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Debate House Prices
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House Prices, Interest Rates and Affordability
Comments
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Surely there will come a point where through inheritance a lot of that money will make its way down the food chain etc.
Of course there will. You don't need a crash to redistribute the wealth to younger generations.
Nature already has a means of doing that, and it has a 100% success rate.
It's this little thing we call "death".....“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
After inheritance tax it's more like 60% 'success' rate...HAMISH_MCTAVISH wrote: »Nature already has a means of doing that, and it has a 100% success rate.0 -
I dont agree.
The doctors in my town live in the nicest streets in detached period properties. Its not unreasonably to suggest that those on above average wages where both partners are working should be able to afford the above average properties in town.
The housing crash resulted in a shift in wealth. My parents and millions of others are now sitting virtually mortgage free in a property that costs 5 times as much as mine.
Surely there will come a point where through inheritance a lot of that money will make its way down the food chain etc.
My first house was 5.3x average salary in 1972 it’s now worth 7x average salary an increase but not as much as some people would have you believe and when you have been paying a mortgage for over 30 years you might be nearly mortgage free.0 -
The doctors in my town live in the nicest streets in detached period properties. .
The doctors in most towns do. (Except Bath, apparently)Family doctors have seen their salaries rise to an average £118,000 as other parts of the NHS are forced to cut jobs and services, a survey has shown.
Some doctors who also have inhouse pharmacies are earning £200,000 a year.
http://www.dailymail.co.uk/news/article-428510/GP-salaries-rocket-118-000.html#ixzz0jOrzVwQQ
Now to be fair, that's the average salary for self employed GP's who are partners in the practice.
Those who are not partners, can earn a lot less.Salaried GPs employed directly by PCTs earn between £53,249 to £80,354, dependent on, among other factors, length of service and experience.
And of course, junior hospital doctors straight out of Uni earn less again.In the most junior hospital doctor post (foundation year 1) a doctor on a 50% supplement would earn £33,285. This increases in the second year (foundation year 2) to £41,285. A doctor in specialist training on a 50% supplement could earn from £44,117 to £69,369.
And at the other end of the payscale, NHS consultants earn around £175,000. Private practice specialists can earn even more.
The point being however, that established Doctors can afford to live just about anywhere they feel like, even on a single salary.
A married couple of even relatively junior doctors can afford to live in the nicer parts of almost every town in the country.
Exactly the same as it was 10, or 20, or 50 years ago.........“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
I always thought the inheritance thing is how wealth will keep circulating but the inheritance-tax thing is a good point.
As generations pass away public wealth will also whittle away. Hopefully the government will use that big slice they get in some way that keep mortgage rates low... bah!0 -
Surely there will come a point where through inheritance a lot of that money will make its way down the food chain etc.
Yeah, when your parents are 90 and you are 65 and have already funded their care through tax. Don't forget to go to the toilet while you are counting down the seconds.0 -
Surely there will come a point where through inheritance a lot of that money will make its way down the food chain etc.
But to realise the money you've got to sell the property to someone that can both afford and obtain the mortgage to buy it.
The conveyor belt has stopped in many areas, as relatively few properties are being bought by true FTB's.
At some point the conveyor has to go into reverse until the demand catches up.0 -
DH earns more than a nq doctor I think...why aren't we in the nicest streets? Hurumph.
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Just for information can't be 100% sure of average salsry figures can only find one ref
Average salary Average house price
1980: £5,720 £74k 12x
1985: £8,890 £77k 8.5x
1990: £13,760 £95k 7x
1995: £17,470 £72k 4x
1999: £20,800 £90k 4.5x
Now: £25,000 £164k 6.5x
this isn't right I messed up0 -
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