RobF
Well-Known Member
When I was in my twenties a modest two bed 1st house cost about 1.25 times my modest £8000 income. How does that compare now?
That is a useful starting point.
Average price of house in UK is about £250k. With a £50k deposit this equates to about £1k in mortgage fees a month. Family budget is likely to be about £1.2k a month for food, utility bills, council tax, car expenses etc. £2.2k a month equates to a £40k salary (considering tax, NI etc) which is not excessive and IMHO achievable if both parents/partners are wage earners. It's then a choice as to what else happens with any free cash. A reasonable 30 foot boat will cost £30k, marina fees will be £5k (on South Coast) and the upkeep another £2k a year. If the boat is bought on a 6 year loan this adds up to £12.5k a year (or £20k of additional salary). £12.5k a year will also buy a nice car over 6 years and 2 weeks of flotilla or sail charter holiday annually. £12.5k a year will also buy some great wintersports gear and 3 weeks on the slopes with enough left over for a season ticket at a premier football club. I think my conclusion is that the opportunity cost for owning and maintaining even a small sailing yacht is too great for the people with a total household income of £60k or more. They would prefer to spend their money elsewhere.