House prices going into 2010 - Is shelter really affordable?

BitterAndTwisted

PasturesNew wrote: »

In 1990 I was temping as an Admin Assistant - £6.60/hour. 2007 I went to see some temping agencies for Secretarial work - quoted £6/hour tops.

Crikey! But having read some of your posts on here it sounds to me like you were working way, way below your skill-set. You've got some fantastic experience and if was an employer I'd have snapped you up in a trice.

tommy75

Hmmm, I though this threads contents would raise a useful discussion quickly rather than just the usual sparring threads with nothing other than a news article in. Should I wait for Britains got talent to finish?
I'd like to state that I'm posting here because I want to be sure that when I buy, its best for my family. I don't have a vested interest other than to make my familys quality of life as good as possible. I am bored of reading HPC, MSE and every other bit of information/public opinion and want to buy now but I do not feel now is the right time. I may well be wrong but history begs to differ. Interest rates have never been where they are in 300 years and we the public have never had to bail out banks with ludicrous amounts of money before.

ess0two

2 bed terrace in my area can be had for 60k,3 bed semis 115k.

So yes affordable,whilst in my eyes not the best of areas,its easily possible.

mewbie_2

tommy75 wrote: »

I am bored of reading HPC, MSE and every other bit of information/public opinion and want to buy now but I do not feel now is the right time.

It's probably better to be bored than to lose potentially tens of thousands of pounds. I think the most conservative estimate of further falls is 10%, and there is a range of opinion of figures above that point. Equally I don't think the consensus expects the falls to stop before 2010, and again there are many views that would see the falls going on further from there.

Is a virtually guaranteed 10% off by 2010 worth hanging on for? That's entirely your decision. And it is, granted, boring, constantly checking and verifying that stance.

Pobby

All I know is that I earn somewhere in the region of 55% less than I earning 4 years ago. Self employed. Then again the people I contract to are not the easiest but at least I work now part time.

System

ess0two wrote: »

2 bed terrace in my area can be had for 60k,3 bed semis 115k.

So yes affordable,whilst in my eyes not the best of areas,its easily possible.

"Affordable" also means 3 bed detached, with garage and maid.

tommy75

1985
The average weekly wage is £198.73 (Annual wage £10,334 -the first time over £10,000)
The average UK house costs £31,103
1986
The average weekly wage is £214.56 (Annual wage £11,157)
The average UK house costs £36,276
1987
The average weekly wage is £231.21 (Annual wage £12,023)
The average UK house costs £40,391
1988
The average weekly wage is £251.46 (Annual wage £13,076)
The average UK house costs £49,355
1989
The average weekly wage is £274.38 (Annual wage £14,268)
The average UK house costs £54,846
1990
The average weekly wage is £301.08 (Annual wage £15,656)
The average UK house costs £59,785
1991
The average weekly wage is £323.69 (Annual wage £16,832)
The average UK house costs £64,455
1992
The average weekly wage is £342.79 (Annual wage £17,825)
The average UK house costs £61.336
1993
The average weekly wage is £353.13 (Annual wage £18,363)
The average UK house costs £62,333
1994
The average weekly wage is £365.21 (Annual wage £18,991)
The average UK house costs £64,787
1995
The average weekly wage is £377.63 (Annual wage £19,637)
The average UK house costs £65,644
1996
The average weekly wage is £391.79 (Annual wage £20,373)
The average UK house costs £70,626
1997
The average weekly wage is £ 410.48
The average UK house costs £76,103

From potatoacademy again. Can someone dig around for 1998 to 2008? I read its been around 24k since 2007? These stats correct? The average house price has come down from about 185k to around 155k? Am I confusing myself with these figures?

mitchaa wrote: »

Without a shadow of a doubt. Those who think housing is going to become cheaply affordable are living in the clouds. Housing to buy has never been cheap and it never will be.

Going off this comment posted in another thread, I agree, housing has never been cheap but it looks like its always been alot cheaper than today even with the price reductions so far. And to get a good mortgage rate, I would have to stump up 40% deposit to get anything near the interest rate I could get in 2004/5/6/7 without a deposit?

tommy75

Although, I forget to add that some households have 2 incomes comming in now which is another factor.

ess0two

http://www.rightmove.co.uk/property-for-sale/property-21916945.html?locationIdentifier=REGION%5E1155&minPrice=70000&maxPrice=90000&pageNumber=9&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DREGION%255E1155%26minPrice%3D70000%26maxPrice%3D90000%26index%3D80

FungusFighter

We hire school leavers as mortuary assistants and pay them paper-round rates:D

£16k, nearly wet meself:rotfl::rotfl: