Where is this all going to end?

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    Originally posted by Lesney Park View Post

    you didn't get where you are by eschewing a smartphone, please
    I certainly did, though mostly as a figure of speech meaning it was my lifestyle and I was cutting back spend on everything i could.


      Originally posted by kelbol View Post

      I still buy second hand furniture. It's hard to get rid of old habits.
      A lifetime of looking for offers and bargains is impossible to shake even though I no longer need to do it! It has become a game that I love to play instead


        I've always hated the idea of someone having to move to a different area just because they want to buy a house.

        Not everyone would be able to do this. It's not down to a lack of desire, okay for some it will be, but not as many as you would think. They may have ties to the area, maybe they have to look after relatives, they have their support system in place. Not everyone can move because there are neither enough places, nor enough careers up there. Maybe the career type you are on isn't available in the area you want to go to. Prior to this, I worked in stocks and shares. Theres only 3 companies that do what my career was in and they are based in London, Bristol and Leeds. If I wanted to continue in my career, I have only those places to choose from.

        I'll agree about London prices being ridiculous. I think that you are right in saying that foreign investors are using it as a store of cash.

        Furniture is a weird one for me. I don't tend to buy second hand, but I do use whatever I get for as long as possible, probably longer than I should. I also like to do my research on what I am buying so I don't tend to buy rubbish.

        My vice is technology. I didn't have to buy a Tesla, but I wanted one despite there likely being better options out there.


          Yes agreed, it's not nice having to uproot to buy a house elsewhere and put down roots all over again. But you have to make choices...

          Another story, about London prices.

          I knew someone who moved to London from abroad with his large family in the early 60s. He started work in a factory, of which there were plenty then. A few years later (3?), he managed to buy a 5 bedroom house in London for around £5k.

          I can't imagine anyone these days moving to London from abroad, having a modest job and buying a big house. Even the Brits in the rest of the country with a good job wouldn't be able to do that.


            Originally posted by kelbol View Post
            That's what people said a decade ago.

            I'm not up to date at all on the requirements when buying now but I would have thought it would be easier to ssecure a mortgage now and at very low interest compared to 10 years back when we were emerging from the credit crunch and banks had to be very strict when lending.
            You'd have to date it quite precisely, then.
            Part of the cause of the credit crunch was ludicrously easy to borrow loans (which tightened up remarkably slowly considering).
            The banks had new, much tighter controls imposed in the decade that followed.

            Pre-crash, from memory, Northern Rock were doing mortgages that offered 120% of the value of a property,
            First time buyers by definition never have much credit history, this has never changed.
            But the controls on bank risk imposed by regulators now make their approach to risk very different.
            Affordabilty tests are very much more stringent and credit history really matters, when a few years ago it wasn't that much of an issue.
            You could essentially put whatever you fancied on a mortgage application and no-one really checked.

            I used to pay £563 a month rent in London for 5 years approximately. That's nearly £34k. For me, I'd rather pay the bank £34k in mortgage (plus more) and have a house at the end of it than have nothing to show. More than half my income was going in rent. Yet I still managed to save.
            Good for you.
            But for a £65k house in the north now (assuming they exist), you'd need a 20% deposit.
            Saving £13k while paying £563 rent, which is more than half your income, would be a challenge.

            And I'd guess the rent and property have increased massively in the intervening years while incomes haven't.
            So the rent would be even more of your income now.

            I moved out of London because it was madly and impossibly expensive to live.
            Best decision I've ever made (apart from marriage, just in case!).

            When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
            Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).


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