Take cover! The housing market is heading for a bloody and protracted crash!

Graham_Devon

ukcarper wrote: »

The median full time male earnings are £28.4k the average terrace house is £124k so with the required 20% deposit a 3.5x mortgage or 4x with 10% deposit.

Take home pay £1800 a month mortgage repayments of £580/£650 25 years at 5%.

Most people don't have 25k sloshing around to use as a deposit, however.

Thrugelmir

ukcarper wrote: »

The median full time male earnings are £28.4k

Deceptive figure to quote.

Majority will earn nearer £20k.

ukcarper

Thrugelmir wrote: »

Deceptive figure to quote.

Majority will earn nearer £20k.

Yep the median full time male earnings are £28,409 according to ONS ashe 2011, the mean is £36,511 that is for UK England/Wales are slightly higher.

Actually less than 25% of males working full time earn less than £20k

ukcarper

Graham_Devon wrote: »

Most people don't have 25k sloshing around to use as a deposit, however.

Exactly and that is what is stopping most people from buying.

HAMISH_MCTAVISH

Mitch's Agent:~ "Sorry Mitch, sales of 'Planet Ponzi' have fallen off a cliff now that the economy is recovering and it's clear you were wrong."

Mitch:~ "Damn it, I haven't even made enough money for the deposit on a bedsit yet, and I've still got 90% of the print run sitting in a warehouse."

Mitch's Agent:~ "Yeah, look, it was always a long shot and lets face it, once you sold a copy to all 237 members of the FTB strike group on Facebook, the market kinda dried up."

Mitch:~ "OK, so I need to shift the rest of the copies before the market picks up again, or I'll need to wait another 2 decades."

Mitch's Agent:~ "Desperate times call for desperate measures mate.... Have you thought about writing a scare story for one of those frothing red top tabloids that the economically illiterate read? Surely some paper is desperate enough for circulation to print it?"

Mitch:~ "Great Idea.... I know just the one."

Graham_Devon

Well you've trounced everything he stated with that one Hamish.

Jimmy_31

NextLegUpIsTheBigOne wrote: »

You say that to the starving children of distressed unemployed families. You and your ill having nothing short of a sickening agenda of hate and greed. All fuelled by your downright jealousy of others more successful in life than you. The sooner your ma cooks and serves you up a very large slice of hot humble pie the better.

I decided not to buy a house during the boom as the prices had gone mental.

Lots of people told me i was doing the right thing as at some point they would drop back to more affordable levels.

Now prices are getting back to normal around here i have a very good chance of buying a house and having no mortgage to pay on it.

I have never had anything to do with the housing market.

My evil masterplan seems to be working.

silverchair

NextLegUpIsTheBigOne wrote: »

You say that to the starving children of distressed unemployed families. You and your ill having nothing short of a sickening agenda of hate and greed. All fuelled by your downright jealousy of others more successful in life than you. The sooner your ma cooks and serves you up a very large slice of hot humble pie the better.

kids aren't exactly starving in this country. If parents don't earn enough theres benefits & free school meals. I'm really pleased that house prices are looking a little bit more affordable.

ess0two

Jimmy_31 wrote: »

I decided not to buy a house during the boom as the prices had gone mental.

Lots of people told me i was doing the right thing as at some point they would drop back to more affordable levels.

Now prices are getting back to normal around here i have a very good chance of buying a house and having no mortgage to pay on it.

I have never had anything to do with the housing market.

My evil masterplan seems to be working.

Your areas doing well,those 100k apartments currently on at 40k.

Jimmy_31

ess0two wrote: »

Your areas doing well,those 100k apartments currently on at 40k.

The 6 3bed semis i mentioned that were going to auction havent sold either, i think the starting prices were from 25k to 45k.

Somebodys BTL empire has seriously crashed and burned there.