Wrong to buy?

doire_2

FTBFun wrote: »

To be fair, that is actually an opinion rather than a verifiable fact.

Just like your opinion that they aren't high

doire_2

ukcarper wrote: »

If prices fell it might help them but it wouldn’t help the other people they interview, as they couldn’t be bothered to save for 4 years to get a deposit.

Exactly. Well they better get saving because times have changed and the old days wont be coming back anytime soon.

FTBFun

doire wrote: »

Just like your opinion that they aren't high

Actually I think they are high. Just not too high.

doire_2

FTBFun wrote: »

Actually I think they are high. Just not too high.

Adn what is too high?

FTBFun

doire wrote: »

Adn what is too high?

So high that only the rich can buy. Which isn't the case.

WalkinX

Well ITV are always a bit dodgy but if you take their word it doesn't seem good - 60K and 15% depsoti only gets you 140K mortgage.

I mean they should look at different areas and such of course but it doesn't seem great conditins for buying at mo.

Alos, there wa sa guy there on 36k a year alone and couldn't afford to buy, if he had a partner on an ok wage then surely he must be able to get something???

ps I am posting this after my recent post in the house buying forum section.

neverdespairgirl

IveSeenTheLight wrote: »

I don't believe it is dependent on just the 'cheap seats' properties.
I do understand it can vary accross the country however.

Simple thing is to compare the rent with the mortgage interest.
In many areas, it can still be seen that the capital & Interest is less than the rent

If it's a flat / leasehold house, rent v. mortgage interest & service charge.

whatmichaelsays

On the couple featured in the programme, anyone with a knowledge of Leeds will know that they were looking in an area of the city where a lot of money gets you not a lot of house.

The couple would have had no problem whatsoever getting a house that met their requirements in another part of the city and they wouldn't have to live in a slum area either. You can find similar types of property in decent parts of the city, such as Pudsey, Stanningley, Farsley or Morley, still be close to decent schools, be within easily commutable distance to Leeds city centre and be in a respectable area of the city. The only difference is that you wouldn't have the "kudos" of saying that you lived in North Leeds.

The problem isn't that you can't get a mortgage, the problem is that you're trying to live beyond your means - pretty much why we've had a recession recently.

WalkinX

Too be fair those parts are a ways out of the city although I wasn't far off pudsey when I lived there but it can be a !!!!!! on the bus form that far out but Leeds is pretty good for buses.

Morely I wouldn't want to live in really although you can commute ok.

They should look in Adel, I was on find a property recently and they had plenty there for good money and cookridge to.

My mate claims him and his missus can't get a mortgage and houses are too expensive in Leeds at mo but I think he is being too pikcy myself.

Loughton_Monkey

I wonder how we would cope with the South Korean model?

There is no such thing as a monthly 'rent'. To 'rent' a house, you simply pay about 75% (or more, or slightly less - it varies) of the value as a deposit. After the tenancy period is up, the tenant get's the cash back. So the 'rent' is actually the interest. [Security for tenant is in the eventual right to own the property if landlord cannot return deposit.]

Why the hell don't you buy? I used to scream. Answer was that mortgages are not available until you own the property outright. A true case of proving you don't need the money before anyone will lend it to you!

I never worked out, though, whether this was the 'cause' of Koreans' phenomenal ability to save money, or a symptom of it. Ask any reasonably educated slip of an office girl to show her bank book. You'd be hard pressed to find anyone with less than £30K.