Homes for FTB's at most affordable in 10 years

ukcarper

Emy1501 wrote: »

Because the above is simply not true as less people can afford to buy a house now than could in 2002 and approvals confirm that. Also Home ownership rates are falling and if housing was more affordable they would be rising.

The fact that less people are buying does not prove anything of the kind.

robmatic

Graham_Devon wrote: »

Kids?

Oh hang on, I'm not allowed to mention real life

Trying to suggest homes are affordable is a complete and utter nonsense.

They're certainly affordable for people who've heard about contraception.

ukcarper

Graham_Devon wrote: »

Kids?

Oh hang on, I'm not allowed to mention real life

You always come up with that simple ans don’t have kids until you have saved up and have the house. My example shows that a couple earning just above the 30% percentile could save deposit in less than 2 years.

There have been very few times in the past when you could rent a house have a couple of kids and still save for a house.

Graham_Devon

ukcarper wrote: »

You always come up with that simple ans don’t have kids until you have saved up and have the house. My example shows that a couple earning just above the 30% percentile could save deposit in less than 2 years.

There have been very few times in the past when you could rent a house have a couple of kids and still save for a house.

Seriously now...

Do you believe your example is the norm, or average?

Emy1501

ukcarper wrote: »

I had a look where I live a reasonable 2 bed house costs about £175k so with a 3.5x mortgage and 10% deposit a couple would need to earn £45k between them.

The median male full time wage where I live is £30k and £25.5k for a female. 30% percentile figures are £24k and £18K.

If one earns £25k and the other earns £20k they would take home £2971 a month. A 1 bed flat is £600 a month leaving £2371. The deposit would be £17.5k I would have thought it would be possible to save that in a couple of years.

I'm sure it is possible but the facts suggest that at present housing is not affordable as people are not able to save the deposit and in many case not able to get the mortgage due to affordability problems.

I would agree that for those who have a decent deposit then when taking into mortgage costs as they are housing is probably cheaper but the average want to be FTB does not have a big deposit and there does not have access to the nice cheap rates that a 25% deposit brings.

I suspect House prices would be affordable now if the country was growing and there was plenty of jobs but at the present its simply not.

ukcarper

Graham_Devon wrote: »

Seriously now...

Do you believe your example is the norm, or average?

I believe my example is exactly what it is i.e. a couple both working full time and earning just above the 30% percentile could buy with a little bit of effort. I took the figures from ons and the houses are on right move and it is likely you could get them for less than £175k

Graham_Devon

ukcarper wrote: »

I believe my example is exactly what it is i.e. a couple both working full time and earning just above the 30% percentile could buy with a little bit of effort. I took the figures from ons and the houses are on right move and it is likely you could get them for less than £175k

OK, I ask again.

Do you believe this is the normal, or average make up of the UK population?

The average FTB is now 35-37, depending on which statistics you go by. Are you honestly suggesting people don't have kids before this?

robmatic

Graham_Devon wrote: »

OK, I ask again.

Do you believe this is the normal, or average make up of the UK population?

The average FTB is now 35-37, depending on which statistics you go by. Are you honestly suggesting people don't have kids before this?

I think you might need to google '30th percentile'.

Graham_Devon

robmatic wrote: »

I think you might need to google '30th percentile'.

Why? Is it going to demonstrate that the average COUPLE living together are BOTH above it? With no kids? And no debts?

ukcarper

Graham_Devon wrote: »

OK, I ask again.

Do you believe this is the normal, or average make up of the UK population?

The average FTB is now 35-37, depending on which statistics you go by. Are you honestly suggesting people don't have kids before this?

Just because that is the average it does not mean people could not buy earlier as I’ve show 2 people on less than median wage could save deposit in less than 2 years. I would suggest that if you leave in until your mid 30s to start saving you have left it to late.

I would imaging there are quite a few people in thier mid 20s who do not have children.