Tuesday, 1 May 2007

What Am I Working For?

Here I am browsing the net looking for a new place to rent. I’ve given up on my dream for now of buying a place to call my own. Any way I look at it its just ain’t going to happen. I’m not going to get my feet on the property ladder. That’s despite this month being the ninth year that I will have been self employed. Saving for a house is a waste of my time.

This is why.
In the 9 years I have been self employed I have increased my wages on a yearly basis slightly above the inflation rate but not in line with the house price inflation rate. I could not afford to do so.
I started my business in ’98, now I can only find house price information as far back as 99 so you will have to bear with me here.
In ’99 the average house price in Glasgow was £70,353
By ’05 this had increased to £123,842
That works out as in increase of 76%
Screw me! Screw me sideways! Screw me running! Screw me anyway you like just explain to me how the hell was I meant to keep up with that?
If you think that is bad, the little town that I live in, and have lived in for most of my life, the house prices have went up by 134% in that same time scale. How the hell does that happen?

This is all great news for those that own a house of course, their house is making them money and they don’t even need to work for it. In fact many of them are buying second houses from the profits they have made on their first, and making money from renting it out. Greedy bastards! But who can blame them? I’d do the same thing myself. If only I could. Meanwhile I can’t afford to live in the town I love, the town that is near the city yet still surrounded by countryside with the hills just 10 minutes away.

It’s not like I want a house with a bathroom that has brilliant gold taps, virginal white marble, a seat carved from ebony, a cistern full of Chanel No. 5, and a flunky handing me pieces of raw silk toilet roll. Under the circumstances I'd settle for anywhere. The irony is I can afford to rent a place on my own income, paying someone else’s mortgage and giving them a little profit for their troubles but a bank manager looks at my income multiplies it my 3.5 times and then the computer says ‘Sorry Sir, no mortgage for you today, come back another time’.

The only way I can come back another time and get a different answer is if I have a marriage of convenience. And don’t think I’m the only young single person in this boat.

Its not like I’m a big spender of useless crap, I’m not the type of person who looks at the neighbours’ with jealous eyes. I don’t look at them and convince myself that I need two cars, one for weekdays and one for the weekend. Or think that I need to watch the mind-numbing spirit-crushing game shows on a 56inch plasma wide screen television. All I would like is to buy a place of my own, preferably with 2 bedrooms so that if someone wants to visit they can do so, is that so much to ask?

Ah well fuck money!

Anyone want to dance?

There may be trouble ahead,

But while there's moonlight and music,

And love and romance,

Let's face the music and dance.


Just a Girl said...

I can barely afford to live with the cockroaches if I were to purchase a place. I too am doomed to rental hell. Well it isn't that bad but it is irritating to just send the money off to help someone else's mortgage.

Marriage of convenience? Pfft. Can even get an inconvenient one ;)

Tathiana Sobroza said...

I know it might not help but you're not the only one, and neither is your town.

My sister is now with the same problem here in Brazil. To become worse, the inflation and interests here goes crazy.

Well, life can is a surprise, maybe you will fall for a beautiful and wealthy girl and you'll be happy forever. :P
I'm just kidding. But hey, don't give up. You'll make it, ok?
See ya

phoenix said...

Have you actually been to a mortgage advisor yet?
I'm also self employed,earn peanuts (artists wages pah!)but wasn't even aked how much I earned when I went. I did have a good amount for a deposit but they are now multiplying wages by 5 times, purely because people can't get a foot on the ladder.I'd go see them and also check if you're entitled to any benefits as well as your income that you're not claiming for, as that also comes into it.If you can afford rent then it's likely you can afford a mortgage.Good luck

Scotsman said...

jag - I find it all the more irratating because its those people with two or more homes that are making the prices artificially high. It used to be the case that when the prices got too high for first time buyers to get on the market, prices would correct themselves until first time buyers were again able to buy but that no longer seems to be the case.

tathiana - You are only kidding...what are you saying? That I can't get myself a gorgeous rich girl? :)

Phoenix: Even with 5 times my income I can't get a mortgage where I live, every time I try to save some money for a deposit something always seems to happen, meanwhile prices go up and I need a bigger deposit all the time. But as jag said renting isn't so bad really its only because I'm a Thatcher child that I've had it bred into me that I need a house of own when it isn't really necessary.

Just a Girl said...

I'd say the majority of my friends that have made it into the housing market had help from family when it came to the down payment. It makes a huge difference. That and two incomes.

Ah well. I've traveled. You've traveled. Not everyone has that.