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[no name 1]

That is if you can get a home in the UK in the first place.

That's true too.

We had a thread about that recently. Buying a home would be my biggest fear insofar as returning. And while I hate to bring up my 'age', it's a fear for me because we do have some equity in our home, and that equity in dollars wouldn't go very far in sterling. I wouldn't really be keen on being a renter. That's for youngsters..

There were some people in that other thread, though, who felt the cost of housing in the UK was no worse than here. But it was also pointed out that depended on which part of the US one lives in.

or what part of the UK.

Well....but that's 'equalizing' itself in a scary fashion. Take Northern Ireland, for example, where my husband is from. Up until about two years ago, property was still dirt cheap there - mostly because nobody in their right mind moved into the country.

Once the peace process seemed to be holding, all hell broke loose on the real estate market. When my husband moved from NI in Sept 05, his house (a three bedroom semi in - um - 'bachelor condition') was worth about 35K. His brother's 3 bedroom terrace home (in great condition) valued around 70K.

I'm now told that Wes' house (remodeled as it was after he left) would be worth over 120K. His brother's house - 110K or better.

And all that happened in less than three years.

There's just not a lot of land in the UK but a lot of people who need a roof over their head. I can see why property is so high. Like I said, if we were ever to go back, finding a home we could afford would be my number one fear.

the market rises & falls. Who's to say what will happen in 3 more years?

UK Housing Market Cracks

UK house prices slumped in the quarter to December 07, with London leading the way as momentum gathers towards the 2 year forecast for an average decline of 15% by August 2009. The mortgage banking sector has only just beginning to feel the impact of the housing slump as the number of foreclosures (repossessions) is expected to surge to a record busting 80,000 for 2008 from 40,000 last year. Northern Rock was the first to go bust, other banks will follow. But in the meantime watch out for other mortgage lenders, especially those exposed to the buy to let sector such as Paragon to be pushed towards bankruptcy, down 90% from its highs.

What I can get in Bristol:

2BR, 2BA

Asking Price £249,950

A unique two bedroom apartment situated on the ground floor of this luxury residential development and re-creation of an original Victorian building. The apartment itself benefits from a contemporary specification, open plan living/kitchen area, two bathrooms, water views and parking. Overlooking Conham River Park on the banks of the River Avon and enclosed by beautiful woodland, the remoteness of the location belies its proximity to local amenities and its convenient situation just a few miles from Bristol's city centre.

[rebeccajo 14]

M, that's $500,000.00 US dollars.

It's lovely, I'm sure. Don't get me wrong.

My perspective is this and this only - it would take a lot of US dollars in pocket to move to the UK and put a large enough down payment on a property in order to end up with an affordable payment.

Edited March 3, 2008 by rebeccajo

[no name 1]

M, that's $500,000.00 US dollars.

It's lovely, I'm sure. Don't get me wrong.

My perspective is this and this only - it would take a lot of US dollars in pocket to move to the UK and put a large enough down payment on a property in order to end up with an affordable payment.

RJ, how insulting. I am well aware of the exchange rate. I'm going over next week as a matter of fact.

(AFAIK) you've never lived abroad (or in LA) so until you do, please don't lecture me on costs of living in the UK (or other parts of America).

You think decent houses in LA are under $500K??

Oh, yes, you think buying a house is the only option for a smart person. Not everyone can buy, and not everyone WANTS to.

Edited March 3, 2008 by illumine

[Trompe le Monde 1,107]

M, that's $500,000.00 US dollars.

It's lovely, I'm sure. Don't get me wrong.

My perspective is this and this only - it would take a lot of US dollars in pocket to move to the UK and put a large enough down payment on a property in order to end up with an affordable payment.

It would take the exact same dollar amount for a downpayment for what would likely be a lesser property local to where Illumine currently lives. Property in California is really that expensive.

The "UK is so much more expensive" argument against going back does depend very much on where you currently live and where you plan to move back to.

[rebeccajo 14]

M, that's $500,000.00 US dollars.

It's lovely, I'm sure. Don't get me wrong.

My perspective is this and this only - it would take a lot of US dollars in pocket to move to the UK and put a large enough down payment on a property in order to end up with an affordable payment.

RJ, how insulting. I am well aware of the exchange rate. I'm going over next week as a matter of fact.

(AFAIK) you've never lived abroad (or in LA) so until you do, please don't lecture me on costs of living in the UK (or other parts of America).

You think decent houses in LA are under $500K??

Oh, yes, you think buying a house is the only option for a smart person. Not everyone can buy, and not everyone WANTS to.

Sister, I didn't insult you. Not yet.

Get over yourself.

[rebeccajo 14]

M, that's $500,000.00 US dollars.

It's lovely, I'm sure. Don't get me wrong.

My perspective is this and this only - it would take a lot of US dollars in pocket to move to the UK and put a large enough down payment on a property in order to end up with an affordable payment.

It would take the exact same dollar amount for a downpayment for what would likely be a lesser property local to where Illumine currently lives. Property in California is really that expensive.

The "UK is so much more expensive" argument against going back does depend very much on where you currently live and where you plan to move back to.

Ok. That's apples to apples.

So I guess the next question is - CA or Bristol - what's the likelihood of being able to come up the downpayment?

Where are wages better?

I'm not arguing - not at all. I'm asking because I seriously don't know and am curious.

[no name 1]

M, that's $500,000.00 US dollars.

It's lovely, I'm sure. Don't get me wrong.

My perspective is this and this only - it would take a lot of US dollars in pocket to move to the UK and put a large enough down payment on a property in order to end up with an affordable payment.

It would take the exact same dollar amount for a downpayment for what would likely be a lesser property local to where Illumine currently lives. Property in California is really that expensive.

The "UK is so much more expensive" argument against going back does depend very much on where you currently live and where you plan to move back to.

Ok. That's apples to apples.

So I guess the next question is - CA or Bristol - what's the likelihood of being able to come up the downpayment?

Where are wages better?

I'm not arguing - not at all. I'm asking because I seriously don't know and am curious.

it's not just about wages tho, cost of living is different. Food, insurance, car, etc.

That said, my hubby probably made slightly better money in Bristol. He had more vacation, shorter hours & a shorter commute. All this factors into it.

Edited March 3, 2008 by illumine

[Trompe le Monde 1,107]

Where are wages better?

I'm not arguing - not at all. I'm asking because I seriously don't know and am curious.

Median HH income in LA county is about $40,000. Median HH income in the UK (and I believe Bristol closely matches UK averages) is about 30k sterling

I wouldn't argue that generally speaking, the US is not more affordable. But for some parts of the country it's about the same. I happen to live in one of those places.

[SnowyTater 0]

I really don't know anything about finances and stuff, I'm still very much a noob and haven't graduated college yet. Terrified though!

I live in one of those good pocket places in the US I think, economically. I'm upstate SC/almost at NC, which is booming just now around Charlotte and Asheville, but still pretty low property costs and food costs and gas costs, compared to everywhere else. Apparently we make a good bit less too, but I think we still just...win. I don't know. Everybody comes down here to retire now though which is making the prices go up so I think in another decade or two it'll be bad here, too

I think it shouldn't be undervalued too though, the way it does seem like the Brits (and most of Europe for that matter) gets much more vacation time than Americans do. I think we get what, 2 weeks a year maybe? I think Britain gets like 4 at least, seems like more, often...and better benefits besides too like better maternity or even paternity leave, isn't that right? They just kind of seem...happier to me, mostly. The rat race mentality seems a lot more prevalent in the states than in Britain and Europe. But again maybe I've only seen the good side of Britain.

[Trompe le Monde 1,107]

Where are you in SC? I have family in Spartanburg - probably cheaper cost of living than most places in the UK, that's for sure.

I lived moved over to the UK a few years after graduation and then moved back almost 10 years later - I miss the UK a lot, especially the nearly 6 weeks vacation I gave up (reduced to 2 weeks here - yay!). Some things about the US are better, and some things are better in the UK, IMO.

[rebeccajo 14]

Where are you in SC? I have family in Spartanburg - probably cheaper cost of living than most places in the UK, that's for sure.

I lived moved over to the UK a few years after graduation and then moved back almost 10 years later - I miss the UK a lot, especially the nearly 6 weeks vacation I gave up (reduced to 2 weeks here - yay!). Some things about the US are better, and some things are better in the UK, IMO.

I think that's the bottom line. There are going to be advantages/disadvantages to each. It would be interesting though to see a spreadsheet. Of course, that spreadsheet would be different for every couple, based on where they were going and what they expected to be earning. And what they were able to take with them from the US.

*scratches head*

I guess what floors me sometimes is thinking of taking our dollars over there. I mean - you take a beating. It's obviously more advantageous coming the other direction.

Even though there's so much about the UK I find attractive, I would have to plan for awhile to move back. I've done enough risk-taking for one lifetime. I'd have to really 'map out' a financial journey with a comfortable cushion. If we moved TODAY, we'd only have 15-20 more years to work. That might not be enough time to 'recover' from devaluing your cash by 50%.

Weird. This 'conversation' began with a comment about everything our UK spouses give up to come here. Maybe once the proverbial barn door has shut, some of us will likely just keep trudging on. They say 'you can never go home again'. Wes says he thinks much will change - that it just wouldn't be the same for him. I, on the other hand, am just pure 'chicken'.

[Trompe le Monde 1,107]

Back in, say, 2000, your dollar would have gone a hell of a lot further. The pound recently hit 20 year highs against the dollar and many economists predict it will fall. Things could be different in a few years time.

[SnowyTater 0]

I'm from Spartanburg county I live in Boiling Springs like...ten minutes down Asheville Hwy/176 from downtown Spartanburg. We have the new Cleveland Park and the new Krispy Kreme with a conveyer belt so you can watch them being made in all their drizzle fat glory and that's about it xD

Iain really loves lots of US cities that I've never been to, like New York and San Francisco. Mountain cities of NC are pretty gorgeous and awesome too. I think the US has a lot to offer...surely by sheer SIZE we can make up for ourselves.

I went to the UK first about...seven years ago I think, and the exchange rate was about $1.50 - 1 pound then, which really seemed about fair - I mean consider that you can get some things really cheap, a chippy for 3 pounds, stuff like that. And when Iain had a flat his rent was 250 pounds a month, each, for 3 people in a 3 bedroom place - That sounds like a pretty awesome deal here, even with the double rate considered.

I hope it all evens out again though, yeh I guess it won't magically fix with the administrative change in February though. Even the euro exchange sucks now, doesn't it? I guess we can always vacation in central and south america. I guess it's fair enough the US has the occasional bad time. I'd hoped it'd mean we'd at least be more ecologically conscious and things but that doesn't seem to be happening at all

[Trompe le Monde 1,107]

My dad and stepmother live in Boiling Springs!

[Mags 112]

My dad and stepmother live in Boiling Springs!

I also know a couple who live in Boiling Springs!