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Debate House Prices
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High house prices affecting society
Comments
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Has this ever been possible?
yes, cos I did that in 1986, first ever job stacking shelves then into the warehouse, took home £130 a week and bought a terraced house for £16k had a lodger to help pay the bills. kept it for 2 years then sold and went abroad.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 -
You were very lucky then as by the figure you posted you were earning 75% of average wages stacking shelves part time and bought a house of half the average value.0
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Has this ever been possible?
Up until about 2003 it was possible in the North East.
Post 2003 they all quit their jobs are went on benefits as there was no point in working.
You can still buy a house for 30k here. Knife proof vest not included.
You can still buy a £500 house here. Roof not included.0 -
yes, cos I did that in 1986, first ever job stacking shelves then into the warehouse, took home £130 a week and bought a terraced house for £16k had a lodger to help pay the bills. kept it for 2 years then sold and went abroad.
Fair enough.
Are you sure this hasn't jaded your views on the current situation for first time buyers though? As commented to below, you were particulary lucky in this situation.
I know my parents only bought in the late 80s on a right to buy, and they were both working.0 -
You were very lucky then as by the figure you posted you were earning 75% of average wages stacking shelves part time and bought a house of half the average value.
wasn't part time was fulltime, started parttime evenings then went fulltime warehouse, still min wage about £3 summat an hour plus OT house was in a dog rough area of manchester tho.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 -
One of the biggest problems for twenty-somethings is the enormous cost of buying a property.
A couple who married in 1985 could have picked up a home for just £35,000 – the average price at the time and four times the average salary.
A child born to the couple two years later would now be 24 and need to find £163,000 for a similar house – eight times the average salary.
Without taking into account difference in mortgage interest rates between 1985 and 2011 that is not conclusive.0 -
wasn't part time was fulltime, started parttime evenings then went fulltime warehouse, still min wage about £3 summat an hour plus OT house was in a dog rough area of manchester tho.
Could do the same thing today then.
http://www.rightmove.co.uk/property-for-sale/property-29160160.html0 -
out of interest I had a look on rightmove for that area and found similar houses to the one I had going for about 120k so in this instance house prices go from 16k to 120k and min wage goes from £3 to £5 over the same time period.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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out of interest I had a look on rightmove for that area and found similar houses to the one I had going for about 120k so in this instance house prices go from 16k to 120k and min wage goes from £3 to £5 over the same time period.
Funnily enough I bought the house I’m in now in 1985 for £60k it’s now worth about £275 maybe less so its increased 4.5x. By the way no minimum wage in 1986.0 -
yes, cos I did that in 1986, first ever job stacking shelves then into the warehouse, took home £130 a week and bought a terraced house for £16k had a lodger to help pay the bills. kept it for 2 years then sold and went abroad.
I bought my first house only two years later, starter home £40k and interest rates about to go through the roof, wasn't always sweetness and light.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
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