Halifax +2.6 % MoM

the_ash_and_the_oak

wolvoman wrote: »

What's all this nonsense about not being able to afford a flat in London on £35K?

Near me there's lots of 1-bed conversion places for about £145K and purpose built for around £135K.

Knock £5k off asking and you're talking a deposit of £25k and no more than a 3.5x mortgage.

What is so unaffordable about that???


(Oh you wanted to live in Fulham? Hmmm, better work on that job then)

well no not really. pretty sure I want to live in the place I'm already in imo. not feeling any need to move personally tbf

just saying at current prices it takes a 25k deposit and a 35k salary to get one of those is all. don't think there's enough future owner occupiers in this position to support this.

Graham_Devon

wolvoman wrote: »

What's all this nonsense about not being able to afford a flat in London on £35K?

Near me there's lots of 1-bed conversion places for about £145K and purpose built for around £135K.

Knock £5k off asking and you're talking a deposit of £25k and no more than a 3.5x mortgage.

What is so unaffordable about that???


(Oh you wanted to live in Fulham? Hmmm, better work on that job then)

Erm, maybe the 25k deposit?!?!

Jeez, open your mind, think out of the box.

Out,_Vile_Jelly

chucky wrote: »

as you know London can very expensive compared to most of the UK for whatever reason.

but your comments are more about your decision not to buy and thinking that property is too expensive rather than affordability.

in the words of "the ash and the oak" i'm feeling that it isn't because you can't afford to buy but because you don't want to have a large amount of debt... is my assumption right?

Don't want the thread to descend into self-indulgent psycho-analysis, but yes, as I've always been prudent and debt-free, the immensity of a mortgage does scare me (although I think it's right to appreciate the importance of such a life decision to a certain extent). If/when I buy I think it should be for the right reasons, and somewhere I definitely want to live.

Dan, I mention education as I think it is an important factor in our society's future. Why tell children to behave, stay off the streets, do their homework, pass their exams, study something sensible at Uni if they are highly likely to be forever denied something increasingly seen as the higher echelon of social status? Do we want a society where nurses, carers etc can't buy, and only footballers, the perpetual cover stars of Heat magazine and those whose parents were able to buy in the boom can own homes? You are quite adamant that some people just can't buy. I am trying to make you think about who these people are, and how that will affect future social dynamics.

the_ash_and_the_oak

Dan: wrote: »

It's very very simple. One can either afford something or they can't. It applys to anything in life.

agree with this. if enough can afford something then prices will be supported.

dont think there are enough coming through who can imo

Conrad

Graham_Devon wrote: »

Erm, maybe the 25k deposit?!?!

Jeez, open your mind, think out of the box.

I'm just arranging a mortgage for a FTB who has saved £50,000. He is 28 now and on an average income.

Again people are allowing thier narrow view cloud the reality.

It's always been ahrd and always will. You can either accept it and roll with it, or be shackled by life long pessimism (the sense feeling all is not well with the world, and that there could be a better world)

Dan:_4

Out,_Vile_Jelly wrote: »

Don't want the thread to descend into self-indulgent psycho-analysis, but yes, as I've always been prudent and debt-free, the immensity of a mortgage does scare me (although I think it's right to appreciate the importance of such a life decision to a certain extent). If/when I buy I think it should be for the right reasons, and somewhere I definitely want to live.

Dan, I mention education as I think it is an important factor in our society's future. Why tell children to behave, stay off the streets, do their homework, pass their exams, study something sensible at Uni if they are highly likely to be forever denied something increasingly seen as the higher echelon of social status? Do we want a society where nurses, carers etc can't buy, and only footballers, the perpetual cover stars of Heat magazine and those whose parents were able to buy in the boom can own homes? You are quite adamant that some people just can't buy. I am trying to make you think about who these people are, and how that will affect future social dynamics.

Experience is much more valuable imho. I left school at 15 with no qualifications and have since built my way up to a senior position within the IT industry. I have a great family, mortgage, holidays, beer money – couldn’t be happier.

Education has nothing to do with being able to buy a house.

the_ash_and_the_oak

Conrad wrote: »

I'm just arranging a mortgage for a FTB who has saved £50,000. He is 28 now and on an average income.

Again people are allowing thier narrow view cloud the reality.

It's always been ahrd and always will. You can either accept it and roll with it, or be shackled by life long pessimism (the sense feeling all is not well with the world, and that there could be a better world)

pretty much agree w this.

you think there are enough people in his position to support current prices?

Dan:_4

the_ash_and_the_oak wrote: »

agree with this. if enough can afford something then prices will be supported.

dont think there are enough coming through who can imo

Prices have fallen 20% since 2007 - this will bring the affordability factor into the range of many that may have been priced out.

neil324

the_ash_and_the_oak wrote: »

pretty much agree w this.

you think there are enough people in his position to support current prices?

Yeh i'm sure its pretty normal.

System

Conrad wrote: »

I'm just arranging a mortgage for a FTB who has saved £50,000. He is 28 now and on an average income.

Indeed.

I saved 10k and paid off a 3k car loan in 14 months when I was saving for my deposit, when I was taking home £1450 a month. I did eff all for a year, stopped playing pool for my pub, sold my fancy car, ate crumpets for lunch every day (30p for 12 ), I even drove slower etc etc. It's doable if you're prepared to make sacrifices.