3.5

mitchaa

twirlypinky wrote: »

I wish you'd all stop assuming people only buy in twos. I'm on my own as far as buying is concerned (not been with bf long enough to consider buying together).

I earn £26k, so using the 3.5x calculation I can borrow £91k. House prices need to fall a long way where I live for me to be able to buy something.

Are you looking at 1/2 bed flats? If not, why not?

Do you expect a 3/4bed SD or detached...Why?

Nothing wrong with buying as a singleton, but you should not be expecting to buy a family home though.

lostinrates

mitchaa wrote: »

Are you looking at 1/2 bed flats? If not, why not?

Do you expect a 3/4bed SD or detached...Why?

Nothing wrong with buying as a singleton, but you should not be expecting to buy a family home though.

I sort of agree....then I think of all the single parent families out there.

twirlypinky

mitchaa wrote: »

Are you looking at 1/2 bed flats? If not, why not?

Do you expect a 3/4bed SD or detached...Why?

Nothing wrong with buying as a singleton, but you should not be expecting to buy a family home though.

I'm certainly not looking for a family home. 1/2 bed flat or ideally house (I like to garden) is all I'm after, and it needs to be within reasonable travelling distance to work. I don't want to use any kind of government scheme (because I think everyone on a reasonable salary should be able to afford their own home). If you do a search on rightmove now for homes under £100k, 1-2 beds, non retirement, they're all either really grim, too far from work or shared ownership.

housesitter

mitchaa wrote: »

Are you looking at 1/2 bed flats? If not, why not?

Not wanting to live in such close proximity to other people.
Not at all liking flats.
No interest in yearly maintainence charges.
No one really aspires to living in a flat outside of London.
No garden.
No garage.

Do you expect a 3/4bed SD or detached...Why?

Why not?
Do you just assume all FTB's want to buy a flat or that they should be buying a flat ??
I'm a FTB going for a 4bed detached because it's within my budget (mortgage approval withstanding, if we were lending at 2007 levels it wouldn't be a problem ).
Its the sort of area where I'd want to start a family, whilst I'm not about to I'll be growing into the role so might as well have a suitable house in place before it becomes a worry.
I need a large garage.

I don't "expect" one. !!!!!!? But can afford one through my own choice.

Nothing wrong with buying as a singleton, but you should not be expecting to buy a family home though.

Why not?
Why should one have to start at the bottom of the ladder?

I've never lived in a flat. I've always rented at minimum 3bed semis even whilst single. For the space.

mrposhman

Rollerball wrote: »

More like double that. £200-£250K and that's not in a great area either.

erm no. I live in wimbledon, pretty good area and they are at the lower end of your estimate. Thats only the quoted price too so I would suspect some are lower.

You could probably get a 1 bed flat for something like £180k in wimbledon so a lot less in the less fashionable areas.

twirlypinky

housesitter wrote: »

Not wanting to live in such close proximity to other people.
Not at all liking flats.
No interest in yearly maintainence charges.
No one really aspires to living in a flat outside of London.
No garden.
No garage.



Why not?
Do you just assume all FTB's want to buy a flat or that they should be buying a flat ??
I'm a FTB going for a 4bed detached because it's within my budget (mortgage approval withstanding, if we were lending at 2007 levels it wouldn't be a problem ).
Its the sort of area where I'd want to start a family, whilst I'm not about to I'll be growing into the role so might as well have a suitable house in place before it becomes a worry.
I need a large garage.

I don't "expect" one. !!!!!!? But can afford one through my own choice.


Why not?
Why should one have to start at the bottom of the ladder?

I've never lived in a flat. I've always rented at minimum 3bed semis even whilst single. For the space.

You're lucky that you earn what you do then really. I wish i could afford a bigger place - alone or not! I've come out of a bad marraige i had to pay my way out of, and need to save a HUGE amount once I've cleared that debt in order to afford either a mobile home or a studio flat in an area I won't be able to walk alone after 6pm.

It's a very sad state of affairs that I'm having to do this purely because I'm single.

mitchaa

housesitter wrote: »

Not wanting to live in such close proximity to other people.
Not at all liking flats.
No interest in yearly maintainence charges.
No one really aspires to living in a flat outside of London.
No garden.
No garage.



Why not?
Do you just assume all FTB's want to buy a flat or that they should be buying a flat ??
I'm a FTB going for a 4bed detached because it's within my budget (mortgage approval withstanding, if we were lending at 2007 levels it wouldn't be a problem ).
Its the sort of area where I'd want to start a family, whilst I'm not about to I'll be growing into the role so might as well have a suitable house in place before it becomes a worry.
I need a large garage.

I don't "expect" one. !!!!!!? But can afford one through my own choice.


Why not?
Why should one have to start at the bottom of the ladder?

I've never lived in a flat. I've always rented at minimum 3bed semis even whilst single. For the space.

Keep up, it's not hard, stay on topic my friend. You are clearly not earning the average £26k salary:rolleyes:

We are talking about what an average salary in its singular format should be able to buy. If you think a single £26k salary should be enough to warrant a 4bed detached home then they better build a lot more castles as it leaves us middle earning bunch with couple incomes with not a lot of choices.

If only.

My FTB home was a 4bed detached too, great, move on.

kennyboy66_2

IveSeenTheLight wrote: »

Bear in mind that 1995 was the trough of the last house price correction.
You seem to be looking for approx 50% fall in house prices from peak.
That is some margin in my opinion.

Take my post above, where the UK average salary for a mean average couple is £55,400 or median at £48,750

Do you really think that house prices will be below 2x income even without a deposit?

I am not looking for anything. Bought a house in 1999 and have no desire to move in the next 40 years.

1995 may have seen a trough in house prices, equally it was one long trough

Q1 1992 65882
Q1 1993 61662
Q1 1994 63232
Q1 1995 62340
Q1 1996 62453
Q1 1997 66956
Halifax data - average UK prices

The house price affordability index was less than 3.5 for almost the whole of the 1990's, hitting a low of 3.14.

It was still 4.5 at the end of 2008.

I don't quite see why people deliberately use spurious averages or medians.

Just as average income (rather than earnings) is a fairly spurious figure to use, to try and use average earnings for a couple as the denominator, when a significant part of the the housing market is made up by people buying on a single salary.

Do I think that average house prices will wall below £100k - probably not.
Will they fall below £125k - I think that getting close to a certainty.

twirlypinky

It's a shame the government can't scrap all their silly schemes for housing and do this instead:

employ the builders that are out of work to build 1-4 bed houses And sell them for £80k (1-bed) £ £95k (2 bed) and so on. They would keep prices low because independant sale properties would have to compete with them.

Also, they could buy up ALL the derelict houses (plenty of them) do them up, and sell them for the same prices.

zedyy

Kez100 wrote: »

I can see them doing that! You can only borrow 4x max but you can top up with Government/Council shared equity.

The Govt desperately want the market moving (good for jobs across the sector) and at the highest possible value (good for bank balance sheets which we now own).

I thought shared equity was the problem?