Originally Posted by Jersey Spud
I'll repeat the post I made on your other identical thread...
That is simply not true. I know of many many people working in sectors other than the finance industry that buy houses. It would be naive to think otherwise. Jersey has many independent businessmen and women (in teh broadest sense) who do not work in the finance industry. Indeed, many tradesmen in Jersey also earn a fantastic living (although some of this is down to the benefits of there being wealthy businesses and residents commissioning the work). Many people working in the civil service in jobs such as Police, Fire service, and teaching earn more than the average finance industry wage. And there are people whose wealth is independent of the industry who, for instance, may inherit property.
There are also those who just work bl**dy hard for a living, saving and doing without the luxury that people seem to demand as par of the course nowadays. A madeiran friend of mine, who I would best describe as a self taught gardener, works as a one man band, and now owns his own 2 bed flat in town, and is building another back home in Madeira.
As you'll see in another post of mine, I question why there is suddenly a standard that everyone must have a three bed house. That sort of expectation is just not workable in this day and age, not just in Jersey, but in the UK and any other country. Can kids not share rooms anymore?
I find the statement used in the JEP offensive because it discounts people's entrepreneurial skills generally. Whilst the finance industry is there in your face, its not the be all and end all so far as earning a living is concerned.
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I think you took my quote from the JEP too literally so with regard to housing.
1975
With both myself and my wife working at very ordinary jobs with one child we saved the required deposit of £2000 in six years.
We then purchased the following
3 bed states loan house price £12000
Mortgage on a states loan 10% reducing to 3% depending on income
Deposit £2000
Income average £40 to £50 per week per person full time
This repayable over a 40 year period.
This with some effort was possible
2008
Average price for 3-bed house on an old states loan estate £460000 to £470000
Mortgage circa 6%
Deposit required (just to make the repayments possible) £150000
Average income £500 per week per person full time
Now just to save the deposit it is going to take a couple both working full time at least 10 years
Repayments over a 30 year period at 6% would then be the best part of £600 per week assuming that the interest does not rise.
If the above calculations are near correct they show that house prices are close to 40 times higher
And wages 10 time higher
I think that the above figures speak volumes
I now find that after lifetimes work all of it self-employed and always a lot more than 40 hours per week I have two choices.
1.Reduce my pension and subsidise the cost of my children’s / grandchildren’s homes
2. Advise them to leave the island we were all born in
I find both choices distasteful to say the least.
I would say that my original post was more about an uncaring and selfish government than it was about the above subject. Housing is just one of the problems there are many more.
I would also say that I have no problem whatsoever with the finance industry in Jersey. I would just like to be led by a responsible and caring government a government with enough intelligence and foresight to realise that everyone in the community is able through hard work and determination is given the opportunity to achieve their ambitions regardless of their station.
I would ask again does anyone have any idea are any of our current politicians worthy of retaining or do we need a good clear out and possibly a new system of government.
Please lets hear your reasons for keeping them or replacing them.
And it would be good to see some new people coming forward to fill these positions.
I live in hope.