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Minimum salary required in London: £500k?

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Re: Minimum salary required in London: £500k?

#71

Post by ownagefool »

hugofirth wrote: post #20

I should also chime in and say that even for people living in London and sending their children to private schools these estimates are very high. I was luck enough to go to Eton and honestly, for most parents it was a question of affording the fees by: a) not spending that kind of money on other activities; b) lifelong saving; c) selling substantial assets (like second houses etc...); and d) inherited wealth and/or g…

You can't really base what's happening today on what your parents have done. The property boom would have given people your parents age easy access to large sums of capital which would allow them to afford the likes eton.

Of course, once people realise if they can't see the property, then it's not really worth that much, this problem will go away.

Re: Minimum salary required in London: £500k?

#72

Post by cheradenine01 »

boothead wrote: post #23

I just about to buy a house outside of London. I'm also about to send my 2 kids to private school as all the decent local state schools are full with waiting lists (thankfully a lot cheaper than the figures mentioned here). I had a look at one of the options for commuting into London. This is the quickest option from where I am (via HS1). I'm already up to the following monthly expenses: Mortgage: £3200 School Fees:…

Really? A mortgage repayment £3200 implies a mortgage amount of £800,000.

Most people I know don't have houses costing that much, even in London.

Re: Minimum salary required in London: £500k?

#73

Post by cheradenine01 »

keithpeter wrote: post #44
lmm wrote: post #30

Earlier quoted context omitted.

Given that London house prices are a function of supply and demand, if everyone on £500k did that then I personally would be a lot better off.

Alas, I suspect supply will be very carefully managed to ensure that voters in the UK do not have their main asset devalued over the next 10 to 15 years or so. After that, enough younger people will be renting for the balance to flip and the price correction to occur.

Whilst population continues to rise, you'll be waiting a long time for your "correction".

Re: Minimum salary required in London: £500k?

#74

Post by superrad »

irremediable wrote: post #64
lmm wrote: post #28

Earlier quoted context omitted.

I think that's overstating it. My first job in London I was on £28k and I was ok but wouldn't want to go lower. Take-home pay was about £1800/month, I spent £850/month rent (Zone 3, noisy loft conversion in an old building), maybe £450/month general shopping (food and clothes and the like), £200 going out and the rest on occasional stuff like a computer or holidays. You can live much cheaper - I've seen 11k claimed b…

I'm a PhD student in London, on £18k albeit with no income tax. I'm surprised you paid so much on rent! I'm paying £600/mo (including bills), Zone 3. Maybe I'm more frugal than I realise.

Are you paying national insurance on your income? Otherwise, without income tax and national insurance, you're effectively looking at a wage of £22k, and from what you've said thats just for a flatshare studio room.

Do you get any meals subsidised from your university, and do you actually have some savings while being able to eat out or get drinks at least once or twice a month?

Re: Minimum salary required in London: £500k?

#75

Post by kraftman »

yetanotheracc wrote: post #65
makeitsuckless wrote: post #12

Earlier quoted context omitted.

Spending quality time with family doing outdoors activities, ensuring good and safe care and education for your children, eating quality food at fine restaurant, buying quality electronics, etcetera are actually the complete opposite of "stupid consumerism". Sounds like an excellent way to spend your money if you have it.

Why was this comment downvoted? Genuinely curious. Is merely entertaining a notion of living above £50k subsistence unacceptable in this community?

Because you don't need to spend that much to do any of those things. It would be an interesting article if it actually addressed the minimum income needed to achieve that lifestyle.

Re: Minimum salary required in London: £500k?

#76

Post by prawn »

richmarr wrote: post #55
prawn wrote: post #32

Earlier quoted context omitted.

The author is describing their friends, not themselves. It doesn't sound entitled to me to describe what they're witnessing and wonder about the figures. The discrepancy comes from that being described as a "minimum" (and thus linkbait headline) when really it should be qualified at all levels as minimum for that lifestyle.

Sure, you can minimise the relevance of the "discrepancy" and claim that the author isn't entitled, but the entire enterprise of this article is based on the premise of discovering whether these really are the "minimum" living costs. Is it a "discrepancy" or is it the way the author sees the world? The end of the article even asks: "Frugalists: With such a cost structure, where would you start saving first?" Not "low…

From memory, "minimum" was the term used by his friends. It's more about them than the way the "author sees the world".

I think you're reading too much into someone's exploration of a particular situation. It remains an opportunity for you or anyone else to run through the expenditure of any of those other pricepoints you mentioned. Though obviously they are unlikely to reach HN because they're not quite as exciting or outrageous.

Re: Minimum salary required in London: £500k?

#77

Post by pjc50 »

irremediable wrote: post #69
alextgordon wrote: post #68

Earlier quoted context omitted.

Not sharing? Pics or it didn't happen.

Definitely sharing! Perhaps this is why everyone's estimates are so much higher than mine? It seems obvious to me that the best option is to share a flat.

It is the best option, if you're a single male able twentysomething. I had some good houseshares in Cambridge. But it's not for everyone and completely incompatible with children.

Re: Minimum salary required in London: £500k?

#78

Post by pjc50 »

superrad wrote: post #74
irremediable wrote: post #64

Earlier quoted context omitted.

I'm a PhD student in London, on £18k albeit with no income tax. I'm surprised you paid so much on rent! I'm paying £600/mo (including bills), Zone 3. Maybe I'm more frugal than I realise.

Are you paying national insurance on your income? Otherwise, without income tax and national insurance, you're effectively looking at a wage of £22k, and from what you've said thats just for a flatshare studio room. Do you get any meals subsidised from your university, and do you actually have some savings while being able to eat out or get drinks at least once or twice a month?

PHD stipends are conveniently tax and NI free.

Re: Minimum salary required in London: £500k?

#79

Post by irremediable »

superrad wrote: post #74
irremediable wrote: post #64

Earlier quoted context omitted.

I'm a PhD student in London, on £18k albeit with no income tax. I'm surprised you paid so much on rent! I'm paying £600/mo (including bills), Zone 3. Maybe I'm more frugal than I realise.

Are you paying national insurance on your income? Otherwise, without income tax and national insurance, you're effectively looking at a wage of £22k, and from what you've said thats just for a flatshare studio room. Do you get any meals subsidised from your university, and do you actually have some savings while being able to eat out or get drinks at least once or twice a month?

Fair point! I am not paying NI.

I don't have any meals subsidised, and I do have savings -- about £3k/year. I eat out twice per week, and I get drinks more often than not -- although I do often get drinks quite cheaply, because I'm friends with some brewers.

Re: Minimum salary required in London: £500k?

#80

Post by dijit »

cheradenine01 wrote: post #72
boothead wrote: post #23

I just about to buy a house outside of London. I'm also about to send my 2 kids to private school as all the decent local state schools are full with waiting lists (thankfully a lot cheaper than the figures mentioned here). I had a look at one of the options for commuting into London. This is the quickest option from where I am (via HS1). I'm already up to the following monthly expenses: Mortgage: £3200 School Fees:…

Really? A mortgage repayment £3200 implies a mortgage amount of £800,000. Most people I know don't have houses costing that much, even in London.

for a family home near London? I could see it coming close to that.
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