How far will house prices fall [volume 4]
Discussion
mike74 said:
Sheepshanks said:
Did single people in jobs paying £15K/yr (adjusted for time) ever buy their own properties?
Yep, I did in 2001, single, part time, unskilled wage, 20% deposit and paid the mortgage off in less than 10 years.The housing market has only actually been subject to rampant inflation for a relatively short time period... fed by a combination of irresponsible and fraudulent lending, then a government/BoE mentality of 'support/inflate house prices at all cost'.
But some people only have a relatively short memory or knowledge base.
p1stonhead said:
loafer123 said:
For info, £15k in 2001 is worth £22,766.56 now.
And average house prices have gone from £83k to £205k in the same time apparently.HPC useful for something for once?!
http://www.housepricecrash.co.uk/indices-nationwid...
mike74 said:
p1stonhead said:
How much was the house and where was it though?
£43k Derbyshire, nice house in a nice area, certainly not the worst or cheapest house I could afford.The average at the time in the South East was around £150k (compared to £311k now) or 10x your salary.
You can see how specific areas makes it easy or nigh on impossible to buy in.
anonymous said:
[redacted]
For me, a largely ignored factor in the above, particularly by people selling or by estate agents, it's at 6% you're unlikely to see rates double or treble (though not impossible), but they may even come down a meaningful amount. However, at 3% (or more specifically at 0.25% BoE rate), there's much more chance of rates going up (doubling or trebling or many more times!) than there is of them coming down lmuch more.
Jumping in now, while prices are high and rates are low is a rave decision. But then, who knows what is around the corner?
p1stonhead said:
mike74 said:
p1stonhead said:
How much was the house and where was it though?
£43k Derbyshire, nice house in a nice area, certainly not the worst or cheapest house I could afford.The average at the time in the South East was around £150k (compared to £311k now) or 10x your salary.
You can see how specific areas makes it easy or nigh on impossible to buy in.
The South East is the anomaly. And guess why...
gibbon said:
£400k house on two 30k a year jobs? Adjust your expectations. £250-300k should be achievable, and absolutely fine.
Indeed, but what I was trying to illustrate the increase of the cost of houses in relation to income is part of the problem, and probably a bigger part than younger people wasting their money on luxuries.The £30k earners could cut their cloth by buying a much smaller house than the equivalent earners of a generation before, but even £300k is a lot more to pay back on their salaries, and the opportunity to move up is much more limited than it was previously.
There are a lot of people around here living in £1m+ semis on good six figure salaries. The reason they can't afford a better detached house may well be because they treated themselves to an iPad when they were young, but I expect it has more to do with the cost of the house.
Edited by kingston12 on Monday 26th June 15:11
anonymous said:
[redacted]
Per the example above, people can still do this. There will be less of them in London than Derby, for example. But it is still possible.Unless you address the demand/supply ratios you are pissing in the wind.
As for kids, no one should have them unless they have made sure they can afford to. They are expensive little feckers no matter how much you earn or how you intend to bring them up!
However...my parents, and my in laws, massively value the time they get with my kids. I'm in a hugely fortunate position that they do not have to do this for me (I left buying houses and having kids late so I could fritter away selfishly before then
), but there is nothing any of them like better than spending decent time with them. Far from being "not right and not good", the relationship my kids have with their grandparents is one of the most right and good things I could have wished for. I just hope my own selfishness in leaving having kids late doesn't result in them having an overly short period of time in that position.Speaking of my own folks, when I was younger they both had two jobs each and my sister and I were regularly left with my grandparents to be looked after. It was the only way my folks could afford a house and to raise two kids. This was in the 70s. As I mentioned earlier, I'm not massively convinced the overall position has changed that much. Averages may be skewed by the South East etc, but I think large numbers of people have always had to strive to make ends meet. Perhaps through their efforts "we've" ended up in anecdotal circles that give us the impression it wasn't that hard for us and will be a nightmare for our kids...I suspect my parents felt the same looking at how my grandparents lived.It's just "progress"
anonymous said:
[redacted]
I'm not "media". And am slightly right of Mussolini politically I think. But just some pointers...- the colour of your skin is no barometer as to how much you will contribute to your country of birth
- the colour of your skin is no great indicator of where your country of birth is
- there are plenty of "non-white" people who feel very patriotic about the UK. (Though reading stuff like you've posted they might reconsider!)
- there are plenty of "non-white" people concerned about the future of this country
- conversely there are plenty of white people here who don't give a s
t about itI don't hold with the 'r' word being thrown about all the time. It's over used which undervalues it as a word....but what you've posted isn't "patriotic"
(You may have meant something different...in which case consider re-reading posts before hitting "submit").No, what's "strange" is that someone writes something that you don't agree with is immediatley more-or-less labelled as racist by implication. It's people like you who shut down any debate about the issues that immigration is causing in the UK by intimating that anyone who want's to write about that particular concern is automatically a member of EDL. It's OK 'cos it's not just you it's the BBC as well who labelled Douglas Murray as "racist" when he tried to explain about his recent book about immigration into Europe from primarily Muslim backgrounds and much to their chagrin they had to make a public apology on air for that one.
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