Premiership footballer struggles with inflated house prices.

Woe is Woodgate
blogs.guardian.co.uk/money/2008/ … _blog.html
Premiership footballer struggles with inflated house prices. No, really
February 21, 2008 1:25 PM

The impact of years of booming house prices on potential first-time buyers has been much documented, but until today most of us had never paused to think about what it meant for multi-millionaire footballers. Jonathan Woodgate has changed all that.
Speaking about his recent move to Spurs, the defender has been bemoaning the high price of property in (London).
Woodgate may not be as regular a commentator on the housing market as Fionnuala Earley or Roger Bootle, but he seems to have a good idea of how it should work.
“You just want the right place for you and you want to get it at the right price. You don’t want to end up getting ripped off in any way, do you?
It is expensive for everyone isn’t it? You don’t want to be blowing stupid money on a house.”
Sadly, as many others have found out, things aren’t that easy - particularly in London. According to Rightmove, asking prices are still rising, and in February the average price tag on a home in London broke through the £400,000 barrier for the first time.
This homebuying is an expensive game - even if you are reportedly earning £60,000 a week. Or, as Woodgate puts it:
“You could buy 10 penthouses up north for the price of something down here … House prices are a joke!”

In other related news today Gazza was sectioned under the Mental Health Act in Newcastle. Whether it is related or not to Woodgate’s revelation you can buy 10 penthouses in Newcastle for the price of one in London is not yet known. It could be related to comments by Gazza about the Toon being contenders for the Premier League next season!

football.guardian.co.uk/News_Story/0,2248160,00.html

Jesus wept. God forbid he’d have to shell out a few weeks wages on a house.

I don’t think the point is that he’s struggling. I think the point is that for many people, just because you can afford a place, doesn’t mean you’ll be willing to pay the crazy price.

This is the point that’s often missed. There’s a belief in some quarters that if the banks would jsut open the floodgates and give people more money that house prices could rise indefinitely.

Certinly there are a bunch of people who’ll always borrow as much as possible and pay as much as possible, and apparently not care.

But most people have a limit, and when prices get to a certain level, it doesn’t matter whether you can afford it or not, you won’t pay. Dublin passed that point for me a long time ago, long before the credit crunch.

-Rd

Michael Ballack, on 120k stg., made not disimiliar comments about the affordability of the cost of living in London last year.

for a laugh, considering he’s on 65k a week, what’s the biggest mortgage an irish lender would have given him? 10 times annual salary?

Y’know prices in Tottenham are a lot cheaper than most of London. And he could walk to work. :slight_smile:

I think he is right, no point wasting money even if you are rich. At least he knows the value of it.

In the US the home ownership pattern is as follows:

Poor people rent.
The middle class stretch themselves to buy.
Rich people rent.

I don’t know if the same pattern applies on this side of the pond.

-Rd

Because making jokes about mental illness is, like, so classy. :unamused:

Congratuations Mr Woodgate, your mortgage borrowing power is 33.8 **million **pounds sterling !

And as a first time buyer you won’t have to pay stamp duty :slight_smile:

And of course, you can avail yourself of the ‘rent a room’ scheme for up to 10k pa tax free if you start to struggle under the weight of the repayments.

hang on there, over what term? footballers dont earn 3.3million in their 40s!
No 40 year mortgage for him!

I think we should applaud him for his common sense.

Yea! He’ll have to go crying home to mammy after Chelsea whacks the daylights out of Spurs on Sunday :wink:

All he did was make a comment. It’s not as if he’s actually going to hold off on buying a place. Puhlease!

Okay, I added a wink :slight_smile: I am actually a spurs fan!

did he look here, do you think?
savills.co.uk/quickSearchDetail.aspx?ID=N166890