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Debate House Prices
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Vote on 3x salary mortgage cap
Comments
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Ian_Griffiths_Halifax wrote: »I'm always happy to be corrected if I'm wrong.
I thought you normally run off mumbling something about never posting here again...
;)
Only jesting... :beer:0 -
They should look at giving us all the same salary and then we wouldn't have all this 3x salary nonsense, everyone would earn the same and be entitled to the same mortgage. We could then do away with mortgages completely and just rent from the state. It would be a socialist utopia where everyone is created equal.
Oh hold on... yes, that doesn't work does it?0 -
I thought you normally run off mumbling something about never posting here again...;)
Only jesting... :beer:
I thought that was graham devon - he always rants on about there not being any debate and swears never to darken this forums door again, then posts again almost immediately :rotfl:0 -
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chewmylegoff wrote: »looks like we've uncovered another pair of socks
A pair? or odd ones?Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
can you get houses for 3x your salary? not in Edinburgh on my wages thats for sure
Isn't that the whole point, though? House prices expand to use the mortgage finance available. (Like Parkinson's Law.) If mortgage finance availability drops, so will house prices. It's a very very difficult transition, but once we get there virtually everybody is better off, in the long term at least.No reliance should be placed on the above! Absolutely none, do you hear?0 -
Isn't that the whole point, though? House prices expand to use the mortgage finance available. (Like Parkinson's Law.) If mortgage finance availability drops, so will house prices. It's a very very difficult transition, but once we get there virtually everybody is better off, in the long term at least.
Agreed, the short term medicine is very painful for some. In the medium to long term, if we can cap HPI to wage inflation everyone will be better off. It will mean your children and grandchildren will have the same opportunities of home ownership with affordable mortgages as generations in the past.0 -
Isn't that the whole point, though? House prices expand to use the mortgage finance available. (Like Parkinson's Law.) If mortgage finance availability drops, so will house prices. It's a very very difficult transition, but once we get there virtually everybody is better off, in the long term at least.
Not stictly true it is money causes HPI that could be mortgages or cash in the bank.
If people are "more wealthy" with lower house prices caused by lower mulitiples it is not unrealistic to see that excess wealth causing HPI.0 -
Not stictly true it is money causes HPI that could be mortgages or cash in the bank.
If people are "more wealthy" with lower house prices caused by lower mulitiples it is not unrealistic to see that excess wealth causing HPI.
I understand your comment but if you're still earning the same money, the multiples of that money would still be the same, so no HPI, although with lower mortgages, you would have more money to spend in the general economy, and so feel more wealthy, of course if you save you money, that could add to HPI, but not significantly.0 -
Agreed, the short term medicine is very painful for some. In the medium to long term, if we can cap HPI to wage inflation everyone will be better off. It will mean your children and grandchildren will have the same opportunities of home ownership with affordable mortgages as generations in the past.
Not true either if you say 25% deposit and £25K salary.
a £100,000 house would be your limit.
10% wage inflation would cause
£110,000 house
Max afordable by that person is now £107,500 (given 10% pay rise)
The better off will always cause HPI because the population is to big (unless ther was a min 3 bed house for everyone).
Like I have siad you cant explian what as happened in the South East on just mortgages or the whole country would be just as overblown as the south east.0
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