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Debate House Prices


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Typical wage £20K. Typical house £150K

Max_Headroom_3
Max_Headroom_3 Posts: 1,597 Forumite
Mortgage-free Glee!
in Debate House Prices & the Economy
I'm amazed to find that in my area (where £20,000 is considered a pretty decent wage) bottom end two and three bed family houses in the cheapest areas are still hovering around £150K (or seven times salary with a £10K deposit).

Seems to me that the numbers are still a long way from adding up... :confused:
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Comments

  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    maybe people will realise that not everyone will be able to afford to buy a house.

    there are alternatives - renting or social housing.
  • Max_Headroom_3
    Max_Headroom_3 Posts: 1,597 Forumite
    Mortgage-free Glee!
    But when the rent costs the same as the mortgage payments...
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    In many situations, typical houses are purchased by two people both with a salary.
  • stonethrower
    stonethrower Posts: 340 Forumite
    chucky wrote: »
    maybe people will realise that not everyone will be able to afford to buy a house.

    there are alternatives - renting or social housing.

    Are you saying people on a decent wage shouldn't be able to buy a house
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    Max_Headroom wrote: »
    But when the rent costs the same as the mortgage payments...

    they then make a choice if they would like to buy into paying a mortgage for the next 25 years or they continue to rent for the next 50 plus years
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    stonethrower wrote: »
    Are you saying people on a decent wage shouldn't be able to buy a house

    no that's what you said in good forunomics style

    i said
    chucky wrote: »
    maybe people will realise that not everyone will be able to afford to buy a house.

    there are alternatives - renting or social housing.
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Max_Headroom wrote: »
    I'm amazed to find that in my area (where £20,000 is considered a pretty decent wage) bottom end two and three bed family houses in the cheapest areas are still hovering around £150K (or seven times salary with a £10K deposit).

    Seems to me that the numbers are still a long way from adding up... :confused:
    The thing is, if one is earning £20k you need to be looking at entry level properties. Then 10 years later buying a larger one if you want, or during that time going in with a 2nd person.

    If a 1-bed flat is £150k, that's when there's a problem
  • Max_Headroom_3
    Max_Headroom_3 Posts: 1,597 Forumite
    Mortgage-free Glee!
    CLAPTON wrote: »
    In many situations, typical houses are purchased by two people both with a salary.

    Fine if you never want babies...
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  • Max_Headroom_3
    Max_Headroom_3 Posts: 1,597 Forumite
    Mortgage-free Glee!
    chucky wrote: »
    they then make a choice if they would like to buy into paying a mortgage for the next 25 years or they continue to rent for the next 50 plus years

    And the money comes from.....? :confused:
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    chucky wrote: »
    they then make a choice if they would like to buy into paying a mortgage for the next 25 years or they continue to rent for the next 50 plus years
    You can't just choose. Buying a house needs a salry multiple and a deposit etc. Many people are renting because they can't obtain a mortgage on the house, but they are paying their LL's mortgage.

    This is exacerbated by the fact the LL doesn't have to make capital repayments, but people in their own home do. When a LL sells a BTL he's still got his home to live in as the BTL isn't his primary residence, so OOs have to pay back the loan.
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