Owning your own home

fixie flounce. we've all been there.

In the four years I have owned it, my house is up by c.50%. A big jump happened when the rail line moved to tfl and the Chingford line suddenly appeared on the map with easy access to Liverpool Street and Epping Forest. EAs told us to expect 10% drop this year but that means I’m still rolling in it like a pig in shit.

I got hacked, can we has tags back?

gloating about how much it is worth while pretending to moan about it not being worth as much as they hoped.

Bitcoin thread >>>

Wait, there were tags?

I might get shouted at for saying this and I agree with what @Ramsaye says above , however, when I see what the 'youth' of today, that I spend time with at work, spend their dough on, its no little surprise that they are a million light years away from buying even a small flat in the outer zones.

A lot of the younger staff members at work (probably on 22-35k ish and aged probably 23-28 ish) all go out and buy their lunch every day. One bloke who does the photocopying, leases a range rover and lives at home with his parents. One seems to constantly be on holiday.

It might be that I work with a particularly hedonistic bunch of youngsters or it might be they've just given up any hope and have thought fuck it I'll spend whatever money I have - may as well.

What about if you rent at 26, but have successfully hidden your family's wealth offshore and are reaping much more than ~15% a year in growth? What happens if you then purchase your landlord's place at a steep discount in a few years time after supporting Brexit and 'taking back control' (snigger) to add the property to a growing portfolio of assets. Winning?

The UK's fascination with increasing house prices, whilst your next step up the ladder gets exponentially further out of reach is laughable.

Until DJ broke the forum.

#neverforget

however, when I see what the 'youth' of today, that I spend time with at work, spend their dough on

Avocado munching cunts, fuck 'em, pull up the ladder lads!

I'm only 33 myself btw

But I feel much older :-/

Almost certainly the latter. Saving a few ££ every day isn’t going to get you a deposit when you’re paying for your landlords mortgage, expenses, tax and profit.

Too many weak hands in this thread, they wouldn't last a day in Crypto!

#snowflakes

Everyone moving to Cuckford

when you’re paying for your landlords mortgage, expenses, tax and profit.

If you pay asking for, say, a two bed in E3 and rent it out to a pair of professionals at market rates you'll basically make zero profit. Yields are poor, despite ridiculous rental prices.

I'd rep you.
#chiefgate

Even if you don't make a surplus amount, isn't the profit you make, the amount your mortgage value decreases each month?

I assume very few if any people are having to supplement the mortgage payments they need to make as the rent they charge doesn't cover it...?

Most landlords don't pay off their mortgages. That was certainly the case when finance was an allowable expense.

The real problem is that if you put down £100k as deposit and make no yield on it, and get zero capital appreciation, you are going to look stupid compared to someone who just slung it in Nutmeg and made 5% average PY. Or got lucky with Crypto etc.

The 'super winners' from the rental market at the moment are those who exercised right to buy in like 1995 on a three bed flat in W2 for £50k and now rent it out £2,800 per month and have no mortgage and basically don't need to work because they live in Welwyn or something in a house that cost them equally peanuts in 2002.

Or got lucky with Crypto

No one gets lucky in crypto, only those with strong hands thrive.

On Ramsaye's point... I'd jokingly/not jokingly say that everyone should gtfo of London and live somewhere affordable. Or we can revolt, tear the landlords from the gold-plated domiciles, throw them in the sea and take back our streets!

(My experience - 100% mortgage in 2007. Months before the crash. Get made redundant a few months later. Struggle for at least two years. No pension. No savings. Everything I had went in to it. ...But yeah, honestly, I'd totally hate to be a first-time buyer now, just keeps getting harder)

My SO and I bought our first place recently, but it would never have been possible without a lent deposit that we are only capable of returning now that we are paying a mortgage rather than losing around 50% of take home to rent.

We did also move out of London entirely, but somehow haven't suffered too much in terms of salary reduction, which has obviously helped a lot.

1 holiday in 6 years, but admittedly numerous avocados.

FWIW I'm not really feeling the joyous relief of escaping perpetual rent, as now we have to sort shit out if it breaks, and my things always do.

Ha!! What's that from??