In a sure fire indication of how impossible it is to buy a house in the UK these days, a conservative MP has been forced to move back in with his parents in order to save up for a mortgage.
28 year old William Wragg currently earns £74,000 a year – which is three times the national average – after winning Manchester’s Hazel Grove constituency and also has an expense account for a second home, running his office, employing staff and travel. But even then, he can’t seem to get a deposit together for a house and we’re not even talking about one in London here as he’s looking to buy in the North West.
I’m part of the “boomerang generation” returning to their family homes after renting.
In a few years hopefully I will have just saved up enough for a deposit.
I know exactly what it is like. I have complete empathy with people in that position…it’s not wage related but even to save the deposit will take a number of years.
I previously spent a fortune on rent and don’t know if I would make the same decision again.
I can confirm I’m currently living back at my parent’s.
Well, in some ways it’s good to see that even those who earn a lot of money are having the same problems as the rest of us. In most ways though it completely sucks that these problems even exist.
My biggest question has to be how the hell can this guy not afford a mortgage when he earns so much money? I mean I know people that don’t earn that much that have one. Either he has an extraordinarily lavish lifestyle, or he’s trying to buy a house that is ridiculous as Mark Wahlberg’s mansion. He basically sounds like he needs to get a clue immediately. I mean I’m no financial advisor but he could definitely afford SOMEWHERE to live up in Manchester fairly easily I think.