The Socialist

The Socialist 22 November 2017

Unite to kick out the Tories

The Socialist issue 972

Budget: lying Hammond says no unemployed


What does the left victory in Scottish Labour mean?


Zimbabwe: Mugabe gone - but his regime remains in power

Australia: massive yes vote for marriage equality

Trump's tax attacks


Scotland: BiFab workers' occupation and march secures jobs and pay guarantee

Usdaw general secretary coronation

Leeds college workers protest poor pay rises

Virgin train workers vote for strike action over pay

Sheffield Eastern Ave Job Centre strike ends


Posh estate agent's housing crisis solution: make your own sandwiches

Them & us

Councils' 1bn on commercial property


NHS cuts kill!

Gentrification on the terraces: fans say twenty's plenty

Carbon dioxide hits 800,000-year high: end profit-driven pollution


Lively student demonstration for free education could have been much bigger

Socialism 2017 Socialist Students meet-up


Nottingham 'Reclaim the Night' march highlights cuts

Southampton: Corbynista success but cuts continue


Disability cuts outrage: my story

Left comic's take on politics will have you in tears

The Socialist inbox

 
 
 
 
 

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Posh estate agent's housing crisis solution: make your own sandwiches

Cap private sector rents

Build council homes now

It's not sandwiches that have priced young workers out of the housing market, photo by rjp/CC

It's not sandwiches that have priced young workers out of the housing market, photo by rjp/CC   (Click to enlarge)

Tanis Belsham-Wray, Leeds Socialist Party

So according to an upmarket estate agent, the solution to the housing crisis is... not buying sandwiches.

Strutt & Parker says that just by giving up six "luxuries" - including nights out, holidays and supermarket sandwiches - Millennial couples can save up a substantial part of a home deposit.

They calculate 94,000 is the average deposit for a house in London, and that we could save that in just five years. To achieve the whole deposit would mean saving 18,800 a year!

They suggest your parents would make up some of it - they assume your parents can afford it. But leaving this aside - and assuming you had, by some miracle, managed to raise enough just by having no life for five years - you still need to get a mortgage.

The average house price in London is 481,556. Mortgage providers will typically lend you around four times your basic salary.

A 481,556 home minus a 94,000 deposit leaves you 387,556 to pay. So you would need to be on a minimum of 96,889 a year. Even earning that as a couple would put you in the top 4 or 5% of incomes.

Working full-time on the London Living Wage will earn you just under 20,000 a year before tax - with many workers, especially young workers, not even getting that.

How about building council homes, and capping private sector rents, and raising the minimum wage? For some reason I don't think making your sandwiches at home or giving up avocado toast will sort it out.


In this issue


What we think

Budget: lying Hammond says no unemployed


Scottish Labour

What does the left victory in Scottish Labour mean?


International socialist news and analysis

Zimbabwe: Mugabe gone - but his regime remains in power

Australia: massive yes vote for marriage equality

Trump's tax attacks


Workplace news and analysis

Scotland: BiFab workers' occupation and march secures jobs and pay guarantee

Usdaw general secretary coronation

Leeds college workers protest poor pay rises

Virgin train workers vote for strike action over pay

Sheffield Eastern Ave Job Centre strike ends


Housing crisis

Posh estate agent's housing crisis solution: make your own sandwiches

Them & us

Councils' 1bn on commercial property


Socialist Party news and analysis

NHS cuts kill!

Gentrification on the terraces: fans say twenty's plenty

Carbon dioxide hits 800,000-year high: end profit-driven pollution


Socialist Students

Lively student demonstration for free education could have been much bigger

Socialism 2017 Socialist Students meet-up


Socialist Party reports and campaigns

Nottingham 'Reclaim the Night' march highlights cuts

Southampton: Corbynista success but cuts continue


Socialist readers' comments and reviews

Disability cuts outrage: my story

Left comic's take on politics will have you in tears

The Socialist inbox


 

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