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AIBU?

To ask about London and money

306 replies

Maisy313 · 09/10/2015 20:33

How much do you think you need to earn as a working couple to support a family of four (one year old and reception aged child) in London and have a reasonable standard of living? Would just be really interested in your thoughts... Someone told me it was impossibly to survive on less than a joint income of 100k in London which seems exceptionally high to me...

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babybarrister · 09/10/2015 20:37

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Maisy313 · 09/10/2015 20:38

Paying a mortgage on a flat...

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TheCatsMother99 · 09/10/2015 20:39

London is a big place. Where abouts in London? Rent & house prices differ hugely across the city.

WhatKatyDidnt · 09/10/2015 20:40

The big expense is housing. impossible to answer your q without more detail on your plans for that.

Maisy313 · 09/10/2015 20:40

West London, say around Chiswick or Kew or Brentford.

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bloodyteenagers · 09/10/2015 20:42

I would say at least 34k.
But this would depend on rent.private in central London, you will need roughly 24k just for rent.
Then of course the ages of children and childcare required as nursery age could potentially add an extra 20k. Then travel, if zone 1 it's not cheap.

Maisy313 · 09/10/2015 20:42

I'm just thinking for my sister who wants to take a job at charing cross hospital but is been advised that her and her dh jobs don't pay enough. I lived fairly comfortable in London with one child on a joint income of 60k but that was a long time ago...

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WhatKatyDidnt · 09/10/2015 20:42

In that case depends on mortgage repayments. Which depend on size, location of flat and your deposit..

vulgarbunting · 09/10/2015 20:42

My DH and I have a joint income of £120k, no children, and live a pretty basic London life. We rent a one bed flat in Z3 (where I would never ever bring up children) for £1,350 a month. I honestly can't imagine doing it for less than £100k. We have friends with a joint income of about £140k, who are bringing up a child in a one bed flat, which cost them £400k.

The biggest problem would be housing, so unless you have a massive deposit available that would be your first problem. My husband and I, with a £100k deposit, can't afford a family home within Z4.

Urgh, that all sounds v miserable. But I think people under appreciate just how expensive it is here!

Maisy313 · 09/10/2015 20:43

I think it's the nursery fees that might get them, but it's such a good opportunity for her, if hate for her to have to turn it down..

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Maisy313 · 09/10/2015 20:45

Wow vulgarbunting that's crazy, but thanks for the info. So sad that so many people are being priced out of London!

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StellaAlpina · 09/10/2015 20:48

Maybe around/at least 50k? I'm pregnant with DC1 atm and DH earns 30K - if I don't go back to work after maternity leave (childcare costs ££££) we are going to be pretty skint...and that's living in an ok area but not as nice as Kew/Chiswick etc.

We're still renting so maybe paying more that mortgage payments would be.

TheCatsMother99 · 09/10/2015 20:50

I can't imagine doing it for less than £100k either. Those areas aren't cheap & as they have kids they don't want to be in a sh*thole either.

I purposely moved out of London after living there my whole life just because of the cost of living. I've got a house for what I would have got a studio apartment for but I can still get in to Central London in less than half an hour on the train.

SellFridges · 09/10/2015 20:51

I lived there a decade ago and struggled on £28k as a single person living in a house share.

DH would consider moving back down there but I wouldn't dream of it on less than £120k now we have two children to think about.

It's housing and childcare that's the killer. I can handle paying for transport as I think it's very, very good.

vulgarbunting · 09/10/2015 20:51

I hate to be so down on living in London. It's because I'm so annoyed that I want to start a family, but to buy a house we either have to sacrifice job opps and move up north, or spend half a million on a flat.

Maisy313 · 09/10/2015 20:57

Wow, so interesting to hear from everyone. I'm not surprised people are frustrated, I would expect to be having a lovely time on 120k not feeling it wasn't enough for a family. It sounds like property prices are just absolutely insane. It's sad.

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SomedayMyPrinceWillCome · 09/10/2015 20:58

There is an onsite nursery at the hospital which may offer a discount to staff

ChocolateWombat · 09/10/2015 21:00

Work out the monthly income from the jobs (net) and then take off the key costs of the kind of accommodation that would be required for the family,(calculate the mortgage size needed and monthly payments) plus other costs such as childcare,travel and bills......you should be able to see if it is close to adding up or miles out.

People have different expectations of a standard of living. So some will say a family of 4 can live in a 2 bed flat in a cheap/rougher area. Others will say a family of 4 must have a 3 bed house with a garden, in a decent area with good schools.....clearly those 2 things will cost different amounts. You might find you can afford neither, or perhaps the flat option only....then you have to decide if you are prepared for no garden etc etc.

Is this a first time buyer? If so, with no equity and without a huge deposit, I would say a significant joint income is needed now for buying even a 2 bed flat.

What are their living circumstances/standard of living now? Would it mean a huge shift?

BillyDaveysDaughter · 09/10/2015 21:02

I doubt you'd do it for less than £100k. Chiswick, that's not cheap either. You'd be looking at a couple of grand a month for rent alone...

ChocolateWombat · 09/10/2015 21:02

Can you say anything about how much equity they might have or what sort of joint salary? That would help people give more useful advice.

Dionysuss · 09/10/2015 21:02

We were in zone 1and on 115k pa. we moved out to the sticks last summer as we wanted different scenery for our 3dc. Things would have been tight if our income was less.

Mrsbennington · 09/10/2015 21:03

couldn't imagine doing it on less than £100K. I am an hour out on slightly more than that with less children and live a pretty standard life.

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CactusAnnie · 09/10/2015 21:03

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MitziKinsky · 09/10/2015 21:03

I know a couple who earn £60k pa and while nowhere near starving live simply. They are about to have their first baby and and while nursery fees are high, aren't massively higher than elsewhere in the UK. Rent is their biggest outgoing by far, and buying would be a so far out in a not so nice area it makes the whole idea questionable.

Buying outside of London and commuting would be much more do-able for most people.

Maisy313 · 09/10/2015 21:04

They would be moving from bristol, if they bought they would have about 100k deposit and a joint income of about 75k, I thought this was loads! Is Isleworth ok? Has anyone heard of it? Also what are good places to live in commutable distance of London? Or is that like asking how long a piece of string is?

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