Society's Ills - A study in the perceived inequalities between the "haves" and the "have nots" - The Bear and Badger

Lord_Griff

What is your earning potential?

Tempy

Lord_Griff wrote:

Brooks wrote:

Jesus that's an even terribler idea

He stated he is not good at much else. Which begs the question has he made films before? If so, and been good at it, why bother with a course?

cuz it gives more options and gives me a degree which despite being partially worthless, is still a requirement in some jobs. Teaching is one thing i'd need a degree for and one of the more realistic outcomes of this path.

Lord_Griff

But to teach films right? And you'd need to do a pgce.

Brooks

Yossarian wrote:

Gonzo is right. Why should you be entitled to live where you were brought up? The area you grew up thirty years ago is not the area it is now. It may be more expensive. So expensive that you can't afford to live there. So live close by, or with your parents. Attempt to save some money and eventually you may be able to purchase aÂ propertyÂ in the area. It may suck that you can't, on a whim, do whatever the fuck you want, but you might achieve your goal eventually.

Put simply, the amount of money I'd need to save for a deposit, compared to my earning potential, factoring in how much house prices are rising by, makes this dream an extremely distant possibility. It's not about doing it on a whim, it's about ever being able to do it at all. And again, the reason is that house prices are being artificially inflated because of massive wealth inequality in London.

Strictly it's also an issue of chronic undersupply of new housing in a city that's growing dramatically. That's a broad policy failure that's bafflingly underadressed.

Yossarian

Lord_Griff wrote:

What is your earning potential?

Thus far, I've failed to reach even the national average wage, but I feel fairly certain I could manage that plus maybe 20% given some time, so somewhere around 25-30k

Tempy

Lord_Griff wrote:

But to teach films right? And you'd need to do a pgce.

Literature or Media, AFAIK I can't get a job anywhere in the UK without a PGCE (and that Scottish thingy)

Lord_Griff

Av property price in Lewisham is Â£300k, so bottom rung maybe Â£200k.

10% deposit: Â£20k
Interest only mortgage at 4%: Â£600 pcm

Yossarian

There are banks willing to hand out mortgages for seven and a bit times your annual salary? Even now?

Fentonizer

Yoss, just save 20k for a bottom rung property on an interest only mortgage. Problem solved.

Brooks

Real talk is there something in economists' circles like a measured Fecklessness Index? I feel it could be instrumental.

mk64

I was looking at a one bedroom flat in Peckham for 145k about 4 years ago.

Yossarian

Most banks will only lend two and a half to three times your yearly salary, which means that I'd have to be earning 60k to take on even a bottom rung property in my area with a 10% deposit. If this doesn't illustrate what a mess London house prices are, I don't know what will.

mk64

Buy with a friend or partner.

Also brings me back to the point about expectation. You expect to be able to buy a house when you earn less than 60k. Why? Cause people before you have?

Mod74

Um, because people before him have bought them is the reason Yoss needs three times the average salary to buy a house.

I was hoping to read all of this thread then comment but I barely made it down page 1 before boiling with rage, so skipped to the end to make this comment and found something equally rage inducing here.

So, have fun.

mistercrayon

The point was that buying a house is cheaper than renting (on an interest only mortgage) but that is impossible now.

equinox_code

mk64 wrote:

Buy with a friend or partner. Also brings me back to the point about expectation. You expect to be able to buy a house when you earn less than 60k. Why? Cause people before you have?

Oh fucking hell

Where to begin?!

mistercrayon

Mod74 wrote:

Um, because people before him have bought them is the reason Yoss needs three times the average salary to buy a house..

Some of the problem is people buying several houses to make money which is fucking disgusting.

Yossarian

I have no partner, nor a friend who's looking to buy a home.

As for expectation, well, I wouldn't expect only the top earning 10% of the country to be able to get a foot on the bottom rung of the housing market in one of London's poorest boroughs on their own, no.

Brooks

Good luck finding a partner if you're still living with yr mom too lol

Yossarian

I do feel we've become rather sidetracked here. The argument was about the size of the wealth gap in the UK. The only reason that I brought up the whole house buying thing is because I was asked why other people's wealth affected me, this was only ever meant as an example to illustrate a point which is that other people being stupidly wealthy does have a clear and direct impact on my life.

Lord_Griff

House ownership is not a right.

M0stly harm13ss

As a complete aside, interest only mortgages are no longer available without an associated capital payment vehicle of some sort so the costs would be far higher than what's quoted above.

Tempy

Like a gold car

Yossarian

Lord_Griff wrote:

House ownership is not a right.

Read my post above. In no way am I saying it's a right, I'm simply illustrating the effect that wealth inequality has on me in that I no longer even aspire to owning my own home due to the distorting effect that inequality has on the housing market.

equinox_code

Lord_Griff wrote:

House ownership is not a right.

I presume you're directing this at those without homes, rather than those who already have plenty and fuck it all up for everyone else.

Moto70

mk64 wrote:

You expect to be able to buy a house when you earn less than 60k. Why?

I don't know many that earn that sort of money.

It would seem that our views are poles apart...

Mod74

Lord_Griff wrote:

House ownership is not a right.

You've changed your tune.

When you and your buddies were using cheap credit to encourage those who you knew couldn't afford to repay them to take out mortgages house ownership was very much a 'right'.

I didn't see many 'self made men' in evidence when they were on their knees begging for the state to help them out of the shit.

You endlessly spouted this greed is good bullshit before the crash and quite rightly kept a lid on it for the last couple of years, you needn't think you can start peddling it now just because bank bottom lines are picking up.

Moto70

The whole banking crisis just highlighted a lot of the distribution of wealth problems, how many people wouldn't have lost their houses if the bonuses were put back into the pot rather into the bankers pockets?

Lord_Griff

I think interest only mortgages have always required a payment mechanism. Idiots used to borrow too much, set up the payment mechanism and cancel it a month later. I have never encouraged people to lever up mod. I have nothing to do with any of that shit. Additionally any person who takes on debt, and subsequently does not work out their tolerances to interest rate changes should take responsibility for their stupidity.

Lord_Griff

Also I have never uttered the words "greed is good" or any such cliches. You are clearly a deluded maniac.

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