragging now? Really?
vinnie83 said:
And as for the comment about my wanting an impressive house saying it all - what is wrong with that? If I'm going to spend £1.5 million+ on a house I damn well expect it to be impressive!
Speculating about how much I may spend on a property in 6-8 years once I've graduated and saved money - bragging, right?

Du1point8

21,607 posts

192 months

Friday 22nd August 2014
quotequote all
vinnie83 said:
iphonedyou said:
vinnie83 said:
And sorry, look at how much money I have? When did I say that? Anyone can look at someone's garage on here and see what they drive, and saying I earn UNDER £50k is bragging now? Really?
vinnie83 said:
And as for the comment about my wanting an impressive house saying it all - what is wrong with that? If I'm going to spend £1.5 million+ on a house I damn well expect it to be impressive!
Speculating about how much I may spend on a property in 6-8 years once I've graduated and saved money - bragging, right?
No... you are bragging... digging a massive hole for yourself... now you are trying to climb out and failing.

vinnie83

3,367 posts

193 months

Friday 22nd August 2014
quotequote all
Du1point8 said:
vinnie83 said:
iphonedyou said:
vinnie83 said:
And sorry, look at how much money I have? When did I say that? Anyone can look at someone's garage on here and see what they drive, and saying I earn UNDER £50k is bragging now? Really?
vinnie83 said:
And as for the comment about my wanting an impressive house saying it all - what is wrong with that? If I'm going to spend £1.5 million+ on a house I damn well expect it to be impressive!
Speculating about how much I may spend on a property in 6-8 years once I've graduated and saved money - bragging, right?
No... you are bragging... digging a massive hole for yourself... now you are trying to climb out and failing.
I purchased my first property at 23 - the age most were pissing their money up the wall.

I'm sacrificing 6 years of adult life to get into a highly paid profession.

If that means bragging, so be it - I'm bragging.

Anyone who knows me, knows that I'm far from the type to brag about anything - whether you guys on a forum agree or not isn't going to cause me to lose any sleep smile

Shaoxter

4,074 posts

124 months

Friday 22nd August 2014
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vinnie83 said:
I purchased my first property at 23 - the age most were pissing their money up the wall.

I'm sacrificing 6 years of adult life to get into a highly paid profession.

If that means bragging, so be it - I'm bragging.

Anyone who knows me, knows that I'm far from the type to brag about anything - whether you guys on a forum agree or not isn't going to cause me to lose any sleep smile
FWIW the posters criticizing you sounded a bit sour IMO, possibly jealous of your 911TT.

Nobody in London would bat an eyelid at someone on £50k. £50k pa is around £3k take home a month. Say you're paying £1k for rent and bills (which means you would be sharing), minus transport, entertainment and other expenses you'd be saving for 5-10 years for a deposit on a 1 bed in a slightly dodgy area. If it takes you that long to just get a 1 bed place after living in shared accommodation all that time, you could say that is just getting by.

KFC

3,687 posts

130 months

Friday 22nd August 2014
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Shaoxter said:
FWIW the posters criticizing you sounded a bit sour IMO, possibly jealous of your 911TT.

Nobody in London would bat an eyelid at someone on £50k. £50k pa is around £3k take home a month. Say you're paying £1k for rent and bills (which means you would be sharing), minus transport, entertainment and other expenses you'd be saving for 5-10 years for a deposit on a 1 bed in a slightly dodgy area. If it takes you that long to just get a 1 bed place after living in shared accommodation all that time, you could say that is just getting by.
Agreed on all points - £50k for london is a crap wage, and the people criticising Vinnie have a distinct whiff of jealousy about them...

MajorProblem

Original Poster:

4,700 posts

164 months

Friday 22nd August 2014
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It's the British way, hating success.

vinnie83

3,367 posts

193 months

Friday 22nd August 2014
quotequote all
Thanks guys smile

Now that there's a bit of balance, let's get back on thread!

So my understanding of the answer is that it depends on what kind of lifestyle you want, and what part of London you want to live in!


BrabusMog

20,145 posts

186 months

Friday 22nd August 2014
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Please don't tar us all with the same brush, I was just curious as to how a student could have a £50k income. Fair play, he's earning his way and I congratulate that.

austinsmirk

5,597 posts

123 months

Friday 22nd August 2014
quotequote all
Does anyone else take pleasure in watching Location, Location, Location and spending an hour laughing at the TV at the quite simply awful properties people are wetting themselves to buy in London ?

Well I do- eg last nights episode: two women looking at some awful postage stamp of a flat at £420k and some bloke looking at some tiny terrace with a postage stamp for a garden at some similar insane price.

I must admit, all in areas which quite frankly looking shocking.


the week before, a couple were viewing houses at circa £600/£700k "with only 90 mins commute, by train into London".






vinnie83

3,367 posts

193 months

Friday 22nd August 2014
quotequote all
swerni said:
austinsmirk said:
the week before, a couple were viewing houses at circa £600/£700k "with only 90 mins commute, by train into London".
And your point is?
It's a trade off though... a smaller place closer to work, or a far better value for money home further away from work.

For many in London, a 90 min commute isn't that bad.. especially if it pays generously. I commuted an hour each way to Birmingham from Leicester when the recession hit to work full time earning less than I am now.

That's why I live 45 mins away from Uni instead of living in a shoebox somewhere closer. Not to mention that to some, living in inner city London is not an attractive prospect either.

vescaegg

25,541 posts

167 months

Friday 22nd August 2014
quotequote all
swerni said:
austinsmirk said:
the week before, a couple were viewing houses at circa £600/£700k "with only 90 mins commute, by train into London".
And your point is?
Im guessing it was put across as a benefit as it someone would want to commute it. Thats a long time for a commute. Its as relevant to (sane) people as saying 'you can get this mansion in Newcastle for £300k and have only a 3 hour commute by train each way to London!'....

Du1point8

21,607 posts

192 months

Friday 22nd August 2014
quotequote all
vescaegg said:
swerni said:
austinsmirk said:
the week before, a couple were viewing houses at circa £600/£700k "with only 90 mins commute, by train into London".
And your point is?
Im guessing it was put across as a benefit as it someone would want to commute it. Thats a long time for a commute. Its as relevant to (sane) people as saying 'you can get this mansion in Newcastle for £300k and have only a 3 hour commute by train each way to London!'....
Same people outside of london get miffed when the shoebox doubles in price from £300k to £600k and their massive house has gone from £300k to £350-375k, but its so much nicer than the shoebox.

Suppose it might change when kids are involved, depending on the mentality, but by then, you can swap the shoe box and have next to no mortgage in the same town as the other people

Edited by Du1point8 on Friday 22 August 16:30

austinsmirk

5,597 posts

123 months

Friday 22nd August 2014
quotequote all
because as a parent its lovely to fall out of bed, be able to take the children to nursery/school if I want and take a massive 15 mins by car in total from home/nursery/school or cycle the 15 mins to work if I want.

not spend mega money on train tickets/bus tickets

be able to actually afford to live in a nice house, nice area and have free cash: rather than be enslaved to a commute, just to live somewhere you think is nice.

don't have to use public transport, with quite frankly, the underclass of society.

walm

10,609 posts

202 months

Friday 22nd August 2014
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austinsmirk said:
...don't have to use public transport, with quite frankly, the underclass of society...
Steady on... the guys on my train appear very much of the PH Director ilk.
The car park certainly has its share of R8s, Maserati GTs, Jaaaags, and some pristine Defenders.
Non-poverty-spec German premium appears to be the minimum permissible!!

[green eyes]Some guy has a fricking V10 R8 Spyder as his station car FFS![/green eyes]