Headlines today:If your not on Property ladder now, you have no chance in next decade

fruityfairy

puddy wrote: »

aldi and lidl have been a revelation to me. i used to live on credit and my weekly normal shop would have been waitrose and marks and spencer

having to downshop meant tesco and asda, however i soon found that i didnt like asda products and tesco wasnt really that cheap so tried out lidl and aldi. i think the quality is much better than the price would suggest, much better quality than asda thats for sure, the only downside is that they dont sell everything you need but we do the majority in there and get bits and bobs from tesco or asda when we need to

When I first went some weeks back I could not believe how cheap their fruit & veg was compared to Morrisons! I like Italian food and they have a nice selection of pasta's & cheese. They also have nice cold meats which is great for my work lunch. No you can not get everything there but in a way I find that a bit better, so now I do not buy as much rubbish. I go to the market once a month and stock up on meat & fish.

fruityfairy

eamon wrote: »

I agree with some of the other posters. Postpone your house buying aspirations for another 12 -18 months. That way your savings could be as high as £20k and that puts you into a different league i.e. you can look at properties upto perhaps £110-115K.

Todays news article re house prices is broadly correct, but it should have been explained better in that there are enormous regional variations in house prices as exampled by the OP and the type of house that has been focussed on in Sheffield. It is easier and realistic to save a deposit for a house if the mortgage multiple of 3 x average salary will get you a house, less easy if that is not the case.

I really do not want to borrow as much as 3x our salary. I am quite happy to crunch down and save for the next 12 months, but I would like to enjoy life a bit more once we got a place. A property at £70k would mean repayments at about 18% of our net income which I think is comfortable and definatley not a stretch. We could then begin to save again for the 'life' house lol

justme111

Of course you can spend like 10 grand on buying a house but do not assume everybody does. no stamp duty in my case, solicitor £500, removal £40 van rented and a couple of friends, mortgage fee £100, survey £250. Thats all.

poppy10_2

jimjames wrote: »

Seems like a sensational headline.

How very dare you. Scandalous accusation.

brit1234

fruityfairy wrote: »

So today I have heard on the new that due to properties set to rise in price and lenders being relucant to lend, the chances of a FTB being able to buy in next 10 years are pretty much non-existant.

What does this really mean? Like to the people out there like me who are saving for their first property?

Is this based on fact?

Or is it yet again the National Housing Federation asking for more money to peddle out shared equity/ownership scams?

Anyone would think they are having their budget cut and screaming out alarmist headlines to get more cash.:rotfl:

The Housing federation back in 2007 were forecasting double digit price rises. Their predictions have always been totally wrong and always well above reality.

jimjames

brit1234 wrote: »

Is this based on fact?

Or is it yet again the National Housing Federation asking for more money to peddle out shared equity/ownership scams?

Anyone would think they are having their budget cut and screaming out alarmist headlines to get more cash.:rotfl:

The Housing federation back in 2007 were forecasting double digit price rises. Their predictions have always been totally wrong and always well above reality.

Two very different headlines, the other one today is:

Mortgage approvals start rising

http://www.bbc.co.uk/news/business-14715129

tyler80

In comparison

Solicitor Fees

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£850 (no stamp duty to pay)
Removals

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£80 (2 days transit hire)
Insurance

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£100 (buildings only, already insure contents so that's just being moved over so no difference in outlay, quidco cashback too)
Phone and Broadband

---

£0 installation costs (+6 months half price + quidco cashback)

And although we had 3 weeks with a rental property and the house we bought our first mortgage payment was taken at the end of the month for the normal amount so we haven't paid the rent and the mortgage in the same month.

Interest rates may be at an historical low but that doesn't necessarily translate to low interest deals for first time buyers. Having said that, they're not likely to get any lower.

poppysarah

fruityfairy wrote: »

So today I have heard on the new that due to properties set to rise in price and lenders being relucant to lend, the chances of a FTB being able to buy in next 10 years are pretty much non-existant.

What does this really mean? Like to the people out there like me who are saving for their first property?

It was a report saying there aren't enough houses being built to satisfy the demands of everyone wanting a house to themselves.

It also said rents are going to go up.

It was a bit of a "scary" report intended to scare people imo to either jump on to the "ladder" now or fear they never will.

In reality (and they pointed this out too) prices are too high, lending is (too) tight and you can't afford to buy.

What I think they should have said is: builders need to make less profit, councils should build genuinely affordable housing for rent and sale.