House Prices Simply Too Expensive For The Young

ukcarper

tinkers wrote: »

FTB's probably do not want to buy old boarded up houses pretending to be affordable and pay for it with a sales job in the evening as well as work full time because I bet that isn't what you bought as an FTB!!! The wage ratio to house price is SO different now as the op has kept trying to highlight to you!

What do you call So different according to Halifax it's about 11.5% above long term average.

myhouse_2

julieq wrote: »

You could get a 0.5% tracker in October 2007, which would have been just about right for a purchase at the turn of the year. That's a matter of record, and I'm not sure why you'd want to deny it.

This is incorrect - you couldn't get a 0.5% tracker - no bank would be daft enough to give out mortgages at that level.
What you're confusing this with is the people who had bought in at a much higher level (say 4 or 5%) who then saw their tracker fall to 0.5 because of the base rate cuts. This was only a tiny percentage of total mortgages - basically mortgages where the banks had forgotten to put in a minimum % in their terms and conditions.

Graham_Devon

julieq wrote: »

Shift the date on a year then Graham.

Then we move back to the fact your brilliant suggestion of 0.5% trackers were not available.

It's alright "having a go at the bears" as you specifically were, but at least get your own position right, instead of just merely spouting cr*p.

Coeus

UPDATE 11-03-11

http://www.thisismoney.co.uk/mortgag...6&in_page_id=8

An article by 'thisismoney.co.uk' updates the falling mortgage lending throughout January 2011 contributing further to FTB inability to finance a house purchase. I have taken a few extracts of the key points:

"Mortgage lending plunged 29% in January as collapsing buyer demand combined with extreme cold weather, according to the Council of Mortgage Lenders."

"government spending cuts, rising inflation and the VAT rise had hit confidence."

"the group was eager to play down talk of a longer term falling off in demand."

"The fall in house purchase lending was split equally between first-time buyers and home movers. First-time buyers took 10,500 loans, worth £1.2bn, in January, down 28% by number (29% by value) from December. Home movers saw a fall of 29% by number from 25,400 to 18,000 - 28% by value from £4bn to £2.9bn."

macaque_2

Conrad wrote: »

I had to make a sacrifice when I was FTB, and had to buy about 50 miles from work. So what?

Nice! £10k to and stand in a train for 2000 hours a year. Then again, if the train has internet, there would be plenty of time to go on line and preach to renters about 'money down the drain'.

carefullycautious

Since when have FTBs needed a communal room (McCarthy and Stone retirement)


2 bedroom flat for sale Montgomery Court,Coventry Road,Warwick,Warwickshire

:rotfl:

Sorry couldnt resist

David_Brent

..............

Derivative

B_Blank wrote: »

So you think a graduate froma top university, who then gets a job with a top accountancy firm and earns a very decent wage should have to save a whole years take home salary for a deposit, and then pay 3x more of that salary via a mortgage just to buy a shhhithole in a dodgy area? Interesting....whom is going to fill the nice areas then? O wait, yes, the baby boomers. That high flying young person should be happy to live in the ghetto, after all the baby boomers 3 o levels and lives stacking shelves in tesco were far more deserving of a large house in a charming area.

FAIL

1 years' starting salary at 40k (gross) buys you a 2 bed house 5 miles from me (Hull) outright. Might need a bit of renovation, 10k tops.

You could quite literally work 5-10 years and retire in that kind of house if you wanted to just 'get by'.

Londonsu

carefullycautious wrote: »

Since when have FTBs needed a communal room (McCarthy and Stone retirement)


2 bedroom flat for sale Montgomery Court,Coventry Road,Warwick,Warwickshire

:rotfl:

Sorry couldnt resist

Why is it so funny, If my parents won the lottery or had an inheritance they could well want to buy a place like that, they have never owned their own home so they would be FTBs wouldnt they? even in their 80s they could still be FTBS, so could my 58 yo sister, she has never owned her own home so could buy an over 55s property as a FTB -although it would have to be a cash sale.

It just makes me smile when people cant write FTBs without putting
the word 'young' in front of it, when in actual fact there are 1000s of people of middleage and older (including my two other sisters in their mid/late 40s) who have never earned enough to buy their own homes even when property was relatively cheap. I am the only one out of my siblings who managed to buy

The funny thing is that the 'young' in our family my 22 and 24 yo nephews have bought their own places and my 20 yo niece is saving like mad for a deposit and is looking to buy with her partner next year.

Londonsu

B_Blank wrote: »

So you think a graduate froma top university, who then gets a job with a top accountancy firm and earns a very decent wage should have to save a whole years take home salary for a deposit, and then pay 3x more of that salary via a mortgage just to buy a shhhithole in a dodgy area? Interesting....whom is going to fill the nice areas then? O wait, yes, the baby boomers. That high flying young person should be happy to live in the ghetto, after all the baby boomers 3 o levels and lives stacking shelves in tesco were far more deserving of a large house in a charming area.

FAIL

Sorry this has really made me laugh

When we decided to move to the Isle of Wight we had a dream, that dream was waking up every morning to a panoramic sea view with yachts with snowy sails gliding past the window whilst we were washing up.

When we came to buy we soon found out that dream would be just that a dream we would never be able to afford such a place.

The nearest we could find was an ex coast guards cottage with no garden with a lovely view of the bowling alley and a glimpse of the sea beyond, that would have taken all the money we got from our sale in London plus a huge chunk of our savings.

The same money would have bought us a nice bungelow on the out skirts of ryde or a nice three bed 1930s property with country views. Very nice both of them but it would have left us with hardly any savings

What we did was pull in our expectations and buy a semi detached Victorian Cottage on the outskirts of Ryde ( no sea view in sight) for 1/2 the price of the other properties, we found the nicest house in the best area for the money we had but it wasnt the place we dreamed of.

Do you think I should be sitting here whinging that after 25 years of paying a mortgage, 40 years of working and paying taxes I STILL cant buy the type of home I feel I deserve ?

Come off it mate .

So pray tell me why I should give a flying fig for some FTB who thinks he is superior as he went to Uni and thinks he deserves a better house as a FTB then some baby boomer shop assistant.