We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Homes for FTB's at most affordable in 10 years
Comments
-
Graham_Devon wrote: »Why? Is it going to demonstrate that the average COUPLE living together are BOTH above it? With no kids? And no debts?
Yes? Is this a trick question? Obviously the majority of people earn more than that.0 -
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?
A more meaningful statistic would be the proportion of 35-37 year olds who own already. Obviously these people have managed it ...0 -
To the average potential FTB its not affordable.
sorry - cant agree.
Id class myself as a pretty average FTB - in fact probably worse off than most FTBs. I have a wife and two kids - and my wife doesnt work. Im in a decent but not fantastically paid job - im not in the 40% tax bracket for instance, and am a FTB. I need 3/4 bedrooms due to the kids (one boy and one girl) so cant go for the 2 bed starter home type properties generally considered first time buys.
I have just bought (well completes in a week) a 4 bed Semi, with no help from my parents. Its not in a "prime" location nor a "prime" property and it has taken a few years of carefull spending, and saving BUT I have managed it, its fit for purpose, and will house the family until the kids leave home (probably when their in their 30s !!).
Id say If I can do it given those circumstances, then most FTBs could if they really wanted to, and had the patience and committment for a long term plan (not generally considered in todays "want it now" society).0 -
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.
There was more buying in 2007 when the prices were higher than now when prices are lower and rates have also lowered.
This is predominantly down to deposit requirements and credit availability.
If the requirements was the same as pre 2007, you'd probably still see home ownership levels increase.:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
-
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.
A sudden change in requirements may just have delayed when people meet the deposit requirements.
So it takes a bit longer to achieve what you want.
The CML stats suggest that there are still FTBers, therefore they must be able to achieve.
The question is then, how is the determination, will power and willingness to sacrifice of potential FTBers to get the deposit requirements together.:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
Graham_Devon wrote: »Why? Is it going to demonstrate that the average COUPLE living together are BOTH above it? With no kids? And no debts?
Graham,
My wife and I both worked, bought a place, renovated it, upsized 4 years later and it was a further 5 years before we had kids.
So that was 9 years of home ownership plus the time we spent before to build up the deposit etc.
I was 35 and my wife was 31 before we had our first child.
We worked hard reducing our mortgage when we didn't have kids so that my wife could be a "stay at home mum" when we did.
It can be done, it's just about determination, focus and adjusting priorities to achieve the desired goal.:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
IveSeenTheLight wrote: »Interesting, do you have a link for this?
It would be very easy to compare local areas with previous years.
I'm a bit busy so maybe you could look into it, else I could post something later.
Unless you think that those getting payrises are getting huge rises that are being skewed by the majority
Public sector has had pay freezes (except the very bottom pay scales) for 2 years, with the next two years being capped at 0.5%. While public sector isnt ecerything, its a fai chunk.
A reasonable % of self employed (particularly in the building trades) have seen their income drop as work dries up.
Many on commission have seen wages drop.
Many on flexi terms, and part time workers have seen hours cut.
Actually - that last point may show some issues. Consider someone on a hourly rate of minimum wage. Last year it went up from £6.06 to £6.16, so around 2%. HOWEVER, if that workers hours dropped from 30 to 25 per week - their INCOME has gone down, while their PAY has arguably gone up.
Statistics - you can make them say anything.0 -
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.
Seriously - can you REALLY not differentiate between afordable and available ?????0 -
paulmapp8306 wrote: »sorry - cant agree.
Id class myself as a pretty average FTB - in fact probably worse off than most FTBs. I have a wife and two kids - and my wife doesnt work. Im in a decent but not fantastically paid job - im not in the 40% tax bracket for instance, and am a FTB. I need 3/4 bedrooms due to the kids (one boy and one girl) so cant go for the 2 bed starter home type properties generally considered first time buys.
I have just bought (well completes in a week) a 4 bed Semi, with no help from my parents. Its not in a "prime" location nor a "prime" property and it has taken a few years of carefull spending, and saving BUT I have managed it, its fit for purpose, and will house the family until the kids leave home (probably when their in their 30s !!).
Id say If I can do it given those circumstances, then most FTBs could if they really wanted to, and had the patience and committment for a long term plan (not generally considered in todays "want it now" society).
Well done.
Anecdotal maybe, but an example of someone who is prepared to focus and has the determination to achieve their desired goal.
Best of luck.:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards