'Ouses, Greenbelt and stuff
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No age or experience given in the post beyond "junior". I would imagine that they will be able to afford something in a few years.
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What's your solution for London?
I've no idea what the property market & affordability is for places like Frankfurt & Paris, but I suspect that they aren't terribly affordable either.
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There's not enough information. Is the corporate lawyer qualified and working for a big firm or a trainee in a small firm? Is the junior investment banker straight out of university? Junior is not a title in either profession.
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Sorry, that's tosh. The reason they WERE within a square mile was because the trades happened on a trading exchange face to face. It is purely historic.
There is no reason whatsoever in 2024 for so many of thoe firms still to be London based.
There are plenty of very successful financial services companies in the UK that understand that. It is pure laziness and narrow minded thinking that keeps London at the heart of it all.
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Having a bit of trouble with a couple on a combined income of £250k not being able to afford 'anything'. Not a Georgian 4-bed terrace in Barnsbury perhaps but they aren't going to be homeless.
1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition1 -
If you're doing the hours and earning £250k combined in your first years, the world should be your oyster. They couldn't really be realistically earning more, yet it's the people with rich parents who move into 'decent' places, not the high earners.
The point is, as I keep saying, the system blocks all social mobility.
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I'm having problems processing how anyone earning £125k at the start of their career has anything to complain about to be honest. London is home to people doing all sorts of jobs where they earn a fraction of that. I'm struggling to be sympathetic. A large part of London's housing problems are down to people earning salaries like that forcing others out.
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NYC has a median salary of $73,950 and average house price of around $800k. London has a median salary of £44,000 and average house price of £725k so definitely worse for affordability on those basic figures. Paris is hard to work out as the prices I've seen are per square metre.
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taking it all as stated, £125k each is £75k after 60% tax. So between them, £150k cash per year.
If they can manage to scrape by living on £50k each then they will have a £100k deposit in 2 years, which would be a a 10% deposit on a £1million pound house by the time they are mid twenties.
Hell, if they scrimped a bit more, they could buy a smaller place for cash in a few years.
I get that you are making a broader point about affordability/inheritance but the twitter clip suggesting they wont be able to buy a place for many, many years is clearly bollocks.
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If in their 2nd year, the lawyer will be unqualified, but in any case, in a few years they will earn a lot more and be able to buy a property. Struggling to find sympathy.
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I’ve know young professionals move to London from a comfortable middle class background, and rough it in a pokey rented flat for a couple of years until they had scraped the money together for a deposit. I grant you the numbers are bigger these days but the story hasn’t changed much. When was the golden age of social mobility? Bring it on tho’ I’m all for it.
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Not sure if that's aimed at me but I fully get your point. I just don't feel particularly sympathetic to people leaving Uni and getting a job with a 6 figure salary whinging that they can't immediately buy the house they want when there are others providing the services in London that earn a fraction of that who have to trek in from miles away.
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It's not really blocking social mobility though is it? Social mobility is about being able to change one's socio-economic status and encouraging greater equality of opportunity. It seems the couple being referred to have done an excellent job of developing good careers and increasing their earning potential. They are about as socially mobile as you get.
Again, what we are really talking about is the argument that being a high earner should guarantee you a big house and high standard of living. As many of us keep pointing out, if you choose to live in the most expensive areas with the highest living costs, then a high salary won't guarantee you that. I don't really see the point in the argument that it should do. Why should it though? We all have to make choices and compromises. I chose to leave London 10 years ago as I was never going to able to afford anywhere half decent. I don't begrudge that fact, I just made a choice to move somewhere affordable that gave me a decent life, in line with my earnings.
I think the argument also overlooks the real economic inequality in our society. I don't worry about people earning £250k that can't afford a massive house. I am more concerned for people working all hours they can on minimum wage who have no prospects of social mobility, will never own a house and can barely feed their kids. I think as a society they should be more of our concern if we are discussing SM and economic unfairness.
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I think the UKs economy is unusually centralised though isn't it? Compared to other comparably sized economies?
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Wow this thread move quickly
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I'm not sure that a couple who have come from the NE, and are now in London earning £250k are the ideal people to focus on when claiming there is no social mobility.
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Your high intellect seems to be going aver lots of heads today. Ever thought that maybe people understand but don't agree (or you are making some really obscure, unclear point).
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I think the point is pretty clear.
The chorus of stereotypical replies is all too predictable.
- Genesis Croix de Fer
- Dolan Tuono0 -
Not sure what 'doing the hours' means in this context. I think possibly the pay has given them a distorted view of where they sit in the world.
There is plenty of decent accommodation available at that level of earnings. The shortage is at the other end of the scale.
1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition1 -
It's a figure plucked out of the air by RC.
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It's a well rehearsed discussion on this forum.
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The point being that some people from a working class background obtaining jobs with six figure salaries in their first year but being unable to move straight into a dream home demonstrates that social mobility isn't working? It's not a great example, no wonder the sterotypical replies are predictable.
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The point is that it is staggeringly hard to buy a house without some kind of inheritance, and that it is getting objectively worse.
- Genesis Croix de Fer
- Dolan Tuono0 -
A modern, 2 double bedroom flat with access to gym located in Canning Town (random location selected as being convenient for The City or Canary Wharf) for less than £3k per month https://www.rightmove.co.uk/properties/147589880#/?channel=RES_LET
Should allow them to tuck away a fair bit each month from a combined take home of around £12-13k whilst still having a decent lifestyle. It really is a bad example of the problem (which no-one is disputing exists).
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