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I wish it was a few years ago
redrabbit29
Posts: 1,074 Forumite
I was watching one of the many property programmes which plague our tv sets every day, and it was going through a bunch of properties which were between about £45'000 and £65'000. These were nice terrace/semi's which were in decent order.
It's pretty incomprehendable to imagine prices being like that. I was thinking how much easier things would be if people bought houses to actually live in, back to basics:
I would already have over 10% deposit before even trying
My mortgage payments would be less than £400 per month
I could fully own the house in a short space of time
I realise this is an entirely pointless thread, but still it's late and I can't sleep and I was watching Property Ladder and wanted to vent a bit.
It's pretty incomprehendable to imagine prices being like that. I was thinking how much easier things would be if people bought houses to actually live in, back to basics:
I would already have over 10% deposit before even trying
My mortgage payments would be less than £400 per month
I could fully own the house in a short space of time
I realise this is an entirely pointless thread, but still it's late and I can't sleep and I was watching Property Ladder and wanted to vent a bit.
Amo L'Italia
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Comments
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This is how it should be, and how it was when I bought many years ago (well, about 8!). I find the monopoly money sums involved these days horrendous and can't see how many people will ever pay these debts off, especially if they want to do it quicker than their term....
Times are a changing though!!0 -
redrabbit29 wrote: »I was watching one of the many property programmes which plague our tv sets every day, and it was going through a bunch of properties which were between about £45'000 and £65'000. These were nice terrace/semi's which were in decent order.
It's pretty incomprehendable to imagine prices being like that. I was thinking how much easier things would be if people bought houses to actually live in, back to basics:
I would already have over 10% deposit before even trying
My mortgage payments would be less than £400 per month
I could fully own the house in a short space of time
I realise this is an entirely pointless thread, but still it's late and I can't sleep and I was watching Property Ladder and wanted to vent a bit.
If the prices were like that, My wife and I would have been able to pay off the mortgage in about 4-5 years. As I bought a nice terraced 4 bed place in 2004, I would possibly now be looking at a country retreat or overseas log cabin for ski-ing.
Give another 5 years I could be on to a third property somewhere else in the world, either that or with two properties paid off in 10 years and still under 40, I could be living it up.
Actually, why wish for prices a few years ago. I wish I could buy at the price my parents and in-laws paid for their first property. I could pay off in a few months of our joint income
Prices are coming down, this will help those who can get a mortgage as they will owe less debt.
This is generally good, but come on, realistically, looking for house prices to go back to £45-60k for 'nice terrace/semi's which were in decent order' is not being realistic.
I guess some areas may be that, but I would guess they are not the average.:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
My uncle bought the house he's living in now for the grand some of 2000 pound.....but we are going way back
he had it valued last year.......worth 250k a massive 3 bed bungalow in mansfield
those were t'days.......the monty python sketch of the 4 northeners comes to mind :-)If you find yourself in a fair fight, then you have failed to plan properly
I've only ever been wrong once! and that was when I thought I was wrong but I was right0 -
My grandparents bought their terraced house for £60.
I could own a monopoly board of property at those prices.
"Nice" 3 bed terrace houses were £45k in Liverpool 14 years ago.
Why should anyone expect to own a house outright in a short space of time ?US housing: it's not a bubble
Moneyweek, December 20050 -
he had it valued last year.......worth 250k a massive 3 bed bungalow in mansfield
No disrespect to Mansfield (I have family there) but it would have to be a very large bungalow to be valued that highly I think! More like a Roman villa!
Perhaps the EA was being a bit "optimistic".Politics is not the art of the possible. It consists of choosing between the disastrous and the unpalatable. J. K. Galbraith0 -
IveSeenTheLight wrote: »If the prices were like that, My wife and I would have been able to pay off the mortgage in about 4-5 years. As I bought a nice terraced 4 bed place in 2004, I would possibly now be looking at a country retreat or overseas log cabin for ski-ing.
Give another 5 years I could be on to a third property somewhere else in the world, either that or with two properties paid off in 10 years and still under 40, I could be living it up.
Actually, why wish for prices a few years ago. I wish I could buy at the price my parents and in-laws paid for their first property. I could pay off in a few months of our joint income
Prices are coming down, this will help those who can get a mortgage as they will owe less debt.
This is generally good, but come on, realistically, looking for house prices to go back to £45-60k for 'nice terrace/semi's which were in decent order' is not being realistic.
I guess some areas may be that, but I would guess they are not the average.
Of course you would have to be hoping your circumstances don't change or that interest rates don't go up.0 -
And you have to bear in mind that the original purchase price would have been a huge amount of money for your uncle.
When we bought our first house it was a little Victorian terraced on a busy road in a London suburb and it cost £4,500 - we would have loved the semi in a better area but it was £5,200 and there was no way we could afford that extra £700.
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Of course you would have to be hoping your circumstances don't change or that interest rates don't go up.
I don't hope for anything. I live my life to the best of my abilities and make decision on an informed basis.
Everyone who has a mortgage which is not fixed 'hopes' that mortgage rates dont go up
Everyone who is in a job 'hopes' they don't lose it
Everyone who is healthy 'hopes' they remain healthy.
Don't live your life by what if, live your life making decisions about facts that you know at the time, be flexible and prepared to adjust when the information changes:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
I've always lived in areas where I was priced out of the market. Even in 1987/88 time studio flats were selling for £70k and I gave up and bought a caravan to live in. Then 2 years later I got a SO studio with the bed on a balcony, 6-7 miles out of town on a council estate and that was priced at £52k for the 100% value.
I was 40 before I finally bought. Then sold as I couldn't afford the escalating bills and I was in a poor area where there were no jobs.
I won't be buying again for 3-4 years.0 -
IveSeenTheLight wrote: »I don't hope for anything. I live my life to the best of my abilities and make decision on an informed basis.
Everyone who has a mortgage which is not fixed 'hopes' that mortgage rates dont go up
Everyone who is in a job 'hopes' they don't lose it
Everyone who is healthy 'hopes' they remain healthy.
Don't live your life by what if, live your life making decisions about facts that you know at the time, be flexible and prepared to adjust when the information changes
Well I hope your health improves and you get a job soon.0
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