Which Decade Was The Hardest On The Yoof For Buying A House?

the_flying_pig

00's

Really2 wrote: »

...Ease of owning is 100% down to access to finance. If you can't get finance you cant own, so when credit was at it easiest would have been the easiest time to own...

Disagree strongly.

Firstly lying on a "self-cert" mortgage was fraud. Reliance on fraud to make it easy to 'own' a house is daft. A bit like saying that taking most of the police off the street would make it easy for anyone to own a porsche because there'd be a lower risk of you being caught if you TWOC'ed one.

Secondly whilst credit became much easier for owner-occupiers to get it simultaneously became much easier for BTL to get. The stats show that owner-occupiers usually lost out in the scramble that followed.

Really2 wrote: »

...it is a fact it was fairly easy to buy in the 00's.

So why did owner-occupation fall [NB it started to fall early in the middle of the noughties, comfortably before 'mortgage rationing']?

zeupater

Hi All

I think that analysing house prices in isolation when relating to the original question is flawed.

The only method of comparison which makes sense is the proportion of income which is consumed by the financing of the house compared to total income. As stated before, almost all consumer goods, clothes, and probably most basic foods are cheaper than at almost any time in the past, which, on the whole, releases a far greater proportion of income into the 'disposable' pot ...

I'll just maintain that I'd rather be looking at buying my first house today than when we did buy (early 80's) ... a 14" B&W portable TV for the first year, cartons of long life milk until we could afford a fridge, washing by hand until we could afford a machine, borrowing a vacuum cleaner for the first 3 months or so ...... all things which would be far cheaper in 'real terms' today, so even if current mortgage rates were to double, or even trebble, it would almost certainly still be more affordable to set up a first time home today than 30 years ago.

HTH
Z

Percy1983

00's

So...

Because we have cheap TV's and iPhones we should pay more for our houses, which in turn takes money from the young and gives to the old so they can afford more cheap TV's and iPhones...

the_flying_pig

00's

zeupater wrote: »

Hi All

I think that analysing house prices in isolation when relating to the original question is flawed.

The only method of comparison which makes sense is the proportion of income which is consumed by the financing of the house compared to total income. As stated before, almost all consumer goods, clothes, and probably most basic foods are cheaper than at almost any time in the past, which, on the whole, releases a far greater proportion of income into the 'disposable' pot ...

I'll just maintain that I'd rather be looking at buying my first house today than when we did buy (early 80's) ... a 14" B&W portable TV for the first year, cartons of long life milk until we could afford a fridge, washing by hand until we could afford a machine, borrowing a vacuum cleaner for the first 3 months or so ...... all things which would be far cheaper in 'real terms' today, so even if current mortgage rates were to double, or even trebble, it would almost certainly still be more affordable to set up a first time home today than 30 years ago.

HTH
Z

That`s just assertion, though. It`s a matter of public record that millions became homeowners for the first time in the 80s and that a trend in the opposite direction started in the noughties. Why muddy the water with silly theories about the total cost of living?

ess0two

Percy1983 wrote: »

So...

Because we have cheap TV's and iPhones we should pay more for our houses, which in turn takes money from the young and gives to the old so they can afford more cheap TV's and iPhones...

Who mentioned iphones?

Niv

I bought in the 00's and got a 110% mortgage no deposit etc. The purchase price of the house was 3.3x my salary. I found this perfectly affordable.

Niv

Percy1983

00's

ess0two wrote: »

Who mentioned iphones?

I got it in before somebody else did.

ukcarper

70's

Percy1983 wrote: »

So...

Because we have cheap TV's and iPhones we should pay more for our houses, which in turn takes money from the young and gives to the old so they can afford more cheap TV's and iPhones...

Can I have some of this money the young are giving the old. I have a nice house but I can't afford an iphone.

ukcarper

70's

the_flying_pig wrote: »

That`s just assertion, though. It`s a matter of public record that millions became homeowners for the first time in the 80s and that a trend in the opposite direction started in the noughties. Why muddy the water with silly theories about the total cost of living?

But you are implying that it's all to price.

Cleaver

ukcarper wrote: »

Can I have some of this money the young are giving the old. I have a nice house but I can't afford an iphone.

You can get one for free, with cashback on a pretty low monthly contract, then sell on eBay at the end of the contract before doing it all again. I did this with my iPhone and I think it ended up costing me around £13 a month. Which isn't really much.