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To not understand Location Location Location?

(82 Posts)
Edgarj7674 Wed 15-Feb-17 20:37:36

Just sitting watching this with my wife. Can someone help me out with it? Are the "rules" for getting a mortgage different in London than the rest of the country? I see what appear to be relatively normal young couples with relatively normal jobs looking at houses that are 500k plus. How are they making these mortgages affordable?

EveningShadows Wed 15-Feb-17 20:40:24

Family money? Inheritance? Huge London bonuses? Money made on selling other properties in London?

Mum2jenny Wed 15-Feb-17 20:41:49

I love it although my dh hates it with a passion.

SofiaAmes Wed 15-Feb-17 20:41:56

Renting out rooms. Skimping on everything else.

Rainshowers Wed 15-Feb-17 20:42:27

From our friends, the ones who can afford the bigger mortgages are those who got together later in the mid-thirties. Both of them often own a flat (even if it's a tiny studio) that they've made money on, they sell both and pool the money to buy something bigger.

Unfortunately I've been with DH since we were 19 so had no chance of that!

Msqueen33 Wed 15-Feb-17 20:42:53

I love this show though I love looking at right move as well. Depends on area I guess. Young ish couple in our area and they had 500k but they both worked in London.

TheCatsMother99 Wed 15-Feb-17 20:42:56

My DH and I have relatively normal jobs, combined we earn a good wage.

Not sure if early 30s counts as young but we bought our last house for more than £600k and it's affordable to us. Everyone's situation is different but we also had an ok deposit to put down on the last place due to the sale of our previous place. We aren't the only people our age that we know in the same kind of position as we are either.

What do you count as young and what do you count as a normal job?

2014newme Wed 15-Feb-17 20:43:35

Selling city centre property

NoArmaniNoPunani Wed 15-Feb-17 20:46:46

DH and I watch it and wonder the same, especially when they are young first time buyers.

ceeveebee Wed 15-Feb-17 20:47:10

Depending on what jobs they do, salaries can be much higher in London e.g. In my sector probably 30-50% higher in London vs Manchester

atheistmantis Wed 15-Feb-17 20:48:57

There was one a few years ago with a single parent buying in Henley on Thames or Windsor, I was a bit hmm about that.

Edgarj7674 Wed 15-Feb-17 20:49:33

The couple on today look like they are in they're mid 20s and the lady works as (I think) some sort of laboratory scientist.

It's really just curiosity (nosiness actually) but the "throw away" way that these shows mention budgets intrigues me - it's almost as if spending 500k on a starter home is so normal that it doesn't even merit mentioning.

Of course, it should be obvious that I look upon this from the position of someone who doesn't live in London/SE.

Merlin40 Wed 15-Feb-17 20:51:40

I thought their budget was 300k not 500k?

Merlin40 Wed 15-Feb-17 20:52:36

The other couple have a bigger budget- they look early 30s IMO (unless I've misjudged!)

Edgarj7674 Wed 15-Feb-17 20:53:30

I obviously understand that London may well have a percentage increase in terms of salary, but a 30-50% increase in salary doesn't really fit in with (what I perceive) to be a 200-300% increase in house price? If you see what I mean.

NapQueen Wed 15-Feb-17 20:53:35

They need a whopper of a deposit

Dh and I bought for just under 100k recently with a 5k deposit. We could have had more based on our income but couldnt get more than that deposit gathered in time.

Im assuming lots of these couples have a hefty 60+k deposit.

EssentialHummus Wed 15-Feb-17 20:53:40

We're early 30s and buying now for £600k ish. In our case it's one very high salary, one average (for London) salary and equity in two other (London) properties.

ceeveebee Wed 15-Feb-17 20:54:59

Our first flat was £400k over 10 years ago when we were in our late twenties, with around 15% deposit most of which we'd saved up. Think it's just the norm for London really - my friends who still live there are in £1m plus houses now (we moved back up north)

LegoCaltrops Wed 15-Feb-17 20:55:59

All those programmes give me the rage. How exactly is this supposed to be entertainment? If you own a house, surely it's boring. If you don't own (& want to), it's infuriating.

TheCatsMother99 Wed 15-Feb-17 20:56:37

In London £500k on a house unfortunately is common. In the SE a lot of good areas will require that for a 3 bed house.

Lab scientists might earn a good wage, I'm not sure. I would imagine that if it's their first home they'll have had help somehow as I just don't see how people afford deposits nowadays, it was bad enough when I first bought but now it seems to be crazy money.

witsender Wed 15-Feb-17 20:57:01

In my circle the ones with the big money houses are the ones who got together young and so have always shared housing costs, and risen the wave of house prices ever since.

Edgarj7674 Wed 15-Feb-17 20:57:08

Trust me, I'm not entertained by this programme.

Merlin40 Wed 15-Feb-17 21:01:37

I really enjoy the programme, but generally don't pay attention to the prices. I liked the houses they showed the younger buyers this eve. House prices in general infuriate me, not the programme!

ForalltheSaints Wed 15-Feb-17 21:09:03

How old are the shows?

StarUtopia Wed 15-Feb-17 21:10:13

I think they're living in cloud cuckoo land!

And in 3 yrs time, when they get pregnant and realise they 'can't afford' to stay off work because they've based their mortgage on both their incomes, they will probably/definitely regret it (or just use their parents as free child care and insist they have to go back to work)

I say this as a working parent, with a working husband who can't get a mortgage for a £180k house! (and we even have a deposit!)

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