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Debate House Prices
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House prices - the truth
Comments
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RenovationMan wrote: »You dont have to be a millionaire to own a £500k house, you just have to decide what you want out of life and go for it. We always wanted a lovely character home and decided that in order to get one we would do without fancy cars or foreign holidays. We live a simple life, but in a fabulous house.
Totally agree. Its all about deciding what you want. It seems perfectly reasonable to prioritise your spending on something you can live in 50 weeks of the year, rather than your summer holiday.
I'd much rather be paying more for a home I enjoy living in, than have lower housing costs but not be happy in my home.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
If this is any sort of example of what bears base their 'houses are way overvalued' ideas on then it's even more clear that they are completely wrong.
Looking at £500k houses in niche markets that they cant buy is no way of measuring general affordability.0 -
There are a reasonable number of houses available from those on lower income brackets. Sure some will need to save a heap of cash first however it is possible. A lot of people are in couples when they purchase and some buy with friends or with the help of family members.
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Agreed, but the OP put his finger on the problem for many of the bears here:
"but the truth is, houses are completely unaffordable, except a few dumps in some iffy areas."
Perhaps if a house is affordable it must by definition be a dump in an iffy area. One's house is seens as a measure of one's status - if the general population can afford it, it cant be the right one for me.0 -
Why does the OP remind me of Dr Fox's bit from Brass Eye?
"And that's a scientific fact! There's no real evidence for it, but it's still a fact".0 -
excuse meeeeeeeee....If this is any sort of example of what bears base their 'houses are way overvalued' ideas on then it's even more clear that they are completely wrong.
Looking at £500k houses in niche markets that they cant buy is no way of measuring general affordability.
the White Horse is not a "bear" - he is the voice of reason...0 -
There's a few on round my way at over £1,500,000. With a 95% mortgage you need to be earning over £400,000 a year at 3.5x wages.
How anyone on a single wage is supposed to afford that is beyond me. Totally ridiculous when the average wage is £23,000.0 -
Same the OP can't prove his point by furnishing a link
Round my way, houses are all 50p and falling 20% each day. I am so glad I sold my home and family for gold a few months ago.
On second, thoughts maybe gold hasnt been such a wise investment either
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Totally agree. Its all about deciding what you want. It seems perfectly reasonable to prioritise your spending on something you can live in 50 weeks of the year, rather than your summer holiday.
On saying that, if I'd paid £495k, I'd want to be able to live in it for 52 weeks of the year 0 -
Blacklight wrote: »There's a few on round my way at over £1,500,000. With a 95% mortgage you need to be earning over £400,000 a year at 3.5x wages.
How anyone on a single wage is supposed to afford that is beyond me. Totally ridiculous when the average wage is £23,000.
Why do you think someone on the average single wage is supposed to afford it?
It presumably is a niche property in a highly desirable location - by definition a very scarce resource and therefore subject to extreme rationing. In an open market rationing is achieved by price.0 -
Rennovation,RenovationMan wrote: »This is interesting. Our house was originally priced at £495k and we knocked them down to £450k. We had £150k equity from our house sale and started out with a £300k mortgage (plus fees). We've whittled that down to £270k over a couple of months and our monthly mortgage amount is only £575.50. Incidently, my income is £60k before tax.
You dont have to be a millionaire to own a £500k house, you just have to decide what you want out of life and go for it. We always wanted a lovely character home and decided that in order to get one we would do without fancy cars or foreign holidays. We live a simple life, but in a fabulous house.
How have you managed 30K overpayments in such a short time? Are these overpayments sustainable?0
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