Repo's to rise in 2011.

Percy1983

We can all agree that building more will solve a lot of problems, it will water down both owner and rental markets, this mixed with only the financially capable being able to get finance and all should be back in order.

One thing I will admit I am not always clear on is I don't believe ALL should be able to afford housing, but right now there is people who have worked hard in respectable careers who are priced out which shouldn't be the case.

As I say the biggest problem in the boom was ALL (more or less) could 'afford' to buy which caused this whole mess.

I just hope lending doesn't get all relaxed again any time soon, and yes this does mean it will take me longer to buy a home. I would buy early next year if 100% mortagages were about, but to wait another 10 months or so isn't a problem in the swing of things.

Dell

Percy1983 wrote: »

I just hope lending doesn't get all relaxed again any time soon, and yes this does mean it will take me longer to buy a home. I would buy early next year if 100% mortagages were about, but to wait another 10 months or so isn't a problem in the swing of things.

No fear of that. The credit crisis is getting worse and worse when you understand the worldwide situation.

Lynsey

Lending criterea will be tightened up next year - the affordability factor will play a major part.
It certainly won't get easier and no 100% mortgages - not a bad thing really.

Lynsey

out_of_cash

if affordability is to play a part ,then this will be very interesting as a huge percentage of jobs in my area are paying £6.50 per hour,love to see how many people are going to be approaching mortgage companys on them rates of pay or maybe they have huge piggy banks.lol.

IveSeenTheLight

out_of_cash wrote: »

if affordability is to play a part ,then this will be very interesting as a huge percentage of jobs in my area are paying £6.50 per hour,love to see how many people are going to be approaching mortgage companys on them rates of pay or maybe they have huge piggy banks.lol.

Does anyone really think that someone on £6.50 per hour are in reality house purchasers.
Unless of course as you say they have a huge piggy bank and have come into some money elsewhere.

That said, £6.50 is £12,675 per year, so there might be a studio / flat out there in that price range (£12,675 * 4 = £50,700)

Here's a few
http://www-s.aspc.co.uk/cgi-bin/public/LiveProperty/278485?ID=GNJJACIA#picture

http://www-s.aspc.co.uk/cgi-bin/public/LiveProperty/281063?ID=GNJJACIA#picture

http://www-s.aspc.co.uk/cgi-bin/public/LiveProperty/283226?ID=GNJJACIA#picture

StevieJ

Percy1983 wrote: »

I will admit a level of bitterness on my half, if I could be a such a position and missed it then it would be my own fault and fair enough, but as it is I was born to late to get in such a position.

.

Behave! you live in Oldham, you can buy with the kids pocket money there

treliac

IveSeenTheLight wrote: »

Does anyone really think that someone on £6.50 per hour are in reality house purchasers.
Unless of course as you say they have a huge piggy bank and have come into some money elsewhere.

That said, £6.50 is £12,675 per year, so there might be a studio / flat out there in that price range (£12,675 * 4 = £50,700)

Here's a few
http://www-s.aspc.co.uk/cgi-bin/public/LiveProperty/278485?ID=GNJJACIA#picture

http://www-s.aspc.co.uk/cgi-bin/public/LiveProperty/281063?ID=GNJJACIA#picture

http://www-s.aspc.co.uk/cgi-bin/public/LiveProperty/283226?ID=GNJJACIA#picture

But they're all in Scotland! No wonder our scottish contributors feel so positive about the housing market.

Lynsey

out_of_cash wrote: »

if affordability is to play a part ,then this will be very interesting as a huge percentage of jobs in my area are paying £6.50 per hour,love to see how many people are going to be approaching mortgage companys on them rates of pay or maybe they have huge piggy banks.lol.

Deposits, deposits and deposits will be three of the major factors.

So £6.50 p/h wouldn't be an issue if the deposit needed was found (savings, inheritance, downsizing etc.). Probably more of an issue for 1st time buyers.

Lynsey

IveSeenTheLight

treliac wrote: »

But they're all in Scotland! No wonder our scottish contributors feel so positive about the housing market.

It's just a market I personally know, I'm sure there are many others hroughout the UK.
The UK doesn't stop at the Watford gap you know!!!!!!

hardass_ets

Dell wrote: »

Or earnings to go up to the long term norm in relation to house prices. Or dare I say house prices to come down to meet the the long term norm in relation to earnings.

It doesnt matter how many people would fancy living in a certain property, all that matters is how many people can raise funds to buy it.

It also does not matter how many people can raise funds to buy said house.

As long as someone can then he will one of the lucky few to be a property owner.