Oli
Very well known Exeweb poster
That shows the difference, we have a decent 3 bed house in zone 2 for £420 a week so about 3 times the price.
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House Prices
- Thread starter MikeB
- Start date
But if you're renting, then you're throwing your money away.
Ok, some people have to if they can;t get a mortgage but if you invest wiselty in whichever property it is an investment. At least when you've paid off your mortgage you will actually own the property. That will never happen if you rent.
Ok, some people have to if they can;t get a mortgage but if you invest wiselty in whichever property it is an investment. At least when you've paid off your mortgage you will actually own the property. That will never happen if you rent.
Jim Shepherd
Active member
But if you're renting you're not shelling out for insurance, maintenance, appliances etc and it does make sense if you have to move often. The lack of hassle makes it quite an attractive proposition as long as you have a good landlord/management agent.
The problem is if you rent and don't save in some way then you've got no nest egg for the future.
Our 3 bed is about the same price as Oli's, £1500 pcm. in Zone 2 about 20-30 mins from The City or West End. So if I pay a third of that it equates to a mortgage of about £80,000. So for alot of people sharing and renting is the only real option.
And as more people end up single til they're older this situation will increase, or they will stay living at home.
The problem is if you rent and don't save in some way then you've got no nest egg for the future.
Our 3 bed is about the same price as Oli's, £1500 pcm. in Zone 2 about 20-30 mins from The City or West End. So if I pay a third of that it equates to a mortgage of about £80,000. So for alot of people sharing and renting is the only real option.
And as more people end up single til they're older this situation will increase, or they will stay living at home.
Oli
Very well known Exeweb poster
Jim smacks it on the head, if you tuck away the difference then you end up with quite a bit and it gives you the freedom to move when you want and you don't have a hassle of anything to do with the house.
Jim Shepherd
Active member
Having said that I'm in a position where I am now buying.
I'm in a situation where I can afford to without stretching myself unduly. i.e. mortgage will be under the rent I currently pay, and I am beginning to value my own space more and beginning to resent the fact that others share my space.
As with anything, pros and cons. But generally to buy in London you'll need the income equivalent of 2 people.
I'm in a situation where I can afford to without stretching myself unduly. i.e. mortgage will be under the rent I currently pay, and I am beginning to value my own space more and beginning to resent the fact that others share my space.
As with anything, pros and cons. But generally to buy in London you'll need the income equivalent of 2 people.
heathy1
Very well known Exeweb poster
Ive already resigned to the fact that i'll never be able to afford to buy a house, but luckily my rent is only £65.28 a week for 48 weeks of the year thus making buying a house an irrelevance
Ian Mancey
Active member
1500 a month rent!
my god, sorry but that is absolutly horrendous!
Im going to worry for you now!
I am shocked
my god, sorry but that is absolutly horrendous!
Im going to worry for you now!
I am shocked
MikeB
Active member
£1500 good god! That's almost double what I am paying for mortgage per month. There is absolutely no way I could afford that.
I had to laugh at his latest Conservative announcement about inheritance tax being increased to £1million before you pay. I don't even come into the tax bracket at the current rate! So not a scrap of difference to me.
I had to laugh at his latest Conservative announcement about inheritance tax being increased to £1million before you pay. I don't even come into the tax bracket at the current rate! So not a scrap of difference to me.
Ian Mancey
Active member
How the bloody hell do you live?
Dont want to gloat but I thought I had it tuff when I moved here at 609 a month mortgage, admit that was 13 years ago
Oldsmobile-88
Very well known Exeweb poster
What people forget is the mortgage rate is still historically low...I believe its around 6% at the moment(luckly i have paid mine off a few years ago) but i recall it being around 10-12% for many years,& the problem now if rates do rise too much,is the amount of debt on credit cards,which a lot of people did not have years ago,when they were paying high intrest rates.