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Debate House Prices
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How do I get my Dad off my back?
Comments
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izzybusy23 wrote: »You reverted back to bull status again?.... last week bear, this week bull..:rolleyes:
I wouldn't say it was a particularly bullish post.0 -
izzybusy23 wrote: »Who knows how much money he could lose if he bought now.. nobody has called the bottom yet and I feel it still has some way to go.
You only feel it has some way to go because you can't afford to buy at the current prices. In reality, you have no real idea.0 -
Only just noticed this - 6-10% off asking price in a buyers' market!?!.Your dad is right, start registering with Estate Agents and, depending on your area, aim to get 6-10% off the asking price while it's a buyers market.
The vendor would bite your flipping hand off if you offered them that.0 -
JayScottGreenspan wrote: »Only just noticed this - 6-10% off asking price in a buyers' market!?!.
The vendor would bite your flipping hand off if you offered them that.
UK property is currently selling for, on average, 6% below asking price. It is diffucult to make such a general statement as this figure will vastly differ depending on the region.0 -
We can't all be home owners either.
Agreed, but a hard working person on an average salary should comfortably be able to afford something more than a hole in the ground.
They shouldnt need to borrow 4-5x their salary. Historically this was never the case (until the 2003-2007 boom). And IMO the market will slowly return to something like the more 'normal' 3-3.5x salary to house price ratio."For those who understand, no explanation is necessary. Those who don't understand, dont matter."0 -
Agreed, but a hard working person on an average salary should comfortably be able to afford something more than a hole in the ground.
They shouldnt need to borrow 4-5x their salary. Historically this was never the case (until the 2003-2007 boom). And IMO the market will slowly return to something like the more 'normal' 3-3.5x salary to house price ratio.
The average has always been 3.5 x salary. Yes average, so some may use 2 x salary and other may use 4.5 x slary. This has always been the case.
If I wanted to buy somewhere in the city of London, it would cost me 5 x my salary, if I wanted the same property type outside london it would cost me 2.5 x my salary. It is my choice where I want to live, and what I want to pay. - no general rule.
There is no such thing as 'normal' 3-3.5x salary to house price ratio. This is a myth dreamed up over at hpc.co.uk0 -
The average has always been 3.5 x salary. Yes average, so some may use 2 x slaary and other may use 4.5 x slary. This has always been the case.
There is no such thing as 'normal' 3-3.5x salary to house price ratio. This is a myth dreamed up over at hpc.co.uk
Has it? Only my parents and many others of the generation who have owned property for many decades. All tell me, that the 3-3.5x ratio was what they were restricted too throughout the years."For those who understand, no explanation is necessary. Those who don't understand, dont matter."0 -
Hometrack say 12% below asking is the average (and the average includes all those !!!!less idiots who fall in love with the wallpaper or the current owner's sofa arangement, or something equally ball-achingly stupid).UK property is currently selling for, on average, 6% below asking price. It is diffucult to make such a general statement as this figure will vastly differ depending on the region.
-15% for the average savvy punter has got to be more like it. (Of course, every asking price is different. Some are stupid. Some are not.)0 -
Has it? Only my parents and many others of the generation who have owned property for many decades. All tell me, that the 3-3.5x ratio was what they were restricted too throughout the years.
My brother borrowed 4 x salary in 1981. As always, the restrictions are based on individual circumstances.
It should be average 3 x salary, not max.0
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