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50% house price falls

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Comments

  • Badger_Lady
    Badger_Lady Posts: 6,264 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    try being a would be first time buyer in the REAL (mse) world

    It's true - in the town where I grew up, the average salary is £21,000 and the average house price there is now £250,000. Even couples earning the average wage (which is an achievement if you're young) would need well over 5x their joint salary to buy the average house.

    I'm now lucky enought to have a £30,000 salary in a location where the average house price is £125,000. Suddenly, I can afford anything I like. The average salary here is only £16,000 - still much more affordable, but I'm beating the odds massively.

    It's not fair to say that FTBs have a choice - I really squeezed myself to get on the ladder in my hometown, but I'm the only person I know who did! Sometimes a 1-bed flat in a rough area miles away from work isn't the best way to go.
    Mortgage | £145,000Unsecured Debt | [strike]£7,000[/strike] £0 Lodgers | |
  • adr0ck
    adr0ck Posts: 2,374 Forumite
    Part of the Furniture Combo Breaker
    whats this fascination with the average house price for FTB

    FTB's are looking for 2-3 bedroom terrace or semi detached

    in most parts of the country (except for the south west) you can buy these for around £150K (have a look on rightmove) (even in London you can buy these for £200K)

    how is this unafordable for two people earning £20K each with a £10K deposit?

    or in London 2 x £30K
  • dannyboycey
    dannyboycey Posts: 1,060 Forumite
    adr0ck wrote: »
    havn't wages grown faster than house prices?


    Not even close. This has made the problem worse.
  • adr0ck
    adr0ck Posts: 2,374 Forumite
    Part of the Furniture Combo Breaker
    please explain danny
  • Austin_Allegro
    Austin_Allegro Posts: 1,462 Forumite
    1,000 Posts Combo Breaker
    adr0ck wrote: »
    whats this fascination with the average house price for FTB

    FTB's are looking for 2-3 bedroom terrace or semi detached

    in most parts of the country (except for the south west) you can buy these for around £150K (have a look on rightmove) (even in London you can buy these for £200K)

    how is this unafordable for two people earning £20K each with a £10K deposit?

    or in London 2 x £30K

    LOL please show me examples of a 2-03 bedroom terrace or semi detached house in Greater London for £200k, I would love to see them!
    'Never keep up with Joneses. Drag them down to your level. It's cheaper.' Quentin Crisp
  • adr0ck
    adr0ck Posts: 2,374 Forumite
    Part of the Furniture Combo Breaker
    http://www.rightmove.co.uk/action/publicsite.PropertySearch

    (i didn't say greater London)

    theres over 100 properties there (is that enough?)
  • adr0ck
    adr0ck Posts: 2,374 Forumite
    Part of the Furniture Combo Breaker
    link doesnt work ? dont know why

    just go to rightmove stick in LOndon stick in minimum 2 beds away you go

    sorry you need to choose House option as well otherwise you'll just get hundreds of flats etc
  • Badger_Lady
    Badger_Lady Posts: 6,264 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    3 bedroom house in London for £27,000 ?!?!?
    http://www.rightmove.co.uk/viewdetails-17106845.rsp?pa_n=1&tr_t=buy

    Think the owners should get in touch with their EA :-D
    Mortgage | £145,000Unsecured Debt | [strike]£7,000[/strike] £0 Lodgers | |
  • adr0ck
    adr0ck Posts: 2,374 Forumite
    Part of the Furniture Combo Breaker
    Badger_Lady wrote: »
    3 bedroom house in London for £27,000 ?!?!?
    http://www.rightmove.co.uk/viewdetails-17106845.rsp?pa_n=1&tr_t=buy

    Think the owners should get in touch with their EA :-D

    the crash has deffo started
  • Austin_Allegro
    Austin_Allegro Posts: 1,462 Forumite
    1,000 Posts Combo Breaker
    adr0ck wrote: »
    link doesnt work ? dont know why

    just go to rightmove stick in LOndon stick in minimum 2 beds away you go

    sorry you need to choose House option as well otherwise you'll just get hundreds of flats etc

    Well my search on rightmove revealed only about six two bed + houses in Greater London under £200k. They were all in need of work and located in basket case areas like Thamesmead. Still, I'm sure I'm just being fussy. :D
    'Never keep up with Joneses. Drag them down to your level. It's cheaper.' Quentin Crisp
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