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Simulator of the life of a 30-year-old in the UK

nicksimulator.com

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Re: Simulator of the life of a 30-year-old in the UK

#11

Post by oncallthrow »

The Nick meme is a great way of encapsulating how utterly sick of the UK young professionals are at this point.

There is no way to win. I know many young people who are very comfortably in the top 5% of earners in the UK, paying tens of thousands of pounds of income tax per year, and are still locked into paying massive amounts of rent, because it's near-impossible to actually own a house here at this point. So quite honestly, what is the point any more? It's really no wonder UK productivity is dropping.

It's really hard to describe how bad the general vibe is here.

Meanwhile pensioners sit comfortably in four-bed houses in London suburbs with triple lock pensions guaranteed by the government.

Re: Simulator of the life of a 30-year-old in the UK

#16

Post by mike-cardwell »

I live in the East Midlands in the UK. You can grab a reasonable first house here for less than £150k quite easily. So you'll need a 5% deposit, £7,500 for one of those. One person on an average salary for the area would be able to afford a mortgage for a house like this on their own. But Nick has a girlfriend, who can hopefully work, so should be able to afford it easily.

But half of people earn less than the mean salar though. So what about those on minimum wage? Well, one person with a full time minimum wage job should be able to get a mortgage for close to £100k, so wouldn't be able to afford a £150k house on their own. They could scrape by and get a house close to £100k though. There are plenty of these. Again, two people on minimum wage should have no problem.

I recognise that people have all sorts of different circumstances, so this is not meant to minimise the difficulty of affording property, but I'm just not recognising this claim from the outset that you need a £100k deposit or high paid job to get on the property ladder. It's hard, but it's doable for most.

And on top of this, Lifetime ISAS are a thing, so you only need to save up 80% of your deposit, the govt will pay the rest. And shared ownership is a thing, making it even easier.

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