What did you think about those salary requirements to buy per City? Are you considering moving to another City just so that you can get on the property ladder? Please comment below 😀
@BigCityNightsMusic
3 жыл бұрын
not a chance... better off moving abroad...
@fungirl0123456
3 жыл бұрын
This is content I subscribed for!!! LOVED the video. Not enough people talk about AFFORDABILITY. Lots of people talk about saving for a deposit but that doesn't matter if you don't earn enough. Also thank you for using a single person. The market is set up for 2 people and not enough thought is there for single people. Keeping putting this content!
@TheHumblePenny
3 жыл бұрын
Ahhh really LOVE your feedback! Thanks so much 😊🙏🏽
@SwahiliSpicE
3 жыл бұрын
That’s why a lot of people in London are asset rich but cash poor. But to be fair, lenders tend to lend 4-5 times your salary, so for Ldn, a salary of £92k would sufffice and leave you with £2.5k to spend on everything else. That’s not bad, and if it’s a couple, if you had a combined income of £92k (that’s 46k each), your net pay as a couple would be more than 5k because of double the tax free allowance. It’s just a question of how comfortable you wanna be and how much value does a house in each location have as a long-term investment. Having said this, even £92k is still way too high for most, couples and especially single people. Love that you took the time to point to these resources and go through the calculations. My partner and I are always talking numbers and making notes like this when we plan for the future. Thank you, absolutely love you guys! 👌🏽
@TheHumblePenny
3 жыл бұрын
Awww, thanks so much! 😊🙏🏽. Your comment is quality! 😍
@Trupak786
3 жыл бұрын
You’re both doing God’s work. Thank you 🙏🏽
@TheHumblePenny
3 жыл бұрын
Awww thanks so much! :)
@emem8577
3 жыл бұрын
I live in Birmingham, I can get a decent house for £160k. I plan to take advantage of this scheme.
@TheHumblePenny
3 жыл бұрын
Hey Em Em, you're in a good spot for this. Looking forward to hearing more from you about your purchase :)
@emem8577
3 жыл бұрын
@@TheHumblePenny I will be sure to update you 😊
@rb7007
3 жыл бұрын
@Em Em, I’m so jealous! £160K is so affordable. I live in London. Booo. 😕
@emem8577
3 жыл бұрын
@@rb7007 I know, it's so difficult for you guys. I'm renting at the moment, but I'm still able to put away a good amount in savings to put towards. Would you consider getting a property in the Midlands for an investment?
@rb7007
3 жыл бұрын
@@emem8577 I was actually thinking of doing that! But we’ve saved enough to try and get something here in London. If I were younger, I would’ve tried to do both! 😉
@ULTRACERTIFIED
3 жыл бұрын
So, Liverpool for me then 😂 Thanks, guys. This was REALLY insightful, as always 😊
@TheHumblePenny
3 жыл бұрын
LOL, you're most welcome! :) Please share with others on WhatsApp etc.
@ULTRACERTIFIED
3 жыл бұрын
@@TheHumblePenny Wayyyyyy ahead of you 😊
@knowledgeTherapy
3 жыл бұрын
If you want better job, good career options then London. Being Asian I find London more welcoming than some northern cities
@TheHumblePenny
3 жыл бұрын
Hey Pratik, so interesting the point that you made about being Asian. The race point adds more complexity and I can see why more ethnic minorities prefer London and surrounding areas. How do you think things will change post covid? Do you think more people will feel there is no need to live in London? As they can still access London salaries remotely...
@xSplendidStar
3 жыл бұрын
I feel the same about this. Worrying about racial issues if I was to move further up north. If it wasn't I think I would be more inclined to move up there. So yeah kinda stuck in London really.
@ibnn7089
3 жыл бұрын
Manchester is a great option for a diverse safe environment and good employment prospects
@importedvixen
3 жыл бұрын
I’m white but from East Europe , living at the North West since 2004. Smaller town close to Manchester. The locals here are very much against the foreigners! So just to comment ; its not only racial but national! I have foreign accent and I been harrased so so many times. I would suggest central Manchester! More multiciltural then 15 yrs ago when I come. Cheshire area is very nice too but not sure about racism & nationalism there.All my neighmours mostly are Asian and we have nice relationship. We live in Barbados before covid, return back last summer and now thinking to try another country to avoid living in the UK all together.
@xSplendidStar
3 жыл бұрын
@@importedvixen Thanks for your input. It's good to hear other people's experiences. Sigh it's such a shame because you come here thinking you could build your life here but you're not even welcomed smh.
@kisskissg60
3 жыл бұрын
Thats a very clear and easy way to show why so many people in London are stuck renting (myself inc) One thing that I think is a over looked potential problem wise is the wage differences across the country,so its not as easy as packing up and moving up north then only to find you cant make the same sort of income you expect.
@TheHumblePenny
3 жыл бұрын
You make an excellent point about relative salaries across the country.
@masterl14
3 жыл бұрын
Great breakdown! Would've been ideal if you displayed salary average in those regions because that plays a part. For instance 70k in Bristol is the salary of a senior associate in a law firm or managing engineer, still high technical roles, so its still really difficult.
@Amit_l92
3 жыл бұрын
Interesting. London prices are a joke but didn’t expect Cambridge to be that expensive!
@TheHumblePenny
3 жыл бұрын
Yeah London prices are completely nuts! Cambridge is extremely expensive. When I did my post grad there, it was completely unaffordable even for locals.
@kelechinobi3085
3 жыл бұрын
Another great video. I left London decades ago to move to Edinburgh and have since settled in Inverness. Property prices here are not as low as in Glasgow but are certainly cheaper than Edinburgh. We live in a large 4 bedroom house with huge garden that costs less than half the average price in London. My kids attend a really good school only 20 mins walk and I have a 5 min drive to work. I understand fears around race issues but neither I nor any other black or Asian families I know have experienced the sort of racism you encounter in England (and which I came across while living in London). Quality of life is great and on a reasonable joint income we are able to provide our kids with everything they need. The other big plus is that we will pay our mortgage off in 15yrs (we took a 20yr mortgage). I would encourage others to at least consider other cities on your list. 👍🏽
@ellea2541
3 жыл бұрын
Thank you for this helpful post! I really liked both Edinburgh and Glasgow but wondered about race issues. I plan to retire early and considered moving to Scotland! 😁
@kelechinobi3085
3 жыл бұрын
@@ellea2541 Hi there I’ve certainly never regretted moving up to Scotland. I lived in Edinburgh for a few years and it’s a wonderful city, if a bit cold in winter. Unfortunately it was a bit too expensive for us but if you can afford to buy there I’d definitely recommend it.
@TheHumblePenny
3 жыл бұрын
Hi Kele This is such a great share. Thank you for taking time to share your reality. It's very encouraging. We'd easily move to Scotland as we're pretty much location independent. Key issue really is proximity of family members. We may visit and live in Scotland just for the experience though.
@FinanceDee
3 жыл бұрын
Definitely good to see the numbers in black and white. I am one of those who makes a London wage but bought outside of London to get good bang for my buck. One of the best decisions I've made!
@TheHumblePenny
3 жыл бұрын
💯💯💯. We're in the same boat! 😉
@SuperJutah
3 жыл бұрын
£153,111 to put in perspective.... The Prime Minister makes £156,000 a year... To be a 1% you need a salary of £166,000 upwards.... Absolutely insane!
@TheHumblePenny
3 жыл бұрын
When you put it like that, it's maaad!!!
@redheadedrider2077
3 жыл бұрын
Thank you so much for being so knowledgeable and choosing to make informative videos like this. It’s really helpful and you’re doing such a good job. Bless you both and please keep up the good work ❤️
@TheHumblePenny
3 жыл бұрын
We appreciate you 😊🙏🏽
@redheadedrider2077
3 жыл бұрын
We appreciate you too and thank you for all that you do 🙏🏽😊
@Amy-qc2qq
3 жыл бұрын
Love how clearly you guys explain your methodology 👍
@TheHumblePenny
3 жыл бұрын
Thanks so much :)
@gameplayerjames
3 жыл бұрын
Thank you! I'm a single buyer but have ties to my local area due to school and childcare support, but still it's not an expensive area. My closest city is Manchester, but the average property price is about what I'm looking at... so just need to double my salary 😂😂 that's a whole new ball game with some employers thinking single parents are incapable of doing decently paid jobs!
@naneshaaa
3 жыл бұрын
Amazing video! Thank you for all the hard work you guys put into your content, it is all so helpful!
@TheHumblePenny
3 жыл бұрын
Hey Vanessa, really appreciate that :). Thank you!
@butterflycake7
3 жыл бұрын
I love you two 🥰 thank you for all of your educational videos 😊 I don't think many lenders will pick up the 95% LTV mortgages and I still think it's better to have a larger deposit to obtain a lower interest rate. It's nice of the government to try and help though haha
@TheHumblePenny
3 жыл бұрын
Thanks so much! 😊🙏🏽. Defo best to have a larger deposit for sure.
@connorsmith1406
3 жыл бұрын
Buzzin to see that as a fellow Glaswegian 🕺
@TheHumblePenny
3 жыл бұрын
Hehe, thanks for sharing. What would you say is the best thing about living in Glasgow?
@connorsmith1406
3 жыл бұрын
@@TheHumblePenny Great variety of restaurants and bars although that’s no good just now but it has everything 🙌
@maasobossbabe
3 жыл бұрын
Love this content..recently started earning on Ytube so I want to start saving money for my first home and I am super green dont know how any of this works!! Lol.. Your videos have been sooo helpful.. I live for them...I love your thorough breakdowns. I hope one day I can be able to apply the tips gained from your videos and purchase a home for me and my boys. Thank you so much both of you!
@TheHumblePenny
3 жыл бұрын
Awww you're so welcome! 😊. Please keep us posted on your journey
@fatherprincipal1
3 жыл бұрын
I am literally planning to buy a house in Northampton using this scheme I am going to use these calculations to see if I can afford
@TheHumblePenny
3 жыл бұрын
Good luck! Keep us posted :)
@darrenpinnock6651
3 жыл бұрын
Interesting that these things always seem to come around when people are leaving the country to buy land for the less than the 5% and build the equivalent for less than the mortgage repayments within a year .
@betteryouin2418
3 жыл бұрын
Wow the difference between London and Liverpool is ridiculous. Was fortunate enough to buy in London in 2016 and I still think it is possible if you decide to live in greater london (within the m25) rather than inner london (within north/south circular), as in my opinion you could get property slightly higher than the bristol Average price. Also the lack of diversity as mentioned in some other comments is also a major deciding factor. Definitely agree with your advice at the end to try and save a bit more money to cut down your mortgage monthly payments 👌🏽. Fantastic video
@TheHumblePenny
3 жыл бұрын
Yeah the differences are totally nuts! You're definitely right about being able to buy in greater London. How much did you pay?
@betteryouin2418
3 жыл бұрын
@@TheHumblePenny £300k. but bear in mind that was 2016
@jjrisia4963
3 жыл бұрын
greater london is still very expensive, the south east in general is the most expensive place to buy
@globohobo
3 жыл бұрын
Liverpool is a very good choice. It feels tiny compared to London but people are friendly, everything is at your doorstep, there are more and more jobs created, quite a lot happening for a small city and you can even afford to own something in the city centre.
@TheHumblePenny
3 жыл бұрын
Hi Stephane, I've heard good things. Are people friendly over there to others from other ethnic backgrounds ? I.e. Asians, Blacks etc.
@globohobo
3 жыл бұрын
@@TheHumblePenny Hello. I have lived there for a year as my girlfriend is from there. It is not super ethnically diverse, although there is already an established Asian and Carribean community. The city has changed a lot since the 80s, people are more used to see people of foreign descent, I've never had any problem people have always been friendly, although you can still feel you are not in London, you would still have the odd stare. I was living in the city centre so more open to diversity but some neighbourhoods are exclusively white, I don't think there would be any problem towards minorities there but still feel a bit awkward in terms of cultural exchange. It is definitely a city on the up, interesting place but it's not as diverse in London, you would feel it when you step insise a pub !
@rb7007
3 жыл бұрын
This is such a clever video! Sadly, I live in London. So I certainly won’t be eligible for this...on my modest salary. 🙄
@TheHumblePenny
3 жыл бұрын
Really appreciate you watching 😊🙏🏽. Would you ever consider moving outside of London or to the outskirts for a chance of buying? If not, why not?
@rb7007
3 жыл бұрын
@@TheHumblePenny Afraid not. For a few reasons. All my family and my partners family are in London, my partners work, lived in London all my life (I’m in my 50s) so I’m just used to London life,...and I’m just set in my ways and don’t really like change. Lol 🤷🏾 But saying that, we’ve saved up quite a bit of a deposit and hope to buy somewhere this year.
@TheHumblePenny
3 жыл бұрын
100% hear you on the family point. It's for that reason that we didn't stray too far from London. We live in Kent.
@rb7007
3 жыл бұрын
@@TheHumblePenny Oh really! Whereabouts? if you don’t mind me asking. And is it quite “diverse”?
@UKSpearo
3 жыл бұрын
I missed the video last week, I'm going to have to go back and take a look as the mortgage scheme is something my family is currently considering.
@TheHumblePenny
3 жыл бұрын
Definitely one to watch for sure! :)
@tracym.m816
3 жыл бұрын
Thanks both. This was very interesting to think about. Great content! :)
@TheHumblePenny
3 жыл бұрын
Much appreciated! Any other topics you'd like us to explore?
@_permanence
3 жыл бұрын
You should probably have used the median price rather than average. London would be heavily skewed by the super expensive properties
@lewisrowe1025
3 жыл бұрын
Great video as you are giving us good information but felt a little disheartened as I live in london and not speaking for everyone but I think for a lot of people its just a NO! maybe a video that is more realistic on what we can actually afford or just not to bother really! But thank you for the video!!!!
@TheHumblePenny
3 жыл бұрын
Hey Lewis, we hear you! :) Did you see 13:53 ?
@lewisrowe1025
3 жыл бұрын
@@TheHumblePenny yes I did :-) I watched from start to finish as you give great advice just as I live in london and all my family are here too moving far away from them really is not the best option I feel, but knowledge is power so thank you again!!!!
@ellea2541
3 жыл бұрын
This is why I abandoned London for Birmingham! £200K will get you a 3-bedroom house in Birmingham but maybe a 1-bed flat in London!
@TheHumblePenny
3 жыл бұрын
I actually really like Birmingham. I visited and stayed over with a friend and wished we could buy a home there given how accessible the prices are.
@tomstopper5281
2 жыл бұрын
But you get paid less in Bristol then you get paid in London, So it is a catch 22
@TheHumblePenny
2 жыл бұрын
Defo!
@aishaaa7241
3 жыл бұрын
There isn't much diversity outside of London unfortunately and with travel ticket prices racking up year by year it doesn't make it favourable to move outside of London. I managed to get myself on the property ladder in London back in 2019 (not in an affluent area) but now when you think long term if you want to raise a family, you do want a certain level of security/low crime levels in your area. Unfortunately the logic is that the 5% deposit sounds too good to be true and is not proportionate to the current property values. Also, I still don't understand why salaries have not been revisited as the average Londoner does not necessarily earn more than £35k a year but yet taxes are welcomed to be rising year/year. Good effort on your video though, I just hope that platforms like yours allows people like us to be heard as we just want a 'normal' standard of living.
@ManchesterBlue1894
3 жыл бұрын
What you mean by diversity?
@ManchesterBlue1894
3 жыл бұрын
What you mean by diversity?
@TheHumblePenny
3 жыл бұрын
Hey Aishaaa, really enjoyed reading your comment and perspective! The point about diversity has come up a few times in the comments. Thanks for sharing.
@leonhenry4861
3 жыл бұрын
@@ManchesterBlue1894 different races and culture. it's all one culture out side of the M25, Birmingham, Leeds, Manchester, Nottingham, Bristol. Hope you get it now
@agnesmugerwa1058
3 жыл бұрын
This video was awesome 👏🏾
@TheHumblePenny
3 жыл бұрын
Thanks a lot, Agnes! We're doing our best to put out original content! 😀
@lukeevans9010
3 жыл бұрын
Hi great video! I have a separate question that I wanted to ask and hopefully you can help me. I’m 19 and saving to buy a house around the age of 24-25 I already have a Cash Lisa, would you recommend a stocks and shares Lisa instead and if so would you recommend using a financial advisor to run and set up. Look forward to a reply!
@TheHumblePenny
3 жыл бұрын
I'd suggest Stocks and Shares :). You don't need a financial adviser I don't think based on what you've said. All the best and please keep us posted on your progress 😀
@lukeevans9010
3 жыл бұрын
@@TheHumblePenny Thank you for replying to me and for the advise. Also wanted to say thank you for posting the videos that you post they really help me a lot!
@JJ-fb1pw
3 жыл бұрын
Should this be not have been - if only 1 person is buying - average price for a 2 bedroom property? Would have changed a lot of the figures.
@jessd4414
3 жыл бұрын
Great video as always
@TheHumblePenny
3 жыл бұрын
Thank you :)
@mizsab365
3 жыл бұрын
Very insightful, thank you
@TheHumblePenny
3 жыл бұрын
You're welcome :)
@emmamitchell6818
3 жыл бұрын
We are looking to get rid of our 2 bed flat in zone 4 as we'd like a garden and a bit more space. Earning £35k joint, we are struggling that's for sure 🤣
@leonhenry4861
3 жыл бұрын
You should defo think about moving further out.
@RomeoSeeThis
3 жыл бұрын
You missed manchester
@TheHumblePenny
3 жыл бұрын
It's on the list at 13:54 😉
@ThisisDaniel
3 жыл бұрын
This is the harsh reality that people need to see / hear - these prices are no joke for the average earner. That said, it's better to have an uncomfortable truth than a comforting lie. I'm also grateful that you guys remained impartial by covering different regions in the UK - especially for the non-London centric audience (like myself) 😎
@TheHumblePenny
3 жыл бұрын
Hey Daniel! Yes, it's a sobering reality for a lot of people and calls for hard decisions to be made around either relocating or getting super creative about how one solves their problem. Either is possible.
@ThisisDaniel
3 жыл бұрын
@@TheHumblePenny agreed!
@lamastolu
3 жыл бұрын
What about city Close to London like basildon, Chelmsford you know essex area . Are they more affordable
@leonhenry4861
3 жыл бұрын
ha ha ha ha ha you haven't been to Basildon have you
@sushmitamitra7711
3 жыл бұрын
I’m looking to buy in Ashford - dunno wot to do as the property is priced @ 480,000
@TheHumblePenny
3 жыл бұрын
What's pretty expensive. Family home?
@shanaceII
3 жыл бұрын
So unless I find a partner with a Phd London is not a realistic option as my salary is in the green zone. This video was much needed after the last one. thanks.
@TheHumblePenny
3 жыл бұрын
Thanks a lot for watching! 😊. Buying in London requires much creativity to raise £££. We've never looked back having bought a lot cheaper on the ohtskirts of London but still enjoying London's price inflation.
@AdeyemiAlabi
3 жыл бұрын
How much do PhD holders earn? and where do they earn the most? in the industry? or in the academia? Most Universities don't seem to pay as much as the 130-150k to their Professors from what i see on their websites. Am i missing something? is there another money coming in for PhDs in academia that i am not aware of? 🤔
@ibexy
3 жыл бұрын
I guess it means over 90% of people in London cant afford to buy in London?
@redheadedrider2077
3 жыл бұрын
Got that right. It’s far too expensive in this city :(
@TheHumblePenny
3 жыл бұрын
Yes, unless you buy in greater London :). Even with that, you'd need a decent salary as those greater London properties are typically £330k - £450k.
@ibexy
3 жыл бұрын
@@TheHumblePenny and they are appreciating everyday too. Good investment opportunity for the long term.
@leonhenry4861
3 жыл бұрын
@@ibexy They've actually been falling in central London over the last few years, as nobody can afford to buy them so it's not a good long term investment at this time and wont be until the government curb the foreign buyers
@odysseasv7138
3 жыл бұрын
95% of people in London can't afford the average priced property in London. To be more precise :)
@xoxstarxox7779
3 жыл бұрын
Hi guys, loving the videos. I have a question, could you please do a video on ownership types, such as tenants in common, joint tenancy etc. Are there any benefits in the future to choosing one over the other in terms of tax or inheritance for children? Would appreciate your views :)
@TheHumblePenny
3 жыл бұрын
Thank you!! Great suggestions too! 😊
@rafaelcalisto1700
3 жыл бұрын
Lovely video! Which city do you guys live?
@TheHumblePenny
3 жыл бұрын
We live in Kent! :). London was out of our price range and we wanted a place (affordable) where we could start a family, etc. But we live not far from the border with London.
@maasobossbabe
3 жыл бұрын
@@TheHumblePenny what is the average house price for Kent?
@joefromnorwich
3 жыл бұрын
First!
@TheHumblePenny
3 жыл бұрын
Whoop whoop! :)
@naniv
3 жыл бұрын
If i had a job that requires me to work remotely id be in bali mate 🤣
@MrRoyck10
3 жыл бұрын
I am rooted in London with all my eggs in the London basket, if London blows up I will come out in the aftermath. I am going nowhere, so are my offsprings, perhaps Hertfordshire on retirement.
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