Our self imposed scarcity of nice places

Re:Our self imposed scarcity of nice places by disgruntledphd2 on Thursday November 04, 2021 @09:21AM (#29106820)

> USD75k/EUR65K/GBP55K in Europe can afford to buy an apartment in any of the major cities,

That doesn't seem likely. I live in Dublin, and the median household income for a first time buyer is approximately 90k in euros.

I'm surprised that this is possible in London.

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Re:Our self imposed scarcity of nice places by CapitainEvident on Thursday November 04, 2021 @11:30AM (#29108423)

Evidently.

On £55k you can afford to borrow £247.5k.

£247.5k + 10% deposit and you are looking at £272k properties.

Check sold house prices in London and you’ll find plenty under £272k.

Possible in London which is one of the most expensive cities in the world.

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Re:Our self imposed scarcity of nice places by disgruntledphd2 on Thursday November 04, 2021 @01:03PM (#29109713)

So this depends on what multiple the bank will lend you. In Ireland, it's 3.5 whereas it looks like it's 4.5 in the UK.

Honestly though, apartments anywhere near the city in Dublin are still way out of reach for a person on your wage, even if the rules changed to 4.5.

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Re:Our self imposed scarcity of nice places by CalRobert on Thursday November 04, 2021 @01:30PM (#29110076)

Nevermind that saving a deposit while rents are quite high is no easy feat.

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