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Debate House Prices
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Cheapest Houses since 1999
HAMISH_MCTAVISH
Posts: 28,592 Forumite
Mortgage affordability is now at its best level since 1999.
On average, homeowners are spending 28 per cent of their take-home pay on property payments, down by almost half from 48 per cent in 2007.
The figure is also far below the 37 per cent average over the past 27 years, according to research by Halifax, Britain’s largest home loan provider.
And that's with real world mortgage rates, NOT the mythical 0.5% rates the bears like to claim are available, when we all know they aren't. :cool:
So much for the nonsense about a "priced out" generation.
The cost of buying has almost never been cheaper.
The younger generation would have it MUCH easier than our generation, if of course they could get a mortgage, which most can't thanks to mortgage rationing.
That's the main difference. Our generation had more expensive mortgage payments, paid more of our income for housing, but at least we weren't excluded from ownership by absurd deposit requirements.
“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
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Comments
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I bought my house 9 years ago, If I bought the same house today the mortgage would be 4 times what it was 9 years ago0
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I bought my house 9 years ago, If I bought the same house today the mortgage would be 4 times what it was 9 years ago
That's simply not possible.
So it's presumably either deliberately misleading or just a throwaway idiotic statement.
But either way, why bother?
What's the point of coming on here to just make stuff up? Surely there's enough to debate about that's actually true without creating non-issues.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Would your actual payments be 4x higher though, thats affordability.0
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HAMISH_MCTAVISH wrote: »Idiotic statement.
truth hurt?0 -
sabretoothtigger wrote: »Would your actual payments be 4x higher though, thats affordability.
yes sorry, payments would be 4 x higher0 -
Mortgage affordability has been enjoyed but this has been impacted upon by many factors..the least of "cheaper housing"0
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truth hurt?yes sorry, payments would be 4 x higher
Piffle.
You won't get away with that nonsense here.
Average real house price 2003 = 130,000
Average real house price 2011 = 165,000
Average mortgage rate 2003 = 5.25%
Average mortgage rate 2011 = 3.5%
Average mortgage payment for FTB as % of income 2003 = 38%
Average mortgage payment for FTB as % of income 2011 = 28%
It's obviously cheaper today than 2003.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »
The cost of buying has almost never been cheaper.
Misleading. Again.
The cost of servicing mortgages, more importantly, mostly existing mortgages, has never been cheaper.0 -
HAMISH_MCTAVISH wrote: »
Average real house price 2003 = 130,000
Average real house price 2011 = 165,000
Check it out. Hamish reverting back to the "chocolate and banana's" index to make a point about affordability.0 -
HAMISH_MCTAVISH wrote: »Idiotic statement.
That's a bit harsh Hamish not everyone understands the difference between real and nominal values.Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0
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