Why is property unaffordable for even the relatively well-off among the population?

ILW

HAMISH_MCTAVISH wrote: »

Not at all.

UK mortgage lending standards didn't cause this mess.



Nor do I.

But they are almost impossible to get.

The number of mortgages being issued at 90% LTV is just 10% of what it was in 2006, and for the very few that can get one, the rates are sky-high.

Depend what you mean by sky high rates. Many on here would consider anything in single figures to be pretty reasonable.

olly300

mbga9pgf wrote: »

I will be mortgage free by the time I retire at 38.

All the people I know who have retired in their 30s and 40s have gone on to do something else. However this time they do something they enjoy.

The only age group I know who never do anything are those who retire in their 50s.

Oddly enough a lot of those in their 60's who retire (and am talking about the people who can afford to retire) go on and do something else mostly on a voluntary level.

Point is lots of people say they are going to retire when in fact all they do is going to do an occupation they enjoy.

quantic

HAMISH_MCTAVISH wrote: »

Not at all.

UK mortgage lending standards didn't cause this mess.



Nor do I.

But they are almost impossible to get.

The number of mortgages being issued at 90% LTV is just 10% of what it was in 2006, and for the very few that can get one, the rates are sky-high.

I got a 90% mortgage easily and I wouldn't call 4.3% sky high?

mbga9pgf

olly300 wrote: »

All the people I know who have retired in their 30s and 40s have gone on to do something else. However this time they do something they enjoy.

The only age group I know who never do anything are those who retire in their 50s.

Oddly enough a lot of those in their 60's who retire (and am talking about the people who can afford to retire) go on and do something else mostly on a voluntary level.

Point is lots of people say they are going to retire when in fact all they do is going to do an occupation they enjoy.

Sorry, will rephrase that. Will have the mortgage paid off by the time I recieve my final salary pension and 70K lump sum tax free gratuity. At 38. I plan to be working into my 70s.

JonnyBravo

mbga9pgf wrote: »

Sorry, will rephrase that. Will have the mortgage paid off by the time I recieve my final salary pension and 70K lump sum tax free gratuity. At 38. I plan to be working into my 70s.

Youll be drawing a final salary pension at 38?
How much for £5/month? What's the indexing on that? It's surely going to be worthless by the time you're 60?

mbga9pgf

JB, will work out at 1/3 final, salary, (about 1100 in todays cash) no indexing to 55 then all indexing from 38-55 added at that point, indexed at CPI. About the only reason I know of that people are staying inside the mob at the mo. We have been told the pensions thingy that has reccommended that HM forces have their pensions left well alone. Thank christ. Although I was willing to sacrifice a little bit in the name of the deficit if neccessary.

Thats the price you pay for people willing to get shot at for 16 years.

nembot

Wage inflation is generally around 2-3% per annum, house prices during the noughties rose by upto 145%.

So clearly, they are more affordable ever before.

Maybe a lil hint of sarcasm there

LilacPixie

nembot wrote: »

Wage inflation is generally around 2-3% per annum, house prices during the noughties rose by upto 145%.

So clearly, they are more affordable ever before.

Maybe a lil hint of sarcasm there

Has anyone said they were MORE affordable??? Just not unaffordable

nembot

Google "what is an adjective" maybe?

quantic

nembot wrote: »

Wage inflation is generally around 2-3% per annum, house prices during the noughties rose by upto 145%.

So clearly, they are more affordable ever before.

Maybe a lil hint of sarcasm there

Nobody in our company has had a cost of living increase for 4 years, I doubt we are alone either