Property has risen 6 months in a row & is set to rise by 7% next year!!!

IveSeenTheLight

Turnbull2000 wrote: »

Comparing the desire to own a home with the desire to own luxury goods. What a crock of sh*t post.

I can agree with that, however we are fortunate to live in an era where the oppertunity to own a home has been easier than ever before.
This is reflected in the percentage of owner occupiers being higher than ever before.

Unfortunately some people will never be able to afford, even when credit was easy as in the last decade.

The difference between now and then seems to be that people moan that they can't afford it now while then people accepted the situation or went and did something to change their situation

IveSeenTheLight

Turnbull2000 wrote: »

Except not being able to afford a Ferrari, Rolex or private swimming pool does not tend to be detrimental to your quality of life. Not owning a home can. For example; living in cramped conditions whilst stuck on a horrific social housing list, living under the threat of an unscrupulous private landlord and in constant fear of eviction, or the potential of poverty in retirement as your housing costs are not fixed and will not end, but instead continue to rise and require payment for the rest of your life.

I can appreciate your own point. But like I said - a crock of sh*t from IveSeenTheLight.

I would say if your in the position described above, it's up to you to get yourself into a different situation rather than moaning about it.

blunt_crayon

chucky wrote: »

i'm pretty sure that the majority actually the large majority of people did not buy property with a 30 year interest only mortgage and live in an affordable house. i'll actually take it further and say that nearly everyone didn't take out a 30 year interest only mortgage to buy property...

Appreciate this is only anecdotal but of the handful of people I know who bought without help from their parents in the last 2-3 years:

- 1 couple got a 100% mortgage on a house
- 1 couple got a 125% mortgage on a 1-bed flat and are now trapped in it and unable to start a family
- 1 couple bought on some kind of 50/50 repayment/IO mortgage (I never even knew you could get these)

All these couples earn above average wages and live in the London commuter areas and none of them would have been able to buy when they did if lending conditions were stricter. I don't think in general the vast majority has IO or 100-125% mortgages but I imagine looking at data for the past few years quite a high proportion of FTB's would have taken on these kind of mortgages, which simply aren't available any more.