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Debate House Prices
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Cheapest Houses since 1999
Comments
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Quote : That is, as long as a buyer is not looking for somewhere in London or other popular locations in the South East
Theres rather a lot of people who live in London and the South East...
Indeed.
Around 18% of the population do.
But for the vast majority, the OP holds true.“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: »You think people were overstretching themselves in 1999?
Average mortgage 1999 - £54,100
Average mortgage 2009 - £112,000
Increase of 107%.
Source CML.0 -
Thrugelmir wrote: »Average mortgage 1999 - £54,100
Average mortgage 2009 - £112,000
Increase of 107%.
Source CML.
That's lovely and all, but takes no account of the lower interest rates, lower taxes and higher salaries.
Halifax have rightly noted that mortgage payments as a percentage of income are at their lowest since 1999.
Why on earth do you bears have such a hard time accepting it?“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: »That's lovely and all, but takes no account of the lower interest rates, lower taxes and higher salaries.
Halifax have rightly noted that mortgage payments as a percentage of income are at their lowest since 1999.
Why on earth do you bears have such a hard time accepting it?
Because its potentially positive news for the housing market?0 -
HAMISH_MCTAVISH wrote: »That's lovely and all, but takes no account of the lower interest rates, lower taxes and higher salaries.
Halifax have rightly noted that mortgage payments as a percentage of income are at their lowest since 1999.
Why on earth do you bears have such a hard time accepting it?
Do you know the stats for household incomes of people with mortgages? Could there be a possibility that more couples are now both working either both FT or 1 FT & 1PT in order to meet the cost of the house where as before it may have been 1FT & 1PT or only 1FT. I don't know the answer, but its a possible explaination.
It also excludes the people on low incomes who previously could afford to buy & no longer can't.
On the lower rates argument, in 2003 I paying 3.8% on a 75% LTV. Had I bought today, I would only be able to afford a 90% LTV (as I would have to borrow 3.5 x as much) which currently has higher rate than 3.8%. Hence my initial comment about me personally would have had me paying around 4x as much in monthly payments.0 -
HAMISH_MCTAVISH wrote: »Except they aren't.
Prices are up 4.5% since the start of the year.;)
Annual drop of 8.8% where I live
http://www.bbc.co.uk/news/business-146787940 -
Because its potentially positive news for the housing market?
Yes, that would explain it.;)“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 -
Because its potentially positive news for the housing market?
Potentially being the key word.
Look into it just a tiny bit and the outcome is somewhat muted.
Notice none of you answering my point about the number outpriced trippling overnight and the outcome stating exactly the same. "Potentially" inconvinient?0 -
Well, celebrating getting the mortgage under 3.5X single salary this month, with BIG downpayments to come in the very near future.... should be down to 3X salary in 18 months.0
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Loughton_Monkey wrote: »1. The Price of a house is probably cheaper (or not a lot different) than 10/12 years ago in real terms.
Are you kidding? Prices are about 3x what they were 12 years ago. My friends bought their house for £140k 11 years ago & the same model (it's one of a bunch on a development) just sold for £450k.
I bought mine 13 years ago & it's now worth 3x as much.
(Both houses in Essex)0
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