To think that 60k is a lot of money to earn a year?!

[MinkSlink]

I think it is a lot of money to earn per year but it seems a lot of people on mumsnet don't think so, am I in the piss poor minority here or what?!

1605 I also happen to think Clapham North is quite a nice area though.

60K is definitely a lot. I hardly know anyone who earns near that amount.

Or even half that amount.

I live in the South & life is a real struggle; property prices (owned or private rents) are high here.

But it's offensive to suggest that anyone on 60K is poor or anything but rich; sorry.

When did you move Possum?

Rents for 1 beds in Clapham North (SW8, not the much nicer SW4) currently average £1200pcm if you do not want to live in a high rise block (which you may not feel safe doing as a single woman or with a child, for example).

As others upthread have reported, you cannot obtain a private rental in London if the monthy rent exceeds 30% of your net pay.

Oh, and I work in property. Slightly better informed than most, I'd hope.

Its far more than most people I know earn.

1605 You sound like a snob. Clapham is a lovely and fairly expensive area to live in, even SW8. You can live in nice areas of London for less. I was living in SW11 and was paying what you quoted for a 1 bed victorian conversion garden flat. Our rent is a hell of a lot more than 30% of net pay, it is more than 50% and we rent privately. We never had any problems. As I have said previously our net income is 28k. If my partner was on 60k I would be living in Richmond and taking annual ski trip as well as our yearly summer holiday.

*an annual

*Gross income, not net!

60k is gross income not net.

And you sound as if you could do with some manners, Possum. Also a little education.

Just because something was your experience once doesn't mean the same situation exists today. London rents have risen 15% in the last 18 months.

I agree with 1605, in London it's not much at all. To buy currently, you can only get a mortgage 3x your wages = £180,000, assuming that you manage to save 20% for a deposit £36,000 (also difficult unless leaving with parents) it will leave you with £216,000. As most mumneters have children, you would need at least 2 bedrooms. Where in London can you get a decent flat for that money? Let alone a house

Definitely not rich!

Ok possum but you need to remember your net income for 3 people is £21k if you doubled your family size then £60k after tax would not give you double that income after tax. You'd be around £1k short.

I still rent in London and it was less than 18 months ago when I left Clapham.

Possum, your reasoning is fallacious and you're making yourself look foolish with your ad hominem asides.

This is my profession and I know what I'm talking about. Your experience of renting in London isn't the norm.

hardboiledpossum you were very lucky to be able to rent a flat at 50% cover. What 1605 says mirrors my experience that agencies/landlords wanted proof the rent was less than 30% my net pay. Not actually very easy to satisfy as my DP is self employed so the agencies discounted him entirely. In the end as I own a house up north I could act as guarantor for ourselves. Odd I know. I really didn't expect to considered poor on £50k when looking for 1 beds!

Offred My post was directed at 1605 who said that you can't rent more than a 1 bed flat on 60k in Clapham North. I was pointing out that this is wrong. If I had 60k I would be able to rent a two bed flat in a nice area and afford two holidays a year. I have already said previously that I understand that if you are a larger family and if 60k is earnt between you then I can see how you would struggle. My posts are directed at people who seem to think you can't rent a 2 bed flat in London on 60k when we do it on half that.

Yes, it is a lot, but have recently seen some job ads for Ordnance Survey in specialist IT / GIS positions paying 50-55K.

Saw 60K as the upper limit for someone wanting to buy a 50% share in new property on the Wirral, so clearly there are very different considerations of what is a high income and where it would stop one getting into housing association property...

Hmmm, just saw someone considering an 1800 sq ft 4 bed house as an average semi in SE London. 1800 sq ft seems 'big' to me (first house was 400 sq ft and that was with 3 bedrooms), B+B in Chicago was 800 sq ft per floor (so the half floor I occupied while staying there was same size as whole of my property in UK). Have now moved to 2 up, 2 down (front door opens to street) so 1800 sq ft sounds like a mansion! :)

whois I think it's actually around 70%. Not one agency asked for proof when we were looking, just for references for previous landlords. I have rented for the past 7 years so can't imagine my experience is completely out of the ordinary.

You weren't asked for proof of income in seven years? I'm sorry, I just don't believe you. No letting agency would risk their insurance premiums on such a thing.

Well I can't prove that i'm not lying, but I'm not. I was only ever asked my references from previous landlords. I think my parents were a guarantor on my first property. Half of London households survive on less than 35k. I do so I know it's do able.

One of my business associates is on £600K a year-that is rich. £60K is above average but nothing special.

£600k wow what industry?

I have reported your post Mintyy. It is disappointing you have such vitriol for me based on one comment, but perhaps you are just frustrated you cannot earn more-but with that attitude I am not surprised!