Average family will have to save for more than 30 years to raise first deposit

wotsthat

Carl31 wrote: »

I think the article is speaking about families, not single people, or couples

...and it wasn't talking about all families either.

It's talking about 'average' families that bring in £18,600. i.e. it's an average of lower income groups not all

A family bringing in £18,600 are struggling to buy a house - well who would have thought that?

ukcarper

DaddyBear wrote: »

Before 2006...... Lower (or non-existent) deposit requirements, lower inflation, pay rises generally matching or surpassing inflation.

Before 2004...... Cheaper property prices.

It's not rocket science.

Do you want lower deposits back? Stepson bought after 2006 and needed a deposit as with 100% mortgage his earnings weren’t enough.

ILW

I does appear that 10% deposit mortgages are about, but tend to involve higher IRs. still the rates are way below what were being paid 5 or 10 years ago.

RenovationMan

Graham_Devon wrote: »

I spent £40 on one pair of shoes and some leg warmer things for the buggy just yesterday on my son.

IIRC Graham, you're on an average sort of salary. How come you don't claim CTC and WTC for your child (now that we have established you have at least one)?

ILW

RenovationMan wrote: »

IIRC Graham, you're on an average sort of salary. How come you don't claim CTC and WTC for your child (now that we have established you have at least one)?

You do need at least one to father a child.

RenovationMan

ILW wrote: »

You do need at least one to father a child.

You need at least one child in order to father a child? Maybe if your name is Gary Glitter.

DaddyBear

ukcarper wrote: »

Do you want lower deposits back?.

No, I was stating why your family would have found it easier to buy a house before 2006 than people today.

RenovationMan

RenovationMan wrote: »

IIRC Graham, you're on an average sort of salary. How come you don't claim CTC and WTC for your child (now that we have established you have at least one)?

No answer Graham? You managed to 'thank' ILW for his rather bizarre comment, but don't seem to have the time for this. I only ask because you categorically stated that you don't receive WTC and CTC and so at first I thought you mustn't have kids, now I'm thinking herhaps you're so altruistic you refuse government benefits because you don't believe in them. Is that the case?

ukcarper

DaddyBear wrote: »

No, I was stating why your family would have found it easier to buy a house before 2006 than people today.

Possibly but then that is more to do with deposits required than house prices after all house prices across most of the country are less than they were in 2006.

IveSeenTheLight

Carl31 wrote: »

5 years ago you could buy places with little or no deposit

it was easier to buy then. One of my mates bought his first flat with 4k he had in the bank, that was deposit and fees, and another bought a 2 bed house with less than 10k

Thats in sussex, just north of Brighton. Try doing that now

Yet on average, prices are lower than 5 years ago.

What's the difference?, well certainly simply down to deposit requirements, you can't buy with £4k for deposit and fee's

It's the availability of credit and deposit requirements which is the fundamental reason why currently people need to save for far longer before they have the opportunity to be a FTBer