How do you define 'rich' these days...

[vkurup]

Shooting breeze with a mate a mine who is also house hunting for the past 6-8 mths. Between him and his mrs they make about 150-190K a year in the City, early 40s, 2 lux cars, kid in private school but currently pay rent of about 2K. With a budget of 500-600K they cant find anything they like or an area they like. Even the houses 700-800K bracket are being outbidded at more than asking price. So he was drowning his sorrow in the few ales. The basic question was how do you define 'rich' these days where family in the 150K bracket can afford 600K homes.

I know it is all relative and we are talking about Surrey commuter belt, but how much money do you need to be 'upper middle class' these days?

 

[Ethan]

Shooting breeze with a mate a mine who is also house hunting for the past 6-8 mths. Between him and his mrs they make about 150-190K a year in the City, early 40s, 2 lux cars, kid in private school but currently pay rent of about 2K. With a budget of 500-600K they cant find anything they like or an area they like. Even the houses 700-800K bracket are being outbidded at more than asking price. So he was drowning his sorrow in the few ales. The basic question was how do you define 'rich' these days where family in the 150K bracket can afford 600K homes.

I know it is all relative and we are talking about Surrey commuter belt, but how much money do you need to be 'upper middle class' these days?

In Surrey, more than that to be 'rich'. A lot more.

A number of years ago, someone famously remarked that you then needed about £7 or 8 million to live like a millionaire.

 

[HomerJSimpson]

New build four beds with not that much of a back garden easily 550-650k and that's in Bracknell. More if you go towards Wokingham. Not sure what you define as rich but it must be a nightmare, even to get a two bed mid-terrace these days. Glad it's one thing I don't have to worry about anymore

 

[Blue in Munich]

Neighbour has just put his up for sale. End of terrace in north Surrey near the Greater London boundary, through lounge diner kitchen on the ground floor with a 12' full width extension, 2 smallish double bedrooms, 3rd bedroom is a box room, bath & shower room (moved an internal wall so smaller 2nd bedroom), 70' garden, garage at the bottom, yours for half a million. Utterly ridiculous.

 

[JohnnyDee]

To live in a modest house in Reading these days you need to be either lucky, as the result of an inheritance, or else pretty well-heeled.

Back in the day our first house cost, with 100% mortgage, £22k, the same these days is well north of £200k.

I feel so sorry for kids today as without amazing jobs or wedged-up parents they haven't a hope of getting on the ladder.

 

[nailed it]

If you have really found contentment,you are rich.

 

[HomerJSimpson]

To live in a modest house in Reading these days you need to be either lucky, as the result of an inheritance, or else pretty well-heeled.

Lost my mum three years ago and she left me the house - 3 bed mid-terrace in London SW20 between Wimbledon and Morden. Sold that and out own two bed mid-terrace and had enough for a decent size detached four bed new build with a good chunk of garden. We couldn't even dream of getting near that on the wages of HID and I and so inheritance was the only way. Would still rather have my mum around

 

[JohnnyDee]

Lost my mum three years ago and she left me the house - 3 bed mid-terrace in London SW20 between Wimbledon and Morden. Sold that and out own two bed mid-terrace and had enough for a decent size detached four bed new build with a good chunk of garden. We couldn't even dream of getting near that on the wages of HID and I and so inheritance was the only way. Would still rather have my mum around

A nice legacy but shame about the circumstances as you say.

Mum and Dad both gone but were renters so no legacy for JD. We have somehow, more by luck than judgement, scrambled our way onto the ladder but it continues to be a struggle - but at least we're in the game so not all bad...:mmm:

 

[ScienceBoy]

Do you eat at Pizza Express or Pizza Hut?

 

[vkurup]

Do you eat at Pizza Express or Pizza Hut?

Took a while to get that, and weird as I was putting a Pizza Express pizza into the oven (only because it was 3 for 2 at Sainsburys)

 

[Tashyboy]

If you have really found contentment,you are rich.

Well said 👍

 

[JohnnyDee]

My Dad's mantra was: "Your health is your wealth!"

As a nipper I never 'got it' but now of course it's so obvious and bang on.

 

[HomerJSimpson]

A nice legacy but shame about the circumstances as you say.

Mum and Dad both gone but were renters so no legacy for JD. We have somehow, more by luck than judgement, scrambled our way onto the ladder but it continues to be a struggle - but at least we're in the game so not all bad...:mmm:

We were lucky with the first house and I had a good redundancy pay off from a previous job and with that, our savings, we could afford a good deposit. So many not as fortunate

 

[Deleted member 18588]

My Dad's mantra was: "Your health is your wealth!"

As a nipper I never 'got it' but now of course it's so obvious and bang on.

Took me until 60 to work out that one.

My GP recommended I retire early for the sake of my health yet I complained that I could not afford it.

His reply; "I can offer you a healthy retirement or perhaps a wealthy one, I cannot offer you both!"

After that the decision was easy.

 

[Lump]

This is another North/South Divide, simple as that.
We are in the process of selling my grandparents home. 4 bed detached house, with about an acre of land (in the N.E) £150k. Same house 300 miles south would be going for about £700k...

I personally think you can only measure wealth in how you live your life, not a measure of material goods.

 

[Tashyboy]

My Dad's mantra was: "Your health is your wealth!"

As a nipper I never 'got it' but now of course it's so obvious and bang on.

Last day at Skool one of the teachers said to me " may all you wish for in life is health and not wealth". I thought she was a nut case, I had spent my Skool days getting an education to get a job and earn money. now I was being told that health was more important than wealth.
It was only through working in the medical centre and the future Missis T working in the NHS that the penny finally dropped.

 

[HomerJSimpson]

This is another North/South Divide, simple as that.
We are in the process of selling my grandparents home. 4 bed detached house, with about an acre of land (in the N.E) £150k. Same house 300 miles south would be going for about £700k...

I personally think you can only measure wealth in how you live your life, not a measure of material goods.

And has always been thus.

 

[SwingsitlikeHogan]

Well said 👍

that's it for me - I was going to say 'peace of mind'

 

[chrisd]

My first house in 1975 was a brand new 3 bed semi in Kent and was a colossal £12k. It probably would be £200k plus today.

 

[Hobbit]

No worries.