Are you a FTB'er in the last 2-3 years?

Gem_

Me 24

Dec 2003 Bought 4 bed terrace bradford £43,000
Worth now £75,000

earn £9,000

Oh and in answer to the static house prices, that is only true in certain parts of the country. The Land Registry shows that prices where up 6.5% on the same quarter last year.

Gem

meanmachine_2

Bought in 2003 @ 100K

In 2005 worth 250K. Wahoo! I'm rich!

In 2007 worth 100K! Wah?!

Unlikely to happen, I'm sure. Property only ever goes up in a straight trajectory, never in cycles.

Apols for hijacking the thread.

As you were...

meanmachine_2

Gem_ wrote:

Me 24

Dec 2003 Bought 4 bed terrace bradford £43,000
Worth now £75,000

earn £9,000

Gem, now try buying your own home on a salary of £9K.

Would you be able to?

How is that sustainable? Go on. Think about it...

summerday

Bought our house (3 bed semi) in Feb 2004 with OH. House cost £127,000 but our mortgage was for £97,000 as we'd both saved like mad and gone without virtually any treats while saving for nearly 2 years so saved a deposit of £30k. Our joint incomes were then about £40k.

I have no idea what price the house would sell for now but suspect no more than what we bought it for as the general consensus seems to be that house prices have stablised/fallen in most areas since we bought. But as we're not planning for some years that doesn't worry us at all.

Sarah

Pal

skintchick wrote:

It's also meaningless when you want to move up the ladder. EAs say the best time to move up is when prices have dropped, for the following reason:

When house prices go up by say 10%, a £200,000 house becomes £220,000, but a £400,000 house becomes £440,000. Difference £220,000

By contrast, if prices drop by 10%, the cheaper house is now £180,000 and the expensive one is £360,000. Difference £180,000, which is £40,000 'cheaper'.

Hope that makes sense!

While your explanation makes sense it is somewhat misguided. House prices increases or decreases, as reported by various building socs and the land registry, are average percentage increase of combined house price sales. Not every house rises or falls in price by the same percentage amount.

More likely you will find that your £200k house goes up 10% to £220, but the £400k house you want to buy goes up by 5% to £420k. Overall the "market" has risen 6% or so. The same happens when prices fall.

If this wasn't true, noone would be able to afford to trade up the housing ladder/helter skelter.

Griffin78

Bought converted flat in August 2003
Paid £148,000
Mortgage £103,000

I was 25 with earnings of £26,000
5 year 3.95% fixed rate mortgage with Bristol & West

Recent valuation £165,000

Hermia

This is a very interesting thread, but it would be cool if everyone could also say WHERE they bought. I live in the South-East and there is very little property available where I live for less than £200k which is totally out of my reach as I work in the public sector. I'd love to know what people are paying in different areas.

pavlovs_dog

this thread has been very inspiring and reassuring - that i will eventually be able to afford a decent deposit, i WIll get a mortgage and get a house :T

zag2me

I managed to buy in the south east 6 months ago! Thames Valley to be exact.

Age: 26
Studio Flat bought for 85k
Mortgage 80k
Earn 29k

It is possible, just try not to set your sights too high as a first time buyer, You've got to start somewhere.

tin_kitten

I probably bought too long ago but i'll add anyway incase it's some use

Bought with OH in Jun 00
Paid £40K (100% mortgage)
Earning £20K between us almost

Sold Jun 03 for £60K
Bought new place for £84K (mortgage £70K)
Earning 28K between us

Now worth £110K and could sell for about £125K I think