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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

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...

OP posts:
Indole · 09/10/2015 21:08

DH and I earn between us around £80K, more some years and less others. We have a house (a small one) and live in a nice area of London (not far from Chiswick). But the thing is, we bought the house about ten years ago. Now, we would struggle to afford to buy a one bedroom flat where we live.

If they already own a property and therefore have a big deposit, they might be OK.

HeartsTrumpDiamonds · 09/10/2015 21:08

Kew is faaaaar from affordable these days too.

We are in NW London. School fees and child care are the killer for us. The decent state schools around here are so hugely oversubscribed that their catchments are the size of a postage stamp. And the jobs we need to fund our supposed "lifestyle" mean that we need before and after school child care most days. Vicious cycle. No wonder we are talking about moving back to Canada Grin much as I really do love London!

StopShoutingAtYourBrother · 09/10/2015 21:09

I think you also need to think about childcare. Nursery fees of £85 per day per child for under 2 year olds are not unusual sadly. There are cheaper areas but it's the housing and childcare costs I've found to be the toughest.

Indole · 09/10/2015 21:09

Sorry, cross post.

Isleworth is pretty nice considering how relatively cheap it is. It's not madly convenient for Hammersmith, though - you would have to get a bus to Richmond or Kew or a train to Kew Bridge and walk to Gunnersbury/get a bus.

CactusAnnie · 09/10/2015 21:10

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Indole · 09/10/2015 21:11

Also, you don't need to worry about school fees in Isleworth. There are lots of perfectly decent state schools available.

Lunastarfish · 09/10/2015 21:11

We lived in zone 4. Joint salary of £75k. rent was £1,400 for a 2 bed but no kids. We could easily live on that just the two of us but We wanted me to be a sahm so moved as living off £38k would be tough especially as we are trying to save to buy. Rent is the killer in London.

KathyBeale · 09/10/2015 21:12

Could they live somewhere else? We live in zone 5, in SE London, in a nice 3-bed semi with a garden near good schools. It's 25 mins on the train to London Bridge and a bit longer to Charing X or Victoria. We've got two kids (who are both at school now) and until a few months ago we had a joint income of £65k. It's been tight, I can't lie, but it's manageable. It's easier now both kids are at school and my husband's got a new job so our joint income is now more like £75k.

I think if they're more flexible about where to live they can do it.

CactusAnnie · 09/10/2015 21:13

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Indole · 09/10/2015 21:13

Isleworth has lots of advantages - it is green, quiet, good schools, close to lots of other nice places (Twickenham, Richmond), close to cheap shopping (amazing Asian shops in Hounslow), close to the river, nice pubs, lots of it is very very pretty.

The downside is you really do feel like you are in the sticks. I lived there in my twenties and it wasn't really my thing but I think I would quite like it now I'm old.

Alanna1 · 09/10/2015 21:14

You can definitely live in london on that - but they might prefer being in a neighbourhood that is cheaper. I'm in east London. A 100k deposit would go a decent way towards a nice 3 bedroom garden and first floor flat. London isnt cheap but they can make this work if they want.

AnyoneButAndre · 09/10/2015 21:15

The 100K deposit makes a substantial difference. Child care is more expensive but not that much more - basically it's about working out net salary then working out what mortgage you could service with that and what that would buy you to live in. I reckon if you didn't run a car and had 100K deposit then a 75K income is quite viable, but that's just gut feel, she'd need to hit Right Move and Money Saving Expert and get cracking on a spreadsheet.

Original poster
Maisy313 · 09/10/2015 21:17

Thanks everyone, you are all so kind. I think it's sad for London if they can't make it. They both do very worthwhile jobs and are lovely people. It would be a really exciting opportunity for her but lots of people have said it would be impossible / awful finance wise, so it's trying to weigh up the pros and cons...

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badg3r · 09/10/2015 21:17

100k sounds about right. We're fairly comfortabke on 90k with one child and renting a one bed flat in zone 2.

ChocolateWombat · 09/10/2015 21:17

I would think 75k earnings would mean they can afford to spend about £1k to £1.5 per month on accommodation childcare, after other costs of living are covered, if they are pretty frugal.

The Q is, can you rent/pay mortgage and cover childcare on that? Someone who bought 10 or 15 years ago might be able to do it, but someone who is buying now and so, even with £100k equity is likely to need at least a £300k mortgage is going to see their mortgage payments being well above £1k.

I agree that the way most people afford to work in London is to live further out and commute in....yes, annoying commute, yes, big travel costs....but it is then possible to find cheaper accommodation which can make the numbers work.

There are areas just outside of the M25 where you could get a fairly smallish 3 bed basic house for £300k, esp if willing to go for ex-council/less desirable area. There might be a bit of a drive to the station, but travel times could be not too hideous. This sounds more plausible than living in London.

Avebury · 09/10/2015 21:18

We rent cheaply from
Family (£1000/month) and have 3 DC and a joint income of £60k

Whilst we are obviously not struggling we still only just break even at the end of each month. I shop carefully, we have minimal social life and holidays, no childcare costs and only ever eat out on clubcard vouchers.
The children each have one 'hobby' which I guess could be cut if things got really tight but it is still depressing that if a big bill comes in we have to resort to the credit card because we have no savings at all. The day before pay day we are literally down to our last few £.
On the other hand London is a great city for 'free' days out.

newname12 · 09/10/2015 21:20

Dh and I have a combined income of 25k. We live in zone 2. We also pay child support of 3k, so our actual income is 22k. Fortunately I work from home so no childcare costs.

I own my house. I have an interest only mortgage, which significantly reduces outgoings. I got the mortgage by putting together a load of evidence for the mortgage company on projected increase in value, how we would repay etc, which convinced them to lend us more than is usual, although I had a deposit from my first flat I bought as a student too.

We manage ok.

QueenCardi · 09/10/2015 21:21

It depends where they are in Bristol but if they're in a nice part they may not find an equally nice place in London. We moved from London to Bristol and nothing would tempt me to go back.
As well as mortgage/rent they need to consider travel costs. Can't remember what zone Hammersmith is in but if they live out in zone 5/6 it can cost a lot to travel. Also need to consider schools as they will likely have to go on a waiting list which means living as near to the school as possible which will bump up rent/house prices.
75k doesn't sound a lot to live on in London. I'm sure its do-able but depends what level of lifestyle they are already used to.

AngieWhats · 09/10/2015 21:22

Depends on where you live, whether you're starting from scratch with a mortgage and what your expectations of a good lifestyle are..

We have a joint income of £90k, bought years ago so have a relatively small mortgage now by London standards (800 quid cpm and 8 years left on it). Live in leafy Zone 4, 4 bed house with garden, but near a fast tube that takes 25 mins into central London.

Most of our friends under 40, earning combined anywhere from 50-100k and with young DC live in flats. Only the oldies like DH us who benefitted from buying 'back in the day' can afford family homes. Even in our nice but far from illustrious Zone 4 area, a 3 bed terrace is about 850k Shock.

HedgehogHeaven · 09/10/2015 21:22

I think it depends what is important to you and what you can sacrifice without impacting your personal happiness. I live in zone 6 now whereas I used to live in zone 1, but I am in a beautiful area that feels perfect for my child. It takes me 50 mins to get door to door but I get a seat and I love living somewhere that feels out of London but being able to get to west end for theatre etc and everything that london can offer. I earn significantly less than 100k. If she is a key worker then there are good shared ownership options - and some for non key-workers too e.g. see L&Q.

amicissimma · 09/10/2015 21:24

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franksidebottom · 09/10/2015 21:24

Chiswick, Kew and brentford are really expensive. What about ruislip or eastcote they are both on the picadilly line for access to hammersmith and may be more affordable they are both decent areas to live as well

Original poster
Maisy313 · 09/10/2015 21:25

I think they are going to start taking some viewings in Isleworth etc and maybe do some day trips to commutable villages / towns outside London... They need to make a decision fairly shortly though...

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whatsinthename · 09/10/2015 21:26

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Original poster
Maisy313 · 09/10/2015 21:26

Ohhh where do you live HedgehogHeaven?

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