Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: https://www.socialistparty.org.uk/issue/972/26510

From The Socialist newspaper, 22 November 2017

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.

Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.


In The Socialist 22 November 2017:


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


 

Home   |   The Socialist 22 November 2017   |   Join the Socialist Party

Subscribe   |   Donate   |   Audio  |   PDF  |   ebook






Related links:

Housing:

triangleRonan Point disaster 50 years on

triangleYoung people trapped in private rental

triangleWirral Socialist Party: A socialist housing policy

triangleYoung people need homes

triangleLondon tenants and workers protest against social housing auction

Rents:

triangleRent doubles in a decade: cap rents, build council homes!

triangleTwo in five 'right to buy' homes now for let

triangleTory housing policy: build zilch, hike prices

triangleUS: Minneapolis Socialist chimes with voters

Homes:

triangleWalthamstow Save Our Square protesters thrown out of city hall for demanding a say

triangleGrenfell: survivors not rehoused, inquiry not independent, blocks not safe

triangleHomes for All - Not billionaire profit!

London:

triangleSave Our Square takes fight to developers

triangleThousands on TUC demo

News and socialist analysis

News and socialist analysis

17/5/18

PCS

Threat to unity of PCS left

16/5/18

Super-rich

Richest worth 724bn... as 100,000 kids fall into poverty

16/5/18

Monarchy

Royal wedding opulence... during longest pay squeeze in 200 years

16/5/18

Brexit

Tories' continuing EU quagmire is Corbyn's opportunity

15/5/18

Gaza

Stop the Israeli state slaughter!

15/5/18

Middle East

Middle East in crisis

15/5/18

PCS

PCS conference 2018: building on the union's militant record

9/5/18

Women

Breast cancer screening scandal

9/5/18

TUC

Use TUC march as launch pad for action on pay

6/5/18

Election

Local election results are a major warning sign for Labour

2/5/18

Retail

Reject the mega-supermarket merger: nationalise to save jobs

2/5/18

Young people

Young people trapped in private rental

2/5/18

Labour

Labour members' fury at expulsion of anti-racist activist Marc Wadsworth

2/5/18

Tories

Windrush: Whitehall demo shames Tories and Blairites

2/5/18

Zero-hour contracts

100k more zero-hour contracts in just a year

triangleMore News and socialist analysis articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

LATEST POSTS

CONTACT US

Phone our national office on 020 8988 8777

Email: info@socialistparty.org.uk

Locate your nearest Socialist Party branch Text your name and postcode to 07761 818 206

Regional Socialist Party organisers:

Eastern: 0798 202 1969

East Mids: 0773 797 8057

London: 020 8988 8786

North East: 0784 114 4890

North West 07769 611 320

South East: 020 8988 8777

South West: 07759 796 478

Southern: 07833 681910

Wales: 07935 391 947

West Mids: 02476 555 620

Yorkshire: 0114 264 6551

ABOUT US

ARCHIVE

Alphabetical listing


May 2018

April 2018

March 2018

February 2018

January 2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999