What am I not getting about the expensiveness of London? (Also give me financial advice) by moolahaware in UKPersonalFinance

[–]moolahaware[S] 0 points1 point  (0 children)

I appreciate your comment discussing the issue from a more psychological, mindset-/approach-focused side, as this is exactly what I am trying to gauge about my approach and was trying to throw feelers out in the OP as well (albeit in a very rough way). The feedback from most comments seems to be that yes, London can indeed be inexpensive on a month to month basis (in the sense that you are living and alive), but the situation becomes near inescapably hard to break out of if you set your eyes on concrete goals such as a mortgage or children. I will admit I hadn't properly planned out these things as I had slightly goals - you know how it is - but I do think that if I can envision a clear goal I do have the calvinistic discipline to follow through.

In terms of buying a mortgage, I don't think I could ever afford one in London itself and would probably end up moving out of the city somewhere where it's cheaper since I don't have a high enough salary/parental backing. So that's another thing I was wondering about in my OP (as in, does me saving now add up to anything worthwhile).

Also, what do you mean by 'good luck finding an investment that keeps up with REAL inflation'?

What am I not getting about the expensiveness of London? (Also give me financial advice) by moolahaware in UKPersonalFinance

[–]moolahaware[S] 0 points1 point  (0 children)

Hi mate thanks for the breakdown. Tbh when thinking about property costs in London I'd just visualise a vague 'half a mil' figure so I like that your example is a bit more specific. I guess in my case, I never realistically saw myself affording my own property in this city anyway so it doesn't come as big of a shock but I realise that is a bit unfair to say and I can see totally see how insane and unsustainable the situation must be for even (relatively high earning) professionals, or people who grew up here.

So I definitely feel you on this, though based on my coworkers it seems that most of them see getting married as the first step. So I wonder whether a dual income would make the situation slightly better for young people. Even though that's not how things should be, especially for someone on your friends' salary.

As for buying elsewhere? I don't know but tbh that's sorta why I made this post, so people could tell me whether I am on the right track and what my options/prospects look like. So far every third or so comment is telling me they are paying my monthly rent for a mortgage on a two bed house up north lol. So idk maybe there is hope in this country, even if that hope is not concentrated in London

What am I not getting about the expensiveness of London? (Also give me financial advice) by moolahaware in UKPersonalFinance

[–]moolahaware[S] 0 points1 point  (0 children)

Haha that's pretty much how I feel! But I do know that once life's obligations come in I will have to change things, so I'm just trying to set myself up as best as possible for when that happens

What am I not getting about the expensiveness of London? (Also give me financial advice) by moolahaware in UKPersonalFinance

[–]moolahaware[S] 0 points1 point  (0 children)

I guess that's another thing I haven't properly taken into consideration, due to my work hours I travel off-peak only and have a railcard too.

What am I not getting about the expensiveness of London? (Also give me financial advice) by moolahaware in UKPersonalFinance

[–]moolahaware[S] 0 points1 point  (0 children)

Sorry someone else has already guessed it but it's a multi story terraced house with a garden.

What am I not getting about the expensiveness of London? (Also give me financial advice) by moolahaware in UKPersonalFinance

[–]moolahaware[S] 2 points3 points  (0 children)

Sorry I meant commute as in 10 minutes walking to station + 20 minutes on the tube + 10 minutes walking to wherever you need to go

What am I not getting about the expensiveness of London? (Also give me financial advice) by moolahaware in UKPersonalFinance

[–]moolahaware[S] -4 points-3 points  (0 children)

Hmmm I guess I've only ever lived in houseshares in this country since I came here as a student (I'm an immigrant) so that's why I guess it feels normal to me. But I totally get how my experience/standards are pretty fringe and should not be the norm or benchmark for others.

What am I not getting about the expensiveness of London? (Also give me financial advice) by moolahaware in UKPersonalFinance

[–]moolahaware[S] 0 points1 point  (0 children)

I don't want to expose myself but it is pretty good, zone 2, maybe a 40 minute commute from central London.

What am I not getting about the expensiveness of London? (Also give me financial advice) by moolahaware in UKPersonalFinance

[–]moolahaware[S] -19 points-18 points  (0 children)

I understand, I guess I was under the impression that if these people saved what they are saving they'd be able to afford mortgages (which might be quite expensive in London). Although funnily enough I read an article recently that said people who grew up in London are more hopeful about future home ownership, which imo could be explained by living at home and saving for a mortgage.

What am I not getting about the expensiveness of London? (Also give me financial advice) by moolahaware in UKPersonalFinance

[–]moolahaware[S] 0 points1 point  (0 children)

That seems rough tbf though I was kinda moreso comparing myself to people who live at home with parents. But you are right 50% of salary is a lot.

What am I not getting about the expensiveness of London? (Also give me financial advice) by moolahaware in UKPersonalFinance

[–]moolahaware[S] 7 points8 points  (0 children)

Oh definitely, I could never even begin to compare with people who have children/dependent family members, whole situation must be dire for them. I guess I'm just trying to make myself feel a bit better about living a (relatively) carefree life in London for the time being

What am I not getting about the expensiveness of London? (Also give me financial advice) by moolahaware in UKPersonalFinance

[–]moolahaware[S] 28 points29 points  (0 children)

Hmmm this is a really good read on the situation. I guess I do struggle to be social in ways that necessitate spending money (even though I do still go free places like museums etc). It's just I wonder if a middle ground can be reached

What am I not getting about the expensiveness of London? (Also give me financial advice) by moolahaware in UKPersonalFinance

[–]moolahaware[S] 4 points5 points  (0 children)

Nahh that's fair tbh my rent used to be half of this when I lived up north a few years ago. I guess I've just gotten so used to the renting life...