Nice mortgage calculator

Graham_Devon

chucky wrote: »

average home buyer is the average of people that can buy a property - i'm pretty sure you knew that.

by default you're saying that a single person on minimum wage should be able to afford to buy a home. quality logic.

This is one of those arguments you simply cannot argue with, but makes absolutely no sense in the grand scheme of things.

It's like saying Ferrari's are affordable to the average ferrari buyer. Or people who have bought holiday homes can afford to buy holiday homes.

Congratulations einstein!

Btw, I never once even hinted at suggesting someone on minimum wage should be able to afford an average property. If I did, can you give me proof?

ad9898_3

I think it has to be said that house prices have gone well out of kilter with wages, this happened because of the boom, I've said it before, I was on well below average wage in '96 yet skipped the 'flat', 'terraced', part of the ladder and bought a nice semi, with 3.5 income and 10% deposit. At the height of the boom I would have had to be on 40k a year (far higher than the average wage), to meet the same criteria.

This, among other reasons is why we have a crash, prices were, and still are unsustainable.

Pee

Gulp. I put in £39k and the house in our area I like is £175k. The deposit needed would be £44K. (Not impossible - I already own another house, but completely impossible for any other people my age living in the area.) then again, I know that house is at a low price for what it is and that it will be snapped up by someone moving in from away...

ruggedtoast

Graham_Devon wrote: »

This is one of those arguments you simply cannot argue with, but makes absolutely no sense in the grand scheme of things.

It's like saying Ferrari's are affordable to the average ferrari buyer. Or people who have bought holiday homes can afford to buy holiday homes.

Congratulations einstein!

Btw, I never once even hinted at suggesting someone on minimum wage should be able to afford an average property. If I did, can you give me proof?

This is excellent because it opens the way to a whole new world of averages.

The average Wetherspoons regular has been to a Wetherspoons.

The average Labour voter votes Labour.

On average it rains in places where its rainy.

Classic.

Graham_Devon

Pee wrote: »

Gulp. I put in £39k and the house in our area I like is £175k. The deposit needed would be £44K. (Not impossible - I already own another house, but completely impossible for any other people my age living in the area.) then again, I know that house is at a low price for what it is and that it will be snapped up by someone moving in from away...

When you consider 39k a year is "high earner" for 40% tax banding, it only makes the situation seem worse.

chucky

ruggedtoast wrote: »

I dont imagine he cares much about average people as long as he gets to offload his portfolio at a nice profit for himself.

ooooh you do like to try to get personal - a little tip, try harder next time
can you explain why have issues with hating bankers, people that have something that you don't.

Ad, have a word with this muppet please.

Pee

And the cheapest house in town would be £140k..

chucky

Graham_Devon wrote: »

This is one of those arguments you simply cannot argue with, but makes absolutely no sense in the grand scheme of things.

It's like saying Ferrari's are affordable to the average ferrari buyer. Or people who have bought holiday homes can afford to buy holiday homes.

Congratulations einstein!

Btw, I never once even hinted at suggesting someone on minimum wage should be able to afford an average property. If I did, can you give me proof?

the same proof that you have completely misquoted me on - come on Graham stop making things up.

and here's my original quote - so that you're clear

chucky wrote: »

i understand your point about affordability.

a calculation of average salary vs average house price isn't comparable as not everyone earns enough. you have to slice off that bottom part of the average salary numbers to get a more realistic calculation as not everyone will be able to be a home buyer.

at what point this would be done i don't know.
you also need to factor things like rates, inflation into this too

it's pretty simple - if you can afford something you buy it, if you can't you don't but don't try and skew stuff that people have said.

System

I'm not really sure why a FTBer should expect to buy an average priced house.

You start off small, buy a place, pay off the mortgage for a few years and upgrade.

Aside from people who have been given enormous sums of cash from rich parents or inheritance, I can't think of a single person I know that hasn't started off with a small place and moved or planned to move into a bigger one.

Then you get old and do it all in reverse!

If we all only ever bought one house and only ever moved for location purposes then sales volumes would be eff all.

roseland69

All they need now is a way to juggle interest rate figures to see what you COULD end up paying if rates went to 10% or more say. Which could well happen and has happened before. And then some!


[unless there is that function there and I've missed it?]