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What kind of jobs would enable you to buy a house in London by the age of 30? Watch

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    By buy, I mean put a 10-20% deposit down on a £350000 home and pay back your mortgage.
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    You'd need an income (whether on your own or a joint income) of around £85,000 per annum for a £350,000 mortgage.



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    (Original post by J-SP)
    You'd need an income (whether on your own or a joint income) of around £85,000 per annum for a £350,000 mortgage.



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    If that's true, then like 90% of Londoners won't be able to buy a small 2-bedroom apartment.
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    plumbing is a good job. not many people know how much money they make but they make tons tbh.

    one of my friends is a plumber and in average would earn 120 pound in two hours for profit.If he did that for 6 hours, then he would earn 460.
    in a week he would earn 3220 pounds per week which in a year gives a total of 154,000 pounds per year.

    firstly he doesnt actually earn that much and works whenever he wants, he is an independent contractor and is his own boss, secondly he needs to hire people to help him because some parts of the job would require more then 2 people depending on the situation.
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    (Original post by Trapz99)
    If that's true, then like 90% of Londoners won't be able to buy a small 2-bedroom apartment.
    Exactly.
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    If we assume ten years of employment at a constant salary with the goal of saving £70k (20% of your house) then that person needs to be saving around £583 per month. From another thread comparing costs in London and the north i asserted that you need £2k per month to live in London before being able to save so lets say that our monthly requirement just to save the deposit is not £2.6k per month post-tax which is around £42k per year for a full ten years.

    To pay the mortgage at 80% of the property value over 30 years you'd need to pay ~£778 per month before any compound interest.
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    (Original post by Trapz99)
    If that's true, then like 90% of Londoners won't be able to buy a small 2-bedroom apartment.
    That's probably fairly accurate in terms of who can/cannot afford to buy property in London.

    That was based on what most mortgage providers would roughly estimate you would need to earn (they work on a basis of roughly four times your salary).


    The issue is why there has been a huge growth in the part buy/part let property market in London.


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    (Original post by squish562)
    By buy, I mean put a 10-20% deposit down on a £350000 home and pay back your mortgage.
    Anything in the city or in technology with a decent enough ramp up in pay.

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