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It's Grim up north, Well not if you are a FTB. Home buyers 'younger in north'
Really2
Posts: 12,397 Forumite
http://news.bbc.co.uk/1/hi/business/8545906.stmFirst-time buyers in the north of England were the youngest and paid the smallest deposits compared with other areas of the UK in 2009, lenders say.
People buying their first home were aged 27 on average in the north of England and in Yorkshire and Humberside.
Those in the North paid an average deposit of 19%, the figures showed.
First-time buyers were oldest on average in Greater London at 30, the Council of Mortgage Lenders (CML) said.
Interesting but not surprising.
Average FTB must be below 30 now then, good news.
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Comments
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Not surprising at all. I'm originally from up north, 38 and renting in London. Every single one of my friends back home, my brother, his mates, all bought in their early 20s. Where I'm from it was the done thing.. education, job and house. I thought it was a bit conventional and went off travelling instead. My mistake I missed the boat?? Many have traded up to really nice houses that I could never afford down south. (or up north!)
Even now, I hear of brothers and sisters of mates buying houses as FTB.£2019 in 2019 #44 - 864.06/20190 -
Shouldn't really come as a surprise
I live in the south east - I am from the north east where the majority of my family still are.
3 years ago my daughter and her partner bought a 2 bed house in Lower Earley cost £190k, at the same time my sister downsized to an identical 2 bed house in the north east cost £110k. This is the type of house.
http://www.rightmove.co.uk/property-for-sale/property-23501449.html?locationIdentifier=REGION%5E21721&insId=2&minBedrooms=2&maxBedrooms=2&pageNumber=1&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DREGION%255E21721%26insId%3D2%26minBedrooms%3D2%26maxBedrooms%3D20 -
Nobody's priced out of the market.
Couple X both earning minimum wage (£11.5k) could borrow 4x joint income to get a mortgage of £92k. With a 5% deposit that's a £97k property. Not a great property, but they're on the minimum wage.
At 7% that's £658 a month. With say, £600 for bills that'll still give them about £200 disposable income per month. Not a lot, but we're talking minimum wage. It's doable.
Increase those wages to say £16k and you're looking at a better house and better quality of life.
FTB'ers being priced out of the market is a myth. The prices, if anything, are a bit lower than they should be.
Securing a loan however... different matter atm.0 -
I suppose the interesting part is it looks like wage inflation has kept better pace with HPI than the south. (I Presume anyway as I believe in this boom the north went higher in percentage terms than the south)
Perhaps it was the introduction of the minimum wage and stopping child labour.:D0 -
Blacklight wrote: »Nobody's priced out of the market.
At 7% that's £658 a month. With say, £600 for bills that'll still give them about £200 disposable income per month. Not a lot, but we're talking minimum wage. It's doable.
.
think id rather be dead :rotfl:0 -
butterfly72 wrote: »Not surprising at all. I'm originally from up north, 38 and renting in London. Every single one of my friends back home, my brother, his mates, all bought in their early 20s. Where I'm from it was the done thing.. education, job and house. I thought it was a bit conventional and went off travelling instead. My mistake I missed the boat?? Many have traded up to really nice houses that I could never afford down south. (or up north!)
Even now, I hear of brothers and sisters of mates buying houses as FTB.
Totally my experience too. My OH is from up north, and all his friends have been able to buy easily, on a range of salaries from far worse than us, to better.
(We lived in London, now live in home counties.)0 -
Blacklight wrote: »Nobody's priced out of the market.
Couple X both earning minimum wage (£11.5k) could borrow 4x joint income to get a mortgage of £92k. With a 5% deposit that's a £97k property. Not a great property, but they're on the minimum wage.
At 7% that's £658 a month. With say, £600 for bills that'll still give them about £200 disposable income per month. Not a lot, but we're talking minimum wage. It's doable.
Increase those wages to say £16k and you're looking at a better house and better quality of life.
FTB'ers being priced out of the market is a myth. The prices, if anything, are a bit lower than they should be.
Securing a loan however... different matter atm.
Oh my good lord.
What a class post.0 -
Graham_Devon wrote: »Oh my good lord.
What a class post.
It was merely to demonstrate that the bottom end of the market is within reach of even the lowest paid. In reality, who buys a property until they're in a secure job with reasonable security, prospects and invariabley a better wage than £11.5k?
The point is that the market is balanced as it is.0 -
Who wants to live in a pokey hole at under 100K ?Blackpool_Saver is female, and does not live in Blackpool0
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10 years ago, 96k would of got your a decent place.
If we look at prices adjusted for inflation, it should be around £135'ish now - but this type of property is now around 230k, due to the utter madness and greed of the last decade.
Can't wait till it all falls on it's a-r-s-e.0
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