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How many bankers, lawyers, accountants, management consultants are there in London? Starting salary at Clearly Gottlieb, for example, is over £100k. I guess even junior bankers could be halfway towards a £240k deposit in a good bonus year.
I'm not convinced it is all folks behaving with reckless financial abandon. Simple fact is that demand outstrips supply right across the spectrum. For the houses we are enviously eyeing, there are probably many more eyeing ours and asking the same questions about affordability.
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Yeah that's true. Junior to mid Accountants, MCs, lawyers don't earn enough. The senior guys do. Bankers do. Some tech bros do. Fucking instagram influencers do. I could believe there's enough of those types but I just question why any would buy a two up two down in Kensal Rise. But maybe they don't, it's only mugs like me who are 'forced' in to it after being priced out of somewhere else.
East Ham I'm coming!
Howard
You need at least £240k in cash to pull it off at the start. And someone needs to lend you the money. And you need to be young presumably for a 30yr mortgage.
I guess - and I think Neil has mentioned this before - the key is they never expect to pay the mortgage off, ever. You are literally buying a house you cannot afford. Full time renting from the bank, slam an extension on the back, move up the ladder until you can retire to the Cotswolds or something