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Debate House Prices
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Could you afford to buy your own house today?
Orpheo
Posts: 1,058 Forumite
Let's assume that you are a FTB with a 25% deposit. At its current, perceived value, could you afford to buy your own house today? By "your own house" I am referring to the one that you currently own.
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
Could you afford to buy your own house today? 118 votes
Yes, I could afford to buy my own house.
52%
62 votes
No, I couldn't afford to but my own house.
47%
56 votes
0
Comments
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Yes, I could do it with 10% deposit, so long as interest rates stay under about 8-10%0
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In the case of my parents who bought in 1985 - not a chance that they themselves could or that a younger version of themselves doing the same job they were at the same age could.
I could but then I didn't buy that long ago and I was very young/at the very bottom of my career ladder when I bought.FACT.0 -
As I sold my house (completed January 2009) and am currently in rented, I will refer to the house I sold. My answer is yes, with a 25% deposit, but only just. The only thing that allows me to securely and easily re-enter the "property ladder" now is that I have a much larger deposit through money that I have made by HPI.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 ForumTeam0
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Yes, I could. But then I only bought in 2006
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We're a couple earning £25k each (the average wage, apparently). We are happy to pay 50% of our income in rent/mortgage.
With a Lloyds 95% FTB mortgage at 4.99% we could afford anywhere up to £255,000.
So that's two nice first time, two beds. I could rent one out.0 -
I couldn't , we bought ours in 2001.I’m a Forum Ambassador and I support the Forum Team on the Old style MoneySaving boards.
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All views are my own and not of MoneySavingExpert.com0 -
If you bought post 2005 then I imagine the majority of people could. If you bought pre 2000 then I suspect the majority of people could not.
There are people living in £500k homes with a <£50k household income just because they bought at the right time a decade or so ago and paying peanuts on their mortgages. You would need closer to a £150k income today to buy the same house and it would cost you a great deal more.0 -
I suppose there is a psychological factor in affordability. We would be allowed to borrow about 60% more than we would consider ourselves to be able to afford when taking into account planning for our future and daughter's education.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 ForumTeam0
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Yes with ease.
(but I did buy with perfect timing in 2007!!!)Go round the green binbags. Turn right at the mouldy George Elliot, forward, forward, and turn left....at the dead badger0 -
Let's assume that you are a FTB with a 25% deposit. At its current, perceived value, could you afford to buy your own house today? By "your own house" I am referring to the one that you currently own.
Today I couldn't only because the money I had is tied up in it.
But assuming all being equal then yes I could , in fact we'd probably be able to afford something bigger given the current interest rates.0
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