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I think there's two different conversations here. Many of the recent posts have concerned the specific scenario of someone earning £80k a year trying to buy a £550k home:-
£80k is a significant amount of money but it's not enough to pay the mortgage on an average house in London.
from: https://www.lfgss.com/comments/14995800/
Which, due to the miscalculations, didn't seem possible but is. If you're earning £80k then you're more than likely able to save for a £50k deposit in a few years to then borrow ~£500k for a £2200/mo mortgage payment to buy the average London house (~£550k).
But that leads into your/the bigger point. If only the top 5% earners of the country are in a position to be able to do so for the "average" London house then, as we all know, it's all fucked.
If I put the cart before the horse and worked out I could scrape to a £2200/mo mortgage payment whilst covering all essentials (food, bills, etc) then that's all fine and dandy, but if I'm left with a £100/mo disposable income then I'm fucked for trying to save for the deposit to buy the place. Trying to save £50k at £100/mo isn't going to get very far.
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Yes I think so - how do you save for a deposit on a modest salary in London - its near impossible. However in reference to others posting, to suggest someone earning 80k is in the same boat is laughable.
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Greenbank
mustardbeak
@Chalfie
I think we're both fencing the same point here: how do you get a deposit?
How can you save if you can't save?