Does not owning house make you out to be a failure?

I don't know much about demographics, only that the average is very high. What kind of prices are they?

The average price of a house in Leeds is 182k. I really do think the North will catch up so I'd like to buy a house up there one day. London is hilariously overrated, I don't get the hype one bit. I struggle to see how some tiny terrace in central is worth >1m, if they were valued on their underlying worth they would be 350k and that's taking into account London's better public services.

(edited 7 years ago)

Reply 21

Another

21

Original post by Blue_Mason

The average house price is around £500,000

I believe she was talking about houses in central London, not flats in zone 2

Buying a home in zone 2 through 6 should be entirely possible on a working couple's wages

Reply 22

Blue_Mason

OP

10

Original post by Raizelcadres

Does not owning a lamborghini make you a failure?

Yes and no

Original post by Another

I believe she was talking about houses in central London, not flats in zone 2

Buying a home in zone 2 through 6 should be entirely possible on a working couple's wages

central is overrated

Reply 23

math42

20

Original post by Atlas Thugged

The average price of a house in Leeds is 182k. I really do think the North will catch up so I'd like to buy a house up there one day. London is hilariously overrated, I don't get the hype one bit.

Guess it's to do with all the jobs. It's not exactly a wonderful place to live.

Reply 24

Atlas Thugged

1

Original post by 1 8 13 20 42

Guess it's to do with all the jobs. It's not exactly a wonderful place to live.

I don't get that I really don't. There will be very wealthy people living in Leeds, there will be top jobs it's a big place. Now compare this with London where unless you're working in front office investment banking and absolutely raking it in, your entire quality of life is going to be garbage.

Reply 25

IYGB

11

Original post by Blue_Mason

I know it can be difficult for many to own a home in this current climate, but there is a stigma about not owning your own home that can set you out as a failure.

By what age are we talking about?

Reply 26

Another

21

Original post by Blue_Mason

central is overrated

Central is where all the fun is! I'd much rather live somewhere like Manchester, than Zone 5 in London. The houses are cheaper and the people are nicer.

The only reason you would want to live in London at all is if you're rich as all heaven, you have a job in finance and want to be in central. Otherwise save your money and live elsewhere

Reply 27

Drewski

19

Original post by 1 8 13 20 42

Guess it's to do with all the jobs. It's not exactly a wonderful place to live.

Greater Manchester's average is £170k. Mine cost considerably less than that.

While not to everyone's taste, Manchester is a great city to be in / near to.

Reply 28

Atlas Thugged

1

Original post by Another

Central is where all the fun is! I'd much rather live somewhere like Manchester, than Zone 5 in London. The houses are cheaper and the people are nicer.

The only reason you would want to live in London at all is if you're rich as all heaven, you have a job in finance and want to be in central. Otherwise save your money and live elsewhere

Exactly, the only reason to live in London is to be near the square mile, other than that I see no reason whatever to live there.

Reply 29

ColossalAtom

15

Personally, I'd feel like a failure. Don't want to be paying rent forever. I plan to buy a house in Winchester in the future, since it was where I was born and I like that is an upper class area.

Reply 30

musicguru

5

Original post by Another

Central is where all the fun is! I'd much rather live somewhere like Manchester, than Zone 5 in London. The houses are cheaper and the people are nicer.

The only reason you would want to live in London at all is if you're rich as all heaven, you have a job in finance and want to be in central. Otherwise save your money and live elsewhere

What's your plan then?

Reply 31

username2295565

18

I will personally see myself as a bit of a failure if I don't buy my own house in my life.But I don't see anyone else as a failure, if they do not do so. It's totally up to them, their financial situation and where they live/are willing to live.

Reply 32

moggis

18

Of course it shouldn't mean you are a failure if you don't own property/have a mortgage by say the age of 35 but some people will see you as being one.

So it comes down to whether you determine whether or not you are a failure by other people's values.

To some extent once a lot of people finally get their own home they seem to think that's it. They've 'succeeded'. They can rest easy.

Better to be paying rent and still have some 'edge' I think. Unless you want a family.........

So far as London is concerned ,I have to agree with the other posters. Buying a £550,000 bog standard semi to live in an overcrowded,not very clean area is seemingly madness.

Yet it's the dream of so many people. Thus prices continue to rise. Thus making more people chase the dream since the rise in value alone can be more than they earn after tax.

(edited 7 years ago)

Reply 33

Another

21

Original post by musicguru

What's your plan then?

My mum owns a property in an area of London that has plans for redevelopment by 2020. If it turns out to be an incredibly nice area to live in the next 8/10 years, then I'll stay there.

Otherwise, once I finish studying I'll move to a city that has cheaper living costs so I can actually save something.
(And then move back into London to be closer to family once I have enough savings)

Reply 34

Mandem67

15

No but you should try your best to buy one.

Reply 35

alexschmalex

19

I personally don't care. To me a mortgage is just a fancy name for a loan to make us feel better about taking one and just means that you're just paying rent to the bank instead of the real owner, so I'd only consider myself to really own the house when I've paid for it in full and in one go. Definitely wanna do it but I honestly have no shame in renting. Don't plan on staying in the same place for more than 5 or 6 years anyways so taking out all those loans would just be a hassle :tongue:

Reply 36

musicguru

5

Original post by Another

My mum owns a property in an area of London that has plans for redevelopment by 2020. If it turns out to be an incredibly nice area to live in the next 8/10 years, then I'll stay there.

Otherwise, once I finish studying I'll move to a city that has cheaper living costs so I can actually save something.
(And then move back into London to be closer to family once I have enough savings)